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Mike
Posting another 6E - 3range chart, today's chart
It is missing a Green dot at 13.45 as you can see, it crossed +45. would appreciate if you can verify.
time 13.45 is cst
Can you help answer these questions from other members on NexusFi?
The purpose of this post is to show those who have not seen this: An IWM 5 min chart on top with an IWM 10 min chart on bottom. The upper chart has a 62EMA and the lower chart has a 31EMA. Here, it is easy to see that the MAs represent the exact price points at any given time. Therefore, one can use both the 31EMA and 62EMA on the shorter time frame and quickly get the support/resistance of both charts, as well as other additional aspects it may offer. One might see how a trader could take advantage of this and use other charts for other instruments. Therefore, once one gets used to the look, it does not look overly busy. By the way, you can do the same thing with MACD cross. By doubling the values of MACD., you get a similar result on a single chart on the same sub-graft. Note the only difference in the upper and lower MACDs is the 3rd value (MACD length), where the upper is 18 and the lower is 9 (default).
WK
yes it's correct. i think i mentioned in my first post where i described this indicator that you may get numbers above and below at times. it just depends when the crossing of the -45/+45 occurs. the numbers above the line are for the crossing of the +45 and numbers below the line are for the crossing of the -45.
A count back of 5 or a BB setup may offer a better reversal than that of the 1st bar reversal. Secondly, always look at the price as comparied to the BBs and do not take the 1st bar after a big move in price or where it is at the oposite BB or if the bar is to long....on the long bar, wait for 1/2 pull back within 3 bars or so, depending on the time frame you are trading. Don't just look at the 1st bar >45 or >-45. Also, remember.....no plan is perfect.
Learn the system and the trades pop out at you.....look at a lot of charts.
Also, sometimes the arrows shown indicate only a close of a trade, not a reversal, as there are other indicators that may help show the reversal.
Never expect any setup against a strong trend to continue in the reversal for more than a few ticks and therefore it is best not to take them unless they are outside the outer BB. Then look at the overall price action and make a good judgement and you will most often be right.
Here is the continuation of 1/4/11 on the TFH11 5 Min chart.
Maybe this will help.
Good Trading.
WK
WOW!
And in the middle of the night. Not much sleep yet. I ran across Mikes Journaling and can't put it down, so to speak. Well, you know where I will be in my spare moments going forward. I am now realizing the importance of journalizing. I had thought it was a waste of time. I can't thank you enough, Mike, for this site and your journaling. May God Bless you, your family, and all you care about.
Thank you very much!!! Now time to get some
WK
hi all,
i made a nice + free addon to websouths NewIdea- template.
Proudly presenting here today : the WaveRiderDots ! :D
maybe websouth can have a look at it it adjust the setting if nessecary - cause he is the WaveRider-Master here.
for the …
using a condition-controled "dotted line / plot" (iE EMAs or a flat horizontal line)
makes DOTs adjustable in size & color and also brings them away from being a drawobect.
maybe this is something useful also in indicators like yours here.
i have no problems if you use the DOT-codingtrick outside of elite, but the wavelets itself should stay in there.
ESFXtrader, it's not clear to me, when we see an arrow on your charts, do you always enter at the close of that bar ? For example, certain reversal trades you take at the BB, do you take them when price hits the band (Sell limit before price gets there) or you wait until the bar closes in the anticipated direction (market order/ Sell stop) ?