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ONLY TRADE IN THE DIRECTION OF THE EMA(20). Never try anything else. This will keep you in the money and sane, with no stress.
Trading Method 1:
Long Entries:
1. The EMA(20) - the coloured line - must be going UP. Colour = BLUE
2. The EMA(5) - the black line - must have gone UPat least 2 Bars or more.
3. The Setup bar LOW must be LESS than or touching the EMA(5) and the Setup bar HIGH must be greater than the EMA(20).
4. From the Setup bar, count 5 bars backwards including the setup bar.
5. ENTER the trade 1 tick/pip above the Highest High of the 5 bars.
6. Confirm that ForceIndex = BLUE
SHORT Entries:
1. The EMA(20) - the coloured line - must be going DOWN. Colour = RED
2. The EMA(5) - the black line - must have gone DOWN at least 2 Bars or more.
3. The Setup bar HIGH must be GREATER than or touching the EMA(5) and the Setup bar LOW must be less than the EMA(20).
4. From the Setup bar, count 5 bars backwards including the setup bar.
5. ENTER the trade 1 tick/pip below the Lowest Low of the 5 bars.
6. Confirm that ForceIndex = RED
To start out I would recommend using a 2 or 3 range chart because your stops can be very small. I would then recommend trading 2 contracts, with a proft target of 4 ticks for the first contract, and a 8 tick profit for the second contract. A total of 12. Your SL can then be 4 ticks. When the first target is reached, put SL to BE less 2 ticks. All this can be put into an ATM strategy. A trade like this can give you $150. A few of these a day can be good trading. Later on if your account grows you can put 4 or 6 contracts, and take less trades.
Thank you very much Stifland for your clarification without which I would always think the ADX "green" on Perry's set-up for Short was an inadvertent typo .. sorry!
I went through the Elite Download section and am unable to locate the following indicator:
JeffsUniversalMovingAverage
I tried 2 filter searches, ie Jeff and MA. Hmm, it's hiding from me. Will it be available from Jeff's new CCI thread? Appreciate more direction please. Thanks Perry!
Beth
++
Please DISREGARD the above request, I just located the indicator from the following thread Post #1:
Here is an update to the DM indicator. Background colors are now available and are user selectable. Alerts are also available, both audio and in the Alert Window (shows which chart alert is from). Dan
Also - alerts are untested because I haven't run this through Market Replay.
Here is an example trade of the 6E just after opeing trade today (Sunday), using the latest DMplus v3 with background colors. Lovely trade. Text book trade.