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All you need

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  #1 (permalink)
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
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To me simple is better..... I don't want to look at too many indicators. Besides, all indicators are doing is telling me is what the price is doing so.... why not learn to read price action? Some of the tools that help me do this are the 50 EMA and the 14 HMA with Sharky's ECO bars and a swing high/low.....that's it. Knowing what time of day is best to trade is also very helpful. 85% of daily price movement happens in the morning. So, for what it's worth.... here's my 2 cents. Check it out and let me know what you think.

Jeff

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  #2 (permalink)
 caprica 
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i agree simple is better, fewer indicators better than more indicators. but i think you picked a trending day. try a non-trending day and see how you do with the same rules.

i think this is why you must have two time frames. you cannot take every "setup" from just a single time frame chart. you need to look at two time frames two different charts. devise rules that keep you out of some chop and some reversal areas. you will skip many trades, some that work more that don't.

this is my suggestion.

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  #3 (permalink)
 Jeff Castille 
Northern California
 
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Indeed, you are correct. I also keep a 15 range bar chart up with the daily pivots on them to keep an eye on support and resistance and yesterdays high/low/close.
However, the 10 range still works even on a choppy day. Check out the attachment.

Jeff

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  #4 (permalink)
 Peter2150 
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Hi Jeff

Could you post the actual indicators and the settings. Maybe with some screenies of the indicator paramaters.

Thanks,

Pete

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  #5 (permalink)
 Jeff Castille 
Northern California
 
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Hi Pete,

Sure, I'll work on the screen shots. In the meantime.

ColorSampleUniversalMovingAverage(Close,HMA,14) This was downloaded from the Ninja forum
ECOBars_SharkyPkg(3,2,5,14) Downloaded from Big Mikes Forum. My color configuration is slightly different from Sharkys in that the fading colors are different
Swing (3) Stock Ninja indicator
EMA_Colors(Close,30,60,50) I believe that this indicator was packaged with other SMA,EMA,WMA indicators. They all came as a package. The great thing about this is that it has the "flat" dots that denote a non trending market.

That's about it.

Jeff

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  #6 (permalink)
 Peter2150 
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Double thanks Jeff

Pete

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  #7 (permalink)
 HJay 
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I found the ColorSampleUniversalMovingAverage but no luck on the EMA_Colors.

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  #8 (permalink)
 Jeff Castille 
Northern California
 
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Yep, that's the one. The only thing that I wish was different is that the rising and falling color is mislabeled. So...... you'll have to put the opposite color in.

I'll try and figure out where I found the EMA_Colors and get back.

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  #9 (permalink)
 caprica 
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jeff your twitter link doesn't work

"Let us be thankful for the fools. But for them the rest of us could not succeed." - Mark Twain

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  #10 (permalink)
 Jeff Castille 
Northern California
 
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Hmmm..... I don't know why tha would be. Ideas?

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  #11 (permalink)
 caprica 
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i took out the %20 (space) and it worked, you need to update your profile here

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  #12 (permalink)
 Jeff Castille 
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I don't really tweet much. I use it to follow Brett Steenberger and The Trade the Markets guys mainly.

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  #13 (permalink)
 caprica 
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what is the ttm address?

"Let us be thankful for the fools. But for them the rest of us could not succeed." - Mark Twain

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  #14 (permalink)
 Jeff Castille 
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I believe you just search Hubert Senters for one and John Carter for the other.

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  #15 (permalink)
 HJay 
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Hey Jeff,.. would you mind discussing your money management principles that you apply to the 10 range chart, ie profit targets, where you place your stop after entry and so forth.. Thanks.. I have never traded Range charts so this looks interesting anyway..

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  #16 (permalink)
 Jeff Castille 
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Check out this file. I believe it's what I was looking for.

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  #17 (permalink)
 cory 
the coin hunter
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EMA colors is in sharky package

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  #18 (permalink)
 Jeff Castille 
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HJay,

I prefer range bars because they reflect price alone and are not tanited by any other factors. (Time or the number of transactions) just price. On top of that I personally prefer the way a range bar chart looks. To each his own, I guess. I still keep a minute chart up just to keep my bearings. I'll toggle between a 5,15,30 minute chart through out the day.

As far as money management goes. Risk assessment first.... Stop goes 3 ticks beyond swing high/low (remember I trade the YM) this needs to fall in line with risk parameters set up in your trading plan. (this is usually no more than 2% of your account per trade max) If the risk is too great consider trading fewer contracts or passing on the trade.

Targets.... first target 7 ticks.... move stop to -7 from entry. Once your first target is hit and your stop moved this insures a breakeven trade at the very worst. Second target.....
11 ticks.... move stop to breakeven +1. Final portion of position exit is discretionary. Have a target in mind, like the next support/resistance or key number. But bottomline, when the momentum slows close the trade or trail the stop.

There may be times when you don't want to go "full boat." How often do you get a "runner" anyways? The market only trends 15% of the time. So, you may want to just take your first and second target and that's it.

As far as charts go.... if your trading a 10 range bar you should use a 15 range bar chart as an anchor chart.

Hope that answers your question.

Jeff

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  #19 (permalink)
 HJay 
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Sweet.. Just what I was looking for.. I PM'd you but maybe I'll ask it here.. I assume you only take the entries that are on the right side of the 50MA?

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  #20 (permalink)
hanaa
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jeff your last chart look very interesting do you care sharing the template with us please
thanks
hanaa

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  #21 (permalink)
 Jeff Castille 
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It's usually best to wait for the market to "declare" itself before jumping in. This means waiting for the first pullback. This equates to what Linda Rashke would call the "first cross" trade. Although the trade is a 3/10 oscillator trade it's the same no matter what you call it. It's probably one of the highest percentage trades that exists. The second pullback is usually pretty good too. But after that your pushing your luck. My focus is reading price action not indicators. Learn to spot basic patterns, double tops and bottoms, trend identification (higher highs, lower lows, lower highs, higher lows) reversal patterns (head and shoulders) etc. trendline breaks.

You can enter at the market as the trend reasserts itself or have a buy/sell stop sitting at a key number of some sort. (bracket play)

Jeff

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  #22 (permalink)
 Jeff Castille 
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Let's see if this works.

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  #23 (permalink)
 sharky 
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very smart trading i scalp almost the same way nice to see you trade like that,alot of good traders trade the same as your describing so i advise everyone to listen to this guy he knows what he is talking about and i dont say that often...sharky

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  #24 (permalink)
 sharky 
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i only scalp the first pull back but hes right the 2nd one usally is safe also but i dont risk it...sharky

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  #25 (permalink)
 Jeff Castille 
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Sharky,


Thank you for the kind words. I was wondering why did you settle on trading ZN?

Jeff

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  #26 (permalink)
 sharky 
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its just slow and easy to scalp for me when it trends it trends and when it chops it chops,very easy to see...sharky

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  #27 (permalink)
 wh 
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i do similiar on eurusd.

i look in three frames (like 55, 34 and 11 range or point-o chart). i do not trade if market is choppy. but in the most time he is trendy in one of the three frames. i look at the higher frames to see: trend or consolidation or ranging.

my indicators are gmma, gmma consolidation easc and stepma and ninjatprice action. all is similar with jeff and sharky.

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  #28 (permalink)
 sukhsan 
Ottawa, Canada
 
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Thanks Jeff,

I think 14 HMA is missing I added in this Template

Here it is

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  #29 (permalink)
 HJay 
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Point of clarification from Jeff/Sharky. When you guys say you play the 1st pullback.. Are you actually playing (entering) the actual retracement itself -OR- are you playing the continuation of the initial direction once it begins.

Thanks

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  #30 (permalink)
 Jeff Castille 
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Personally, I like to see the 14 HMA change color, and the candle change color. I guess I'm the type that has to see it to believe it. Often I'll put a buy/sell stop 3 ticks (YM) beyond the recent swing high/low and let the market take me in knowing that if that price is reached the 14 HMA and candle will be the color that they are supposed to be. (Price action) Know what your protective stop is before you enter the trade.

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  #31 (permalink)
hanaa
canada
 
 
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hi jeff thank you for sharing but he template you posted have only the swing indicator in it.but nothing else and does not look like the last chart you posted and ano signal arrows are showing
thanks again
hanaa

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  #32 (permalink)
 Jeff Castille 
Northern California
 
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Hi Hanaa,

The arrows were drawn after the fact. I'm not sure what is going on with the template. It might be easier for you to just load the individual indicators that are posted.

I'll include and EMA_Colors with Arrows. Remember just because an arrow appears does not mean it's an entry.

Jeff

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  #33 (permalink)
 Jeff Castille 
Northern California
 
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Another thought on the arrow thing. When the market is moving decisively the arrows are great.... but when there is chop you'll get a lot of arrows that don't mean a thing. You must combine the other factors (price action, support/resistance,time of day etc)

Like this morning , you could get an arrow at S2. No sense shorting right into support. Wait for support to break then watch for the retrace.

Jeff

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  #34 (permalink)
 cunparis 
Paris, France
 
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Jeff - thank you for this very informative thread. I have configured my chart and will try to watch YM and look for entries.

How many trades do you take per day? Do you trade in the afternoon? I trade the morning only and then if I'm available the last hour of the day.

I'm curious if you have any ideas of how this would work with ES? I'm already trading ES so it'd be a lot easier for me to monitor ES with your chart rather than monitoring both ES & YM. I'm curious if you'd still use 10 range and if your targets would be different.

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  #35 (permalink)
 Jeff Castille 
Northern California
 
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ES and YM are highly correlated. However, I find that EMA_Colors (50) does not turn color on the ES ( 4 range bar) like it does on the YM.
As far as trading frequency..... I watch for a move shortly after the open. I've been studying Toby Crabel's book "Playing the Opening Range Breakout" This is a dangerous time to trade but.... often very profitable. Usually a set up will occur 10-15 minutes after the open. I've been doing a study on this trade researching every open for this current contract. Check out this book if you get a chance.
Next trade is a set up after the first half hour. Lately, this seems to set up at 7:11 AM PST plus or minus. Be careful of news releases at this time. I stand aside for news. Let the news filter through the market then resume trading 10-15 minutes after news release.
Next set up seems to occur around 7:38AM plus or minus. I take a look at 8:00AM and 8:30AM but find these are not usually as productive times. Final possible trade of the morning is the last push before lunch. This occurs just before 9:00AM PST

Then "Dead Zone" "Doldrums" what ever you want to call it. Bottom line lack of participation by the major players because they are eating lunch. This lasts from around 8:30AM-8:45AM ish till 10:30-10:45AM ish. So, take a break during this time.

I'll only look for two more trades. One more between 10:45AM- 11:30AM PST. After 11:30AM PST I stand aside as the market gets a little crazy when the bond market is closing out. (They'll often close bond positions and enter the indicies) It's been interesting how there'll be what Linda Raschke calls a "jiggle" right around Noon PST that corresponds with the bond market closing)
Then last set up is the close. This is as dangerous as the open but...... often very profitable. Mutual funds and etf's must have there orders executed before the close so you're gonna see some action most of the time. I find this usually occurs around 12:35 PM PST and again 12:45PM PST. If something isn't happening by 12:45PM PST I'm done.

Hope this answers your question,

Jeff

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  #36 (permalink)
 cunparis 
Paris, France
 
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Thanks for your trading times, I'm goin to keep these in mind. How did you get 4 range for ES instead of 10 range? I've never used range charts other than practicing a little of sharky's scalping technique. I'm curious how you decide what to use? I'm currently using tick charts with 3 timeframes, my main chart is 699 for ES and I use 3x up and 1/3 down. I'll play around with range charts and see what compares to YM 10 range.

I've read crabel's book. The next step for me in the opening range theory was Fisher's "The Logical Trader". He adds a lot more method to it. I just read it a few weeks ago on vacation and I haven't put it to use yet but I plan to look into it more. If you like Crabel's ORB idea then you'll like Fisher's book.

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  #37 (permalink)
 Jeff Castille 
Northern California
 
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As far as chart settings go.... I liked 8-10 range bar on the YM and finally settled on 10. Since I watch the ES,NQ and TF it was just a matter of comparison between these indicies and the YM. The fact that Big Mike likes the ES (4 range bar) kept me checking it out. My rule of thumb.... trading chart setting times 1.5 for anchor. I'll also, keep a minute chart up and monitor it especially a 30 minute on the half hour.
One reason I like the range bars is that the globex session is not distorted like on minute or tick charts. This is particularly helpful as the U.S. market opens.

I've found that corresponding tick charts on the YM are 512 T is close to the 10 range bar and a 1200 T is close to a 15 range bar. So..... if you prefer tick charts try those settings.

Yes... I've heard of the Fisher book and have been interested in checking it out. But.... one thing at a time. I'm focused on Crabels opening range break out right now. It seems this trade often sets the tenor for the whole day.

Jeff

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 Jeff Castille 
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If you go to DailyNotes.com they have the Crabel day types listed and identified . Very useful tool.

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 deltason 
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Hi Jeff, thank you for this thread. Which economic calendar do you look at for upcoming news announcements? My other question is do the charts provide all the information necessary to trade profitably, even during most news announcements? Thanks.

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 menlo 
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I can't seem to find ECOBars_SharkyPkg indicator.
Would someone care to direct me where I can find it?
Thanks.

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 Riverend 
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Menlo,
At the top of this page is the downloads tab. Click it. Go to the first page of the
NT indicators.
Vic

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 Jeff Castille 
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Hey deltason,

Personally I use Barron's because it's linked to MarketWatch. But.... you can use Forex Factory also.

Jeff

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 Jeff Castille 
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Deltason,

No chart will ever enable you to trade profitably. Only years of experience will accomplish that. Personally I think money management skills are the most important aspect of trading. Knowing what your risk/reward ratio is..... knowing your winning %, knowing if your set ups really have an "edge" or not.....

My "All you Need" template may work for me but may not work for you. Everyone is different and preceives things in a different way. If it works for you great! If it doesn't find something that you can relate to.

Jeff

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 Jeff Castille 
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To get the economics news from Barrons..... select the "Data and Tools" tab.... then select economic data. That will show you all the news announcements for the week and gives the market moving possibility with a stars.

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 cunparis 
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My "All you Need" template may work for me but may not work for you. Everyone is different and preceives things in a different way. If it works for you great! If it doesn't find something that you can relate to.

Your advice is very good. I'm curious how long you've been trading this strategy? The eco bars are relatively new to me so I'm curious if this is a recent addition for you and what you were doing before?

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 deltason 
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Deltason,

No chart will ever enable you to trade profitably. Only years of experience will accomplish that. Personally I think money management skills are the most important aspect of trading. Knowing what your risk/reward ratio is..... knowing your winning %, knowing if your set ups really have an "edge" or not.....

My "All you Need" template may work for me but may not work for you. Everyone is different and preceives things in a different way. If it works for you great! If it doesn't find something that you can relate to.

Jeff

Thanks Jeff.

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 Jeff Castille 
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Hey Cunparis,

The various incarnations of paint bar studies for me started when I was using TradeStation. I purchased the Paintbar Factory indicators and they had a paintbar study that I really liked. When I went back to Ninja Trader the only thing I could find that approximated the Paintbar Factory candle stick study was called ModHeikenAshi. I found it in the Ninja Forum. I believe that a trader named Gumphrie posted it. I would use it with a setting of 2. Then..... when I found the Big Mike Forum I noticed the EcoBars and found that it was similiar to the PaintBar Factory Study in that it provided the Yellow (loss of momentum) candles which indicate a possible direction change. Another feature I like about the Eco Bars is the "fading" option and the choice of color. I find that there is an enormous amount of information contained in candlestick studies. Plus being able to obtain this information by just looking at the price action and not some lagging osillator is a real benefit. (keeps me focused on price)

As far as "how long I've been trading this strategy" This is just the latest template that I've created to aid me in my quest to read price action. I could show you a dozen different templates that essentially do the same thing. At the end of the day, price action is price action. What ever helps to discern price action is good !!! One of the most helpful things that I've done is to put daily pivots on my anchor chart. Also, the current day high/low. The first question I ask myself is "are we trading above or below the daily pivot?" The next question is " is there a gap and does it look like we might fill it?" Price is continuously testing support and resistance. These are the most interesting places to pay close attention. ( I use CMIPivotsDailyDashV7 downloaded on the Ninja forum)

Hope that answers your question,

Jeff

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 milford 
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Hi Jeff, I really like your chart. Can you explain you entry and exit on the chart? Thanks
Milford

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 Jeff Castille 
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Hey Milford,

Sure, look through this thread and see the posts that are focused on entries and exits. If you still have specific questions let me know.

Jeff

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 cunparis 
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Hey Cunparis,
The various incarnations of paint bar studies for me started when I was using TradeStation.

It's funny you mention Tradestation, that's what I use for my trading. In fact I ported HMA to tradestation and was working on the EMA colors indicator and I ran into a problem (I don't know how to set a previous value of a variable (in the past), it's possible with NT but I don't know how in TS) so I'm not sure I can port this one. I was hoping to sim your strategy in tradestation so that I don't have to switch back and fourth. I agree about paintbars, I use a volume paintbar and it's great. I agree about candlesticks as well.

I took a few trades today on the simulator. I took two trades. If you have time, could you comment on the two trades and share what you did (or didn't do)? The examples you posted previously all looked pretty obvious, today looked a lot more difficult.

I also noticed the HMA is pretty good at catching the turns, it doesn't change colors often. I trade ES with 699 tick chart and I noticed that using the HMA(14) on my higher timeframe (2097) was good at picking direction and on the 699 I could see the pullbacks better with the HMA. I might be able to work a trade like this into my current system (as long as it wouldn't be against my current setup). I don't have many trades per day so I have lots of time in between trades and sometimes the trades last a while so I could even get another trade inside the longer one. Just brainstorming here..

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 milford 
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Hi Jeff,

Just want to confirm your entries.

Do you enter in trade if 14 HMA change color and the candle change color or you wait for 50 EMA to change color too?

OR

you enter when 3 ticks beyond the recent swing high/low?

Thanks

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 cunparis 
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Jeff,

Just for fun I was checking out an ES chart. I figured $12.50/tick for ES divided by $5/tick for YM = 2.5 so 10 range / 2.5 = 4 range. Which is what you suggested earlier. It looks a bit more clearer but in looking at several days it seems the EMA is grey more on the ES chart than on the YM chart. So that might give less trades. I wonder if there might be a better setting for the ES? What do you think?

I don't doubt that YM is better for your method, I'm just used to ES and I'm already trading it so if I can just do ES it's much easier for me.

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 Jeff Castille 
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Hey Cunparis,

You might want to check out a 1600T with a 3600T anchor. These are the two tick charts that Linda Rashke uses for the ES. The best trades this morning were at 7:00 PST ish and 8:30 ish. 11:00 was a pretty good set up also.

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 Jeff Castille 
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Hey Milford,

Check out these two charts. One, the 10 range bar is your trading chart and the other is your anchor,15 range bar. Personally, I like to see the EMA Blue or Red. Otherwise you might be jumping the gun! If it has not changed there is no trend. Basically this is a trend following strategy. Pullbacks are known as a Continuation Trades. It's hard to continue something that hasn't started yet.There are times when you want to buy a breakout and there are times when you want to buy a pullback. So, to answer your question..... if you are buying a breakout... yes I would place a buy stop 3 ticks above the market and let it take me in. (with a stop below the recent swing low) But........ and this is a big but... remember it could be a bull trap (or bear trap in a short situation)

I think the best practice is to let the market declare itself... wait for a good pullback preferably to the moving average. (also, you might want to get out your fib retracement tool to determine what a good pullback is.... between 50-61.8% or 38.2% are good levels to watch) Then when the trend reasserts itself you can enter at the market. The trend reasserting itself would be defined as HMA turning back the direction of the trend, the ECO bars turning the more intense color in the direction of the trend and a trendline break is good. Learn to identify bull/bear flag price patterns. Also, more complex retracement patterns like an ABC. remember there are usually only 2 good pullbacks and the first one is the best.

Hope that helps, Jeff

Do a fib retrace from the 6:53 low to the 7:17 high and check out the perfect pullback!

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 milford 
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Thank you Jeff. This is really helpful

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 Alan 
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Hi Jeff,

Thanks for this setup and posting your charts. I traded the YM today using your chart setups and it worked really well. I had 4 successful trades.

The only thing that I have added is the swing temp indicator, as I find this helps me with my trading.

I agree that the less you have on the chart the better, otherwise it gets too busy and you loose sight of what you are looking at after a while.

Keep up this great work.

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 Jeff Castille 
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Hi Alan,

I am so happy to hear that you traded well today with this template ! I am interested in this additional indicator that you added to the chart. Perhaps you would be willing to share it with us.

Jeff

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 HJay 
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I believe this is it... I would be interested in hearing exactly how Alan incorporates this into his decision making..

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 Jeff Castille 
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Hey Cunparis,

I reviewed the sim trade you took this morning at 6:53 PST and it looks like a late entry to me. I believe that if you had entered at the market at 6:46 when the candle fired up you might have had yourself a winner or at the worst a breakeven trade. Why did you enter where you did? I can see that being in this trade kept you from getting into what turned out to be one of the better trades of the day at 7:03 ish. Were you using the 15 range bar anchor chart?

As for me, I was in the market at that time but was trying a different set up. I got short at 9133.... the market eventually moved in my favor +6. One tick shy of my first target. However, too much time had elapsed and I closed the trade at breakeven. I got a bad fill and took a 2 tick loss on the trade. If a trade hasn't hit my targets or stop after 2 minutes I start looking for the exit!!! I don't like that much exposure.

I'm curious what is your other set up?

Jeff

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 Jeff Castille 
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Thanks HJay

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 Jeff Castille 
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Hey Cunparis,

I've been working on a possible solution to the 50 EMA problem with the ES on a 4 range bar chart. Try the ColorSampleUniversalMovingAverage and see what you think. the only disadvantage that I can see is that it does not offer the "flat" or neutral option that the EMA Colors has.

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 wuolong 
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Anyone please help? I added the indicators as instructed, but the 50EMA color is not quite right. Please advise on the setting with EMA_Color_with_Arrows indicator. Thanks!

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hanaa
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hi jeff could you please post the template for your es 4 range chart thanks

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 Jeff Castille 
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Hey Guys,

Remember.... I don't trade the ES. The "All you Need" Template was originally conceived to work with the YM. I did however use a different 50EMA as stated in the above post in an attempt to minimize the amount of "flat" dots on the EMA line for the ES traders. I'll post that chart again here. Instead of the EMA_Colors, use the ColorSampleUniversalMovingAverage and see how you like it. The actual price action still looks good.

Jeff

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 cunparis 
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Jeff Castille View Post
Hey Cunparis,

I reviewed the sim trade you took this morning at 6:53 PST and it looks like a late entry to me. I believe that if you had entered at the market at 6:46 when the candle fired up you might have had yourself a winner or at the worst a breakeven trade. Why did you enter where you did? I can see that being in this trade kept you from getting into what turned out to be one of the better trades of the day at 7:03 ish. Were you using the 15 range bar anchor chart?

I didn't look at the chart until after 9:45 so that's why I missed the entry at 9:43. Then it pulled back and I said that I would take it if it made a new swing low. That was my thinking at the time. I'm not sure if I should have skipped it all together or not. What I took could be considered the 2nd pullback which as you've said is more dangerous.

The one at 10:03 is interesting. I wasn't even considering that because I was focusing on taking breakouts. But after looking at your other charts I see how you get in on a trendline break once the ma turns up and the bars turn blue. So that would have been a good exit signal for my failed trade and a good long entry as well.



Quoting 
I'm curious what is your other set up?

Good point about the 2 min limit. I'll keep that in mind. How often do you get stopped out? Getting stopped out really hurts when trading 3 and makes it really hard to finish positive for the day if there are only a few trades (I usually only trade the morning and then sometimes the last hour). So I have to work on cutting losses earlier.

I'm currently trading ES using the tools from https://emini-watch.com/. I plan to post about this. I've been doing it with real money for 2 months now. I'm profitable but not as profitable as I'd like (Profit factor is about 1.5 and I'd like it to be > 2.0). I find it difficult to do. Basically you're catching turning points. There are only 3-5 good trades/day so that's why I'm looking for something to do in parallel. I think I can spread out the risk a bit that way. I'm also playing around with sharky's scalping technique and Tzachi's CL technique (but not all at the same time).

Thanks for your comments on my entry and for sharing your trades. That really helps me to understand what I could have done better. I will be simming again today and hopefully we can compare notes. It'd be great if others posted as well.

PS: I forgot to answer, I was not using an achor chart. I'm not sure exactly how you use it.

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 cunparis 
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Jeff Castille View Post
Hey Guys,

Remember.... I don't trade the ES. The "All you Need" Template was originally conceived to work with the YM. I did however use a different 50EMA as stated in the above post in an attempt to minimize the amount of "flat" dots on the EMA line for the ES traders. I'll post that chart again here. Instead of the EMA_Colors, use the ColorSampleUniversalMovingAverage and see how you like it. The actual price action still looks good.

I really like how the EMA Colors indicator shows the grey areas. that helps to identify chop and stay out of bad trades.

The idea of using the color universal indicator with EMA is that I have that one ported to Tradestation.

PS: What do the arrows signal?

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 Jeff Castille 
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For those who are interested.

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 Jeff Castille 
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Just thought that I would post the "All you Need" template with a MACD ColorBars indicator to demonstrate that the MACD is not necessary to have on the chart. To me.....they are telling me the same thing. So..... why clutter up the chart?

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 Jeff Castille 
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Welp, tomorrows options expiration so..... no trading for me. I'll be headed to the mountains.

Alan, you can try to Skype over the weekend maybe.

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 Jeff Castille 
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Hey Cunparis,

Here's the chart I promised. I'm very happy to hear you traded successfully today!!!

Jeff

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 Jeff Castille 
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A chart of todays action on the 10 range bar YM chart with the "All You Need" Template.

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 cunparis 
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Here's my chart from Tuesday. I have a question about where you would put your stop on the last trade.

Also, I ported EMA colors to tradestation but I'm having a problem. I make a 4 range chart with it set to 1 tick and I get more bars on TS than I do on NT so the EMA isn't the same. I can't figure out why the 4 range charts aren't the same. Have you used range charts on TS?

My idea is to mix my current system with yours. Maybe filter out some trades that way. I'm not sure I'm just playing around. But my current system requires TS.

Using a 1600 tick chart would solve that problem so I'm going to look at that as well. It'd let me use my volume indicators. But there's something about range charts that I really like. Seems so simple.

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 Jeff Castille 
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Hey Cunparis,

I've been checking out the ES this morning. I'm liking the 6 range bar chart..... see what you think.

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 Jeff Castille 
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I forgot to post the chart

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 cunparis 
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Jeff Castille View Post
I forgot to post the chart

Looks good but we'll have to check out several days. Yesterday had big moves. Today is more choppy and my trading on the ES 4 range is not positive.

I'm doing some manual backtesting with 4 range and then will take a look at 6 range and 1600 tick.

I have to say that the EMA Colors looks better with the YM than it does the ES. I'm playing around with the angles trying to get it to trend more. I'm currently trying 20 & 70.

I'm curious, if the LBR first cross is a good trade, why don't you use her 3/10 indicator and take the first cross?

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 Jeff Castille 
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There's is certainly nothing wrong with focusing on the first cross trade. I've been focusing on price action recently, not oscillator trades. Check out the LBR template for the 6 range ES this morning. That's a pretty sweet first cross.

I do believe you are right are far as the 4 range bar with the "All You Need" template goes....... better with the YM.

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 deltason 
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Jeff Castille View Post
There's is certainly nothing wrong with focusing on the first cross trade. I've been focusing on price action recently, not oscillator trades. Check out the LBR template for the 6 range ES this morning. That's a pretty sweet first cross.

I do believe you are right are far as the 4 range bar with the "All You Need" template goes....... better with the YM.

Hi Jeff, what kind of bands are those around price? Or is it an envelope?

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 Jeff Castille 
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Hi Deltason,

Those are Keltner bands. However, they are not regular keltner bands. they are based on Linda Rashke 20 EMA instead of the regular SMA. You can accomplish this by changing the moving average type in the script for the indicator. The parameters are.... 2.5 for the multiplier and the period is 20.

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 cunparis 
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Jeff - you know a lot about LBR. Would you recommend her trading room?

Here's my ES chart. 3 trades, 1 winner and two losers. Finished negative today. Not surprising cause the market was really choppy from 10:30 on. I see a few good trades that were missed cause the EMA colors has too many gray colors with ES. I'm not sure there is anything we can do. So I need something else to show momentum, that or just trade YM.

I put a few oscillators on my chart but I don't see how they could show the chop. Any ideas how to avoid this?

I'm going to go over the YM results for today and see if it's better.

Also my backtesting is showing that 2 targets of 4 & 8 ticks is not optimal. It's better to just do 8 ticks. I think 4 is cutting the winners too short.

EDIT: After posting this I studied it more closely and I see more clearly now. Trade #2 was good despite bearish divergence on the momentum indicator. The 2nd trade I even wrote a text saying I wouldn't take that with real money cause of the bearish divergence. I didn't notice it but the 3rd trade also had bearish divergence and one could have skipped that one too. The 4th trade didn't have any bearish divergence on the entry, it looked good. But on the second high it made a double top with bearish divergence and that could have been a good sign to get out at breakeven.

So I think I'll pay more attention to divergences..

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 Jeff Castille 
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Yes, I've attended many LBR webinars etc. and I just completed a month in the trading room. But..... I have to say that there were not many profitable trades called it the room. I don't know if Chris (room Moderator) was having a slump or what. There were a couple Russell traders ( racerx and alavek) that made some good calls. But, maybe it was just the summer doldrums. That said, I still learned a lot. The website is full information and Linda is an awesome educator. So..... bottomline.... you can get her basic set ups and charts for free by just searching the internet. She incorporates Crabel and Taylor in some of her set ups also.

Here's a chart with LBR type set ups. On the 6 range bar ES. I was using 3 ticks for my first target and 6 ticks for my second, no runner.

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 Jeff Castille 
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I think the news at 7:00 PST caused a little osillcator gyration. But once things settled down after a few minutes the long on the ES 6 range bar chart was very clean.

As far as oscillators go..... I try not to look at them !! LOL....but when I do, I like the 3/10 oscillator. I mainly spot divergence with them. But..... look out on a trend up/down day. Divergence will eat you up. I've lost a lot of money spotting divergence ! That's one of the reasons that I'm trying to wean myself from indicators. No indicators forces me to focus more on price and support/resistance. I find trendline breaks are useful also.

An ADX is also useful. It can be used to set up the LBR "Holy Grail" trade and tell you if the market is trending or not.

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 Dragon 
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Hi Cunparis,
FWIW, I found that the LBR 310 confirms chop when the smooth line is waving along the zero line and changing colors a lot on the 11 range. Big Mike has also talked about how chop can be identified when Bolinger Bands are inside the Keltner bands. I found that this works with the 2.5 Keltner and 2.5 Bolinger. Another way I found chop to show up is with the Sharkfin paint bars painting the default yellow on say an 11 range chart in a tight swing 3 range. I suppose this may all be obvious too in mid chop. Usually plain old price tells us first though.

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 deltason 
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The last few days I've witnessed improvement in my ES sim trading. This caused me to consider last night whether my increased confidence might increase the chances that I would do something stupid. Well, it happened.

I accidentally entered an order at the wrong price. As I was attempting to close the order, price filled it. That's ok because it's bound to happen sometimes. However, instead of exiting immediately I decided to hold the trade. Mistake 1. The trade lost and cut big into the gains made earlier in the day because my stop was wider than it would normally be. Mistake 2. I became upset and started revenge trading, entering trades without adhering to my plan. Mistake 3. In an attempt to offset the mounting losses I began adding contracts beyond the limitations of my plan. Mistake 4.

Basically, I had an emotional breakdown and one problem led to another. It's quite visible in the equity curve. Please don't get the wrong idea. The equity highs on the far right mean nothing to me because I view the positive trades near the end as pure luck.

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 cunparis 
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deltason View Post
I accidentally entered an order at the wrong price. As I was attempting to close the order, price filled it. That's ok because it's bound to happen sometimes. However, instead of exiting immediately I decided to hold the trade. Mistake 1. The trade lost and cut big into the gains made earlier in the day because my stop was wider than it would normally be. Mistake 2. I became upset and started revenge trading, entering trades without adhering to my plan. Mistake 3. In an attempt to offset the mounting losses I began adding contracts beyond the limitations of my plan. Mistake 4.

I could have written that myself as I've followed the same exact steps. Here's one more:

5. I decided I should go on sim but I couldn't resist trading real money the next day. Mistake 5.

And did you really trade 60 trades in one day???

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 Dragon 
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Hi Jeff,
Did you try out the Sharkfin paint bars? I was wondering what people thought in comparison to the EcoBars...

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 Jeff Castille 
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Hi Deltason,

Sorry to hear about the "meltdown." We've all been there. You are not alone.
I learned from a similiar experience to immediately exit a trade that I did not intend to put on. Even if it means a loss. Usually the loss will be smaller than some other outcome that may be worse !

I remember a quote that goes something like this, "trading is an expensive way to find out who you really are." I'm sure that this is why people find trading so intriguing. It's not just a job. It's an adventure in self discovery! Learning true mastery over yourself. If your account survived today, I'm sure today provided many valuable lessons. Embrace them.

Another thing that might be helpful is what Hubert Senters of Trade the Markets calls a " Two Minute Drill." If you suffer a loss don't immediately jump into another trade. Cool off for at least two minutes before putting on another trade.

Hang in there, Jeff

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 Jeff Castille 
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Hey Dragon,

Yes, I did look at the sharkfins paint bars..... but..... they seemed to paint a lot of yellow bars and this was significantly different from what I was use to looking at. ( ModHeikenAshi) so I opted to go with the Eco bars.

I'm looking at the Sharkfins now and wondering what the calculation is? I can't detect a "look back " period that I usually see with paint bar studies. For instance todays open...
blue/red every other bar for 20 minutes. I just don't understand what I'm looking at.

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 Jeff Castille 
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Hey Deltason,

You might give some thought to over trading. Of course everyone is different..... perhaps you are a micro scalper with many trades per day but...... the way I see it there might have been about 6 good trades today.

How many trades do you average per day?

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 Dragon 
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My understanding is that its best working on a Close, 5 period setting. It does paint yellow alot but it seems to be accurate. I posted a thread about ModHA2 because I didn't like the way the candles painted with ModHA2 and Sharky replied saying to go with the Sharkfin bars at 5 because they were better anyway... Soo... I believe it paints on a Linear Regression reversal indicator of sorts. I also like the way it outlines the bars and looks cleaner, more of a preference issue. However, I am swayed by the masses choosing Ecobars at the moment and wondering if I am missing something.

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 sharky 
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you can try this paint bar also...sharky

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 Dragon 
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LOL... Sharky is this a hybrid?

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 sharky 
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this is my scalping version,look in zn classroom i just posted a screenshot...sharky

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 Dragon 
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Sharky,
Don't mean to take words out of your mouth... Only out of respect of course. I am slowly migrating towards a style that is incorporating your trading style, LBR, and Jeff's stuff. Seems to fit my personality... So thanks.

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 sharky 
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your welcome but remember most my stuff if for 3 ticks only...sharky

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 deltason 
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Jeff and Cunparis, I trade four units per position. The equity curve shows each contract as a trade so if you see 20 trades that's really only 5. When I was revenge trading I was doing like 10 or 20 contracts. Crazy, I know. Very recently I've been averaging around 5 trades or so per day, although I usually start late and end early so over the entire course of the day there are a few more places where I might trade. My method involves scalping, taking profits at targets, and leaving a runner or two. I try to be real defensive in the management of stops.

Thanks for the comments and the 2 minute warning recommendation. I'm going to add that one to my plan.

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 Dragon 
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I have set a 3 tick target and a 5 tick stop but I try to get out breakeven if price isn't moving.

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 sharky 
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yes thats what i do,you guys need to remember there is no holy grail,no indicator is perfect,no trading day is perfect you just have to look at what all the different timeframes are telling you and make educated guesses and hope for the best,no matter how good of a trader you are its still gambling...sharky

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 Jeff Castille 
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Hey Sharky,

Thanks for sharing your paint bar studies !!

I always thought trading was like gambling only if we are "the house" ?????

Every casino knows that they will be profitable because they have an "edge." They know their risk/reward and they know that over a given period of time their "edge" will enable them to come out on top. This is all Mark Douglas stuff if I'm not mistaken. "Trading in the Zone."

Do you agree?

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 sharky 
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i think that if you understand price action and you have a solid method then its a stacked house gamble yes, but how many traders do you really know that walk away a winner more then not?...sharky

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 Jeff Castille 
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Well..... I don't know too many traders but...... in my experience I found that I have a good wins to losses ratio. However, that alone was not enough to be profitable because my losses were bigger than my wins !!!!! So, it became clear to me that not only must I have a good winning percentage but...... I must keep losses contained.(risk/reward) The co-owner of FuturePathTrading, Damon Pavlatos, once told me, "protecting capital is job #1" So, I suppose if a trader really has an "edge" and can execute it with consistency he will eventually become profitable. Just like a casino. Anyway, that's my goal.

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