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Here it comes my Tue observation on the SuperTrend and Market Profile indicators:
1. SuperTrend
Chart setting seems important. 4-Range and 4-Min both triggered a trade around the same time. Yet one went short and one went long! 4-R got its 3-point PT while 4-minute's SL was hit.
2. Market Profile (MP)
I used a 3-point PT for ES this morning while keeping a 5-point SL as-is. It's based on the following 3 important values of previous day (Apr 12):
One of my friends just shared a MP e-Book with me (Mind over Markets). If interested, please private message me.
What's Next:
1. I just came across a new indicator Force Index (Boomerang system). Perry has created a new thread sharing his trading system and set-up which maybe of interest to you too:
After putting the ForceIndex onto the forum, it has developed into so many variations and questions, with the introduction of the boomerang, all of which is very similar to the way I trade, I though it best to put a full scale model up for discussion.
…
I will explore it further.
2. Warning Alert
I already reminded myself not to search for a holy grail "forever". No worries. I will soon shortlist what I have and start creating a system that I will be comfortable to trade with. Smile.
Trading: Mini and micro US Indexes/ DAX/ FX/VIX/GOLD
Posts: 180 since Apr 2010
Thanks Given: 53
Thanks Received: 164
Hi Beth
Just joined this great forum and have read all your posts with interest. Would like to (in the interest of Big Mike's philosophy and Zen generally!) offer this useful book that teaches pure price action. It was the methodology which set me on the right path.
Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader by Al Brooks
Thanks Ben for this nice surprise gift! You must have got my "invisible" sos signal across space and distance.
I and many others look forward to learning from you this Sun. You're an excellent captain! .. smile ..
FYI: I read your posts on "Scalping the Dow" and am amazed that you've now progressed to use only 1-2 indicators to trade successfully on a consistent basis. Congratulations!
It triggered a short before 10:00 am and went down almost 3 points. It's now 2 hours and still in the trade.
You will notice I've added some goodies to the 4R chart, ie
i) ZigZag for SwingHi and SwingLo (align with the Short)
ii) Bollinger (align with the Short)
iii) d9 (technically speaking, should NOT go short when it's above 0)
iv) SMA 40 (technically speaking, should NOT go short when it's rising)
I'm experimenting with the ideas I got from different threads LOL!
2. Market Profile
Thanks to Ben for the 80% Rule strategy. I am studying the suggested set-ups + adding a new MP Value indicator to the enclosed 30-minute chart. Notice the yellow dotted line for previous POC. It helps identifying the ones that are not touched yet. Different versions of the MP Value indicators are available from the Downloads section.
3. Realization
I've too many charts on different instruments up and running! I will remove the 2 TF ones starting tomorrow. Have 5 ES ones and will only keep max 3 (5-min, 30-min and 4R). Leave the YM one running 2 strategies.
What's New?
1. Just came across Fat Tails' thread on his Confluence Zones indicator (available for testing). Will include this new comer possibly early next week as I need to study the indicator's details first. If interested, please visit his thread as follows:
I use Fibonacci tools for trading, not because I believe in black magic or the omnipresence of the golden ratio, but because they are an efficient tool to establish support and resistance. I am posting here, because I further want to explore the best …
Thanks Ben for the tip! I tried to apply the 80% notes to the morning Long trade per enclosed. Do I get it, ie
1. ES opened above the previous day's value area + held high on the first 2 30-minute brackets (= subsequent tests) met Scenario 1. One should only consider Long and may enter upon completion of the 2nd 30-minute bracket, ie around 10:30 am.
2. Initiative Activity - Certainly ES matched the initiative buying activity as well.
Please correct me if my understanding (incl entry point) does not align with the 80% rule strategy. Thank you in advance.
You may notice I've been doing research on indicators/trade set-ups before settling with a set-up I am comfortable to trade with. Ideally a system very simple and clean (not consists of too many indicators)!!
For Market Profile, one only needs an effective oscillator indicator (one) to complement it for entry. My warmest apologies if my continuous addition of goodies may confuse you!
I'm almost close to the end of gathering more goodies. Have enough to study before deciding which one(s) to use. Thanks again for your support!
.. smile ..