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.
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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.
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.
That was funny! The Teeter is my secret weapon!! I hate to keep emphasizing the 'trading plan'--but in the heat of the battle I know that I am both
a) A scalper (targeting acceptable Reward:Risk setups that I calculate before entry)
b) A trend trader (trading 1st and 2nd pullbacks within defined trends)
Divergence trading or scalping in a 'range-bound' market makes me want to throw myself off a 200ft building and makes my stomach hurt w/uncertainty; so I avoid this type of market.
My best advice (if I could be so bold) to struggling traders is to WAIT out consolidation and keep your powder dry and on the 1st trade of any pit session pay attention to the range and s/r on the 1st target.
I also balance my trading with several other daily swing methods and different trading instruments that all came about after hundreds of hours of testing and research and grueling chart work that proves an edge over time and (again) keeps me mostly out of consolidation.
Consolidation is my own personal Vietnam (kind of like dating). Everyone knows it but you have to make even a nearly 100% mechanical method with a proven EDGE your own over time. Each trader is 100% completely unique and different and even if you are trading 'autotrading' chances are that this approach has been put together with subjectivity and the personality behind it.
Also, if I may--I am including some recent quotes from my daily journal. Trading isn't work--it is a privilege. Even after 25+ years (began @18 yrs. old--father was p/t Cbot trader) trading never gets boring. If it is--take a break and be honest with yourself and align your trading with an edge; not your personality.
I am inspired by several of the journals that I catch up on a few times a week here at Big Mikes--good stuff!
I'll share some of my journal thoughts and then a provocative interview that is fascinating to me.
Journal thoughts (recent): I wrote this out to myself and trading partner before Monthly Employment last Friday 2/03/12. It was middle of the night and I felt like writing out my thoughts.
Quote: "I decided to wait until AFTER Monthly Employment to do my Friday trades. I ALWAYS think about outlier risk or avoiding unecessary trendless trading conditions.
Seriously, if one waits for ideal setups one can and should be able to sit down most days and patiently wait for good setups and execute and then walk away. You can always come back if you have had a good session and patiently wait again for another setup if you choose to.
You can't do that if you overtraded in consolidation or took impulse/emotional setups or traded because you HAD to get into a hard trend that left the station without you.
It is counterintuitive but you tell yourself in your mind that you don't care if you have a setup or not; you are sitting in a comfortable chair sipping good beverage (coffee/water/etc...) listening to your favorite music--when the market isn't doing anything you are surfing the web and looking at interesting information from around the world--then taking a break on your physiology ball and/or teeter inversion table. It's not work--it's a few hours of pattern recognition and 'fun with math.'
The game never ends and each day is never the same as the last. If you want to take a day off or the morning off or the afternoon off you do whatever you feel like; another few hours and the market will be available once again. If you feel like trading at night you then get quotes for asian indices/currencies. If overnight trading is your thing you trade early Europe markets like dax/stox50 or currencies. Whatever you want because you have the timeframes and volume charts on different timeframes and (this is completely true) ALL markets are fractal in nature."
----------------
Provocative Interview that is inspiring and thought provoking...
Thank you for sharing that wisdom. I re-read your post and something struck me - you mention in b) a trend trader, taking 1st and 2nd pullbacks, and a) a scalper. Do you in fact scalp against the trend? I pictured scalping as still being with trend.
I had read the article you linked to. It is really good, isn't it? The same person with two very different dispositions toward the accounts he's trading and equally different results. How very powerful! The same person making both sets of trades!!
I went to the site. Rick did mention in a video that he had learned the setup from another trader.
I *think* (I have several pages from the site open and am still digging) that it is the B-Line that is the closest to what Rick describes. There seem to be overlapping approaches (2x, etc.). I think that my best bet is to download a trial of ensign and some of the templates.
My preference is to have the fewest number of indicators possible. Even Rick's "fully loaded" chart was more than enough for me. I like how he (and it appears others) nicely define a trend and a with trend pullback. Almost even better for someone like myself - I can invent all too well - the conservative entry is extra-well defined.
--------------------
I am 'officially' on vacation, though I am not bringing my cell phone or laptop with me or trading; my traveling companion is giving me the ipad to 'get my fix' to kill my boredom~saw your question.
I feel a bit guilty talking shop on my break until 7/15/12; but, unless you are some fairly harmless mult from ET {he knows who he is, and if it is him--you didn't have to bump this thread just to keep yourself amused}.
I think I looked at your trading screen many months ago where you trade fibs inside of fibs; hope that is going well for you!
Regardless; I will still answer the question.
R930 is one of 3 intraday methods I use. Along with price-action w/s~r & rolling 30 minute pivots combined with 4 additive 'top-down' indicators.
Each day, at least 2-3 intraday R930 trades along with the other two I mentioned.
It is very simple but efficient way of trading for a target. Key is multiple time-frame analysis and trading pb's within defined trends and a 'confirmed' breakout momentum trades.
I wouldn't be using it if it wasn't efficient for me.
I watched the videos 4X's each in the beginning; so about 20 hours and then did the work on the sim for a month+. Then did smaller size until 800 trades for my sample.
@That point (Jan '12) I went to full size trading in 6E/CL/NQ when I had intraday R930 trades.
Full size for me is 10-30 6E, 10-15 CL, 20-45 NQ.
My advice is be patient and if you can watch two markets at once you will not get too bored if you are really picky.
Never overtrade with this method; you don't have to.
Trade to a profit goal each day and don't go too micro of a timeframe.
peace
hedvig
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I got this ad email today from this vendor. Link to a page demonstrating use of market profile on the ES:
"If you'd like to see how I made 7.75 points today then just click on the link below and you'll see a full transcript from our Live Room today complete with charts & details."
I went to the site, and the posts seem quite old. Seems like the site has not had much attention lately.
Anybody here still using this system? Can you report on the effectiveness of the system? The initial posts seemed promissing. Has the methodology changed, as I see now Volume Profile, footprints, etc. ?
Thanks!
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My new thread got closed...The reason I opened a new thread is this didn't have any activity from long time...anyway
I would like to know your feedback on these indicators? I downloaded 3X momentum and 9/30 indicator for TOS seems to be nice indicators but anyone can share more info on how they trade based on these indicators would be great.
Trading: RTY, ES, and Directional Options on QQQ, SPY, IWM, AMZN, AAPL, TSLA
Posts: 188 since Apr 2014
Thanks: 662 given,
148
received
Sorry to resurrect a thread that has been quiet for 3 years, but having some success lately trading CL and ZB. I am not using their 3X indicator either, just the 9/30 cross and either range/tick bars.
Anyways been testing this method out for only a few days but a couple of friends are doing consistently well with it. After you get into the trade it's a matter of trade and stop management. I'm using Ninja's ATM to help with this so I don't mismanage trades.
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