Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
It's as though you only caught some of the posts within this thread. Go back and see the posts on BBs to help understand when they would likely be taken as the priority setup for entry. Often, the consecutive price bar gets you in early in a reversal trade and is comfirmed by either the CCI countback or the 1st CCI bar >-45 or 45.
The comfirmation can be on the same bar or the next bar. You decide which entry is best for you to trade.
Although there may be several possible entries, each which can be winners, the best entry allows one to move the stop to better than breakeven quicker, which will also help prevent a loss. You should have very few losses once you see and understand all the entries I have notated in my posts.
As far as the 5 min chart, that is for those who do not use the tick chart or is another proven example that one can trade and shows the system's versitility. I explained my preference is the 377 tick.
I hope this helps you understand that you can make this your system, if you choose, and you can tweek it to suit your trading.
Thank you, WK, for taking the time to answer my questions. Although I have looked over all of the posts, it will likely take some time to get my head around it all.
Do you use any stop loss for your trades in the event of an immediate reversal?
Should you have the time, I would love to see the proper exits and entries for today. I was unable to compare your other charts as my trading platform (ORC trader) doesn't provide tick chart data back more than a few days.
It might help not trying to absorb all of it at once. I tell new traders to only concentrate on the trades that are with the trend. When they get that part down, they can start learning when to trade counter trend . I personally don't take counter trend trades. It's up to each traders trading style.
I don't use the CCI 45/-45 system , so I can't help you with that one. I'm sure ESFXtrader can give you insights on how his system works.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
Good evening. What instrument and chart type have you had success with this method on? I threw together something with strategy wizard (attached) and could not back-test a profit so far. Thanks for any more info...
entry on CCI bar >-45 or 45 with BB
ESFX
can you help on something here,
beside 5 count and CCI bar >-45 or 45. How do use BB to entry or filter trades/
also is 5 count just for exit and NOT re entry?
I did go thru posts, but still not clear. appreciate your response
The multiple entries offer many opportunities for those who might have missed the best entry. I prefer to always take the best known entry at any given price action. Obviously, we can't see the future action, but most of the trades are pretty easy to catch early on and are confirmed by another indicator &/or divergence. The chart on TF of today should help you understand what I am looking to trade. Remember that outer BB usually offers the best entry, but when it rides the outer BB, there is no entry until a retracement and continue back to it. Many of the best trades will never make it to the outer BB and reverse the trend and that is why the other entries are so important to the system. Each entry described will show up each day on several occasions. The more you get comfortable with what I have notated, the more quickly the trades will jump off the charts for you.
I use the 5 countback for both entries and exits. I must not have made it clear.
Check the action for today and see if you would have taken these trades:
@8:[email protected] & C @782.7 @9:[email protected] & C @778.9
@9:[email protected] & C @783.6 @9:[email protected] & C @777.7 (candlestick) or 776.0 @ Divergence reversal
@9:[email protected] & C @781.0 @10:[email protected]&C @780.7 or a Max of 777.8
@10:[email protected]&C @782.7 @10:[email protected]&C @779.8
Total # of ticks counting the lower net total shown above is 257 ticks. If you got only 80% of the lower total,
you still made 205 ticks in 8 trades. That gets you out of the market by 11AM.
Maybe that gives you some idea of how well this system can work.
I have NEVER found a correlation between back testing and actual results, with either Trade Station or Ninja Trader. I record all the trades manually in Excel. Attached is a spread sheet for TF for Dec 2010. You should be able to match up the trades in Excel with Ninja Trader charts for TF 12-2010 for first 15 days and TF 3-2011 for the rest of the month.
In the attached Excel book are two sheets, Unfiltered and filtered using Ema's 5,13 .
You can PM me with other questions.
Please try and keep the discussion in this thread focused on ESFXtraders system so the Mods don't boot my carcass out of here.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
You should add a 'quick summary post' (post #2) on the thread and specify there all the rules of the system in bulletted form, and any associated customized indicators, then you just update that post with answers to commonly asked or repeatedly asked questions. If is difficult for people to understand the entire system when they have to pick up some of the rules bit by bit and by various 'clues', over many different posts over many pages of posts. Otherwise, you will keep getting the same questions over and over again from everyone who first discovers the thread, and it will get worst, as the thread grows. until it will totally get on your nerves I myself don't fully understand all the rules, but I don't want to read 200 posts 3 times to make sure I pick up everything. I prefer to wait for the new thread readers to ask the questions I have and read the answers, cause I know they will ask them
We can see how strategic you are. A strategic thinker can quickly recognize the chaos they have to navigate. Sometimes the best move is to not move and wait. Good observation monpere.