B, I use OSO in Tradestation, basically it auto places stop(s)/target(s) based on predetermined fixed values. Naturally, I do this for security reasons. After the order has been filled I adjust them base on support/resistance and/or complacency levels.
Tomorrow I take my volume bars chart transition live. After studying them for 5 months I think I will be able to read price action better this way. Also asked a friend savvy in EL to help me code some slope/colors into the stochs. I've also said my official farewell to the old dog MACD, cant' say I will miss you. In fact, the screen real estate is more than welcome. Since I only used MACD as a quick trend reference I decided to add a 34 Hull Moving Average on screen instead. Why 34 ? Because it's a fib # and it makes me a "cool trader". Do I actually believe in this voodoo shit ? Only on fib 50% retracement New chart attached.
Countertrending Trades, definitely not part of the system. However some are just too pretty. I did not trade the afternoon but after analyzing it here is one I could have not said no to. Of course, "Support" gave it away. ..also notice how price rebounded off the previous "major" support on the previous up-wave. Now, don't use this info to countertrade just yet but as extra info for your stops/targets/trails etc. It also alerts you. For example, "hmm major support is coming, perhaps the trend will develop into congestion or maybe even a reversal, not the right time to trail...." Cover, wait and analyze the rebound. Market hours were about to close in NY but how price reacts to support is very important. For instance, if the bounce, and there is usually always a bounce at major support, was anemic, then perhaps the bearish trend is even more powerful than expected and you could be more greedy with your shorts, etc.; after getting rid of your longs of course. The market speaks but it's imperative that you listen. I'm not saying it is but sometimes trading can really be this easy. Hope it helps.
Quick tip. Remember that a lower low without a lower high is not the same as a lower low and a lower high :0 .... at the same time a higher low without a higher high is not an uptrend. Patience is required, wait for those patterns to develop, wait for an opportunity, look around you (s/r) aim (think of entry/stop/targets) then fire (execute). Ok bedtime now !
How do you get the ma line to change color? Looks nice! Appears to change color based on the slope of the line, up or down. Nice visual of trend. Never mind! I just added the indicator and I see the color thing is built in.
Ya feature it's built in. Remember, MAs lag terribly but for a quick refresh of what's going on, assuming it's strong, it's a good reminder. Now, I also use Bollinger Bands, it's mid line is nothing but a 20 SMA so not sure how much I will need the HMA, time will tell.
so we have a low this morning of 13892 the question is, do you play this from here as an uptrend or a downtrend?
Clear and useful thread,thanks..except I don't quite get how you determine your targets..are they equal to your risk that you take on every call? I use similar method/system/ but seems like too often I "overstay market's welcome''...keep it up