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Still scratching head.... In search of GAP trading I found this on the WEB... Still working and don't know value as yet... Saw it referenced by another trader on Amazon... After digging found it in PDF format free
A couple of comments. From #2 on your trading plan, exit if not profitable in 90 seconds...that might be asking too much given the volatility we have on the ES. I could see that maybe being viable if you're tick scalping or something beyond that, I think you could expect to take a little heat off your entry.
I think it also might be helpful to identify an entry and exit scenario, rather than go by gut feel. You've got a lot going on with your charts as far as levels and indicators and such, but you could probably pick a set of criteria and go from there. If price breaks the PP and condition X is present, then I will enter a trade sort of thing. Then you can develop a risk overlay and do some back testing. Or maybe enter a trade when the IB high or low is broken, you would buy or sell the breakout if X is present, or enter on the pullback to that area if X is present, or fade the break if X is present.
I don't think that any one of those things also has an edge by itself or even in combination with some other set of circumstances, but if you have a good risk overlay you might be able to create a profitable model from which to start.
I have found it's very hard to count waves with bars under 5 min. The concept behind a "wave" is that the price action is conveying information, but the period is so short that that information you need to make a decision hasn't necessarily shown up in the chart pattern. The reason I say this is that anytime I see a lot of bars with the same price tops and bottoms then the peaks and troughs have less value not more as it doesn't take much extra volume to create a high or low tick.
If it's working for you then great, I was just wondering.....
The wave time period off my trading chart is automatic indicator from TOP DOG TRADING... It is dynamic and wave count numbers change based on Dr. Barry Burns rules. I only post just my trade chart as it would be a bit much to post all my charts as I look at multiple charts throughout the day to base trading decisions on.
Here's a look at my heads up display. I primarily go off Stochastics for my trades. I prefer to have 15/6/ and 2 min charts in agreement, but won't always wait for that to happen. If you want a better more detailed picture right click on picture select save as from the pop up menu and save to your computer. You can then open the JPG file with any photo editor to see more detail. My trade chart is that small chart near the lower right hand corner.
Thanks and hope this clears up peoples questions about charts.