I am wondering if you use the ADX and DMI on the 8Range to assist in trade selections?
Or only that the larger setup is indicating a setup emerging on the 4R?
Here is a trade I took today. Entry was late for some reason, and had issue with dome. So exited x2 at +1 tick. Other x2 stopped out.
Missed the long as was away from computer. Is the 8R setup bar used in the way I show on the chart?
Last edited by vast; September 28th, 2010 at 04:07 AM.
Reason: Added chart
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The addition of the 8R is to give you even higher probability of success. This may of course reduce the number of trades, but increase success ratio. You would want to have BOTH the 8 and 4R charts in setup mode together to take the trade.
Yes, it looks like your 8R is correct.
I do not use the Dom but Chart Trader, as I have plenty of time to place an entry order at the top/bottom of the entry bar
You are correct in your assumption. Try sometimes to look at the 8R for exit as it can also keep you in the trade a little longer. These things are little extras to check out. If you have found a successful way to trade then leave it at that.
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Thanks for the charts.
What were you trading today?
It looked like your entries were later than I thought would be the case.
Almost like a retrace to the 5EMA/20EMA rather than the first setup bar that appeared.
But, the way you are going you must have it right as you have done well.
Any help is appreciated.
Last edited by vast; September 29th, 2010 at 03:31 AM.
Reason: Chart added
I am wondering if you could mark up setup bars and entry points on todays 6E if get a chance on both the 8R and the 4R.
I am interested to see if I am understanding it.
Sorry, for the dumb questions, maybe I am slower than others in getting the concept.