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I like your setups. Please can you advise on the following:
1. MA Slope Box - Which slope type do you use? WYS or WDS or NTS?
2) DMI - Which DMI indicator are you using. Mine only has 1 line, while yours has several. Please can you advise these lines / setups.
Is it possible to post a template? I have created the setups, however I would like to confirm all settings.
Many thanks and good luck with you journey.
The following user says Thank You to Alan for this post:
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 2 users say Thank You to Big Mike for this post:
Hi Perry.. hmm.. I cannot seem to find indicator # 10 "TheAboxForRange" anywhere in sight... not even after a search of Google. Is that one you can upload for us here or one you are unable to share? I already got all the rest of it mocked up just fine. Of course then I read further and noted you had even given us a template heh, heh.
Also, is there a particular reason you chose range bars? I tend to always use SBSRenko bars unless it's just a tight consolidation day wherein I switch over to range bars and scalp the channel, simply because I know where the high low and close are going to be with range bars.. which makes a real difference when scalping a tight range but still wanting to enter with limit orders to avoid slippage, etc.
Additionally, do you only trade the 6e in this manner or do you also trade the TF and others with the same or similar method?
Favorite Futures: Index,Currency and Energy futures
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Please see post #6 for the "TheAboxForRange". I prefer Range bars over Renko, you also get a better picture of the moves, the indicators work much better in sync. As we proceed you will see that it does not matter if you are in a tight range day or not. Try for the meantime to just SEE the charts as per the rules, and you will begin to see good entries on all days.
A quick glance at a chart, what direction is the SMA (40), and you immediately know that you are ONLY looking for short if going down or longs if going up. See then where the other MA are in relation to this. In a second you know if you have an interesting chart or there is time for it to develop. You will then see your other indicators pop up at you telling you if they are in the direction of the SMA(40).
Start to read the chart.
I trade 6A, 6B, 6C, 6E, 6S, 6J, TF, NQ, ES, DX. You can trade any instrument using my method.
As we proceed I will show you more things that you will see on a chart, and also how to use everything to get good entries. For the meantime you will begin to see good entries by yourself.
The following 14 users say Thank You to perryg for this post:
Many thanks for introducing your method here like this, Perry. Now that I have got it up and running it is interesting to see how easy it is to spot reasonably stress free trades and even see them shaping up ahead of time. I am looking forward to learning more about how to utilize this method. Your efforts here are much appreciated.
Happy Trading,
Randy
The following user says Thank You to randyjb for this post:
Perry, this is a great indicator and set up. What about adding arrows to automatically show (plot) when all the criteria are met. There would be a green up arrow for a long and a red down arrow for a short.
Thanks to Perry for sharing the template. Now I'm quite certain that my chart set-up matches his except I do not have the jtRAngeMarket indicator.
2 newbie questions please:
1. How do you interpret the ellipse (Panel 4) when ADX was above DM (change of direction to Up??). It's already on an uptrend since it's above the purple dash line SMA 40.
2. What's the indication when ADX was below DM? First I thought might be change of direction to Down. Seemed not right!!
Appreciate your enlightening me please. Thank you.
OK. You have jumped the guns, so I will start explaining how to look at the ADX panel at the bottom.
This panel uses together the ADX line and the +DI and the -DI lines. The 2 MAIN reasons that I put this panel up, is to read when to EXPECT a topping out of a trend - either UP or DOWN, and the second thing is to SEE CHOP areas of the chart.
1. TOPPING of a Trend: When the ADX is ABOVE BOTH +DI and -DI, we are getting close to a top or bottom of a trend, or a turning point in the direction we are going. This is an early warning sign to get ready to exit our trade. Wait for the ADX to start turning DOWN, this will usually be the Top or Bottom. Now I must warn you that this is not rocket science but in most cases is exceptionally acurate.
2. CHOP: When the ADX is BELOW BOTH the +DI AND the -DI, we are in CHOP LAND. DO NOT TRADE.
The above info is not widely known amongst traders who use this indicator. On panel 2 you have the ADX pure giving you a GREEN light to trade, which means that the MOMENTUM of the candles are STRONG and in your favour, while the RED light means that the MOMENTUM is fading (it does not mean to exit).
I hope this clears up matters, and we are advancing a little. Go back and LOOK at the charts and see now if you can see MORE into what the charts says after the above explanations.
The following 23 users say Thank You to perryg for this post:
