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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #251 (permalink)
Elite Member
Seattle
 
Futures Experience: Beginner
Platform: NinjaTrader Interactive Brokers
Favorite Futures: 6B
 
Posts: 225 since Jun 2009
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lolu View Post
Blz,

I still do not understand how you draw the red lines. You said in post #220 that "So I'll draw a horizontal line the peak OBV level that conincides with the price that I'm watching for a breakout." Please explain this just one more time.

Lolu

No problem. For a trend continuation breakdown or breakout to be valid it should ultimately be confirmed by volume. I use the OBV to see that volume is confirming the breakout or breakdown. So as an example see the attached picture. The price ran up to the point where I plotted that thick red line and pulled back. This thick red line now became my point where I was looking for a breakout and trend continuation. You can see at 6:40 that price runs back up to that red line as does OBV but both reverse. Then just before 6:48 you see price and OBV run up again. The price breaks out but the OBV fails to make a higher high. This tells me that the volume is not confirming the breakout. Therefore I wait until the next breakout where you will see the OBV does make a higher high and the price takes off.

Let me know if that clears it up.

Good trading.

Blz

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All you need-obv.png  
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  #252 (permalink)
Elite Member
Lagos, Nigeria
 
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Blz17 View Post
No problem. For a trend continuation breakdown or breakout to be valid it should ultimately be confirmed by volume. I use the OBV to see that volume is confirming the breakout or breakdown. So as an example see the attached picture. The price ran up to the point where I plotted that thick red line and pulled back. This thick red line now became my point where I was looking for a breakout and trend continuation. You can see at 6:40 that price runs back up to that red line as does OBV but both reverse. Then just before 6:48 you see price and OBV run up again. The price breaks out but the OBV fails to make a higher high. This tells me that the volume is not confirming the breakout. Therefore I wait until the next breakout where you will see the OBV does make a higher high and the price takes off.

Let me know if that clears it up.

Good trading.

Blz

Thanks Blz, I'll digest this now. I'm now understanding it.

Lolu

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  #253 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp Futures/ Zen-Fire
Favorite Futures: YM and CL
 
Jeff Castille's Avatar
 
Posts: 2,119 since Jun 2009
Thanks: 1,785 given, 3,279 received

Make your own Viper


Hey Skid,

Earlier today you mentioned the "Viper." I actually like the basic concept.... I just don't think I'd pay money for it when I can do something just as good if not better for free !!

You were asking about how to stay on the right side of the market. Well... this morning an anchor chart would have done the job. You may recall that in the Viper trading system they use a trading chart and an anchor that is 1.5X the trading chart. So, here's an idea for you.

Since I trade the YM on a 10 range bar chart. For an anchor I'll use a 15 range bar chart. Now on this chart all you need is Sharky's EcoBars and the candles set to HiLo. Make 'em as fat as you can then scrunch the chart up to about an inch or so and put it at the botttom of your screen. Put the trading chart above it. As far as colors go I would make the up candles an intense blue the fading a darker blue, low momo yellow, down candles red and the fading dark red. Now you got yourself a Viper Trend indicator and it didn't cost you $100.00/month for the rest of your life.

For the trading chart just throw on a 30 HMA Color and some Sharky EcoBars and I think you can trade their system.

I'm going to call it "THE WORM"

Jeff

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All you need-ym-09-09-9_1_2009-15-range-.jpg  

Last edited by Jeff Castille; September 4th, 2009 at 07:41 PM.
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  #254 (permalink)
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Keithville LA
 
Futures Experience: Intermediate
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Thanks Jeff,
I like the system you use better than viper and its free. Will try to use classical
pivots also from mypivots.com. Do you ever concider the other pivots there?

Skid

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  #255 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
Platform: Ninja Trader
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Jeff Castille's Avatar
 
Posts: 2,119 since Jun 2009
Thanks: 1,785 given, 3,279 received

pivots

Hey Skid,

Yes, I've looked at all the different pivots and ultimately decided on the classical pivots. One of the reasons that I ended up with the classical pivots was noting that Brett Steenbarger used them if I'm not mistaken. Plus I think that the more people watch a certain thing in the markets.... it sort of becomes a self full filling prophecy.If a whole bunch of people use classical pivots then market will react at that point.

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  #256 (permalink)
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Arizona
 
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Jeff Castille View Post
It's a good morning ! Three trades. At the open the market was too strong to get on board (no good pull backs) Then news at 7:00 PST (got to be patient) Wait till news filters into market.... then double top right at R1 (classical Pivots) nice trade. Then get a perfect 50% pullback. Jump on it a bit early but...... turns out to be the trade of the morning ! I move my target to three ticks above previous swing low and nab 20 points and I'm out. Market continues to tank...... LBR holy grail trade sets up.... jump on it for the last trade of the morning. So.... traded a two lot... 2 "7/11" trades and a 20 pointer for $380.00. Done.

Jeff,

Very Good!!

Thanks for keeping this thread going. It's very interesting.

Mahlon

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  #257 (permalink)
Elite Member
Lagos, Nigeria
 
Futures Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
 
lolu's Avatar
 
Posts: 2,440 since Jun 2009
Thanks: 1,000 given, 1,595 received


Jeff Castille View Post
Hey Skid,

Earlier today you mentioned the "Viper." I actually like the basic concept.... I just don't think I'd pay money for it when I can do something just as good if not better for free !!

You were asking about how to stay on the right side of the market. Well... this morning an anchor chart would have done the job. You may recall that in the Viper trading system they use a trading chart and an anchor that is 1.5X the trading chart. So, here's an idea for you.

Since I trade the YM on a 10 range bar chart. For an anchor I'll use a 15 range bar chart. Now on this chart all you need is Sharky's EcoBars and the candles set to HiLo. Make 'em as fat as you can then scrunch the chart up to about an inch or so and put it at the botttom of your screen. Put the trading chart above it. As far as colors go I would make the up candles an intense blue the fading a darker blue, low momo yellow, down candles red and the fading dark red. Now you got yourself a Viper Trend indicator and it didn't cost you $100.00/month for the rest of your life.

For the trading chart just throw on a 30 HMA Color and some Sharky EcoBars and I think you can trade their system.

Jeff

Jeff,

Is this Viper for REAL or its a JOKE ?

Lolu

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  #258 (permalink)
Elite Member
Bellingham, WA
 
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Platform: Ninja
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Posts: 494 since Aug 2009
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Lolu,
You might be interested in this thread about Viper Trading Systems...
Day Trading Forum - eminiviper.com

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  #259 (permalink)
Elite Member
Lagos, Nigeria
 
Futures Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
 
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Posts: 2,440 since Jun 2009
Thanks: 1,000 given, 1,595 received


Dragon View Post
Lolu,
You might be interested in this thread about Viper Trading Systems...
Day Trading Forum - eminiviper.com

Dragon,

I know that eminiviper is real. I want to know if Jeff's viper is real ?

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  #260 (permalink)
Trading Apprentice
Pakistan
 
Futures Experience: Beginner
Platform: Ninja
Broker/Data: Infinity
Favorite Futures: ES
 
Posts: 8 since Jul 2009
Thanks: 4 given, 0 received


THANKYOU FOR THE VIPER POST. Where can i find HMA Colour.

Hammad

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