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It's an indicator given to me by a friend who happens to be an EXCELLENT trader. He has filed for patent and will release it once he get it finalized. It will be cheap like $60 or so. He has named it XRAY indicator because every bar is blackened out except the one which matters some time ( not all the time). Thus my charts looks like XRAY films.
I am sure there are things out there which are very similar. I am not a programmer so i do not know the inputs. Traders like fat tails and others would be able to guide you on this one.
Like all other indicators it gives lot of false alerts. Like today, when price was coming down to 101, it was showing red bars and on the up move from 101 to 101.54 first time NO BLUE bars. On 2nd time when price comes to 101, all red bars and no BLUE bars till price hits 101.30. So it has it's limitations and then there is a lot in terms of how of use it.
I just took long every time at 101 with stop loss @100.87- some days box works and some time it does not.
short 101.80. Failed A up set up. Out 100.60. WE now have confirmed A down at 10 am but at support of 100.40. waiting for bounce to 100.90 and then 101.40 to short.
Missed the long from 100.44. Will go long if get an other opportunity.
Short 101.24 Stop loss 101.41. cover 100.54. Now long 100.43. stop loss 100.38. Below 100.40, 100 is target and so on.
Nothing SECRETIVE here, just COMMON SENSE. Mark Fisher book title " The logical Trader" is for a reason. It either works or does not.
Your dead on with the logical part. Most people like to over complicate things, thats what it so great about MF and ACD. You know your set ups and where your getting out. If it doesn't work out then you move on to the next one.
As mentioned key resistance is 013.40. short 103.38, cover 102.96. Ideal target is 102.60 but i like to stay flat at 9 am open.
MF subscription service ANALYSIS has been on the MONEY since Jan.2 nd and all year 2011. It's surprises me that he does not charge more for it. traders pay $50 - $100 /month to various for paid chat rooms getting BLOWN AWAY in time.
9.05 am. reshort 103.32 , cover 102.72 @ 9.24 am ( Times are approximate). A LEVEL IS A LEVEL TILL IT GETS BROKEN. OR 103.36 -102.88. Why OR is at these levels? There are no ACCIDENTS in trading. Every day, I am neither BULLISH or BEARISH till A up or A down is confirmed.
