I was trying to following you suggestions to write an ATM Strategy. However, it seemed I didn't understand your calculation for the Stop Loss of second target; thus, I got an warning and failed to save the ATM template. Could you kindly correct my mistakes as shown in the two atttachments. TIA!
I coded a strategy that seems to capture the essence of Perry's rules and wanted to put it out here for you all to take a look at. You can load it on a chart without Chart Trader. Need to be connected to your datafeed. I wrote this for nt version 6.5. Just import it and then put it on a chart. You will see a PNL report in the lower left corner. It's not as complete as what you get when running Strategy Analyzer but it's much quicker than Strategy Analyzer. Doing it this way makes my back of the envelope analysis much quicker. Anyway, if you're familiar with importing and using strategies then you shouldn't have any problems using this.
Let me know what you think.
P.S. Just added nt 7 version.
By the way, there is an indicator included in each zip file named, DMPlusSignals. You can put this indicator on your trading charts without having the strategy loaded. It shows the entry signals by plotting a Green or Red dot. Also shows where your stop order should be. Just copy DMPlusSignals.cs from the zip file and paste it into your ...\bin\Custom\Indicator folder then compile it.
October 10th 2010: The attachments for the automated strategy have been moved. Please use the new thread for all questions and answers to do with automating Perry's method. Perry has requested the two subjects remain separate. -- Big Mike
Yes, I'm learning this is true too. When the market is very volatile, i.e. a higher than normal ATR (and I don't know what value that would be yet), then the "whippyness" of the market will take that stop right away. Range Charts and a fixed stop, just crumble under that scenario, due to the obvious reasons. I love the system, so, I realized that if I see the market is highly volatile...I just need to stay out. An example would be for an extended time frame after a major news upset...the market is just plain jittery. And even if you can get in a trade, because they happen so fast on a tight 4 range chart, then you are likely to get eaten alive from this higher than normal volatility. It would be good if we could come up with another indicator that told us No Trade if "it" was over X). Don't know if that would be ATR or some other indicator. On the other side of the equation, when the market is extremely slow, low volatility, then it does seem that the ADX protects us...wouldn't you agree? (albeit discipline is a major factor...we must obey our rules....even if that meant no trades for the whole %$*@ day!). Obviously it also risks being on the continual hunt to improve a good system, which may not be a good thing either, as we lose the KISS principle. Any thoughts/comments appreciated...especially Perry's wisdom (thanks to you again Perry!!!). ALSO, two other important things on my list (help please):
1. Would enjoy finding an existing, or starting a new, skype chat room, to watch/comment on setups as they happen. Key is finding people that are using almost the exact Method 1 and setup Perry uses (because alternate screens/indicators will only confuse the situation, albeit ears are always open), and trading 6E from like 6:30 - 8:30AM CDT; and TF from 8:30 - 11AM CDT daily (those are the instruments/times that fit me, so that is what I'm looking for, when I get success I'll expand to other instruments and time frames and other indicators/ideas perhaps). Newbies ok, but prefer someone with a little, or a lot, of trading experience. Prefer only disciplined, calm, and somewhat quiet traders as we don't want to miss good trades...I hope you understand my point
2. Would SO enjoy anyone's help getting Perry's method 1 into a NT7 strategy, to see it on screen, and then later to possibly auto-trade...but that is a way down the road for me as I've been burned there before for sure. I read the recent post on this but wouldn't know how to make those changes mentioned to get it functioning on NT7.
Feel free to contact me if you want to explore any of the above further. . Love the method and this forum, thanks, GregoryHohman@gmail.com 251/644-4772 (marketers don't bother) Greg.Hohman = skype
The following 2 users say Thank You to ghman101 for this post:
You know, I thought about my last post, and I'd have to say that I was likely wrong. I didn't do well Friday, but cannot decisively say it was the system's fault...I think it may have been MY fault...not carefully following the rules, and, while I had setup and read most all of the thread, sometimes more than once, I had not finished it. And just today I'm finding the rule about watching the 8 Range Chart first, which makes a LOT of sense, and also the Donchian Rectangle, which is kind of cool. The only way for me to truly judge this is to record my trades via Camtasia.com (free trial), so that is what I'm going to do, then I can go back and see if I followed every rule perfectly, and then, how many trades make, and how many don't make. Can't wait until we can get an NT7 indicator or strategy to help monitor it all (it's not that much but it does take concentration and discipline for sure) to ensure I don't make mistakes. Also, I have all my indicators set with "Calculate on bar close = FALSE" and don't know if that is a problem or not (I don't remember seeing anything on that in the thread, but may have missed it). Any comments on this setting from Perry or others is appreciated. I hope Columbus Day trading on Monday is good! gh Ps. let's do the room in about a week or two, ok? Send me an email or skype instant message if you don't mind, as a reminder, and I'll start it up.