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Which Murrey MAths indicator are you using. The one from BMikes, does not have "count back days". The only reference to a number is "#of bars back thje Pivot Line will be drawn" = 370 as a default.
After having spent the money on the boomerang system and initially having some success in SIM,
I can confidently say that Perrys system is a lot more defined in its Entry signals and therefore IMO
easier to use. having said that I am finding that it still takes practice to take appropriate entry signals
and you can be stopped out
IMO the setup signal on the first chart was 3 bars prior to the setup bar you marked on your chart.
Even if the setup bar you marked were correct, the entry price is wrong.
It needs to be 1 tick above the highest high of the last 5 bars so you would not have got filled on this trade, hence no stop out.
I would also encourage you to check your money management rules for the instrument(s) you are trading this method with over several days/months to make sure the PT and SL you have earmarked work.
So what you are saying is that by putting the entry that 1 tick above the highest hi of the 5 bars ,
its actually preventing you from entering a trade that may not breach that previous high bar ??
I hope that is correct ??? .....as i questioned Perry on it before and possibly misunderstood his reasoning for it.
I couldn't understand why ( if you got a long signal ) you would wait for the price to go up to this "new level"
if you get a better fill price ie: a lower price in respect to entering a long trade.
Also I see you mention the earlier setup bar... unfortunately i missed it as I was away from my computer at the time... so does that earlier set up bar make the one I picked invalid or just less likely to be successfull??
thank you for your help
Is that above comment based on what you have noticed from my charts or just a general (good) piece of advice?
Cause the settings I am using at the moment are ones that Perry mentions in an earlier thread where he gives a screen shot but i notice he also has suggested a tighter stop just 2 ticks below/above the set up bar
So I amnot sure whether i am expecting too much profit from a trade
