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In trading the YM......I have been increasingly leaning toward the 15 range bar chart.
To me.....it doesn't lie. I don't like to over trade. I only want the choice moves....and I feel that the 15 range bar gives that to me. It's the "three bears" chart....just right.
Jeff, sorry to ask you so many questions but are you finding that the TEMA dot doesn't print until the bar closes or does it print on the beginning of that bar formation, in other words could that TEMA dot repaint or actually disappear before the bar closes?, thereby giving a false entry?
Jeff, sorry to ask you so many questions but are you finding that the TEMA dot doesn't print until the bar closes or does it print on the beginning of that bar formation, in other words could that TEMA dot repaint or actually disappear before the bar closes?, thereby giving a false entry?
BTW Thanks for all your hard work in this thread
Yes, it is possible for the tema dot to disappear. You could set the calculate on bar close to true and it will not disappear....however you will probably miss the trade. This is especially true on a slower chart. It's nice to have some additional confirmation like the break of a recent swing high/low as shown on todays oil chart
You know.....I don't worry about repainting that much. I don't like it......but I accept this as a reality. The market is dynamic not static. As such you never know what to expect. You could get the perfect, not re-painted signal and it still might turn on a dime and take you out. Try to get a confluence of events in your favor. Don't just wait for a dot to appear. ( it could just as easily disappear) Monitor intra-day support and resistance along with the daily pivots. And try to trade during the best part of the trading day. The likelyhood of re-painting is lessened when there is strong participation in the market.
Do you wait for the blue bar and blue line to finish to enter the position? Or do you enter the position once you see them painting?
Thanks!
Actually, I enter two different ways.
Most often I will have a buy or sell stop resting in the market. I have observed the action of the indicators so much that I know what conditions that must be met for the signals to be generated. I place my order at this point and wait to get taken into the market.
Other times I will enter at the market. In this situation the direction has usually been established and I am anticipating a continuation trade. If I get a good pullback I'm ready to jump on the next signal......which is the sharkfin resuming the trend.
I am constantly drawing lines on my chart to identify swing highs/lows and trendlines. No indicator that I have found can do this as well as a trader can do it manually. I find that range bars are particularly well suited for this purpose as they only deal with price....which is all I care about......other than time of day.
I try to think in terms of making new highs or lows....breaking important support or resistance....closing opening gaps....testing yesterdays high/low....testing globex high/low.
Just remember that entry is the easy part.....then comes the important stuff....how to manage your money. When to take profits, when to move your stop up, when to close the trade.
Can anyone please share the version of stepma indicator Jojo is using? The one I have didn't get loaded with this template.
Thanks.
Jojotrader
Back again,
This time my more simplified chart (and Template) for Scalping Purpose.
But be warned, it looks easy (always) but you need to trade out of your comfortzone and buy the pullbacks, and selling the rallies.
Here EUR/USD or 6E12-09 and DAX 12-09 futures contract at SbSRenko 3 ticks.
The best thing about it is still the ADX yellow line....you need to watch this line always, because this is when you need to be on the lookout for trades, if a bigger trend denvelops, I just love this indicator...same for the StepMA.
Keep playing with the settings untill you comfortable with it, here ADX is set to 13.
DIRECTION IS ALWAYS GIVEN BY STEPMA IN THIS CHART.
Use this setting also for YM (Don't forget:You still need 2X chart for bigger picture)
Good Trading.
Jojo
Sharky, Jeff, thanks for the free indicators and the forum, love to hear your comments.
Also, if anyone can add sound alert to the STEPma, I would be greatfull.
It should be in the Download section of this forum.
But here it is. (At least I hope so, because I'm not at my trading desk right now....)
Should be the StepMAV71 you need to use.
Jojo
Elite Membership required to download: StepMa_Sharkypkg.zip