It was pointed out to me that I did not answer this question from a couple days ago. In looking back and trying to remember what I was thinking at the time..... I know I did not take the sell signal because the uptrend was strong. I can not remember any more about this. Sorry. I remember I was hungry and I think I just let the trade run. Just because I see a sell signal on the 1M chart doesn't mean I will take it. I can see where I confused you. In fact, I have confused myself. Again, apply your own judgement for trade management once your goals are reached.
nkhoi, I have looked at your chart. I made some lines on them. I will need to email it to you. Too big for here. Take a look. Your first markings were not correct. The first entry I posted today came around 10:02. If you were able to compare your MACD settings at this point, you would have seen that they were not set up properly for entry. This trade failed, although the set up was there. Imagine that! Your next trade was right on the money. There was a lower high made on the MACD as well. This really produced and was confirmed on my filter as well. I drew a couple more lines as well. You need to get your MACD plot below the candles and compare the six key points for every entry. Your stochasitc looks pretty good but it is not exact. I have found that there are differences from platform to platform and data provider to data provider when it is plotted. Even got differences on computers with different processors. I think you need to work on this. Are you using the settings I posted here? I will post my chart with the same three trades. Maybe it will help you. Also, you should try to have no more than 2-3 hours of data on your chart when you are decision making. Hope this helped.
I see the problem with the system is that you are waiting for a lot to happen before you trade. You are looking at the indicators for a signal and those indicators are a step or two removed from the market itself. The market moves, your indicators give you a signal, you enter the market. You are going to be late. I think you would have more success just looking at your market and learning to anticipate a trade and combine this with proper money management. You will enter the market better and you will be developing your talents as a trader. With your method or with any method you are developing skills as an indicator watcher. Howard http://www.tapetactics.com
With all due respect, I have tried that system with my wife for 20 years and it does not work for me. I need some "indications" from her or I am not sure what type of mood she is in. I'm glad your system works for you.
3 Postions Taken 2 Sucessful 1 Failed 66% Daily P/L = +3.25 Points 1 contract = $162.50 I may just throw today out of my records. Have not decided yet. I will be trading tommorrow. Friday. Take care. Any questions, I will do my best to answer.
When your indicators show that a divergence is happening and you should consider opening a position....what triggers you to open the actual position? A higher high? A lower low? Extreme in price? A movement of the indicator? Or do you just blindly open the position when you see the divergence? What tells you that it is now time to send the order?
Too early is not good either. In fact, it's good to enter when the market starts heading in a new direction and that sometimes takes time. Reversals do not occur immediately, they take some time to form.
This is a fair question. It is difficult to put it in writing. If we were all watching a chart and I could describe what I do it would possibly make sense. I think Net Meeting and an Conference Call Bridge would do the trick. Is there any feature on ET that would help me explain? You would have to have everythings set up exactly as I have it and be watching it the same way. I will work on getting this into words. I have been calling this my filter and that's exactly what it is. Also, let's remember this whole method is only been tested a few days. Just because I am having a little success does not mean much at this time. There were losing days in my backtesting and I am expecting them to show up anytime. Over time the results I get into the journal will help us decide if it has any merit.