Yes, I look for everything to line up correctly. I am patient in consolidation and if I miss a move I miss a move.
I also look at higher timeframes on the minute charts for perspective on what type of day it is.
It is not perfect; but the stops are tight and when in a trend the winners are alot larger than the losers.
For intraday trading I look for
a) solid reward:risk ratio
b) good times to make my trades and then be 'done' with that market. For example, crude oil just after 9am est and usually 1 to 2 trades and done.
c) repeatibility or looking for the same types of setups over and over AND making sure my reward (1st target) is at least or better than my initial stop. If it is not I pass on the trade. Why take a trade that does not at least have a 1:1 or more reward to risk when you KNOW there will be many more trade setups later in the session if you are patient enough to wait for them.
Finally, I will say I have watched all of his videos at least 5X's now (about 20 hours of viewing time); repetition and application of his concepts for ME is vital. He does talk slow (but cleary) in the videos and his concepts are clearly layed out on his videos.
Cheers!
Hedvig
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"I also look at higher timeframes on the minute charts for perspective on what type of day it is."
So for example today, I like to trade NQ alot; I am basically ONLY taking shorts whenever I am watching NQ (present time is 3:15pm est).
Done for the day, but {of course this is basic trading 101} I was shorting NQ and Crude whenever in front of the markets; as I do pay attention to 30 and 60 minute charts as well as higher volume timeframes intraday.
Anyways--I have begun trading 12 hour charts in forex based on the 2 major setups that efuturevision teaches; I guess I could look at daily too--but I like 12 hour charts since forex is a 24 hour market.
I actually use 8 hour forex charts with a few indicators from the elite downloads for forex (but I have a partner that helps with that). Good stuff & good people here at bigmikes.
My favorite trading forum.
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I've seen the webinar and plotted the 9 and the 30. They very often do nicely frame price action. I like the common-sense approach he uses. You mentioned he shares the setup - I would like to try it before I buy it as you say - he has the 3x, which is the Fast Stoch on the 3x higher timeframe (or 3x the settings of the same but on the current chart, I would imagine) and then regular stoch on the current time frame. There's also the Keltner (opposite side of trade is target I believe). Is that how you setup your charts? If so, what do you like to use for the 3x Stoch and Keltner settings? I will likely join for the detailed training. (Please only share this information if you know it is OK. I can lmost see it on the charts in the video, and Rick talks openly abou the setups in his webinar, but he may not in fact share those settings - don't know).
The settings on the Keltner are 'tighter' than the default; that I can write here.
'Zondor' stated this earlier in the thread--"The nX indicators look like extended time frame indicators. For example the 3x stochastic uses data points that go back 3x as far as those of the normal ("1x") stochastic."
It is like this on all of my charts; so it is like having a stochastics on current timeframe in 1 chart--with another stochastics 3X's higher time frame as well--1 expressed as an oscillator and the other expressed as either positive or negative 'dots'--like a strength meter.
So, when I see 2-3 timeframes with ALL the same stuff lining up--that is my preference. High probability stuff (not perfect) with a better than 1:1 reward to risk initial trade parameters. He has aggressive and conservative parameters for both of his main setups of R930 and OKC trades. Finally, you can use MACD (he has a 40 minute+ bonus video) instead of stochastics to trade his method. And yet another interesting video for markets that extend beyond 100% of their 'globex' range.
Perhaps you could email the vendor directly and ask a few questions. Although a simple method I filter for the highest probability setups and use a positive reward:risk expectancy and trade 3 different instruments (at different times) to add diversity.
I like to do alot of extra analysis (candles/trendlines/chart patterns/fib) OUTSIDE of the method when I have no setups to keep busy and 'into' the market--though I do NOT trade the extra analysis.
If you can keep your powder dry until the best setups appear and then take them without hesitation this is consistent. Finally, my last tidbit is to concentrate on trading with the higher trends (wait for them all to line up) and make sure you have a projected better than 1:1 reward to risk ratio.
I do use fibonacci retracements (1.27 and 1.618) from a previous swing high to swing low and vice versa after entry for targets; rather than necessarily using the opposite Keltner channel. I write this because many traders use fibonacci as a leading indicator for 'targets.'
Another trader using R930 has hard stops for his trades and hard targets 'fixed' beforehand and stops trading after 3 full wins in a session, etc...
The OKC (outside the Keltner Channel) technique he uses is a 'breakout' momentum trade--when I get one of these trades and a pullback for a dual R930--I get my favorite setup of his--a dual setup.
Email him your questions, I am sure he will give you a fair answer.
peace
Hedvig
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Thank you. I did email Rick, and he was kind enough to share the Keltner settings. The exact Stoch settings are reserved for members. Certainly fair enough.
I really like your posts. Your comments about patience and confidence that a trade setup that meets your criteria will come along are excellent and very good trading habits at least as far as my experience shows.
I did look at the blog and the wolfe wave trade. I am going to go back and look at more of the blog entries. Thanks for your comments.
I look at it this way; whenever you have (if you do) the URGE to put in an order that doesn't fit your 'trading plan' that you have written out beforehand--simply get up and walk away from the computer for a few minutes.
I have a teeter inversion table; when the urge is strong (and not a 'rule-based' setup)--I go hang on the teeter and get some blood flow to my head. Stupid little 'pattern interrupts' work for me.
The correct setups don't happen right after the other (usually). I work more on my patience and 'non-emotional' relaxed chart watching way more than the entries currently. Trade management is something I like being active in though--so before and during a trade I enjoy calculating reward to risk parameters and looking for 'logical' exits based on fib and S/R.
peace
Hedvig
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I suspect that the teeter inversion table and your willingness to use it are the primary reasons behind your success. Nice job, and than you for sharing your experiences and thoughts. I'm sure I'll be back.
