Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
so what i want is to give my rules for entries and my charts and indicators for anyone who is interested in the sharky style of scalping. to start i use a 4 range chart to trade with and an 11 range chart to see the long trend and to help me with my entries. on my 11 range chart if my 14 zerolag 1 adx has plotted i look to see what color my candle is,what color the jt stat is,what color the macd is,and what color my 7 zero lag dma is.if everything tells me to go long then i only take longs on my 4 range and vise versa. i always try to trade with the jt stat on my 11 range for entries and i use the 4 range jt stat to help with exits look at my charts for more on that,if my jt stat on my 11 range is green then i look for a entrie on my 4 range,then when my jt stat turns even alittle red on my 4 range i start looking for a exit. my method of trading is looking for a break up or break down out of a consolidation period. some traders draw a support line in chop and trade when the price breaks above that or below that,it's what im doing also but im letting the adx automatically plot it for me so i dont have to draw it everytime myself.
i only trade the zn and i only study the zn so im not sure how it will work on other markets you have to remember every market has its own specific behaviour...sharky
Thankyou very much Sharky for giving a clear guide in the one place. Very much appreciated. Hopefully this will help the newbies to find all the info in the one spot. Thankyou for sharing.
Regards
You might also consider starting a Social Group specifically for your "followers", or people that are trading your method or interested in learning it.
You can then stay very organized, have discussion groups within your community, etc.
and I thought I was up to date with settings. Apparently I missed the last changes.
I got some questions on the the third chart in the first post.
I can see the entries afterwards, but if this were a running chart...
- I think I might have tried an entry at 07.40 seeing it as a failed pullback and ECO positive and bottom bars blue.
Or does it disqualify for you as there was no consolidation white dot yet?
_ At 8.05 I would have taken a trade seeing ZN coming up through consolidation. I see afterwards that it was a 'no trade zone' based on a very flat ECO, but how do you see/sense that you are entering chop?
Same at 9.39 how do you know you are in chop.
After 3 chop moves I might have declined the 9.35 one. How do you assess at 9.35 that you might be out of the chop and should trade?
I am a very good 'afterwards' trader I see the setups after the fact. But in a developing real chart I tend to take these chop trades and then chicken out of the following good ones.
Any advice?
One last question on the 13.10 entry. Would you wait for the 22EMA/22ZLEMAbars to turn red before taking that? The ECO cut the 0 line well before the EMA/ZLEMA bars turn red.
In my replay training I found a couple of times I got in too late on the move if I waited until EMA/ZLEMA conformation.
But when I set the 22/22it to 19/19 to try if that worked better for me, at times I got in too early as the ECO proved to be a fake-out.
fist peter the charts above are just examples for everyone to see the overall method,but you look at your 11 range and see what direction the market is moving then you look at your 11 range and see what color the jt stat is then you go back to your 4 range and look to see where the eco is and what the 7 zerolag color is and if there is any adx dots your only trying to get 3 or 4 ticks per move thats all, so if everything is saying go long you jump in and then back out then you wait for a new set up. every set up only try to grab 3 or 4 ticks,this in not a method of traqding to get alot of ticks this is only a quick scalping method that i made for me for scalping with many contracts,alot of it is taking educated guesses what the market is doing based on many hrs of watching the zn and knowing its behaviour...sharky
as far as changing your settings its your chart so you have to have a setting your comfortible with but ive tried every setting possible on every indicator on my charts and my settings are the most efficent for me,dont let just one indicator determin if you enter a trade look at the overall picture and dont overthink things just get into the flow of the market and relax and trade the more you do it and the more relaxed you are the better you will trade...sharky