You need StepMAV71, also DoubleMAPaint_Sharky (close,5,WMA,34,WMA) for Coloredbars, also ADXVMA_Sharky_Paint (5,true), and you could add the Zeller_Sharkin for extra confirmation altought all those "extra" confirmations you don't really need those, try to keep those charts KISS, the more indicators, the more confused I am after a loss, but that's me, maybe other traders are not feeling those emotions.
Keep what you think is working for you, and don't change charts all the time.....
Start with SbSR 2 and 4, for other instruments 3 - 6.
This time my more simplified chart (and Template) for Scalping Purpose.
But be warned, it looks easy (always) but you need to trade out of your comfortzone and buy the pullbacks, and selling the rallies.
Here EUR/USD or 6E12-09 and DAX 12-09 futures contract at SbSRenko 3 ticks.
The best thing about it is still the ADX yellow line....you need to watch this line always, because this is when you need to be on the lookout for trades, if a bigger trend denvelops, I just love this indicator...same for the StepMA.
Keep playing with the settings untill you comfortable with it, here ADX is set to 13.
DIRECTION IS ALWAYS GIVEN BY STEPMA IN THIS CHART.
Use this setting also for YM (Don't forget:You still need 2X chart for bigger picture)
Sharky, Jeff, thanks for the free indicators and the forum, love to hear your comments.
Also, if anyone can add sound alert to the STEPma, I would be greatfull.
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Example, got very lucky, got first entry perfect after the open, not always that way...
To be honest I was anticipating a breakout, and it did.
Only the ADX line is a bit lagging when set at 13, maybe a 10 would be better, but for this week I not changing anything.
btw: This is my scalp setting at 4 SbSR.(entry chart)
Last edited by Jojotrader; November 9th, 2009 at 10:48 AM.
Reason: Added 2 TICK SbRE charts with Scalp examples
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As usual, I do much better before the 9:30 open. I've been studying this for a while and keep saying I should stop trading at 9:30.
Before the open it was great. After the open I attempted to trade in what I later realized was CHOP. So that explains why my trades didn't work. The question is how to determine we're in CHOP before having 2 losing trades.
For that I'm experimenting with the the ADXVMA. I currently have it set to 8 but I'm experimenting. The "problem" with it is that often it lags and will still be yellow as we're coming out of CHOP and I can miss a good entry. If anyone has suggestions on this I'd love to hear them.
Hi thanks for template and pictures this is a good chart and idea. May I ask, how come you did not exit the trade when indicators signal flat and chop like when ADXVMA goes yellow, paint bars go red/grey? And also, where you buy, StepMA has not yet signaled it is calculating long yet? And also the signal of ADXVMA is not taken on bar close and could say short long short long 15 times in 30 seconds? Thanks
These are good questions, but like I said, for the first trade I was anticipating the breakout up, following the StepMA. (StepMA here is GOLDEN)
For scalps, same setup, (scalp chart) but you can also enter on red bars, (otherwise you never be able to selling rallies, or buying pullbacks) as long you are in sinc with the StepMA.
As for the ADXVMA, this is only a pullback, chop indicator, and I'm aware of the settings, still not 100%, but they never are 100%...
Now for my Scalp Template the bars are colored by the ADXVMA, so that is not meaning prices are going to fall....
You also need to see my desktop, 9 charts, all pointing out up, HEAVENLY BLUE.
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Like I said, bars are painting with the help of tha ADXVMA, so red bars don't mean anything, only showing some pullback. (scalp template 2T)
The StepMA is the one to follow, if you follow StepMA, you will be ahead, I took 36 ticks on YM, and that's fine by me, could be more if was not that greedy....
Also, don't forget to look at your bigger chartframe, SbRE 4 ticks for YM, that's the one I use.