A friend created an ABC Long indicator for me. I adapted it to create an ABC Short and added them both to the PriceActionSwing one. Unfortunately, I am unable to share it. Just received his response and he preferred my keeping it private. Sorry.
If he changes his mind in the future, I will post it here.
Please don't let me derail your study and progress, but I thought I would throw just a little wrinkle into the ES mix. I suspect you have done much to learn the market internals as they apply to the ES - just in case you haven't, I have attached charts to show the relationship between the internals (my setup from day-trading stocks - a hold over) and the ES.
If you have time, just take a look at the charts below. I hope it helps.
Best wishes for you and yours!
The following 2 users say Thank You to Affliction for this post:
Thanks Affliction for your suggestion and best wishes. You succeed in throwing a few giant wrinkles into my petite face LOL!
As of this moment, I haven't learned anything about reading the market internals. Nothing to tell and say ooo .. sorry .. The only thing I understand: If the market is making HL and not HH = negative. Plus rotation of Value Area (on the 30-minute MP chart) incl narrow or fat range does tell me a little bit about the overall trend and atmosphere.
I now have Market Internals on my Learning list. Thank you.
- TF went through it and seldom looked back
- ES seemed lingering for a few more bars before letting go
2. Considering their different behaviour on Item 1, more MACD dots squeezing together or undecided ones on ES while TF ones were slightly further apart with less choppiness.
3. TF has been more forgiving as long as one entered a trade at a better timing. When it's not working anymore, one may close it with minimal damage or even a few ticks enough to pay for the commission. Bear in mind that the trade may go the opposite direction for 20 or so ticks.
ES seemed more challenging to tame. Its bars' layout was not as orderly esp when it's choppy. Holding on did not look promising at all. More sensible to get out.
In short, all instruments have different behaviours! One needs to trade one that he/she is comfortable to trade with. So personal and subjective (trying to be objective).
Great that I have one more day to prepare my revised Trading Plan. I will update the trading cute cards too.
I'm thrilled that my Inside Bar strategy's myth is now resolved. I thought I have to cancel one of the pending Stop orders manually since I have 2 strategies running (one cannot accommodate a pair of OCO/breakout trades because of NJ internal order handling rules).
I did more research last night and witnessed its handling this morning. The system will take care of the pending order automatically upon completion of the bar after the Inside Bar. I don't need to worry about it anymore. Actually, if the first trade does not work out and position "closed" before bar's completion, the second order maybe triggered when it gets hit = reversal trade.
I also have a flavor of a slow market (it's not an official trading day) with minimal volume. I had the patience to wait for my 12-tick PT LOL! I modified PT/SL to 16/16 on my second computer and it got hit as well. Sometimes patience gets paid off.
Done with practice. Will switch gear on reading some educational materials + mapping out a revised plan.