I bought this system and method , and for me this is the best investment and best decision I have ever made in my trading , clean and easy to learn , and very fairly priced .. The trading room is awesome , the guys are very professional and good traders .
We have this special Sniper setup which is so accurate that it will blow your mind
I highly recommend it ..
. . Biggz
The following 8 users say Thank You to Biggz for this post:
Biggz........Well if its so good and you bought it can you share it with us! You don't have to post the indicators but you could show us charts and explain!
Incometrade
The following user says Thank You to incometrade for this post:
I think this type of forum is exactly the right venue for such a question. We are all traders, or student traders looking for education, and developing our skills. Where else are you going to get opinions on a product or service but from people who have used it? That is why people ask for opinions, and that is what they are 'opinions' upon which someone else can get a feel for the product before moving forward. In that sample of opinions, you are going to get people who like the product, and people who don't for some reason or another, it is up to you to determine if those various reasons are a factor for you.
Every vendor should be held accountable for their product or service, and the experience that they leave with their past customers. If you get 100% of a large enough sample size saying a vendor is a liar and a cheater, or a product is not worth buying, then any potential customer should take heed. That's why we have consumer reports, and better business bureau, etc. for other businesses.
The following 4 users say Thank You to monpere for this post:
Glad that you tripped over Eminisniper and took the initiative to connect with the vendor. I have been to at least 5 day trading rooms .. some complimentary IF one spent a few thousand $ on their trading program else most ask for a monthly fee between $200-$300.
The traders running the Eminisniper room are very honest and open in sharing their set-up. Being in their room for some mornings, I estimated that their signals have been over 80% profitable .. could be more than 90% if one is good at managing his/her trade.
To learn and get familiar with a set-up (any set-up), you have to do your homework first (upon purchase of the set-up or room access) so that you have a good idea on how to spot a signal. The Sniper moderators have been very responsive to address the questions raised in the room. One can even confirm what he/she is seeing before entry most of the time. It's a very friendly community there.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 4 users say Thank You to wgreenie for this post:
It's a scalping method though some use a 10+ pip PT for the first contract and not the suggested 6. I witnessed over 100 valid signals for the past 5 weeks between RTH (say 8:00 am to 12:00 noon EST) and less than 20% not working out.
To be successful in a set-up (any set-up), the trader in question has to like it .. matching his/her personality, trading style, risk/reward, and trading instrument etc etc. Even the chart display and indicators (if any) matter. I went through many systems and certainly created many extremely crowded charts months ago. The Sniper one (original and not mine as I did modify it to my personal preference) is a very simple one .. almost naked.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 4 users say Thank You to wgreenie for this post:
You are most welcome Tundi. I am a satisfied user. I tried too many systems and indicators since creating my thread in February. Some members certainly "felt" sorry for my 24/7 efforts and have been very generous in sharing their wisdom with me .. smile ..
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post:
Thanks john. I hope it works out well for you. Do keep us posted on your experience.
From reading the history of Beth's journal, it's clear she is a discriminating and thorough consumer of trading ideas. I view her vote of confidence as important. Does that mean I'm going to be the next customer of this service? No, it doesn't, but that is not to say it may not have value.
The length of time you are in business does not equate to how honest your are. It may be that you are an exremely good liar and manipulator.... yes ala MADOFF !!!
i just try to motivate the posters here to
give us a bit more than "great system" , "took 3 winning trades" , "friendly guys, try it + join their room"
what i ask for is some more interesting input not especialy for me but for all of the futures.io (formerly BMT) useres who come along this thread and want to find some useful infos.
max-td
The following 3 users say Thank You to max-td for this post:
I joined the room a few days ago and agree with john6174. The strategy is very simple and looks like it will be profitable going forward. The guys hosting the room are very helpful too.
The following user says Thank You to sunpost for this post:
I've got to tell ya...after reading this thread a couple days ago and checking out the website yesterday I decided to join last night and see what this was all about. After today I'm pretty impressed. It's only been one day and we'll see how it goes, but I like what I saw.
The following 4 users say Thank You to SeeTrader for this post:
Since they do not use any proprietary indicators, I think they would prefer that the members do not post charts. You might want to contact them directly and see if they will provide you with a chart or invite them to reply on futures.io (formerly BMT).
Contact the vendor, they have VIDEOS on youtube...otherwise, stop trying to get something for free from someone that did the due-diligence, paid for the system and is learning it from the developers. Lazy and cheap is no way to go through life.
The following 4 users say Thank You to SawDr for this post:
Saw,
I think your reading this the wrong way, I can only speak for myself but what I think the group is asking for is not the ecourse or whatever method associated with eminisniper. But an unbiased posting of a chart. Going by the websites sample one tends to believe that the samples are cherry picked as every other system/strategies out there.
I have a closet full of snake oil systems, this my not apply to this system but you must understand the other point of view. You can edit whatever you want and still not reveal anything on a posting.
You'll be surprised how for vendors would go to make a sale. Beth gave her honest opinion but there's a reason she not using there system.
Babypowder
The following 2 users say Thank You to babypowder for this post:
Thanks John,
Remember test in Sim first, you should have a couple of months of trial under your belt before going live. Quick note I have been profitable with other systems for as long as 2-3 months before they went against me. Understand the market and do not depend on the room. This will make you a better trader. Happy trading.
Babypowder.
The following 3 users say Thank You to babypowder for this post:
For the record, I have been using the Sniper system since early Nov. Certainly, I added a few indicators to help my visualizing the signals (that's my bad habit). For example, the PriceActionSwing indicator has been plotting the HH/HL/LL/LH labels for me.
After 1.5 months incl a few weeks of sim practice, I really like its simplicity and effectiveness. I understand your concern that it could be another "scrappy" system because there're tons out here. May I suggest the following for your kind consideration:
1. Watch the videos (even they do not have the whole set-up) and get a feel about the set-up
2. Email the vendor and clarify whatever issues you may have (they've been very responsive in addressing their current and potential customers' questions)
Only until you feel comfortable with what you find out, continue searching and/or creating your own system. It does take time to identify what you really want + better understand yourself. It took me over 1.5 years.
Good luck and enjoy your Trading venture!
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 8 users say Thank You to wgreenie for this post:
i am whit Eminisniper before 3 days .. yesterday i have a realy good day , this morning i am in late .. but thy have agreat day too ... I use this chart now + add my indicator and i feel good .... , just for this is
The following 2 users say Thank You to Serger for this post:
Does anyone know why their name is eminiscalper when it seems that they mostly focus on currencies and not eminis? I will send them an e-mail asking them directly but would appreciate another point of view if there is one.
Hey Taggart, they focus on the currencies because they MOVE. The ES hasn't been moving much lately and will put you to sleep and/or chop you up. They did pull up a chart on the ES and the EMD as well as the TF today to take a look at the setups.
Just to be clear it's eminisniper not scalper(there may be a eminiscalper out there that's not related...IDK)
Just my POV
The following user says Thank You to SeeTrader for this post:
I decided to check this out. Been with them for a few days. I wouldn't post their charts out of respect because their indicators are so common and familiar you would say, "hell I knew that!"
They use these indicators with some simple rules
They are friendly and helpful. They state when they make their trades and losses. I would say if you're an intermediate trader, within one month you really won't need the trade room. But people seem to stay due to
the comradery of the monitors and subscribers.
In the end if you have a system you stay with it and not keep jumping ship.
The following 2 users say Thank You to ideaman for this post:
100% agree with every word you stated. I did pay $99.00 dollars today and came to the room. I made money. If any of you are interested I can share with you all my trades. I took 6 one trade with 3 contracts and the rest with one. I used my own money management rules and every trade worked. Would I continue to trade what Rob and Hogo are trading I do not know time would tell. For now after my first day in the room I got more back then I have invested.
System is easy and what they say in the room is very clear. Moreover since they are not going to be open during the Holidays week they would add to each of us one extra week. So I think they worth the $99.00 I paid for the room and ebook I got from the eminiscalper.
TickVix/Gregory
The following user says Thank You to tickvix for this post:
After doing some back testing it looks like they use a 200 and 50 movong average, must be a ema as the simple ma does not fit alot of here trades but ema does seem closer.
then looks like they filter trades with an indicator and patterns. like on FreMegaG thread 'two line trading'
stacey this thread is about Has anyone ever heard of eminisniper.com, not who can reverse engineer eminisniper.com. Please start another thread if you want to go forward and not respect other people’s intellectual property. If you made a contribution to the Elite Circle, I don’t think you would want it spilled all over the internets.
The following 2 users say Thank You to sunpost for this post:
personally i dont know how you can call a system that uses a method that has been around for years intellectual property,and everyone on almost all trading fourms including some sites that have badmouthed me for doing it i have seen doing it also like move the market yes they where badmouthing me over releasing the price proxie but i see them also copying stuff from bmt but anyways stacy do whatever you want trading is trading and there are really no new systems...sharky
KILLING THE MARKETS DAILY
The following 2 users say Thank You to sharky for this post:
well I must be close then for that reaction sunpost...LOL
How can anyone accuse anyone of stealing intellectual property when I have only given my opinion to what the method is.
All traders look to emulate other methods in one way or another and if they don't then they should as its good practice
I am only working off what I have seen on you tube and traders can not be stopped from figuring out what these vendors are selling especially if it save them money and lets face it, if trader did not copy other traders methods then none of these vendors would be in business...LOL . And if they want to stop us then stop posting on you tube....
I still have to figure out the filter they use at the bottom, is it a MACD, RSI, Ergodic, who knows and who care they all show the same thing.
The only reason I am interested in this method is it may help me filter my trades, however I trade the ES so I do not think this will happen as this method does not seem to work when range bound, that's why they trade the Euro I guess.
shall i start another thread... NO because by posting here will help people decide if they should buy or not..
Let me get this straight: Stacey watched their public videos they made for advertising, was able to guess something about their system, and shared those guesses here. What's the problem?
If Stacey had signed an NDA or something then you could criticize and maybe sue him or her for breaking an agreement.
But discussing publicly available information (the videos) and even trying to reverse engineer a system from it, is perfectly OK. There is no moral imperative for Stacey to keep quiet, and Stacey certainly didn't 'steal' anything from anyone.
The following 3 users say Thank You to GoldStandard for this post:
are we in russia or china now? i dont like to be censored and whats rude to one is not rude to another, we are having a debate about if stacy trying to figure out a system thats been around for years in one form or another and is on videos for everyone to see is ethical or not albiet we are off topic but i dont see why you get to decide what we can post or not then whats the sense of posting anything??? sharky
KILLING THE MARKETS DAILY
The following user says Thank You to sharky for this post:
No, we are on futures.io (formerly BMT), i'm sorry if u fell censored, but it' isn't! Your debate was rude, offensive, useless and not positive, this allow me to decide to remove posts! You can post what u like in a non rude not offensive to others....When these things take the control there's no more constructive discussion. If u like this way u can do it on another place, not here.
I hope I was clear! I wouldn't return to this subject, thanks!
Take your Pips, go out and Live.
Luke.
The following 3 users say Thank You to LukeGeniol for this post:
it wasnt me being rude i was simply sticking up for stacy and you did censor us and ive been here since before bmt even started up you should have moved it to off topic not just simply deleted all the post from that discussion like i said what is rude to one is not always rude to another...sharky
KILLING THE MARKETS DAILY
The following user says Thank You to sharky for this post:
The Sniper thread or system has been gaining more visibility. Some did purchase .. some are considering .. and some want to create a similar set-up on their own. Let's respect one's personal choice.
What have been said are legitimate. We have hundreds of indicators available everywhere. One just needs to decide what to use and creates his/her trading system. I can tell the paid subscribers are a little upset when there's a post trying to guess the set-up details. It's a very normal reaction as these happy campers consider themselves as part of the Sniper family. No worries .. guesses are guesses.
I believe Stacey's sharing does not mean to violate any intellectual property. Rather more on feeding the curiosity raised. To have an effective/profitable set-up for less than $100 (+ free room access for a month) certainly aroused skeptical first impression. Please bear in mind that it's a special intro offer (very common practice for a new business) and will end soon.
When I read the eBook for the first time, I had the same thought too. If you have visited my thread, you will notice my never-ending efforts in searching an almost 100% profitable system with fancy indicators. I had been using tons of indicators to double- and triple-confirm a signal. I loved having safety wheels (hundreds of them if I may) so that I would not lose.
It's all in past tense now that I am happy with a simple method yet effective. It's a breakthrough for me that I can trade with 2 lines for trend direction and 1 osc indicator. Will it be for you? It really depends on your trading style and preference.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 4 users say Thank You to wgreenie for this post:
Exceptional trading is always within ourselves and never from charts/indicators imo. Properly developed daily operational habits, actual commitment to writing and following a real trading plan with sound risk management, and the ability to interpret price/volume action real time is the foundation for real success.
To build, copy, or follow a system is not the ultimate road to success......your developed price/volume action interpretation skills, disciplined operational habits, and commitment to following a plan is where dynamic profitability is found.
1. Based on my own progress (from 0 knowledge on how to trade to where I am now), I will give myself 80+ on a scale of 100.
2. Preserve Precious Capital - my grade is now up to at least 90 because I finally learn that PT/SL is a MUST (equiv to a trading plan) for any investment decision should it be just buying 10 shares of stock .. haha ..
3. Trading System - To me any systems that have a historical or estimated profit % matching 70% or above will be a good trading tool. Having tried over 20 set-ups, I now go with a simple one that will save my second-guessing most of the time.
4. PT/SL Risk/Reward Ratio - It's always my preference to have at least 1:1 plus a small SL cushion.
Most subscribers in the Sniper room have been doing great. They all have different trading plan/daily goal etc. For me, I finally slimmed down my charts and got rid of the additional safety wheels I added. I cannot and will not compare my results with others. No one is aware of the burden (or baggages) I have on my petite shoulders. Trading is a mind game. Let's hope that time and persistence will make me (most of us) really really profitable!
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post:
wgreenie trading is simple learning to trade is the hard part,i had to train my subliminal mind to understand what was going on when i looked at a chart then my brain finally could see what it needed to see to take the fear of trading away,i have watch you this last year and i am happy that this method is working but never forget keep studying the more stuff you cram into your head and the more hrs you study the sooner you will have a real aha moment then you will understand what i mean by trading is simple...sharky
KILLING THE MARKETS DAILY
The following 10 users say Thank You to sharky for this post:
Yes Sharky. I'm starting to see what you meant! Trading is simple. It's me who complicates things. Have I not spending hours on different systems and indicators .. reading books .. watching videos etc etc .., I will not appreciate a simple set-up. That's me LOL!
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 49,973 since Jun 2009
Thanks: 32,438 given,
98,178
received
Guys,
futures.io (formerly BMT) is not a democracy. You are in "my house" and I will not tolerate you yelling and being offensive and rude to each other. I will simply ask you to leave, or kick you out.
I like a good fight -- boxing is a great sport. But it has no place in this forum for discussion. If you cannot control yourself, do not post. If you love arguments, there are plenty of other forums out there full of them.
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 49,973 since Jun 2009
Thanks: 32,438 given,
98,178
received
Moderator Notice
I would like to remind everyone if you have a problem with another member or post, DO NOT ENGAGE that member by posting and "defending" yourself if it is going to lead to rude or offensive remarks. Instead, do the mature thing and report the post so the moderators can take care of it.
I am specifically saying the main focus in successful trading is not the system but within a persons developed capabilities......like most everything else in life. Just like the best gun in the world can't ever hit the bulls-eye by itself, it takes a good shooter with that gun to do that.
I attempted to post to discuss some of this thread, but Big Mike had to remove it as I didn't know the rules. None of it was negative, but did highlight some of the system's positive aspects (a no-no for a vendor).
Rather than try to clean up my post, please feel free to PM me.
The following user says Thank You to eminisniper for this post:
I have been trading for some years now. After taking lessons in my country on technical analyses and also the advanced technical analyses it was time to put theory in practical trading.
I leaerned fast that its not what i had in my mind.
I did not participate in taking expensif courses but build my own system with falling and getting up again. i kept in my mind to use a few as possible indicators because the more - u use, the greater the confusion.
So i like the K.I.S.S. methodology. i did a lot of resaerch on the net.
Yes, in that periode i blew up my account. But that's a lesson that i wont forget. its also The best teatcher .
Shure i can learn from somebody else and i would like to-
Some days ago, i did read about this snipermethod here, on this forum.
After watching some video's , i did see that they had some of my tradingstyle so i decided to to join and to see if i could learn something more. Who knows..............
This is the first day in there trading room and the espectaions i had ,came out.
I did learn how to perfectionaze my trading style, i could ask as mutch as i wanted and getting everytime an specified answer to my question.
In time, not to long for now i will be even more profitable then i was now. no doubt about that.
I am not the one who trade with 10 or more contracts in the same time. My target is to build slowely but
shure a good account. And that on my own. i dont depend on someone and i am learning the details now. That's what it is, that's where you have to look.
I am shure, others will confirm that.
just my 2 €cent,
Trade carefully,
Crossover
The following 3 users say Thank You to crossover for this post:
I always find the whole 'vendor' thing so interesting.
I have no doubts that these guys are making money. But what 'makes' a vendor?
It is such a stretch for my mind to charge money for something if the market is truly an ATM to withdraw cash at anytime?
Is it EGO?
Is it wanting to do things the hard way?
Love of money?
What causes a person or group of people who supposedly can pull out thousands of dollars DAILY from the market to then go through the trouble of writing an e-book and starting a chat room/forum?
I have heard:
"Trading can be lonely"
"I love helping people and unless I charge them then they won't appreciate it"
"I don't want to lose my edge by opening it up to everyone"
"Not enough liquidity on the product" (forex isn't an issue)
etc..
I realize this should be its own thread, but in the back of my mind I am always wondering why guru's do the things they do.....
To this day I have not met one Vendor who will show a financial statement. Let's see.... Reasons...
"My ex-wife will sue me for more money"
"IRS will get me..."
"If you don't believe me then you will never be a successful trader"
"I don't need to and Jesus Christ knows what I do..."
etc...
If they do have an edge (which I am not saying they do not!) then why would you exploit it with 'users' and not just throw some serious cash behind the system for a year or so and then walk away and do something that will truly help people?
Teaching middle class Americans to trade is hardly in my opinion a charitable effort although most will argue. I guess because I can't understand it then I will never be a successful 'VENDOR/GURU'?
This system sounds smart, but not any better than any of the thousands of other systems. I think it comes down to a nice voice on the other side of the chat room (an actual teacher) and the confidence one gets from 'hanging' out with the rest of the bunch instead of trading alone. I know I have lost thousands in chat rooms because of those two magical combinations and my 'hope' and 'wishing' to create more wealth from as little effort as possible! haha...
The following 3 users say Thank You to bluemele for this post:
I understand where you're coming from but if I had a system that's consistantly profitable I would print a book,sell the system and open a trading room for a charge... Here's why. My system is now bringing nearly double the income, one from trading the other from sales and the room.
Regarding losing the edge making it public, I'll depend on human nature to cause them to change the paramenters etc or move on when they have a few losing trades. There's is one thing that I'll do different. If my system no longer works I'll inform the room, return the current month fee and still leave the book for sale but add the note it no longer works.
An honest reputation means everything.
The following 3 users say Thank You to ideaman for this post:
ideaman has the right idea, man. No matter what you trade and how you trade you are always going to lose money. If you are a vendor of some sort you will have some (pocket change in my case) additional money that you won't lose. So, if you have a bad day, week or month you should have some kind of income to fall back on. Also if a vendor wants to take a few days off and can't trade, he/she might still generate some income. I'm not sure about a trading room. If that vendor is losing money then the room is also losing and he will lose people and some of that guaranteed income. Likewise taking time off would be hard unless there was a fill in.
Dan
The following user says Thank You to eDanny for this post:
Well, thanks. I do understand 'income' but I guess I am a purist in the sense and always have been.
Or maybe living off of < than 10K per month is normal for myself, so the concept of needing so much more 'additional' income is confusing if you can pull 10K per day out of a market somewhat consistently.
Something you all said really sparked my interest though as with the strategy I currently do goes through very tough patches, but overall profitable, but it is the tough patches where I tend to 'change' my trading style and then the market comes back and voila I am even more perplexed. haha...
I think the big thing for me would be to teach as it always makes you a better trader to give others the information as you learn so much in the process.
A perfect example would be the now famous 'Turtle Traders". Each traders were taught the exact method with same rules. Yet each trader yielded different results.
I've personally witnessed exactly the same thing.
Adding to that: I think the zero sum game mentality of hording one's ideas for fear of rendering them useless over-rated for these very reasons.
I sincerely doubt the successful traders that have shared setups on BIG MIKE are losing sleep over it.
I'm certain some that purchased this setup will succeed with flying colors, while others will fail.
Humans, unlike computers are complex with different personalities that affect trading performance.
I think its no accident that the most successful Turtle was a young kid with a computer programming background.
He just followed the rules to a letter and won. (Harder said then done of course.)
The following user says Thank You to Turtrend for this post:
Like you said, everyone is different, however, why would one not just trade others money instead of the headaches involved with students? I do like teaching, so there is a bit of that, and of course the EGO feed, so I guess I answered my own questions, but why would you not just be a successful CTA and make duckets that way?
I guess this is good for me, because it is enlightening me to see how others think. It still seems confusing, but that is due to my background and experiences.
Hi
I hope I don't belabour this idea, but I know from personal experience some traders feel they stay sharp and or perform better with others watching them trade OR by teaching others.
e.g. Imagine a professional musician that teaches people on the side.
Here's an interesting excerpt at the start of one of the elite journals on BIG MIKE:
Gary's CL method Hey everyone,
I would like to start with a simple statement of the primary idea of this post is to help me. Yes, I said me. I hope it will help you as well, but, to be honest, if it helps me and not you, then I am still happy. I can't help you into consistent profitability; only you can.
The following 3 users say Thank You to Turtrend for this post:
This discussion peaked my interest, so I plunked down the $299 and bought the eminisniper ebook. Hey, in the last 6 years I have spend thousands, three hundred to top it off is not going to kill me.
Studied it last nite, method is designed around two EMA's and a popular momentum indicator and most inportantly,
two specific price patterns for entry. As simple as it appears on the surface, it may just be very effective after all, will have to sim trade it next week. Interestingly, it is no more simpler than what BIg Mike is currently using (multiple moving averages)
We all have been guilty of this; thinking we have been ripped off when we pay $$$ for a system that consists of a few simple standard indicators. What I have come to understand is that indivually, these indicators may fail us however, in the right combinations and approprate setting for the market we are trading, they may prove to be amazing!!!
Its sort of like the simple ingrediants in Pizza; flour, cheese and tomatoe sauce, but in the right proportions this can turn into an award winning product
I agree @bobbyacim. It is refreshing to have a simple system with well defined rules. My sim trading has been going very well. I plan on sniping the live account in the new year.
Hopefully time will show us the simple pizza beats out the complex spaghetti charts
The following user says Thank You to sunpost for this post:
That's where in my opinion you are getting it all wrong. It's not a question of settings or indicator combinations. Here is a place to spend your money which should bring you a bit more than s simple pizza:
Yes, for some it can be the right combination of indicators!!! Indicators are based on price action. They are showing price action in a very objective and consistent way. The way an indicator shows you a double bottom is going to be consistent yesterday, today, and tomorrow. The way a human being sees a double bottom is subject to the entire complexity of his/her psyche from one day to the next.
With indicator aided trading, what you need to do is find the right indicator, or combination of indicators, and understand how they relay price action to you. They relay price action based on the formula they use to process that price action, just like the human brain processes the bars that they see on the screen. Looking at the picture my Moving Average/RSI/Stochastic indicator combination are presenting to me, I can tell you exactly that the market, is in a strong impulse move, I can tell you the market is chopping around, I can tell you the market is giving you a double bottom, moreover, I can predict to you with pretty good accuracy that it is about to give you a double bottom.
I have yet to know a pure price action trader. A moving average is an indicator, if you just have a moving average on your chart, then you are using an indicator in your trading. The bottom line is, you use whatever can give you an edge. If my dog starts barking every time the market is about to tank, I can bet you I'm sitting him next to me when I trade
The following 4 users say Thank You to monpere for this post:
monpere, i agree with you to some extent but from my perspective i believe it's easier to trade an instrument without a ton of indicators. However, there is nothing wrong in using indicators. Judging by the high level of failure in the world of trading, i suspect the search of indicators, right settings or combinations is part of the problem. I think learning to read price action is not the hardest thing but rather learning to cope with the forces within yourself that influence your thought, behavior and response to external patterns is as important then money management.
Btw, why do you feel the need to use an indicator to anticipate the formation of a double bottom or top which is probably he most easiest to thing to do or see ?
I was using the double bottom just as an example that most people are familiar with. I do also agree that most people fail because they are searching for an indicator to put on their chart, and instantly get 95% winning signals without understanding how the indicator moves, and what each of it's different patterns convey.
I spent 3 years studying the MACD until I knew everything about it inside and out, I realized that I actually only needed to trade the histogram patterns displayed as a line, and did not even show the other MACD elements on my charts. I also realized that the MACD would kill me with horrible counter trend divergence signals in a strong impulse move. I started looking at the RSI as a filter, and realized that the RSI would filter out the majority of those bad divergences and keep most of the good divergences, so I dropped the MACD, put my required time in getting intimate with the RSI, and now that is my indicator of choice, but I only look at the RSI average line, the true RSI line conveys no useful information to me, so I don't display it on my charts. I don't know about other traders, but I trade pictures of my indicators, I have 3 or 4 pictures that, when I see my indicator combination forming one of these pictures, I don't hesitate to pull the trigger. I only need to look at my charts for 5 seconds before a bar closes to know if I need to grab the mouse or not.
I had the same process with the stochastics. I can tell you what all your Stochastics lines will look like by changing each one of the Stoch parameters separately, because they each affect the behavior of the stoch in a very specific way. I think we have an instant gratification society and we expect the same of our indicators, but that does not cut it in the trading world. You have to get to know your indicators better then you know your spouse
The following 10 users say Thank You to monpere for this post:
Here's today's TF, this snapshot is before the market opens. All together I got 24 signals for the day, which is typical. As this is mainly a divergence method, you get more signals when the market is ranging then when the market starts trending. I start trading at 8:00am EST and many times I'm done trading before the market opens, I am almost always done by 11am. On a 3 range chart, enter with stop/limit at the close of a bar, target is 6 ticks, stop behind the entry bar (4 ticks), stop gets moved to 3 ticks at 1 tick profit, and to break even+1 at 5 ticks profit. A 6 tick target/3 tick stop gives me a scalping system with a fixed 2:1 reward/risk ratio. I have not included my indicators on the chart to protect the innocent , but they are the good old RSI, and Stochastics.
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I am new here and I am interested in your entry technique. If you wouldn't mind explaining, it would be helpful.
If you have a three range bar, and you enter at the close of the bar, won't there be a lot of times that you will not get filled? I have noticed with range bars that once the bar closes, if you then place your entry at the close of that bar, often times price just keeps going. I am unclear as to how you do this. Any clarification would be great. Thanks.
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You mentioned that your method works well when the market is ranging, but not when it is trending. I have seen plenty of days when the market is trending. What do you do during these days?
With a range bar when you get good enough to see which tick it will end on then you can have a limit waiting for it. That is the benefit of any non-time based, or value type bar.
Ticks, Minutes, etc.. You don't know where it will end up at the end of that minute/tick.
With Range, Renko etc.. you know exactly where it would need to be to close up or down. Hope that helps.
The following 2 users say Thank You to bluemele for this post:
Since I am working with such a small time frame, there are generally enough entries in normal trending markets, and ranging markets, but not in very strong impulsing moves. There is an indicator on this board or on NinjaTrader board that will tell you the prices a range bar will end, up and down. I just put my stop limit order at one of those prices depending if I am going long or short.
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Thanks for the help. I have tried divergence trading in the past, but it has never worked for me with any indicator. If you keep on taking trades against the trend, and the trend keeps going, don't you get run over?
I have heard that most of the pro traders out there trade with the trend. Going against the trend is dangerous I always thought.
Would you mind posting some more charts? I primarily trade the 6E, so charts of that would be most helpful.
I guess that discussion belongs more in another thread, but in that small of a time frame you get a subset of normal divergence signals that are with the trend. Some divergence traders also trade 'Hidden Divergence or Reverse Divergence' which also go with the trend (see thread
I am re-coding Dadof3and3's, beautiful piece of work, D3Spotter to use the indicator's (ind.) data-series as the primary divergence (div.) comparison and price as the secondary div. comparison. First I'm tackling the MACD Histogram, because …
) but I do not trade those . You can find some info on that if you search for it. I also have one with the trend setup that I trade that is not divergence.
