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set a wave on your favorite instrument and use just a line chart (timeframe doesn't matter) and watch how it flows. I attached a ghost template.
The size of the waves vary but there is a similarity among them. This is the flow of the market. Can you figure out how to profit from this....
If any of you surf - you can not tell if a big wave is going to form you can only tell a wave is forming and you react accordingly.
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put chart template in
documents/Ninjatrader6.5/Templates/Chart
shure, the waves come up in all timeframes - but you have to find out whats really tradeable - in fact of speed + slippage - to get sensemaking fills and enough ticks running after your entry.
in this direction i have no idea yet how this will be in live the c-future + not only watching it from a static chartpicture.
iE rangeCharts -- the fill after a barclose is a minimum 2 ticks away if price doesnt come back some ticks on the next Bar.
Max if you have a risk/reward timeframe you like...don't change it. Time frame is a personal thing. I am just advocating looking at the market a little differently (more visually) then using a derivative of a derivative like stochastics, or macd, or any of the trillion other indicators. Does one way work better than another...? This works for me. The actual colored rainbow is too busy for me but the idea behind it to me resonates.
So- What we are looking for is a price you don't think we will see again for a while. (in other words the market will move away from there) So somehow we have to segment that price in our mind from the rest of the prices. Maybe if it is in a differently shaded region.... hehe. Why is that any different than using the excuse - the macd was rising or the baruck tranken flux capacitor oscillator told me to take the trade. We can't predict what's next. You can only predict what you will do if you are wrong...
I trade the Rainbow with 2 Screens - on the left 5 sec and on the right 30 sec for the big picture.
Important is the Spine, S/R and yes Price Action + Speed.
You have to do the same thing 3 - 4 - 5 Month on IB Paper Account, then you know ;-) Ninja Trader + Interactive Broker is a very good premise.
Every month I try same new indicators, but it does not help :-)
after two days I have the same old screens in front of me...