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Most will use 2 timeframes, eg a 6- or 7-Range for trending and a 4-Range one for entry. What tool you have been using for trending in addition to the suggested 4-Range set-up?
3. Force Index (Panel 2) and ADX (Panel 3)
Must both be aligned before considering a trade? Based on Fri ES experience, ADX has not been aligned with most indicators. If one took the trades anyway (against ADX), they were still profitable ones. Having said that, it's no guarantee that it may work out favorably in the future rounds. Appreciate your thought on the ADX dilemma please.
No rush in addressing the above. Enjoying a Relaxing weekend.
Yes, i have been studying. i see what you are saying. the potential entry candle actually crossed all 3 lines. An entry maybe around 98. So maybe a scalp trade , but I see where the swing high gives us caution.
Not sure , but you may be looking at adx wrong? A good signal on adx is when it is green regardless of short or long. Not looking for red/red in case of short so big drop around 11:10 it was lined up. force=red and adx=green is lined up. Is that what you meant?
Special thanks to Perry for putting this terrific method on futures.io (formerly BMT) for us to profit from. And many thanks to the guy who makes all this possible..... Big Mike.
Also, many thanks to all of you who have assisted with the development of this method by asking great questions thus provoking insightful answers.
Hello Beth,
Sorry took so long to answer, but I have had problem with my interent connection and was grounded for almost a day. Anyway its the weekend so no damage.
PriceBars: I do not colour the Price bars as I like to SEE the original candle and its PRICE ACTION.
I all indicators are aligned (I presume you mean for a Long), and you have a red bar, you take the trade above this red bar when it breaks the high, otherwise you will see that it goes in the wrong direction and you will not be put into a trade.
2 Time Frames: I am fully aware of the use of 2 and sometime 3 timeframes for confirming the trend. There is a lot of merit in those methods, but at the end of the day you are looking at so much information and charts that you MISS the real PRICE ACTION. (you will learn today exactly what I mean in another post - how to read the price action and enter a trade.)
ForceIndex and ADX: The ForcIndex is the most important of the two. The ADX gives an indication of whether we have momentum in the move - GREEN, and when this momentum is fading - RED. It is better to enter the trade when it is green as you have more momentum on you side. The CHOP is only when the ADX is BELOW BOTH the +DM AND the -DM. (Again here I am going to make changes in my new post, so the charts will be much clearer)
The ES had more Entries then you can beleive. I noted 6 entries, each with a 12 tick profit .i.e. 72 tick for the day.
Now that I have said all that, watch for the next posts with updated info.
Owing to the feedback and lot of question, I realised that too much information on the chart is again a drawback and not a plus. As I will now show how to ENTER a trade using PRICE ACTION - which was my original intention, I have reorganized the charts and templates in such a way, that it should be suitable for all types of traders i.e. those that like more colour on the charts, and those that can add more info to the chart.
All my examples will be using the template: perry-02, the other 2 templates are for your own pleasure.
Please update the attached DMplus v2.
I have added a new indicator called "JeffsUniversalMovingAverage" from the Elite download. This is a new indicator from Jeff Castel for moving averages. If you are not an elite member you can use the usual EMA-colored indicator instead and put 20 EMA as the period.
The new setup will now use a 20 EMA for the TREND and a 5 EMA in place of SMA (3).
1. JeffsUniversalMovingAverage (EMA 20) - Red and Blue line
2. EMA (5) - Black line
3. ForceIndex_v02 (EMA 13) - First row of coloured bars at bottom of chart
4. DMplus v2 (5) - Last indicator at bottom of chart
7. jtRAngeMarker - Show me the exact begining and end of the current trading bar
8. PriceLineIndicator
9. MurreyMaths
10. TheAboxForRange(5,25) - This shows me a little box with the actual ADX number above or below my threshold of 25
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