All you need

August 31st, 2009, 08:12 PM

Jeff Castille

Hey Milford,

Here you go......who ever programmed this indicator mislabeled the rising/falling colors.

Hi Jeff,

Thank you so much. Your chart for ES looks really good

August 31st, 2009, 08:12 PM

Jeff Castille

Hey Milford,

Here you go......who ever programmed this indicator mislabeled the rising/falling colors.

Hey Jeff, I downloaded the indicator and it was the same as mine, no differernt. You might of attached the old file by mistake. I went ahead and changed the mislabeled rising/falling labels and changed their colors.

August 31st, 2009, 08:21 PM

Skid

Hey Blz,

I have heard of people using OnBalanceVolume. Could you give us a screen shot to
show what your talking about and how to use it?

Skid

Here's a pic of how I used OBV today. It's just a tool of confirmation. The real juice is in the price action on the chart.

Good trading.

Blz

August 31st, 2009, 09:46 PM

Jeff Castille

What is it they say about making sausage..... you wouldn't eat it if you saw how they made it. Well..... I afraid that's how today was. It ain't pretty. However,....... a green day is a green day. Up $205 trading a 2 lot. Terrible choppy day. Lack of disciple.... not even following my own signals.... making stuff up..... using the reversal button several times, over trading. You name it I did it. But like they say about airplane landings......any landing you can walk away from is a good one.

I think this is just a tough time of year to trade. After Labor Day will be better I think.

Definately not proud of my performance today.

Ditto for me today! Hit my loss limit and had to quit. Feels like a time out back in grade school, but I know it's important to maintain discipline for capital preservation. There's always another day!

Mahlon

August 31st, 2009, 09:56 PM

cunparis

Your two good trades are the first two I took. After that it was in a congestion zone. But at the time I'm not sure we could tell it was congestion. My third trade was on a trendline break of a retractment in a downtrend.

Do you think it's safer to only enter when price is above/below the most recent swing high? Could this be a filter to get higher probability trades (but less of them)? I've been wondering about that. If it's above/below the last swing high then there is no immediate support or resistance from the current day to stop it.

Have you ever looked at Bill Williams Chaos Theory system? This is how he enters - I think he call them fractals - swings hi/lo. There is a Ninja indicator for them.

Mahlon

September 1st, 2009, 01:59 AM

mahlonhersh

Ditto for me today! Hit my loss limit and had to quit. Feels like a time out back in grade school, but I know it's important to maintain discipline for capital preservation. There's always another day!

Mahlon

Not just important, absolutely critical. Congratulations on having the discipline. I didn't for a long time and instead of quitting I kept going and ended up losing twice as much.

Now if I hit my loss limit then I stop but if I really feel the urge I just put the DOM in sim mode. and if I get loss limits on a week then I go to sim for a while. I'm on sim now because of this and I think it's keeping me out of the choppy summer vacations.

September 1st, 2009, 07:43 AM

Hey Blz 17 ,

Keep it coming! What's the line drawn on the OBV?

September 1st, 2009, 07:47 AM

Jeff Castille

Hey Blz 17 ,

Keep it coming! What's the line drawn on the OBV?

previous OBV wave high

September 1st, 2009, 08:15 AM

ALL YOU NEED TO KNOW ABOUT TRADING

Price either goes up or down.
No one knows what will happen next.
Keep losses small and let winners run.
POSITION SIZE = RISK / STOP LOSS
The reason you entered has no bearing on the outcome of your trade.
You can control the size of your loss (skill) but you can't control the size of your win (luck).
You need to know when to pick up your chips and cash them in.

September 1st, 2009, 08:29 AM

Jeff Castille

Hey Blz 17 ,

Keep it coming! What's the line drawn on the OBV?

sukhsan is spot on regarding the wave high (or low if shorting) on the OBV. To add some clarity to that what I am specifically looking for is to see if the breakout in price is confirmed by a breakout in the OBV. So I'll draw a horizontal line the peak OBV level that conincides with the price that I'm watching for a breakout. Here's an example of how it would have kept me out of a good trade which is unfortunate but if it increases my odds of hitting winners then I don't care if I miss trades.

Another way you can approach OBV is to take the breakout trade but exit quickly if you find it not being confirmed by the OBV. That would have worked on this picture as the OBV confirmed the breakdown thus keeping you in the trade. Then just manage your stops aim for your targets.

Good trading.

Blz

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