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Thanks for all the good wishes for my wife, she's doing better but still recovering. Fortunately nothing life threatening but just in some pain. Been a bit busy with that and holiday things so haven't had much time to update the journal. Plus, I'm still working on hashing out some rules on my entries. I've finished the Ross Hook book (I'm officially a hooker) and am working on some of the subtle nuances he hits on in that book that I believe make a big difference. I'm also working on incorporating some of cclys volume ideas into my approach as well.
Hopefully I'll have some charts and more detailed updates in the next day or two.
Blz
Can you help answer these questions from other members on NexusFi?
So I was turned onto this idea from another trader. In essence it's price action trading but using a 6 Range chart rather then a minute chart. You can see where typical patterns occur (e.g. Ross Hooks, 123's, etc) and focus on support and resistance to note strength or weakness. Perhaps a nice focused way to watch price action and utilize good contract management (e.g. smaller stops yet giving runners a chance to run)
Glad you like it lolu. The MA is actually propietary so I won't be sharing it however I believe the same idea can be achieved by using a WMA, Triple EMA, TS Supertrend, etc. Whole concept is trading support/resistance and price action but just using range bars to clean up the action a bit.
I already have similar setups, one using WMA and the another using TSSuperTrend. I'm also using SbSRenko and pure (regular) Renko. The pure Renko is mostly on NT7Beta.
Just wanted to pop in and say "thanks!", good job on the posts and journal, and keep it up.
Have you changed anything in your method as a result of this thread?
Have you learned more about your strengths and weaknesses, and applied some sort of plan or effort towards putting them in play as a result of this thread?
I'm asking a lot of journal writers the same questions, looking forward to the answers
Thanks for the follow up Mike. I'm certainly learning some things about myself and my approach. I think the two biggest things I need to work on are being mentally prepared to take a loser and jump right back in on the next signal and making sure I give my runners room to run. I believe that for this particular approach the runners are of utmost importance.
I'm still tweaking and working on a few things with my approach though I'm trying to keep with the same general strategy. I was going to ask you Mike how do you get the envelope expansion bands to fit appropriately to 6B. I saw your 6E chart with them and it looked good. Whenever I try applying them to 6E/6B the bands are too far from the price action and they never get touched.
Thanks again for giving me some questions to think about. Lately, I have been incredibly busy and have not been unable to work on my trading hardly at all. I'm hoping to spend some time this weekend on it.