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*** See 07/28/09 post for LATEST INDICATORS & TEMPLATE ***
Here is the updated HOLY GRAIL for Monday July 27, 2009. (I know BigMike is a fan of ZN, as are many others, so I've included today's ZN with Holy Grail, too!)
I've changed the colors (to correspond to the 'industry standard' (blue vs. green)) - with one exception - I think the GREEN dots on the LBR indicator are easier to see than BLUE dots, but feel free to change the colors to suit your own preferences. I also streamlined & enhanced the indicator settings. I ran it back over 15 days & it performed as expected. I've included today's screen shot of the Russell e-mini (233 tick) and shots of the indicator settings. Again, much thanks to Sharky, Rjay and, of course, BigMike !
The long/short entries are pretty straight-forward (I've marked them with dotted lines & made comments on the chart). The more confirmation from the 4 indicators, the better the chance the move will be successful.
1 confirming indicator (probably not a good idea to enter a position)
2 confirming indicators (risky, wait for the next bar)
3 confirming indicators (enter, but be cautious)
4 confirming indicators (take the trade or if you're in one, ok to reverse position)
Stops? (I know you're going to ask)
I would suggest putting the stop about 3 ticks below the lowest recent (swing low) bar for a long entry and 3 ticks above the highest recent (swing high) bar for short entries. This almost never gets hit & keeps you in the trade. Keep in mind, you're going to stay in the trade until you get confirmation to reverse position, based solely on the indicators - so the goal is to stay in the trade & NOT get stopped out with a stop placed too close to your entry price.
Email me if you would like more detailed information about the setups or if I've been unclear in my description(s). Enjoy!
After all, it's what you learn AFTER you know it all, that counts!
Hi,
Thank you for sharing your holy grail setp. I following you setup but my TF 233 tick chart looks very different then your chart. My chart bars does not match with your bars. not sure what I am doing wrong.
I have my chart Start and End times set to 12:00 AM & 12:00 AM. I have found in the past that this does seem to make a difference. If that's not the case, send me a screen shot of your chart & a screen shot of the Properties & I'll take a look at it.
After all, it's what you learn AFTER you know it all, that counts!
but doesn't it get to the point that with all these indicators being used you are just setting yourself up for confusion? At the end of the day, isn't the trade about the price movement and proper position sizing? Granted the amount of volume one can trade depends quite a bit on commissions etc, therefore one individual might have to be more picky about a trade as opposed to the other...
but still, it seems to get to the point where the indicators just add to confusion... esp considering the timeframes one might be looking at to take the trade...
for what it's worth, you could get a net positive result by building a random number generator with a range from say 1 to 30...
say 1 to 10 you go long
and 11 - 20 you do nothing
and 21 to 30 you go short
with proper position sizing and scaling you might be pleasantly surprised with the results...
if you are using a different feed provider than the OP, that might be one explanation...
ie Zen-Fire compared to say TT feed will show different charts due to the fact that Ninja reads the TT feed in 100ms pulses where as ZenFire is a constant stream...
