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This is my contest journal for theBig Mike Challenge 3 - Win $750 in prizes. I will trade live and document my month of March 2012 here, trading ETFs and eminis. NO FEAR.
The trade is in the rectangle. I was looking for a trade with the red bars. The ZLEMA was red also in a down trend. As the RMI approached the 70 mark I place a stop order below the first red bar in the red shaded area only for the RMI to turn turn green and reverse. I canceled the order. I waited for the price bar to touch the Bollinger band and then replaced the order below the second red bar in the second red shaded area. I waited and it executed. Only for price to range a bar higher. The Schaff was flat and the Laquerre went flat as price ranged down a bar. I had a bracket order and I adjusted the stop one tick above the ZLEMA and waited. Finally the RMI reversed and turn green. I pulled my target order up a little and finally again price returned and executed. OCO. As you can see the Schaff and Lag remained flat and price returned to the bottom of the channel. On the completion of the next white bar all three panel 2 indies broke out of the bottom zone.
I was going to take the next trade when the first green bar touched the Bollinger band in the next blue shaded area. But the Market was slow and choppy so I didn't. It would of been a failed trade. After trading hours, I started to tweak the indie settings. I reviewed the Schaff and Laquerre from the links in post 2 and adjusted per the articles. For me the Schaff and Laquerre are unique indies. I am a good trader but only as long as the market wants to give. I want to stay in the trade longer in these ETFs and not jump out on every reverse of the RMI or white bar or diminished shaded area. I need to read the price action and hang with a trend and ZLEMA. March Madness gives me the opportunity to experiment with the indie parameters. Hence tweak them as I did with this image. If I trade the 6E, it will just be a trade in the shaded area.
I am working with 4 range charts. But I have found that you can get in late and out late. Combine that with slippage from using stop orders and profits can be pretty thin. From 4 range or 4 cent charts I moved to 2 range (cent). In and out quicker with a signal change. I still have 4 range charts up for reference.
