Thanks Lolu and Jeff
The one thing I liked when on Tradestation was the pivot point seemed to be more accurate than ninja or thinkorswim or all the other pivots I ran across. Funny how all claim to be the pivot point yet all are differant.
I had not tried the 20/50 EMA settings before. I put them on this morning and it does look kind of interesting. I may watch them for a few days here to see what I think.
My thinking with the settings I had chosen - I was using something around a 50 MA as a baseline on my main chart - above 50 MA - look for longs - below 50 MA look for shorts. I also wanted a longer timeframe representation on my main chart - 3-5 X 50 MA = 150 - 250 MA. I was doing this with the Wizard template and the colored bars. One day I just put the lines on my chart and it just jumped out at me. You could very visibly see where you wanted to be in a trade and where you didn't want to be in a trade. It was kind of an "aha" moment for me. By using the sling shot you can shade in the "no trade" zone. This was not seen very easily on the Wizard template.
In view of your tested experience with the 60HMA/180HMA setup, I'll stick to that.
I'm on SIM at the moment. The SIM experience has been very useful. I'm immediately commencing opening a LIVE account with Mirus. What's your advice on trading Futures currency instruments such as eurofx (6E 09-09), British £ (6B 09-09), etc. I already have a Spot Forex background.
Does this setup (Sharky's, etc) work only for ZN 09-09 instrument ?
Well..... 3 winners..... a bit unorthodox, but a win is a win. Today I put up a template I call "All You Need PLUS" That would be adding a 20 EMA,ADX,3/10 oscillator. I must say that the oscillator threw me off a bit and I believe caused me to miss the best trade of the morning. (again) The "unorthodox" trades were the divergence trade and the fib retrace to the 20 EMA.
All in all a good morning. Three winning 7/11 trades with a 2 lot.... that's $270.00. Since volume is often low on Fri. I'm done for the day.
Mahlon, I appreciated your "aha" moment. Same thing happened for me. When I noticed the 50 EMA thing I was standing on the other side of the room and the trades jumped at me. That's when I started stripping away all unnecessary stuff from my charts.
Anyway, have a great weekend guys and read LBR,Crabel and price action stuff.
Thanks Jeff. We had similar trades for my first 3. Then I got a bit silly.
Trades 1 - pretty standard. I use 8 tick target on ES and don't even think about it if price goes another 10 points. I just want my 4-8 ticks. I'm trying my best not to be greedy.
On my 4th trade, there was a "first cross" trade and lined up with trendline break, and a bounce off the big trendline. I moved my stop to BE too soon and got taken out for a scratch trade. I would have made my target had I not done that and I'm still debating if it's a good thing to do.
For the 5th I tried to re-enter but I didn't realize it there was a first cross long trade so I should have stayed out. Plus the EMA was showing chop. I regret it because this one trade took away half my profits for the day! I really have to work on that. I finished +$100.
I was also simming the first cross on some tick charts and did miserably. I think it has to be filtered out when traded intraday. I'm working on figuring out some filters. I think first cross is a nice addition to your trading method so I welcome the new "plus" template.
Friday night is pizza night so i'm out too. Thanks to everyone for a great thread. I'm going to practice over the weekend, see you on Monday.
PS: Drawing trendlines helped me immensely. I use to draw them and kind of stopped, I'm definitely going to keep drawing them. They tell me when the market is likely to reverse and when I should take profits. Also identifies chop pretty well. Very useful..
PSS: What's 7/11? I've heard you mention it the first time and I thought you went out for a slurpee but now it seems like a trade setup. hehe...