Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Believe you have had a Relaxing weekend. Mine was a fruitful one.
I read your thread for the third time today (maybe the fourth). Prepared a new set of rules using the EMA set up (not the SMA version). Got lucky and spotted a Long entry (per enclosed).
The signal bar has met the entry rules, ie
1. EMA 20 blue
2. EMA 5 (black) up at least 2 bars
3. Low of signal bar touching EMA 5
4. High of signal bar > EMA 20
5. FI green
I sim-traded it and placed a Buy order 1 tick above the Highest High of the past 5 bars (incl the signal bar). Got in and out for PT 4 within a minute. Appreciate your kind confirmation that I got everything right! Thank you.
+ a question please: Would the bar before the signal bar a valid one too with its Low breaking through EMA 5 and not touching it?
Beth
PS: Just noticed the entry was the most recent HH. A safer Buy might be to place 1 tick above it.
I did a SIM of the same trade... I also was not sure about the signal bar so took the same one you did. Trade was good for 4 ticks... Not sure that it was best entry with resistance so close ... On my chart "Bottom of Trading Range" was 1105.50. Embarrassed to say i am not sure i understand what that actually means - 1100's doenst appear to be a bottom of anything given recent action.
After reading the rules - it appears the bar before the signal bar meets the criteria . It is touching the EMA 5 and a tail below it too.
I also have a Market Profile Globex chart up and running for additional context. I think Perrys chart will work well with MP.
I noticed, on your chart, that you have the PriceActionSwingABC indicator. I tried finding it on the futures.io (formerly BMT) site, both in the regular downloads and the elite downloads but to no avail.
Is it for public consumption? If so, would you be so kind to point me in the right direction. I would appreciate it very much. Thanks.
You basically got it right, but the bar before was the correct SETUP bar. Take a look at attached chart.
REASONING:
1. We have at least 2 bars of the EMA 5 going UP.
2. The bar is crossing the EMA 5, and the LOW is BELOW the EMA 5
3. The bars HIGH > EMA 20
Once I have this then the Highest high of the last 5 bars(setup bar included) is the SPIKE bar 4 bars before. At this stage I can put at my leasure a STOP BUY ORDER 1 tick above that spike bar as the entry bar. Now I just sit back and relax. Notice that it took another 29 minutes for it to trigger, and as you said a minute to get you PT1.
You are not pressured by this method, as you can SEE the Entry bar, and have AMPLE TIME to place your trade. You must be relaxed, there is no pressure. If you happened to miss it there will be plenty around the corner.
Your swift response has made my day/week and I know we can count on your guidance (as always)!
The reason for not using Methods 1 and 2 when they're released in Apr was I did not get the following for some unknown reasons:
Long - Set Up Bar LOW must be less than EMA(5)
Short - Set Up Bar HIGH must be greater than EMA(5)
That's why I waited for the bar after the correct set up bar so that it met the "touching" rule. Let me try again:
1. Set Up Bar LOW must be less than EMA(5) = its Low must be below EMA(5)?
2. Set Up Bar HIGH must be greater than EMA(5) = its High must be above EMA(5)?
My warmest apologies for spelling out my understanding like that (else it's still a myth to me). Do I get it right? If not, please do me a big favor and make them very visual for me so that I will get them this round. Else I will always be late to the party ..
I welcome any feedback, comments and suggestions for improvement.
Please discuss the PriceActionSwing (PAS) indicator in this thread. Any comments or suggestions are more than welcome here. If you have a more private issue send me a PM or better an …
Unfortunately, mine with ABC patterns is not available for public. It's a gift from a trading friend and he requested me to keep it private. You will find other indicators that plot ABCD from the Harmonic thread.
