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This forum have a lot good material to do trading, but question how to use them in effective way , this comes only with training, practice and observation. In this regard todays post of JEFF is very good. I am posting a simple image , that shows the effectiveness of stuff available on this forum. Need to explor......
It is paintbar study that is intended to make bar colors the same in the trend. Very simple from programming prospective, if you consider all the paintbars available on this forum for the trend following they are all looks the same or very similar. I like this one because of the simplicity, I was using it in automated strategy. Recently I am not using paintbars in my trading, I believe you could read from the standard chart existence of the trend and pullbacks etc.
It happens rarely. Most of the cases when it happens, the subsequent bar doesnt cross the high/low of the previous bar. We take positions only above the high or below the low. So the signal is nullified.
I trade ES and 6E.
My timeframes for both are:
Weekly, to get a feel for where the market is going.
Daily, to take a closer looks at weekly and find major fib targets.
15min, to find today's trend/entry levels.
2-4 range to find the entry triggers.
Although I use templates other than the ones Jeff uses, I like to follow this thread because it let's me see what others are doing and they are some very good traders here at futures.io (formerly BMT).
In a few months we will be setting up for Mardi Gras, you should come down.
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
Again, thanks for all of your posts. I am so new at this and don't know half of what you guys know and wish I could have you along side of me everyday to make me a better trader. I am doing this full time because I have nothing else to do for income and this has to work. I only tell you this so you know how serious it is to me.
What I got from your thread so far is a better understanding of when or where to enter the market. Usually I feel pressure to get in because I don't want to miss a move. After reading your thread I think now I can see where to enter and let the market come to me and not feel like I am going to get left out. So, you have taught me patience and I have the shortest fuse. Doesn't make for good trading somedays!
As far as templates, I just felt like yours was easier to read and that you know alot more than I do, so I was just trying to piggyback on your knowledge. I know I am begging for your info and hoping you will be gracious enough and give me anything you are willing to share, so thank you in advance.
Thanks again for all of your information and teaching me to become a better trader.
I want to point out that, regardless how nice Jeff's AYN setworks work in a trend, you will still get hammered in a chop if you don't use something to help you to identify and avoid it, other indicators notwithstanding.
I find StepMA and Sharkband most helpful in this regard.
Johnny, I would suggest taking the above and posting it as a new thread in the Psychology forum.... there is lots to say/comment on... but this is not the place.