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Hey Jeff,
Good to see you back. Here is something I have noticed while trading the CL.
On a five minute chart. If you are under the white line (futures.io (formerly BMT) EnvelopeExpansion,
thanks Big Mike), draw a line under the green bars, if it breaks go short. Opposite
if over futures.io (formerly BMT) then use the red bars. Always wait til bars close and if a higher green bar
appears move your line or entry. Very simple but effective.
No Jeff, not on a 5 min. chart. I do look at other
times frames and have differant paintbars studies
but the five minute I leave alone. I just seem to
still like green and red instead of the blue that so
many seem to like. lol
1. Must the green bar penetrate the white line (I assume not, base on your 3rd arrow)? Or, do you just use the last green bar?
2. Do you just enter short if the red bar crosses the line under the green bar (ie, “breaks” the line)? Or - do you enter on the second red bar after the green bar? That is, wait on the red bar to close, and enter on the next bar?
3. What stops & profit targets do you use?
Todays trades. Was looking long since above futures.io (formerly BMT).
First trade ran in less than 15 minutes for 100 ticks.
I go for 10 so thats all I got. 2nd was good. 3rd we are
so far away from futures.io (formerly BMT) you have to be careful. Stop is placed
on the opposite side of the bar that got you long/short.
So first entry was 81.02 long with stop at 80.79.
I tried to follow your method today... on my chart, I plotted going long on the top of the red bars (instead of 1 tick higher) - 10 tick PT, 10 tick SL (instead of a SL one tick below the "signal bar")
On my chart, the green lines are winners and the blue lines are losers.
The reason I go in at 1 tick higher is because I don't want to buy a double top.
I want the market to push through. Yes you are getting in like I do. It shows you
had 6 winners and 3 losers. Not bad huh? After trading awhile like this I will step
up to 2 contracts. The second I will try to let it run. The first entry had a possibility
of 100 ticks.
