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THe above is correct. Attached is a diagram. Because we are using Range bars, it is sometimes difficult to see a FULL break of the EMA 5 so that a break or touch is considered the same. i.e. Less than or equal, or greater than or equal.
Big Big Thank You to You Perry! Mystery solved .. Hurrah!
Yes, sometimes very very simple things "look" intimidating when they're too simple I guess. FYI: I asked my husband (who's Canadian German) how he interpreted the "less than" rule and he's not sure. I better sought your advice as I want to get it 100% right.
Now I will resume getting used with the set up and be Successful - great news! Thanks to you of course!
I remember reading one of your older posts where it said you look at multiple instruments.
Aside from the actual mechanics of your setup, is there a criteria for choosing the instrument you trade on a given day? In addition, just wondering if range bar size falls into this decision making process.
Sometimes particular instruments look choppy for the whole day.
Thanks again for introducing this interesting approach.
I trade the same instruments every day, on the same range bars. Do not change anything. Only look for entries according to the rules. Life has to be simple.
Thanks for the additional tips today. I am thrilled that I now understand the ADX/+-DI lines!
Need to pick your brains please. After reading your threads a few times, I do not recall seeing your trading hours. My warmest apologies if I missed it.
May I have a better idea on your trading schedule please, say regular trading hours or morning only? How about your strategy when an important news is just around the corner or FMOC? Appreciate very much your sharing more wisdom with me.
Do not have a specific trading hours. Yes, do not trade 5 min before and 5 min after news event. The news event that I consider are those that are call "high impact" and are RED in the forexfactory calander.
Need to pick your brains please. I market replayed 6E (between 7:30 am and 9:30 am) and did 5 2-contract trades (per enclosed). Except Trade No 3 (highlighted in ellipse) was an inadvertent entry (missed checking FI). Got lucky and it's a profitable trade .. haha ..
My questions are:
1. Should I consider a different strategy for the second contract? All 2-contract trades have PTs @4 and 6 with SL @6 (move SL to 1 tick favor after reaching 4 ticks). Even they're all profitable, I notice very often it's getting very close to the revised SL for the second contract. For today's practice, only 1 got stopped out (No 4).
2. I learned that 7:30 am - 9:00 am EST are the best time to trade 6E. Unfortunately, I'm not an early bird zozo. Willl 9:00 am to 11:00 am EST work?
Sincerely hope that you will share your experience with me (incl suggestion if any). Thank you.
YOu will find that there are good trades also during the 9 - 11 EST or from the opening of the US markets. You can basically follow the 6E while you follow your ES trades and CL.
Thanks Perry for your prompt response to my earlier "trading time" question.
I need your guidance again on the enclosed Set Up (highlighted in an ellipse). It met all the entry rules EXCEPT ADX was red (below 25) and CHOP warning. 7 minutes later we had a green ADX + CHOP changed to TRADE. Yet price went up 4 ticks from the suggested entry. Did we rush in and place a Buy order? Or start all over again and wait for another Set Up bar?
My guess is: If a Set Up bar does not have all (incl ADX and TRADE criteria), it's not a Set Up bar at all.
I appreciate very much your clarifying the above for me please. Thank you.
