starting this thread, to get on the right path, that will enable me to get to the next level , with my trading.Since i have read other journals, and been inspired.ive been a member of big mikes for about 4 months, and i think the support from the members, and mike, is truly amazing.
i looked through some of the journals, and perrys style of charts , and trading, appeal to the style that i would like to emulate.trading with the trend, is more forgiving, than trying to pick bottoms and tops.I have included an attachment, of the chart i have so far.perry was nice enough, to forward the force index, and dm plus, and i havent got it quite right
* i have fast and slow lines set at hash/dash/90 for the force index
* for the dmplus, the adx above and below, i made transparent, and the +di and -di are at hash/dash/90
im not sure if this is something that is different with nt7, i just want these 2 indicators to look like perrys.
i really appreciate the help ive gotten from beth, perry, and max-td.
i am using better renko charts, with a brick size of 2, which has a max range of 5 ticks per bar
i also have a 2oo ma on the chart, which is orange.other mas are, 40 ma in purple, 3ma in black, 14 ma ema colors
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the 2nd attachment, once price cleared 200 ma, took 2 pullbacks...wish they all worked like this.I wonder if this would be a typical perry type trade?i like how price pulls back into the sharply sloping 14ma, entry is when price penetrates 3ma upward
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finally got my charts up and done(i think).was using 2 better renko charts, which , give off alot of signals, but after 2 months of simming with them, i went back to the 4 range.currently, i watch 6b, 6e, and ym.i get up at 3 am new york time to trade the european currencies.it took a while to get used to this, but its ok.
basically, i just scrapped my entire workspace, and visited the forum, and decided to use perrys approach.his approach, trading with the trend, is sensible, and similar to what i was trying to do previously.the charts are basic, and thats great, because my old charts had way to many moving avgs, and other indicators.
i think my main problem, like most other traders, is staying out of the chop.hopefully, i can use the adx correctly, and avoid most of that.
i went back to simulating in december, because i was tired of giving $ away.i will not return to cash, until profitable while simulating
i look forward to getting to the next level, and getting back to cash
for the attachment, 3/11/2011, the 3 trades outlined in orange, have full agreement.my intent is to enter as the dm+(blue) is above the green adx,AND RISING.the first entry is the breakout, the 2nd and 3rd are pullbacks.you can see the 4o ma (purple) is rising nicely, and the 200 ma (orange)is way below, also rising nicely.i like how the 14 ma is rising together , closely, with the 3ma, and the pullbacks are supported by the 14 ma, with the dm+ rising on each entry.usually , the 2nd pullback is more risky, but i think that the dm+ should give permission(by rising), or if it is too weak, pass on the entry.
i just got started with perrys basic method, and by no means, am proficient.i just switched back to a 4range chart, because my 2better renko was just throwing off too many entries for me to filter.i spent 2 months workin on that, and in the end, i scrapped the whole workspace...i need simple
have a great weekend!
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ADX lags horribly and will protect you from nothing. If anything, use it on a lower timeframe then the one you trade. Alternatively, you can up 20 EMA on your present chart, and simple avoid trading when there are many overlapping candles close to is (credit: Al Brooks' BW concept).
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2 typical short setups...
have used the dmi/adx indicators in the past, apparently, not correctly
the adx green line, is the key.it needs to be green, and rising.for the shorts,the di- needs to be rising also on entry...so basically, whatever direction for trade, both line need to be rising
i think they work better when both the 3ma and 14 ma are below the 40 ma, and i dont trade into the 2oo ma
also, i dont like to take signals near hod or lod
finally, another short
still simulating here, just started perrys method, probably not exact, starting tomorrow, all trades will be listed, and i really need to stay consistent with my thread..till tomorrow
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