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As a newbie I'm really enjoying the learning experience here.
Thanks so much Perry
Could you or anyone else comment on the attached chart and my anaysis
Also perry is there some explanation somewhere for the changing colour of the price bars?
Say for an uptrend, the bars can be anywhere from yellow to pale to medium and dark green.
Should I not enter a trade if the bar is yellow, even if all other criteria are met?
thanks Greg
Can you help answer these questions from other members on NexusFi?
Those are the rules of this methodology. If you play around with them you are playing russian roulette. The art of trading is to have the highest probabilities on your side. Sure you may get a better price in a number of trades, but in the long run you will loose, so stick to the rules in order to reduce your losses.
When you look at a chart historically you can always say what was better, but in real time YOU DO NOT KNOW WHAT WILL HAPPEN.
Your setup bar is correct, and the entry is ONE TICK ABOVE THIS BAR. I do not use any color change of bars, but the plain Red and Green for up and down bars. Because I am looking at price action as the main issue, I also want to see the original color of each bar, nothing colored for distraction. The rules tell you what to do and not he color of the bars.
Perry
What I meant by the better price fill was... I assume you are meant to enter on the start of the next price bar ? and if that opens 2 or 3 ticks lower and assuming we are going long...why not take that fill price?
why set it higher (ie 1 pip above highest hi) and lose some up side?
With the use of Range Bars AND the Rangebar indicator I know in advance WHERE the top or bottom of the bar will end and at what price. Once I see that I can go long, I place my Stop Order at 1 tick above the close of the bar I know where it is. I now have no stress and wait for entry. I do not know in advance if the bar will open and then go down or it will shoot straight up. YOu have no time to play around in real time. If you wait you will start chasing the trades and get eaten alive. Once again, when trading stick to the rules, if you do not you will get eaten alive.
You had a valid entry bar on the yellow candle beforehand according to method 2. The ADX is turning up so be careful as to watch ONLY colors for chop. I have explained this a number of times in this thread how to read the ADX.