2 Bar Charlie Journal

The purpose of this journal is to record my own personal trades and to record my thoughts regarding those trades with my new method. This method is slightly different than the ones previously posted here at ET. Although many of the similarities remain I have adjusted, added and/or changed some of my previous formulas and have sense come up with a hybrid backtested model. In this journal I will be tracking the performance of this new model.

This is NOT a teaching or instructional journal.
This is NOT a mentor journal.

This journal severs the sole purpose of storing my own personal trading so that I might be able to fully examine my new method.

I will not respond to ANY questions, comments, or inquiries regarding my new methodology. However, I will still post my "pre-mkt" set-ups along with some realtime trades for the Scalp Method in the "T-REX Journal Scalping 101" journal.

Thank You

T-REX

p.s. If you feel that you must make a comment please do so in the "T-REX journal- Scalping 101).

http://www.elitetrader.com/vb/showthread.php?s=&threadid=26145&perpage=6&pagenumber=1

 

2 Bar Charlie "Live Demo"

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE

2 Bar Charlie "Live Demo" Question & Answer session

http://www.elitetrader.com/vb/showt...light=live+demo


Bully on the playground

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (26 Sept 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (29 Sept 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (01 Oct 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


"EGO CHALLENGE" (02 Oct 2003)

http://www.elitetrader.com/vb/showt...t=EGO+CHALLENGE


T-REX Journal (w/track record)

http://www.elitetrader.com/vb/showt...ht=TREX+journal

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2 Bar Charlie System (Screen & Chart set-up)


Tools.

Use the EOD Swing Vix Indicator.
Mark yesterday's High & Low.
Use the 60min Candlestick chart to find current intra-day trend.
Use the 5min &/or 1min Candlestick chart to time entry point.


Technical Indicators.

Use a 40-bar EMA.
Use a Stochastic Line Chart (14,3,3 time periods)
Use a MACD Histogram Line Chart (5,40,5 time periods)


Chart Rules.

When the 5 min bar crosses above the 40-bar MA = buy.
When the 5 min bar crosses below the 40-bar MA = sell.


Filters. (Are not necessary but are useful)

(1.) Wait for the low of the 60 min bar
to close above the 40-bar MA = buy.

(2.) Wait for the high of the 60 min bar
to close below the 40-bar MA = sell.



Trade Set ups of the 2 Bar Charlie System

*"Momentum-NEUTRAL" ENTRY Days: Consolidated intra-day plays. These days are more common after a significant rally or sell-off they appear during a brief period of consolidation within the trend. Watch & Wait for the pullback toward Intra-Day SUPPORT/RESISTANCE to be confirmed before placing the buy/sell order especially if the days close is above today's price trigger. See *Trade Entry Rules.

*"BREAK-OUT" ENTRY Days: These days are less common but have a very high accuracy rate and are major trade signals. These types of breakouts tend to be very powerful moves and are typical within the current market trend. Usually, they occur while in a brief consolidation within the current trend after a strong move (but not always). See *Trade Entry Rules.

*"TRENDING" ENTRY Days: These are days were the market is expected to rally after a pullback. See *Trade Entry Rules.TRADE ENTRY RULES: Wait until after 9:30am EST before trade entry. Cancel order if not filled by 11:30am EST. NOTE: In a Bullish 40-Day Trend Do Not place the buy stop-limit order if after the open the market is trading above Intra-Day Resistance and or yesterday's High. In a Bearish 40-Day Trend Do Not place the sell stop-limit order if after the open the market is trading below Intra-day Support and or yesterday's Low. Refer to the intra-day 60-min & 5-min charts for a possible reversal of trend signal before placing the trade. The system is on the sidelines unless the entry point is triggered.

*Profit Target: = 1.25 - 3 points. The profit target is to be used as a guide to either move your stop-loss to breakeven or take profit in uncertain market conditions. You may also use the profit target as a working limit order if you don't have the time to watch the market and would like to take quick profits.

*Stop-Loss: = 1.25 -3.00 points for 1min & 5min Bars.
= 7.25+ points for Daily & weekly Bars.



*Trade Entry RULES:

(Watch & Wait for support/resistance to be confirmed before entry. On occasion you may have to actually enter on the "BreakOut" or "Resistance/Support" triggers if Support/Resistance is confirmed but either the 1st or 2nd trades are not triggered.

(NOTE: ALWAYS trade in the direction of the BIAS/TREND.
If 1st Trade is triggered then use 2nd Trade as a profit target and/or Stop&Reverse.

NOTE: If prices collapse below the “Intra-Day SUPPORT” then use this level to catch the reversal on the “long” side. Likewise if prices rally above the “Intra-Day RESISTANCE then use this level to catch the reversal on the “short” side.




...........the 2BC SCALP METHOD in a nutshell.

 

As you have now already noticed my Scalping 101 journal has been closed against my will so I will NO LONGER be giving instructions here at ET.

I now only offer the instruction "live" during the trading day in the T-REX "Live Demo" chat room.

If you are interested in the live demo please download the free AOL Instant Messenger at "AIM.com" register your screen name (I'll need that in order to add you to my buddie list so you can be included in the discussions) and then you may feel free to PM or e-mail me and I will inform you when the next demo is going to take place.

 

T-Rex,

Do you do this for free, or is there a charge? Or, is the free demo a trial to some kind of paying service?

Thanks.

 

It is ALL for FREE!