Nice to see your journal here. Can you tell us a bit more about your method?
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OK.... I finally have a little time to talk about my simple little trading system.
I use two screens. My Mac laptop and a satellite monitor.
On the Mac I have a one minute chart setup with the old 5 and 10 period EMA trick, along with a 100 period SMA following the price action.
In panel two a have the Volume Up Down indicator.
In panel three, Stochs (7,14,3)
In pane four, RSI (14,3)
I also keep an eye on the DOM with this screen, but I seem to be glancing at it less and less.
On the satellite monitor, I have a three minute chart with the same MA indicators as on the Mac following the Price Action.
I have Chart Trader setup on this Chart.
I have two T&S panels running next to Chart Trader side of the chart. One filtering out very little and the other filtering out much, looking for Pro's.
My cues are...
1.) A volume spike
I then look at T&S to see how much activity is taking place and if some pro's are in or not.
2.) All Stochs and RSI indicators going in my direction. RSI must cross 50 on both charts.
I'm still watching the behavior of T&S.
3.) I'm a fan of the 5 and 10 EMA crossover trick. I never move until after they cross... at least on the
one minute chart
4.) I always enter and exit a trade with recent support and resistance levels in mind and marked on my chart.
5.) The Elliot Wave....
This is the most fascinating thing I have come across in my research and observation of the markets.
Almost all breakouts have the five waves.
The first wave is the initial big run that comes from nowhere and nobody can predict.
The big volume spike happens after this. There is always a pullback (wave 2). The third wave is the one I try to time and ride. It always seems to be the most powerful. I will be out of the trade when this Wave
slows down and pulls back (wave 4). Sometimes I will go in again for the final wave (5), if the Volume and T&S support it.
I will then wait for the next setup. I usually only trade once or twice in the morning. Never more than four and rarely in the
afternoon. It simply takes time for these ideal moves to set up. The rest is just static noise.
Well, that's basically it.
I suppose I am a student of the theory that Price Action Rules and Indicators are only there to mathematically support
what your own instincts are telling you is happening.
RSI seems to be a very good indicator for me. When that baby crosses 50, it will most likely breakout, if supported by
Man.... I hope I can do some trading in the morning....
"Life On The Edge of SR"
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