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Interested in your strategy. Was curious, do you wait for the white dots to enter trades or do you just constantly close and reverse your position? For example if you were in a long trade and your 4 indicators reversed would you simply close the position and then wait for the next set of white dots to look for a trigger or would you immediately close your long and flip it short.
That's why I liked the addition of that particular indicator/setting. Yes - it does seem to give 'advance' warning of a potential change in direction. I tend to wait for at least 3 of the 4 indicator confirmation, however, since I'm a bit of a pussy when it comes to making a decision - especially one involving $$.
After all, it's what you learn AFTER you know it all, that counts!
I'm very grateful to be a part of BigMike's community. Now we have to get the word out & see if we can get more people to join (& donate!). I'm sure Mike would appreciate it. I sure am glad I found you guys !
After all, it's what you learn AFTER you know it all, that counts!
Hey Mr. Wiz. Was curious if you saw my question up above. Saw you had a few responses since then so figured it may have been lost in all the replies. More I look at your style the more I'm liking it. Keep up the good work.
The theory behind all this was to stay in a position until the direction changed & simply "reverse position" (kind of like using the Parabolic SAR, but without the lag the SAR seems to have) & continue riding the wave. The white dots (Sharky's consolidation dots) just indicate a period of congestion / market indecision. Not necessarily an entry point, but sometimes a good point at which to place a stop (just above / below). I usually put the stop at the bottom of the lowest recent swing low bar - for longs and gradually move it up as price moves up & at the top of the highest recent swing high bar for shorts, then gradually move it down as price moves down. I usually wait for all 4 indicators to confirm (panel 2, 3, 4, 5) before entering a position, although Rjay noticed that the indicator in panel 2 often, but not always, gives a little 'advance warning' of a change in direction & you can (if you're brave) use that as a point at which to enter a long / short, but I'd confirm it with price bar action and the LBR310 indicator. Generally I follow the direction of the SMI2 indicator & try not to reverse position until it looks as though it's about to and the indicators in panel 2 & 3 agree.
After all, it's what you learn AFTER you know it all, that counts!
Well, that's my intention to stay in a position until the direction changes, then simply reverse position. Sometimes when it looks a bit scary, and the indicators aren't clear, I would exit, taking whatever profit I can & then wait for another opportunity to re-enter, but yes - my original intention was to develop something that would enable you to always be in a position throughout the trading day.
After all, it's what you learn AFTER you know it all, that counts!
