Thanks Alan for your swift sharing! I will try the suggested 3-Range setting on DMPlus this weekend. For me, I have it on red/green bar display format only (momentum) and not with DM+/- lines as I have no idea how to make use of the lines. Certainly I notice Perry and many others have the lines. Too advanced for me at this point and I may explore it at a later date when I can manage more.
Thank you. Have a Nice weekend/Successful week ahead.
Can you tell me what stops, targets and how you trail on the 4 range chart? I have been trying the 3 range in sim with Perry's suggested -4 stop, moving to -2 after it goes 4 pips, with T1 +4 and T2 +8 but I find I often get stopped out at -2 without a fill at +4 for 1st target. How do you use MP in your strategy and is it the free MP chart that is available from Mike's forum?
I'm a newbie too! I've been using MP and Perry's 4-Range set-up for sim-trading ES since Apr. Mostly 2-contract trades and the following captures my evolving PT/SL strategies:
1. PTs @6 and 8 with an initial 8-tick SL
2. PTs @6 and 8 with an initial 8-tick SL (+BE/Trail @4 ticks and Trail @1 tick)
3. PTs @4 and 8 with an initial 6-tick SL (no BE/Trail for the first contract and BE/Trail @4 ticks and Trail @1 tick for the second contract)
Having used No 3 strategy for the past few days, I'd say it's better than the first two. For me as a start, preserve capital is important (revised 6 ticks SL comforts me a little more). When price does not have the strength to go beyond 6 ticks, I normally get $62.50 for No 3 while $25.00 for No 2 and nothing for No 1.
An additional note on SL: I also strive to get out of a trade that does not look good anymore and not let the SL get hit.
Regarding MP, I have been using the MP profile and MP value indicators you will find from the Download sections. Mainly focus on the RTH (Regular Trading Hours) session, previous day's value area and VPOCs (Virgin Point of Control) for special reference points. They're not nailed on stone and exact entry signals are based on the 4-Range set-up. I have also started plotting Price Action labels (HH/HL/LL/LH) on the 4-Range chart to detect breakdown/breakout trades. With the help of the PA Swing indicators (you will find them in the forum too), I'm getting better everyday.
Happy Learning & Successful Trading Susan!
The following user says Thank You to wgreenie for this post:
Hi Perry and everyone.
I'm just sorting my way through carefully entering trades in SIM according to the Mark2 version of the system and although the rules state to ensure the force indicator is in agreement - they don't specifically require that you are not in chop?
I suppose that is a given that just wasn't included in the rules.
I am finding though that if I wait for the color change on the DMplus_3a the trade is well away from a good entry.
Is this indicator used and if so how?