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I can't seem to find the "Three Bar Reversal" in the downloads section. Does it have another name?
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
I highly recommend doing Adam Grimes’ course. It’s like 25 hours and it takes you through everything a trader needs (journaling, psychology, market structure, etc., etc,.). Best part is that it is completely free. I would recommended his book as well, it goes very well with the course. The book of course you would have to pay for. And with you trading for a few years, it could potentially fill in some of the holes you may be having with your system/process/plan. Anyways, hopes this can help.
The indicator that I mentioned was in a thread because it had a problem that was fixed. The indicator is named as follows ThreeBarReversalPaint.cs and can be found in a thread named Three Bar Reversal, page 1, post # 4. I'm using it with the latest Ninjatrader 7 version on the Ninjatrader website. It is a .cs file which is easy to install. If you need further help with the .cs file, please let me know. Or you can probably find out info on .cs files at futures.io. When using the indicator put it to False on calculate at close of bar and True to the other options regarding showing all reversals. If you study it you will realize that the candles are showing price action by virtue of color.
@Ty199 Apparently, there are some on the site that did not realize that I was talking about rudimentarily learning a system. I was NOT espousing going live with the stops I mentioned. And in no was this sophisticated money management. All I was trying to do is give you a plan for learning the mechanics.
Although I am not using any indicators now, I would give you a nice setup to help you get some confidence in "Pulling The Trigger" to place a trade. Just setup the following two indicators on the platform you are using for trading.
1. Use either the MACD, or the PPO depending which one your platform has. If both, then select the PPO (Percent Price Oscillator). The settings for either one are 8, 13, and 9 (for the moving average). If there is a choice, I would select the Exponential, or the Front Weighted type of average.
2. Use the ADX with +DI/-DI and set the period to 10. Use Green color for the +DI and Red color for the -DI and use maybe Blue for the ADX, it really does not matter as long as it is different from +DI/-DI.
Now if you can, place the PPO, or MACD on top of the ADX +DI/-DI and watch for the following to occur. At some point, the PPO moving average will get close to the ADX line. Like the PPO average declining and starting to turn up, while the ADX line rising and starting to turn down. In other words, those two are getting close to each other and then starting to pull apart. Once this happens, watch for a cross of the DI lines and if the +DI (green) line crosses over the -DI (red) line, then this is your signal to go Long what ever you trade. The opposite holds true for going Short. BUT, the signal starts with the ADX and PPO average getting close first and then pulling apart. That's where the trade setup starts.
If for some reason your trading platform does not allow you to place those two indicators in this fashion, then if those two lines mentioned above, instead of coming together they will be pulling apart before they start coming together. I know Ninja Trader lets you place them any way you want, but some platforms (Like Interactive Brokers) place them in alphabetic order with the ADX on top of PPO (or MACD).
This setup can be used on ANY time frame, ANY! So, try it and wish you the very best and remember nothing is 100% in trading, BUT this setup is as close to being a Holy Grail as anything I have seen in my multi year trading career. GOOD LUCK and GOOD PROFITS!
First thing I saw was long positions on that chart due to being above the 50 showing bullish at the time. I know ema and sma are are not the same on differant time frames. You prefer a 1000 tick chart ? Im going to have to play stupid here and ask what you mean Delta Chart. I only know Delta as an option term.
Ty199! Thats MY story. Same evolution. Except futures then penny stocks... forex... then back to futures... everytime loosing tens of thousands. Yet I dont feel like I can give up. Its IN me now. Once you get to a certain point YOU dont need a trading coach! You NEED an ACCOUNTABILITY coach. I have a profitable strategy now that Ive been testing but I need a few thousand trades to verify l got something. So far im CONSISTENT for the first time ever. And it comes with a certain confidence. Ive probably studied every day since I stumbled across trading in 2015. This is MY strategy, like Richard Dennis used to say "I could print my rules on the front page of the news paper and no one would listen." I am still a kindergarten trader but of all the posts here, and some seem dangerous, Mich62 has some REAL traders here. (I have followed Beggs for years) I have my own. He is a day trader. He has hosted here and Im sure Big Mike would agree has contributed something to the trading community that is quite impressive in its own right and is as timeless as it is extensive and concise. I HAVE ZERO AFFILIATION TO ANYTHING TO DO WITH HIM.. but I buy it all and think his video course is possibly the only money you will need to put out as it has EVERYTHING you need and you get a nearly inexhaustible content. He trades almost exclusively on the 5 minute Emini S&P with no indicators other than the 20EMA. One other thing. I spent many years programming easy language in Tradestation. I am not saying it was not a great learning experience but I challenge anyone on here to show you a consistently profitable peice of code. Its NOT that easy. Even less easy trying to let it trade. Btw that trader is Al Brooks of Brookstradingcourse.com