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I too have the 20 EMA on my chart. The reason is if it's relatively flat then that is consolidation aka chop and I prefer not to trade it. I prefer that the 20 EMA be increasing or decreasing.
I looked at one of the ninjatrader partners and he has some system that guarantees you to make 1 pt/day on ES. My first thought was that this wasn't very profitable. $50/day. But he explained that you can trade as many contracts as you want cause you have a very high success rate.
Brooks says the same thing. Just 1 pt/day makes $x. 2 pts/day at 25 contracts makes $630k/year. So if there are 5 trades a day, it can be better to take the best 2. For me the best ones are when the MA turns color and then the smaller one flips to the opposite and back. This is what I've been doing in my naked trading. I look for the first & second pullback. I have some other trades as well to catch reversals, but the highest probability is the first pullback.
Brooks says it takes great patience to watch the screen all day and wait for the 1-2 best trades. But this is not a game and it's not a hobby it's a business. My losing days are always a result of overtrading. If I take 2 trades and have a losing day I'm quite happy cause I didn't overtrade and do anything stupid and my losses are small due to my position sizing and money management.
BTW that 1 pt guarantee system costs $3000 (I did not buy it). Jeff has give us a method to make 1 pt/day or more, for free. Thank you Jeff!
Well put , and thanks Jeff is right . If you are serious about making a living trading then take the advice of Sharky and the others and take the tidbits from this thread and apply them YOUR way .
Make your own mistakes on your own and have the AH HA ! experience . You can mess up all you want on sim and not pay ( $ ) dearly like some have while learning .
Anyone that has just begun trading or is looking to develop an edge has a very unique opportunity at futures.io (formerly BMT) .
cunparis keep in mind that chop and consolidation is not the same thing chops is sidaways or just choppy conditions,consolidation is the market resting...sharky
I think there are two issues: repainting & updates midbar. Updates mid bar are very confusing. I have entries but no support for them on the chart so i wonder what I was thinking but it was cause the color went red and then back to blue midbar.
Repainting is not that big of an issue, from what I see it seems to paint the bar upon close so it looks like a repaint but it's just the bar closing so fast the 2nd to current bar is now blue and it looks like a repaint.
I'm sitting out for news so here are my CL trades & euro trades. I started off really bad on CL it was very choppy. Then I got some good wins to make up for it.
I've been fooling with my chart settings so that could also explain any funny entries. Also if it's close to a pivot I wait for a break. Sometimes.
If anyone has comments on CL let me know. So far I think it's too fast. I will try backtesting with a higher range bar this weekend..
