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Update Nov 24 2010: If you just found this thread you should know that my trading has evolved during this thread and the way I trade now is completely different …
hi cunparis,
how do you determine the difference between a high volume breakout and a high volume fakeout? where the high volume fakeout usually goes back in the opposite direction. i hope i am not duplicating this question - i have only just found this thread.
many thanks for your thoughts and comments
hi cunparis,
i have attached a chart and my question is what made the upmove at 8am a bad move - (high volume fakeout) this occured on high volume and why was 9:45am a good hvc -- we know now because the trend continued.
many thanks for yr help
This is why I don't trade breakouts. In fact I expect all breakouts to fail so I try to either enter at the market turn before the breakout so that if the breakout is false I'm already in a no-risk trade, or I fade the breakout. Or I wait for the first pullback after the breakout to go with the trend.
In this case I think divergences in the order flow show that the 9am breakout was weak and the second breakout had momentum behind it.
See my journal thread for more information on how I use the better momentum indicator.
Hello CP, I'm familiar w Barry's systems & would like to know if NT7 can support the Better Momentum indicator? I would like to get this and his Better Sine with the text.
Ps. I read this entire thread today and it blew my mind away! Needless to say, I'll be reading it again!
Pss. Glad to see your trading methods evolve successfully. Like you, I'm trying to make a go of it full time.
Hi akso. I'm not using NT7 so I don't know what will work with it. I'll wait for NT7 to be final for several months before I even think about testing it. I pretty much use NT for the DOM only so I'm happy.
If you really truly want to use barry's tools then I suggest getting tradestation. It's $125 for TS & ES data. The other choice is multicharts which is around $100/month so I'd just get TS. If you want to use Ninja, I'm working on releasing my pro paintbar for Ninjatrader.
Just so you know, I'm no longer using Better Volume in my trading. Check out my journal, the first page has links to my other threads including the market cycles thread. Also check out my blog where I post videos including a few done in real time.
You got it CP. I will check them out. And thank you for being such a strong contributor which helps guys like me. I will reciprocate when I become consistently successful!