I just wanted to update on a previous post I made. I didn't fully understand the way to use these indicators when I originally posted this. With a lot of practice and some help from Jeff I think I understand it now. Going back over the past 2 weeks shows that strictly following these signals I didn't find any losing days. I'm going to be testing this real time and see how it goes.
Jeff...looks like these MA paint studies have successfully superceded the "worm"? They look great, cant wait to try them. I hope Wizard sees this post...they would probably work great in his "Holy Grail" template!
Yes, the Wiz gave me this idea when he was asking me about the "worm"
I think it's a great idea and makes things very easy to see. The only real issue is when the market is not moving decisively the colors can rock back and forth. I believe that much of this problem can be solved by trading when volume is at it's max.....that is the first two hours of the day and a couple of set ups in the afternoon.
I think Cunparis is working on some bells and whistles now.....it will be interesting to see what he comes up with!
So....is the worm dead? Well, not yet....but he is gasping for breath.
When do you trade in the afternoon? I usually trade ES for the last hour. Often I wait for a perfect setup which lately I don't get so I go over my morning trades and work on the perfect trading charts and journal. A strategy like AYN requires patience, and I find it really hard to stare at the screen. But if I can do other work at the same time then it's a great match.
Sometimes I make it for the last hour and a half. I think the last 15-20 minutes are not tradeable.
It can take you some time to set it up yourself but it's well worth it.
For the paintbars you set the plots to be solid hash 90. That's about all there is to it. I'm not using Jeff's paintbar, I'm not sure what it is. I've got my volume patterns paintbar on mine but I've never used it with range charts so I'm just watching it to see if it could be useful.
OK.....blue on blue, red on red...that's all. Well, for the most part...you still have to know how to trade. But I think this is helpful and keeps you on the right side of the market.
On this chart I have the ES 7 range bar, EMA 20 with angle settings at 20/50, WMA 4 with angle settings at 20/50. That's it. Learn how to draw swing high /low, trendlines so it makes sense to you.
And......yes....I could be sweet talked into posting a template.....if the words "pretty please" and "with sugar on top" were included.
Just remember this is just the latest and greatest. It is changing constantly as we get new and better ideas. I highly recommend that you find the settings that make sense to you .....for your market and time frame.
At the same time.....this is nothing new. The original "All you Need" concept is simply being expressed in a little different way . That's all.
Jeff, Nice clean chart. I started playing around with Square of 9 and Gann Fans. Quite accurate & impressive. My hat's off to ol' Mr. Gann. I've uploaded my version (6 range - a bit choppy, and 8 MedianRenko (takes a lot of patience, but you get there eventually)), for anyone who wants to put it to use. Hope everyone had a good trading day.
After all, it's what you learn AFTER you know it all, that counts!