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As I have stressed over and again in my post and videos how you manage a trade is strictly up to you. I can offer suggestions and ways to do it but it still will always boil down to your risk tolerance and emotions when you have your money on the line
I will offer another suggestion here as an alternative way to trail your stop if it fits your own trading personality. As you know the Keltner Channel that I have used is never a part of the entry rules for a trade, but I have mentioned it as a way I will give the trade some wiggle room until price breaches the 21 MA
As a possible alternative here are some valid trades over the last couple of days looking at the 377 chart but instead of using the Keltner these charts show the 14 period Donchain Channel
This is the short trade yesterday afternoon
this is short trade on 7/06
here are 2 long trades on 7/07
Again just a suggestion, you may want to look at this as you study your charts, when in a trade hold as long as a bar does not close back above/below the center Donchain line in the direction of your trade
Charles
Can you help answer these questions from other members on NexusFi?
Also how to make the zig zag lines plot the HH and LH ?
Also CJ, I saw this post of yours in the NT forum just a few months ago in reference to you trading the ES (pic. attached.) Where you using Volume Bars before using ticks charts and also trading the ES??? ...
the Zigzag indicator i use "ZigZag UTC" does not plot the "HH" "LL". Some traders have a different version that I see on their charts perhaps one of them can post it for you
The post you see of mine on the NT forum concerning the ES was back when I was not making money to tell you the truth. I have never made money trading the ES although I do know of several traders that are trading my current method using the same chart inetervals 377,1508 and doing very well. I am now strictly a trader of the 6E
I'd be interested in hearing about how this works if anyone uses this as a more mechanical way to manage your trades. I'm doing something similar with the supertrend. The Donch is definitely more forgiving than the supertrend.
My guess is that it would probably even out over a larger sample of trades. But if anyone starts tracking this with the Donch, please report back.
Have you tried Chales method with a smaller profit target when 1508 fails just slightly to make a LL/HH or when 1508 makes LL/HH but 377 fails to do that
I dont mean to intrude here as I see you are asking Forrest this question, if I may give my 2 cents
I would strongly advise you dont do this for 2 reasons that come to mind
1. You are scalp trading when you do this and that usually always will result in over trading and R/R problems
2. When doing this you are committing the cardinal sin of my method, you are looking for a reason to trade or other wise stated you are forcing a trade. bad, bad way to trade
"Be like a TIGER: being perfectly still, waiting for the setup to come to me then pouncing without hesitation or thought."
