I dont have my charts on this computer but i'll explain how to see the failure. On the charts I posted on the first time I explained it and one I posted today of a play to the short side, there is usually two lines that mark one bar. One confirms the pivot, the other one is the failure. I use mainly one chart for all my trades, that allows me to focus. I do use one larger time frame chart (usually 2-3 times larger) to view the general trend so that I may take long trades with caution on a down trend. I do not use only one entry scenario, in fact I use quite a few but this is the only one I have disclosed here with my precise methods. There are others that are better for other market conditions and others for different time frames. I do follow patterns, not all of them but some work really nicely. P.
Big thanks, so in case of the posted short signal, the break of the resistance would be the failure? I'm currently trying to build up an arsenal of scenarios to define rules for a simple to follow trading plan. Would you agree that a trading plan should be simple and not much longer than a few pages?
Here is a suggestion for the AHG followers. When the trend is up Try a successful Piscuy 123 as an entry after a retracement. When the trend is down Try a failed Piscuy 123 as an entry after a pop up. Ignore failed 123s when the trend is up and successful 123s when the trend is down. Let me know if you see what I see and if possible post chart analysis of the above. Anek
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ does anybody know of a TradeStation version?? Same applies to the decison bar.
I haven't been following the piscuy 123 yet, I was waiting for his journal to be made. If anyone knows the page where it is explained please post, or if you can post a brief explanation. It's similar to the Stealth Trader 123 reversal posted in the beginning of the journal correct?
I think that most good plans should not take more than five minutes to explain. But thats just the way I like them. Why dont you focus on one scenario first, trade it over and over again till it becomes second nature. Then add a second, a third, etc. etc. I have always said that if you focus on some good patterns like triangles and traded just that, you would most likely come ahead every day. its when greed hits us that we want to try to trade anything and everything because of the feeling that we are loosing money in every trade we dont take. We see the moves the market makes and the ones we missed. It does not matter what you miss, only those trades you can take matter. P.
Charly, this should be the Marketemotion indicator for Tradestation. http://www.elitetrader.com/vb/attachment.php?s=&postid=1642656
Thanks man! I already found it though, I was just about to post it for anyone else looking. It is on page 698 for anyone who is behind like me!
Great thread! Don't want to confuse anyone but, assuming S/R levels are considered, 1473 was major support on longer term charts and a higher low on the same longer term chart. It was also the low of the day on Friday We "bottomed" at 1473.25 this morning and a good but aggressive long was available from that area with a 2-3 tick stop compared to Friday's LOD. Then there was the long from 1476 after the HH at 1481.75 (this was the conservative entry). Whether you took both trades or just the second one, plenty of points were available on the ES IF you considered the longer term chart. This afternoon was just tough...no matter how you traded it....but the longer term chart showed we were consolidating and should have kept you safe. I know this is all hindsight...but...I trade much more reliably when I see where we are in the big picture and then examine my trading chart. For what it's worth!