Glad to see people trading this method here on futures.io (formerly BMT)! I have learned much from DH as well and I'm currently experimenting trading this on the tick charts with ES & CL. What I have in process right now is developing my own set of rules for trading that fits my personality. Will be following along. Good luck
The following user says Thank You to DoubleClick for this post:
Feel free to post a screenshot of what your looking at or your rules or whatever you would like. Tick charts are the way to go because they open up the high volatility times and allow you to see more price action rather than a single candle on a 5 min chart or whatever time frame you are looking at.
I posted my rules above but have a few changes already and will be posting those.
I like to hear of other DH traders out there cause they are most likely on the same page as me. I still have alot to learn but feel ahead having been down that road for a few years.
I'll try when I get a chance. I like the tick charts because it's quick and most of the time, price bounces at the 50% and goes straight to target or breaks below 61.8%. Higher time frame sometimes give you many bounces on 50% before anything happens. I like ES/CL/NQ with this.
I also rarely use extensions in the tick charts. I have my own set of rules regarding how to draw the fibs. Again, it's work in process and I still have many kinks to sort out.
Looks good @DoubleClick thanks for the charts. I see that you have simplified your charts like mine by going to bar and single color. I really like them that way. I saw someone else on futures.io (formerly BMT) with their charts like that and I've never looked back.
You just focusing on the ES? Or are you trading anything else?
I do recognize that name from the chat room. I was just gsl8r but I rarely participated in his chat room only asking a few questions every now and again. I mainly watched the webinar which was always top notch. I was in there from July 2010 to April 2012.
The following user says Thank You to greg9 for this post:
Since we are just trading price, bar chart is best because it filters out a lot of unnecessary stuff.
Do you have any trades with CL today? I initiated the first halfway back with stop currently at breakeven. I anticipate the 50% support breaking at 93.34 since this is third attempt at it but anything can happen.