A big thank you Perry for your time and energy in sharing your method.
I was able to put the 6E 4 Range chart to work today during the first few hours of the NYSE open. I have my charts looking very similiar to yours including the Pivot Point Moving Averages/Market Directional Moving Averages and the ADX with the color change function. All settings have been replicated to match your chart shown in the webinar.
I would like to comment on one thing I noticed.
When all the indicators (moving avgs) were lining up nicely as price was at the 5 ma and the ADX was pointing up which appeared to offer a entry, was that things could change very fast at either the close of the entry bar or the following bar. What looked like the perfect setup had been erased without the chance for a 4 tick profit target before taking a 12 tick stop.
My point is that looking at static charts are so much different than real time. Would you agree to that?
If so, Can you offer any assistance on this matter? It would be greatly appreciated. I could prolly record some video of the 6E in realtime to show what appears to be a great setup only for it to vanish.
The following user says Thank You to ceramictilepro for this post:
Seeing that the VisualSMA3 is not available for MC users I'm hoping to use ADE to access the data from the higher time frames as I have some(little) experience using this with Time,Volume and Tick based formats but am unsure of Range(point) based bars. Not looking to promising. Can this be done, anybody? Tried using Data2 and Data3 but do not like working with the resulting chart in data1.
Last edited by RickW; August 30th, 2011 at 01:45 PM.
First of all, thank you very much for sharing your methods with the forum. I enjoyed your thread and webinar and have been eagerly studying for a few weeks. I have a few question regarding the entry methods and I copied your chart showing in post #377 (Aug2nd, 2010) and made a few marks on this post, if you don't mind.
I understand your entry rules and your explanation is crystal clear. So I know that bar A is the setup bar and you place your stoploss entry order 1 tick above the spike bar and waiting for the market come to hit the order. The order thus get filled in Bar C.
My question is:
1. In this situation, it takes 29 minutes to activate the trigger, and also take another bar (Bar B) to trigger the entry order in the formation of Bar C. Sometimes in realtime, it might takes more bars to get it filled. I wonder how many more bars do you wait till it get triggered or just never touched? If the bars are just wandering below your trigger level for quite a few bars, do you take the order off and search for another setup?
2. If in a situation, I did not place the stoploss entry order in time thus miss the trade; and market come back below the entry level. In this case, the tail portion of the Bar C. Shall I use a buy limit order to get in Long at a lower price compared with the stoploss entry level?
Because I see this kind of "pullback" quite often, I wonder if we can take advantage of this kind of price action to do the second entry. After all, we enter at the lower price and potential risk is lower. Is my thinking right?
3. Bar B is also a setup bar, and with the same stoploss entry level, is that right?
4. You mentioned in your post #281 and #412 that after your entry, you initial SL is at about 2-3 ticks below the previous bar on entry. Since the entry is made on Bar C. Then the SL should be 2-3 ticks below Bar B. Is my understanding right? I marked on the chart with dotted line, 3 ticks below Bar B, with a reading of about 1102.75. Could you please comment on this?
do they just not have to be flat? cuz i see them sometimes where they are not flat, but they are not angled up like the ppMAs are.. also sometimes one might be flatish and the other is going my direction..
dont believe anything you hear and only half of what you see