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The following user says Thank You to Big Mike for this post:
Well done on today and this week. It must be the futures.io (formerly BMT) Collective slope indicator. lol
I was wondering how you use the Volume Stop indicator? Well I think that is what is in panel2.
Also, just wondering about your 2nd trade that was a long. Was that based solely on a bounce of the futures.io (formerly BMT)?
You have done really well and it seems the 5min chart suits you.
I am trying to see if I can trade it and what to look for to get my entries.
The futures.io (formerly BMT) Collective slope indicator is great it help you to stay on the right side of the trend
my trading is not based only on that only i use price action to confirm my trades
i use the futures.io (formerly BMT) Collective slope in a setup called rubber band which is when slop of the MA is flat price always retrace to the MA a good example is the 20EMA on 5 Min chart but in Oil it looks like the "Magic EMA" is 34 and i learn this from BigMike , (i use to trade ES before and the 20EMA was my line in the sand)
as for the second trade - from my experience (and you can look at historical data) first test to the EMA almost always works , so its a very low risk trade for me but target need to be close.
and if you look at the next test to the EMA it failed and i didn't take it i actually had a buy stop above the EMA in case it will work but i never got filled and then i realize that we are going to fill up the gap.
as for the volume stop, i use the churn bars only to counter trend you can see more details on the first page of this journal
The following user says Thank You to benbrooke for this post: