Actually I waited til price crossed & closed except prce didnt close all the way on 7range..their was no space between L3 line & price bar & I got hosed..hung on a bit long -$120
2nd trade I got up $100 real quick..price on 7 range closed below L3 & some space between, it shot down quick.. didnt take it and Im actually still in it just to see..I sure in the hell wouldnt do this in real, & I kno I have to trade in sim as I will in real.
One thing ive noticed w/ camarilla is some days the H3 L3 levels can largely be spread & thats caused by high ranges the previous day..in this case friday..And as price crosses a L3 I want to be sure not to have a over extended situation...4range..4 or 5 red bars (7range 2 0r 3 red bars) cuz we kno a minor correction is going to happen..
So its critical w/ timing as price closes below L3 as the over extention or not is there..Im thinking a retracement back up to L3 serving as support.
Also when the H3 L3 range isnt so great as I see in some history thats when a close below is more explosive and above H3. Even on a monday when theirs a big range it did go for small handfull. I was slow on the trigger.
Tomarrow I bet the range will be tighter and will invite larger players.
Im sitting all morning waiting for price to cross H3, well close actually..then when it does it just moves sideways..
but meanwhile...as u can see in my screen shot...I was doing this for awhile by the way, & it was working good.
I would enter after a close above 55ema on both time frames & trail my stp along the 55..Why arnt I doing it this u ask? incase u r asking i'll answer..
After stumbling accross carmilla it said trading whithen H3 L3 was tougher territory & it seemed like it & looking back at those areas price did take off, well at least til I began to use that approach & ofcourse it doesnt want to do it.
Im ready and able to go live now just dont want to blow it now...again gonna find what works
success...No longer just waiting for H3 L3 to get breached
We got it now!
Okay boys...& gals..this is how were gonna keep doing it...
As soon as we get some space between price bar and 55ema on both charts we enter and keep our stop on the 55
...remember 55 saves lives?...old school..
Honestly when Im doing this live w real $$ I'll most likely will take profit much sooner, but then Im guessing how
far it will go..it will take real disapline to drag stop along 55 all thw way
Waiting for H3 to be reached is for the birds
I'll start posting live trades soon & show whats in my account at beganing & watch me grow my account or not.
My 1st trade there was on 4range a decent gap between price bar & 55ema but no gap or space on 7range although price itself was crossing 55ema...
I usually like to wait to see some space between 55 & P bar...I wanted to test taking it as just price crossing while the whole thing has already done so on 4range...I think maybe theres more momo when theres distance on both charts? pbar & 55ema.
On 2nd trade I treated the L3 the same as the 55ema...there was a gap between pbar & L3 on both charts..it hit L4 came up from there, nxt time I could just close it @ that point (L4)
On 1st trade I trailed stop on 55ema for awhlile to give price a chance to get going...I can clearly see that if I would of kept the stp on my 55 the whole time I would of stayed in trade much longer for more profit instead of quessing what price is up to.
Bar on 4range clearly closed above 55ema while price itself crossed 55 but not closed above it...taking this one is probably more aggresive?
I close it once price hit, past & came back down thru L1 for $35.
Now ofcourse id still be in it if I were to keep stp trailing the 55 & it may keep going? Who knows? at this point as Im writing I would be at risk of 4 points which is -$20 + spread...not bad to see what could happen.
The 55ema level took me out...I probably jumped on too quick thinking its getting away...I then notice price was giving me the finger u kno.. where 3 candle sticks form like a middle finger..its a set up the floor traders do.
Not a good trade all together..
Also my 55ema was flat, not pointing upward Lunch time & its time to lay on my hammock
Last edited by Billbb; March 15th, 2012 at 12:05 PM.
Reason: make note on 55ema status
This is a system that will keep all of the clutter out & away for me..I can see immediately the whole picture..and react when PA crosses 55ema (both charts) its vital to let both charts initiate the trade.
Close trade when PA crosses back over blue line on 4range...when it does it seems momentum has reversed. To some extent.
* Enter after a close above/below 55ema (wh line) On both time frames.
* Exit once PA crosses Blue Line (16ema) on 4 range
I'll see how this goes tomarrow and over the week end on sim feed...
The following user says Thank You to Billbb for this post: