I invite anyone interested in learning a methodology with clear instructions, professional-level 'in-depth' explanations for both non-members and then (if one chooses) members from a veteran trader who tells it like it is.
Excellent email support and a high win% if one only chooses trade setups with better than 1:1 reward to risk initial calculations.
Uses common indicators but he does have an add-on for Ninja and several other platforms.
For the trader who is not interested in overtrading, this approach gives at least 2 core setups that, if you put in the screen time and you like a technical method, I would recommend this.
peace
Hedvig
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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.
The idea is to trade in the direction of the longer time frame indicator but trigger off of the cyclic highs, lows and reversals of the shorter time frame indicator.
Now, about that first post in this thread, which sounds just a tiny bit like an advertisement......
I get older (it is a privlilege); my taste for marginal setups gets more bitter.
This is the Vendor section and thought I would share my experience (I post ALOT about all vendors I try and use and abuse and toss about, in general terms).
Yea; he calls it the EFVStochastic.
Let me see if I can explain it in layman's terms that I even understand (I am not a very technical dude).
It measures a time frame 3X's higher than the chart you are viewing's (without looking at that time frames candle chart) MOMENTUM.
Then it also measures your current time frames slower-term TREND.
Perhaps I just repeated what you did in different words.
peace
Hedvig
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This is trading the highest win% setup(s) that Rick from www.efuturevision.com explains in his member area.
If I am trading with the trend on at least 3 time frames (just looking at one chart) my typical reward:risk is 1.5 to 1.0
I am trading against the trend on at least 3 time frames (just looking at one chart) my typical reward:risk is 1.00 or 1.25 to 1.0
The reason my avg. win to avg. loss ratio is not quite that high is because of
a) b.e. trades
b) smaller winners than full winners
c) my own mistakes (it happens)
I trade
6E from 7:15 or 7:30am est up to 9am (typically I am done after 1 trade though); for my 2nd cup of coffee and I rarely trade after 8:30am est I look at 59V, 177V, 531V, 1593V and 5 minute charts. Typically I trade off of the 177 volume or 531 volume chart; typical risk is 6ticks or so. Keep in mind that I base my results on a 5K per contract assumption. Thus, why the faster time frames and lower risk--though this is relative because one could go to higher time frames. Notice the 3X intervals in time frames.
QM (that is mini crude) {but use CL for charting, and QM for order entry from 9:00am est 'til around 9:10 or 9:15am est I look at 53V,n 154V, 463V, and 1389V and 5 minute charts. Typically I trade off of the 154 volume or 463 volume chart; typical risk is about 12-15cents or a touch less. Keep in mind that I base my results on a 5K per contract assumption. Thus, why the faster time frames and lower risk--though this is relative because one could go to higher time frames. Notice the 3X intervals in time frames.
NQ from 9:30-10:15am est (I usually take 1 trade and am done for the a.m. and take a 3 hour lunch to go to the gym or take a nap or go see a chick). I leave open the option of PM session trading. I look at 83V, 250V, 750V, 2250V, 6750V and 5 minute charts. Typically I trade off of the 250 volume or 750 volume chart; typical risk is 8-12ticks or right about there. Keep in mind that I base my results on a 5K per contract assumption. Thus, why the faster time frames and lower risk--though this is relative because one could go to higher time frames. Notice the 3X intervals in time frames.
From 9 27 11 to 10 21 11
63 trades
55 wins
8 losses
My avg. win was .15
My avg. loss was .11
From 10 24 11 to 10 25 11
19 trades
17 wins
2 losses
My avg. win .11
My avg. loss .17
***I bailed early on a few trades when they 'stalled' {when in doubt--get out}.
1st Jpeg is from 9 27 11 to 10 21 11 (Mirus sim account on my laptop). I blacked out (very crudely) my email and my trading partners email and name outside the demo screenshot.
2nd Jpeg is from 10 24 11 to 10 25 11 (Mirus sim account on my new reconfigured desktop)
I had to setup another Ninja Demo on my desktop (after it was out of pocket for 3 weeks for upgrades and repairs).
Unfortunately, I am stupid and a computer retard; I couldn't figure out how to save Ninja7 Workspaces on my laptop, and then when installing Ninja7 on my desktop (a new computer with nothing on it)--thus I had to recreate all of my templates and workspaces and start over on Ninja7.
I do save my results every day and I do the following. Great advice in my opinion (from the wave59 forum) and my comments to my trading friend on top.
***see attachments***
Hedvig's comment: NEVER trade outside your written plan, NEVER break the rules.
Go b*ng a hooker, shoot a gun; but NEVER violate your trading plan nor go outside of pre-planned risk management.
I threw in some Eastern Wisdom at the bottom for us. I have had a good run lately; time to reinforce good habits!
This is from the Wave 59 forum; Earik (the owner/moderator) chimes in to reply to a guy asking if people are making money from Gann Methods.
---------------------------
Hi Patrick,
Back when I was in Chicago, I saw traders pulling 6 figures out of the markets each month using nothing more than order flow and more or less guessing at direction. I've also seen extremely profitable mechanical systems that were complicated enough under the hood that there was no way a human could duplicate the analysis. More importantly, I've also seen traders bomb their accounts out on systems that were literally 100% accurate during the period they traded them.
As you progress in this business, you'll usually go through an interesting few steps. The first step is that you'll realize that there are a lot of tools and approaches that can forecast future market movements accurately and reliably. Unfortunately, the next phase is the realization that even with the ability to forecast market movements with a high degree of accuracy, you still won't necessarily make any money. It's easy to find a Gann expert, but hard to find a Gann trader. It's actually not the analysis that makes the money. You need the analysis part, but it's actually the least important thing by a large margin.
So to be totally clear:
1) Yes, Gann and Astro can work to forecast future market movements.
2) Yes, you can get backtest reports from computers to show that the effects of these patterns are statistically significant. You can use them to build mechanical systems if that's your thing.
3) Even if you can forecast markets, it doesn't mean you will make any money off of that information. There's a HUGE difference between analysis and trading, and that includes mechanical system trading as well.
4) Once you figure out the real keys to trading (risk management and psychology are two huge ones), then you can use pretty much anything, including random numbers, and will make money doing so.
5) After you've spent 10-15 years and hundreds of thousands of dollars working your way through those four steps, you'll feel a need to give back in some way to new traders, but you are most likely not going to care about proving anything (for what purpose?), and you're definitely not going to give your bank account details out to random people on the internet.
Earik
There is a Korean martial art called Kum Do. This is a brutal game that involves a fight to the death with very sharp swords. The way it is practiced today is with bamboo sticks, but the moves are the same. Kum Do teaches the student warriors to avoid what are called “The Four Poisons of the Mind.” These are: fear, confusion, hesitation and surprise. In Kum Do, the student must be constantly on guard to never anticipate the next move of the opponent. Likewise, the student must never allow his natural tendencies for prediction to get the better of him. Having a preconceived bias of what the markets or the opponents will do can lead to momentary confusion and—in the case of Kum Do—to death. A single blow in Kum Do can be lethal, and is the final cut, since the object is to kill the opponent. One blow—>death—>game over.
Instead of predicting, anticipating, and being in fear and confusion, you must do exactly the opposite if you are to survive a death blow from the market movements. You must watch with a calm, clear and collected attitude and strike at the right time. A few seconds of anticipation, hesitation or confusion can mean the difference between life and death in Kum Do— and wins or losses in the stock markets.
If you are not in tune with the four poisons of fear, confusion, hesitation or surprise in the markets, you are at risk for ruin. Ruin means that your money is gone and the game is over. How can you avoid the four poisons of the trading mind: fear, confusion, hesitation and surprise?
Replace fear with faith—faith in your trading model and trading plan Replace confusion with the attitude of being comfortable with uncertainty
Replace hesitation with decisive action Replace surprise with taking nothing for granted and preparing yourself for anything.
Always remember the long and winding road to the top of the mountain in the dark of night. Success in trading is a long journey with many twists and turns. You can and will get there if you are patient, watchful, non-anticipatory and always on guard for the exact moment when you can strike. Trading is a game of survival and the spoils are money. It’s your money, your life and your future. You have the power to survive and flourish if you remember the lessons from Able and Kum Do.
Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat…Sun Tzu
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My computer guy comes over later this week {I have to pay him $25.00 USD}.
I will show him this and then MAKE him show me how to do it.
Funny, I am really good with basic stats, numbers, %'s etc...(not an engineer by any means) but damned if the most basic computer stuff I remain quite the luddite!
My last update for intraday trading for 6E QM CL ES trading...
About 120 trades since 9 27 11 up to today, 11 03 11
I am now branching out to look at this method on the 12 hour chart for forex and fx currencies using his 2 setups that are highest probability win%.
***see attachment***
Normally, I expect to have a long-term win % of 67.5-72.5 with a reward:risk (avg win/avg loss) of between 1.05-1.25
I look to take 5-7 setups per day; about a total of 120 minutes in front of the computer stalking high win% trades with at least a 1:1 reward/risk ratio.
Patience and waiting for everything to line up and then taking decisive action at that moment and then following without fail the trade risk & management I pre-outlined is important.
My results thus far have been for 5K per contract margin with 2% or less (frequently $50.00-$80 risk) risk per trade.
Note: I trade very small timeframes with confluence of at least 3 higher timeframes.
NQ: 250 or 750 volume chart
6E: 177 volume chart; sometimes 571 volume chart
QM: based off of CL chart 154 or 463 volume chart
peace
Hedvig/researcher247
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After reading researcher247's reports and doing some further investigation, I went ahead and joined efuturevision. I've watched a few of the videos and started setting up my charts per the instructions. It's only been a few days but so far it looks very promising, better than any method I've tried previously. Thank you, Hedvig.
The following 2 users say Thank You to mgtrader for this post:
I think it is a big plus that the owner let's you see the setups first and leaves it to you whether you want to become a paid member or not.
After all, the setup is exteremely simple, the idea of buying/selling retraces in a trend with the aid of moving averages is as old as the hills. Nevertheless, it can be profitable.
