The second trade at 6:38 you took was just in front of a trendline acting as resistance. The current directional bias at that time was to the downside and the MACD (12,26,9) was on the verge to kiss it's zero line. This is a very typical trade i usually take which i call fading the MACD zero line. Many breakouts occur when the MACD is approaching, kissing or even moving over it's zero line. If there is enough volatility, you can try as you did the breakout but you need to be prepared and accept a small lost while reversing your position to go in the direction of the current bias. In such a risky situation, i'd open a light position maybe 1 unit but be prepared to open an opposite position with 2 units hence closing the first one while resuming with the flow. If this second attempt should fail then i'd wait for the next opportunity. I would consider this scenario as a whole trade. In your situation, the whole trade would have worked. But you need to be prepared ahead of time for this type of trade management as you don't want to think about it while it happens. You need to think about it as a whole scenario that has been planned ahead of time.
The following 2 users say Thank You to trendisyourfriend for this post:
Not really because of the way the entries are placed. However, don't want to mislead anyone. I didn't take those entries. Those are picked out after the fact just to see how things are going. I'm not trading that system. I have enough to do trading my own.
My charts show your 1st and 3rd trades as 'No Entry' because of an unmet price swing criteria, and the 2nd entry as a loser, using 6 tick stop, 5 tick target. Not sure if this is because of different data feeds, or interpretation of the unmet price action criteria. That criteria is actually not very specific in the documentation, but I use an Ninja indicator with standard inputs to determine that criteria.
Hi, wanted to know what indy you like best for looking at MP values? and screenshot if you don't mind. I was using MPValues indy but don't know where I can confirm if the values are correct. Also, do you use other values than those simple 3, i.e. VAH, VAL & POC? Thanks a million, gh
I trade the 6E 3 range, and I think it is a slow!!! compared to the CL 3 range that I also trade. But yes, you are correct, compared to periods that most traders trade, both of these are extremely fast pace for most traders. I can't enter on these charts manually. Given that these are range bars, I know where the bar is going to close in advance, and I have automated entries already waiting where the bar will close way ahead of time.
The following 2 users say Thank You to monpere for this post:
Is anyone surprised that once enough people really check out the truth claims of those selling a system that they find out the the system all of asudden doesn't work, and/or the sellers are not making money by trading, but by selling.
I stand by my claims/observations in the $10000 question on another thread.
If anyone tells you the secret location to where their buried treasure is, you can be sure the treasure is worthless.
No one gives up their edge.
The following user says Thank You to farmer55 for this post:
. But yes, you are correct, compared to periods that most traders trade, both of these are extremely fast pace for most traders. I can't enter on these charts manually. Given that these are range bars, I know where the bar is going to close in advance, and I have automated entries already waiting where the bar will close way ahead of time.
