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Two Line Trading
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Created: by FredyMegaG Attachments:38

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Two Line Trading

  #51 (permalink)
Trade with the flow
Paris, France
 
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FredyMegaG View Post
Cunparis!

I still cant get the historical data youve uploaded....still geting the same ol error
Can you advise me on this?

What error?

I fixed a problem with CL, the others imported fine for me and I'm using them.

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  #52 (permalink)
Elite Member
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I get "unable to import. Instrument is not supported by repository"

dont get what it means... ive tryed loading it whit NT disconected but its the same..

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  #53 (permalink)
Elite Member
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Ive got the VPA indicator from your "how to use volume" thread and found it quite useful, but i dont get what all the squares, dots and arrows mean...

Do you know how to use this?

BTW in the Volumepattern indicator, it plots when there is HVC. This means either strenght or consolidation right?

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  #54 (permalink)
Senior Member
sea side
 
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Fredy,
I will revert with more details on that, hope tomorrow, but didn't you noticed obvious things which happen with volume on any time frame at turning points, corrections, breakouts and pullbacks ?
It all goes together like smooth melody all is need to "see" it and "see" it correctly.
Right now I'm trying to develop simple rules how to do that together with some simple price actions.
Traders who traded 50-100 years ago were much more consistent and profitable than we and they used just a few simple tools which works on any market at any time, it's not HG (Holy Grail) it's just rules by which market is "playing"

By the way, you are trading ES ? try to see on following
on 2 minute or 5 minute chart
PPO 4,8,3
PVO the same (just don't know if it possible to get that in Ninja)
STOslow 14,3
can add also RSI 6
look on PPO+PVO+STO crossovers all at the same time + if RSI at the same time crossed 50 % line
I'm almost away from indicators, but still love them sometimes

Krgds,
Andrew


FredyMegaG View Post
Hey andrew!

Ive ploted Cunpari's volume indicator into the daily chart to see if i can spot something useful on the turning points, and well as in re-entering an existing trend.

Im also reading his thread about volume to learn how to understand High volume Clusters and all that.

Have you found something in the Volbased indicators youve shown me?


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  #55 (permalink)
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Hey Andrew!

I found that at turning points and retraces there is a very high volume! probably from the traders on the oposite side trying to slow and/or reverse the trend!

This is always followed by low/smaller volume when the trend reverses (on reversals) or continues (on rectraces).

I guess this makes sense since there has to be a lot of effort to slow down and even reverse a trend, that when it continues (if the effort was in vain) or it actually speeds up into a new trend (other traders caught up with the effort), the trend faces much less resistance to continue, and thus the low volume.

Was this what you meant? check the pic attached.

What i didnt get was how the Two indicators youve talked about, came together with eachother

Can you explain me what are those indicators youve advised? i dont recognize them by their initials.


Cunparis!

please check the pic with all the dots and diamonds and stuff.
Do you know what they mean? and how to use them?

Attached Thumbnails
Two Line Trading-vol.jpg   Two Line Trading-voldots.jpg  
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  #56 (permalink)
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Hi Cunparis
What are you using to color your bars in post * #46
Thanks

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  #57 (permalink)
Elite Member
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FredyMegaG View Post
Hey everyone this is my first thread!

I would like this thread to be a gathering place for "indicator-free" traders, for sharing of toughts and discoveries, regarding this trading systems.

But still would like to hear from more indicator affictionates traders on their toughts, either why this could work or not, or what we could do to increase our chances!

I really enjoy reading about indicator-free trading and I come to believe that this is the best way to trade.

I have always been trapped into the HOLY GRAIL quest, trying to find the best-non-lagging-coloring-rightious-perfect entry and exits indicator! But I know for so long that this doesnt exist...
So there is no point for me to look at indicators for other than confirmation and ensurance.

I still believe in checking indicators for trend strenght and divergence signals, but wedges, triangles, lower lows, trendlines, etc...look more obvious to me.

Price action is always there, whatever indicator you use, its lines, its colors, etc, only appear AFTER price settles in the latest bar...

Anyway, im sure you have read about all this somewhere.

SO! I've been looking at this particular setup to start with, and would like to discuss it, as well as hear your toughts and advices on it and this kind of trading.

As I've seen it being refered to, I'll refer to it as Two Line Trading.

Here's what I've come up with:

I look for an outside bar, followed by an inside bar.

An outside bar is a bar whose range is bigger than the following bar, the inside bar (this is more clear in the pictures attached)

Once this happens, I draw two lines!
One in the high and another in ithe low of the outside bar (bar n 1).

I put limit orders on these levels: Enter short at the lower line and enter long at the upper line.

After this, somewhere in the next bars (after the inside bar that alerts me for this setup) I wait for a bar, the Trigger bar, that fills one of these limits, and cancel the other.



Ive been using this setup mostly for 1440 minute (daily) chart on the ES, which i find to work best in this setup...

I like to exit the trade on the same day of the trigger bar, ie try to exit at the high of the trigger bar ...

Sometimes I think that its better to use a trailing stop, to prevent from cutting a winner short.... but other times i think that the Trigger bar gets the highest profits.


Ive collected a lot on entry signals, registered their maximum profit, maximum drawdown, and figured this works best with a 5 point stop, and a 7 point target!

I also believe that at 5 points profit... or something like that, you can set your stop to BE.

Since a picture is worth a thousand words, please check the attached pictures..

I hope this some traders and inspires others in usind this kind of setups.

Im kind of worried about the stops and targets ive set... please discuss, i'd like to hear your opinion on this, and the setup overall.

While youre at it, please post your systems as well, we can find the best way to trade without indicators!


For my sake, I do realise that this system (at least on the daily bars), gives out very few setups per month... and i dont know if it can be considered day trading, but its not swing as well..., but i find it very reliable to compensate.

Please share your toughts.

Best regards and happy trading,
Fredy.

Interesting idea! I like the MedianRenko 4 tick chart myself and have long noticed that a bar that is longer than the previous bar signals a possible entry, and that indicator-free trading may be possible on price action alone, by placing OCO orders at the top/bottom of the longer bar or perhaps a tick or two above/below.

A useful indicator would be one that printed the length of the bar above or below each bar on the chart so it is easier to judge the bar lengths. Is this available for MedianRenko?

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  #58 (permalink)
Big game hunter
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FredyMegaG View Post
Hey Andrew!

I found that at turning points and retraces there is a very high volume! probably from the traders on the oposite side trying to slow and/or reverse the trend!

This is always followed by low/smaller volume when the trend reverses (on reversals) or continues (on rectraces).

I guess this makes sense since there has to be a lot of effort to slow down and even reverse a trend, that when it continues (if the effort was in vain) or it actually speeds up into a new trend (other traders caught up with the effort), the trend faces much less resistance to continue, and thus the low volume.

Was this what you meant? check the pic attached.

What i didnt get was how the Two indicators youve talked about, came together with eachother

Can you explain me what are those indicators youve advised? i dont recognize them by their initials.


Cunparis!

please check the pic with all the dots and diamonds and stuff.
Do you know what they mean? and how to use them?

Hi , glad to see someones trying this indi out good luck with it . The dots and diamonds and stuff are described on a list that Cunparis posted on his volume thread . Take a look on that thread its there . Also , if youre looking for volume patterns I recommend focussing on minute based intervals because it shows volume spikes and patterns better . Take a look in my journal for several examples .

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  #59 (permalink)
Trade with the flow
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Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
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FredyMegaG View Post
Ive got the VPA indicator from your "how to use volume" thread and found it quite useful, but i dont get what all the squares, dots and arrows mean...

Do you know how to use this?

BTW in the Volumepattern indicator, it plots when there is HVC. This means either strenght or consolidation right?

I posted a legend for the VPA indicator in the volume thread.

For HVC, start at the beginning of the volume thread it's all explained.

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  #60 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,030 received



zoltran View Post
Hi Cunparis
What are you using to color your bars in post * #46
Thanks

My volume patterns indicator!

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