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The following user says Thank You to Big Mike for this post:
Thanks Mike. Enclosed is another "fun" one with PT got hit within seconds too .. smile ..
Oh, I missed the earlier one when it broke the Lower Donchian and Support. Was occupied with an email coaching a mentee. Yes, I am now a honorable mentor for a mentee in Guangzhou China .. non-trading issues.
Here they come the templates for both 8R and 4R (Version 6.5). Since some of the indicators are Elite ones, I will see if I can prepare 2 zip files and post them in the Elite Downloads section. Else you will need to find them per the enclosed Indicator lists.
Note: You will need an indicator that will change the bar color (solid and hollow) though it's optional.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 3 users say Thank You to wgreenie for this post:
Another smooth trade this morning. This time I had a pair of oco, ie 1 tick above the Upper Donchian for a Buy Stop and a Sell Stop at 703.90 (avoiding 704.00). Left the station for a few minutes and came back having 12 sim ticks in the account.
Am glad that it's a quick and profitable trade yet it's a tease! Why? You can tell most of my sim trades (esp the first and mostly only one in the morning) have been winners .. I may soon reach almost 100%. It does not help boosting my morale yet .. sigh ..
I placed a Sell stop order 1 tick below the Lower Donchian while working on an ExportScript. Got filled and I moved PT to 10 (from 12) as it's quite close to the blue OL where it might stop and reverse.
It's nice to have 2 great signals and both trades closed profitable within a minute?!!
1. Watch for a red DownTriangle or green UpTriangle on 8-Range. I have the audio alert option on when it's plotted
2. 4-Range should follow suit with an audio alert saying cci going up or cci going down
Note: Sometimes 4-Range audio alert will happen first or they shoot concurrently.
3. Focus on 4-Range for entry
a) Watch for price bar to close above or below the Donchian midline (golden) and MUST BE at least 50%
b) Enter at Market (quite often = Close of the signal bar) upon completion of the signal bar (item a) which has the red DownTriangle or green UpTriangle
c) Green/Red histogram bar (Panel 2) should align with the trade direction. If not,
- For long, the red bar MUST be above the brown MACD average line + MACD average line at or above -2
- For Short, the green bar MUST be below the brown MACD average line + MACD average line at or below +2
d) DI+/- line (Panel 3) should be close to 25 and ideally above 25 = momendum
- For long, DI+ (thin blue line) MUST be above DI- (thin red line) or at least cross above
- For short, DI- (thin red line) MUST be above DI+ (thin blue line) or at least cross above
e) ADX thick green or orange line (Panel 3)
Ideally it's green and hooking up. If it's orange, it should start hooking up else it's choppy and SOH.
Seemed working quite well though I also pay attention to the blue and red dash-dot lines based on the InsideBarv2 indicator.
Note:
1) If the suggested entry is very close to Resistance/Support (blue and magenta lines on 8R) and/or Upper/Lower Donchian lines (4R), I prefer to place a Buy/Sell stop 1 tick above/below them.
2) Thick Lines are the Open Range Breakout lines, namely
- 9:30 am to 10:00 am on 4R
- 9:30 am to 10:30 am (Initial Balance) on 8R
I have more faith on the IB one (90% successful rate on a 20% breakout) while the 30-minute OR ones have been quite profitable too (at least 80% though I have no idea on how far it will reach).
Sincerely hope that the above may help creating your own trading system. Please be advised that I have not placed a real trade as of this moment though my sim trades have been mostly profitable.
Good luck!
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
Last edited by wgreenie; October 28th, 2010 at 01:07 PM.
Reason: Added entry details on MACD and DM (Panels 2 and 3).
The following 7 users say Thank You to wgreenie for this post:
1. It took me almost a year before I feel confident working with 2 charts at the same time and start spotting high probability signals
2. It took me some months to better understand certain indicators. For example, Directional Momentum and ADX ones on Panel 3, and a simple MACD one before advancing to the current RSqueeze/MACD combo.
It's overwhelming and exciting to come across hundreds of amazing indicators. Once you're happy and content with the ones that you understand and can visualize great signals, I'd recommend staying with them for a while.
My set up may look complicated. It took me over 1.5 years to create one that I fully understand what's going on there .. haha .. It's not just the time and efforts spent .. the learning process (excitement, disappointment, stress, fear, guilt of having too many indicators/changes etc etc) .. Well, is it my holy grail??
For sure, it's a system I am comfortable to trade with. It's unfortunate that I am trading with scared money ... that explains why I am so reluctant to trade live ..
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
you need to built more beliefs in your system, the key thing is making notes and printing charts, once you have enough materials you could pick out a couple of high winners, make a check list of what to do before & during the trade to check them off one by one. This is to check them off when you go live because you will forget things to look for for sure. After 100 of trades you can throw out the check list.
The following user says Thank You to cory for this post:
