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This is yesterday's 6E on market reply.
The blue arrows on the chart represent the setup bars according to method 1 and 2.
My target is 9 and SL 6.
I had 6 wins and 5 losses - so for this trades it's 60% WP - 300$ (minus commission)
I have to say i traded a little bit mechanical, because i did not took in consideration the murrey math lines and did not exit the trades when i saw the end trend warning, and let it hit my stop or my profit target.
Should i probably be more flexible in taking the profits?
P.S.
I didn't mind the other indicators that appear on the chart (MACD and VHF)
Just looking at the chart and what you have traded here are my comments:
1. You are OVER TRADING. There were only 2-3 trades here
2. Concentrate on method 1. Only when you get it right, start to learn method 2
3. There is no such thing as mechanical trading. If you really want to loose money thats the way to go. You cannot sit in a trade and wait for it to stop you out. If you see the trade is not going your way get out of the trade with minimum loss. There are other trades around the corner.
4. On a 4 Range chart I recommended 4 Tick profit. Once you get the hang of trading, you can INCREASE the number of contracts and still take 4 ticks. e.g. 5 contracts at 4 ticks = 20 ticks. Do 5 trades a day and you have 100 ticks = $1250. Just increase the amount of contracts if you want more.
5. Start out with 1 contract and 4 tick profit.
All your trades at the top of the trend are not in line with either method. I think you were too keen to JUST TRADE, and really see what you are trading. As a beginner you may be over keen to trade. Go slow even if you make ONE trade a day at the beginning. Then go to 2 trades, and so on until you build your confidence.
Thank you, great help.
When i started sim trading method 1, i started on ES with a 4 tick profit and a 5 tick SL, and it was quite choppy.
Then i moved to 6E with the same 4 tick profit and 5 tick SL, but i think it was to volatile and got stopped allot, and moved to 9 tick profit and 6 tick SL, do you recommend going back to the begining?
Another thing, could you please point the wrong setup bars on the chart (the top, that u mentioned?) and explain a little? I know the one bar that i marked with x on the chart was not according to anything.
Hey everyone, was wondering if the DMPLUS Signals v8 indicator repaints? Does it remove dots from previous bars once they are placed? Also, does it signal prior to bar close as a warning of an impending dot? Thanks a bunch! SS
I recommend you to trade the 6E ONLY for starters. The ES is not a grounds for a beginner. The ES has ample volatility during the day. The good times of the day are as follows: 02:30 - 05:30, 08:00 - 11:00, 14:00 - 15:30 EST. All times are EST.
Your SL can be higher than your profit target. Your SL is there for emergency purposes, it is not there for you to wait until it stops you out. If you see the trade is going in the wrong direction, get out of the trade before it hits your SL.
I received a few private messages enquiring about my automation effort on Perry's set up. I finally have a "beta" version (using Method 1) that can trigger both Long and Short trades. If one has an effective money/trade management plan, he/she …
Just to give some feedback I've attached yesterdays and todays NT PnL Summary.
About 80% of trades were of one contract 15% on two and about 5% on four,
to give some perspective to the results.
(Results are just for ES).
The only addition to the Perry chart is that I utilize delta (via Gom "stuff").
This is how I read price intra bar.
Everything basically stems from the format Perry has outlined.
The only addition that no chart or method can give is the stuff inside the trader.
The motivation, focus, patience, discipline, tenacity, endurance, and innate understanding of who they are,
what they have decided to do and how.
