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in post 294 - picture 2 - i dont understand the entry method 1 bars - the first markup shows the set bar much farther out then what i would assume would be the first bar to cross the black line ema
Can you help answer these questions from other members on NexusFi?
The setup bar could have been the one in the picture as well as the previous bar. The reason is that both are BELOW the red bar which in this case is the entry bar, so your logic is correct
All your arrows are setup bars. You must however try and enter at the FIRST setup bar, as in your examples, there are NO pullbacks making each setup bar aslo your entry bar. So the later you enter you are shortening your probablities for success.
Many thaks for this marvelous thread Perry
I wonder if you would comment on the markups on my chart as to whether the first or second is correct for a Method 1 Signal Bar
Perry,
Have you done any backtesting, or perhaps just your personal opinion and experience, on whether your older system (3,14,40 SMA) or newer (5,20 EMA) gives the earlier entries and also which gives the fewest false signals - perhaps I should say fail to reach your first profit objective?
But, most importantly, please accept my appreciation for your dedication and hard work in creating and evolving an excellent rule-based trading system. I have benefited greatly and I am certain many others have also.
If the EMA 20 trend is blue (bullish) or red (bearish) for several hours or for the day where previous S/R levels are being broken continously how would you trade using method 1? Just take the first trade and stop or possibly look for method 2 entries? Just wondering if you take the 2nd or 3rd or 4th or Nth signals in such a situation?
