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Hey Jeff, I downloaded the indicator and it was the same as mine, no differernt. You might of attached the old file by mistake. I went ahead and changed the mislabeled rising/falling labels and changed their colors.
Ditto for me today! Hit my loss limit and had to quit. Feels like a time out back in grade school, but I know it's important to maintain discipline for capital preservation. There's always another day!
Have you ever looked at Bill Williams Chaos Theory system? This is how he enters - I think he call them fractals - swings hi/lo. There is a Ninja indicator for them.
Not just important, absolutely critical. Congratulations on having the discipline. I didn't for a long time and instead of quitting I kept going and ended up losing twice as much.
Now if I hit my loss limit then I stop but if I really feel the urge I just put the DOM in sim mode. and if I get loss limits on a week then I go to sim for a while. I'm on sim now because of this and I think it's keeping me out of the choppy summer vacations.
sukhsan is spot on regarding the wave high (or low if shorting) on the OBV. To add some clarity to that what I am specifically looking for is to see if the breakout in price is confirmed by a breakout in the OBV. So I'll draw a horizontal line the peak OBV level that conincides with the price that I'm watching for a breakout. Here's an example of how it would have kept me out of a good trade which is unfortunate but if it increases my odds of hitting winners then I don't care if I miss trades.
Another way you can approach OBV is to take the breakout trade but exit quickly if you find it not being confirmed by the OBV. That would have worked on this picture as the OBV confirmed the breakdown thus keeping you in the trade. Then just manage your stops aim for your targets.