Shakira, Thanks for the explanation. I'll go ahead and work on the program. Lucky you, Anek got you covered. I think this will be a good exercise for me anyway. Cheers JW
My trades today. Made 3 trades today. Overall still a little disappointed at my inability to hold on to winners. Trade 1: Long on 3br with 2 higher highs, but failed to notice double top had formed, stop out for 1.5pt Trade 2: Long at ORH thinking it would hold but it didn't and took full stop of like 2 pts Trade 3: my best entry for the day, when the blue line turned from s to r, i shorted when i saw it failed to break through. only concern is that i exited too quick and missed the run. Good luck trading guys, its great to see this thread full of action again. Cheers JW
Nice explanation. Also, if you pull up a daily chart, you'll notice that most LARGE range and/or trend days have the opening at one extreme, so if you get a trade near/close to the opening in the right direction you can have a very large winner, and/or even add in the middle with little account risk. shakira p.s.: Anek delivered on his offer, but I can't share the code of the 3BR. What I can do is continue to assist JFW or anyone else willing to write it again, with the interpretation and writing of a different code, that does the same thing. Today was study day for me learning to read the tape volume 5 second chart at critical points. Not much progress so far.
Stone thanks for that elaboration on the early entry. When I see this setup in the past, I would not short the tl but after a pull back. however, this seems better, I'll try it out. JW
Does Anek always use the 5 sec chart for entries? I use the 25 tick chart sometimes... 5 sec charts are not an option for TS users. I may need to switch soon. Wasn't there a 3BR color coded paintbar indicator that was in the AHG thread? That tool would do a reasonable job of identifying 3br's. It painted the breakout of the 3rd bar bright green or bright red. It was a SHOWME TS Indicator called 3BAR. Wouldn't that serve the same purpose for someone that wanted a visual indicator of the 3br?
I happened to be long at that point so I was exiting a long that was acting funny as opposed to entering a short. I too, entered short on the "bounce" that tried to touch the trendline. Anek had made comments about how a break of a trendline usually gave an opportunity for a bounce back to the trendline (but not back over it) as a great chance to get a better fill on the TL break. Sometimes, the TL break just runs away on you so the only chance was shorting at the TL break. Sadly, nothing is 100% ... TL break entries have the disadvantage of having a stop that can be rather far from your entry. For Friday Nov 14th, the lower high provided some relief for defining a closer stop than 918. I'll tell you what is frustrating me right now... 3br's entries and stops on the 10k volume chart can be 5-6 points these days. I wish for better fills and closer stops and have been examining the 25 tick chart for clues. The TL break on a fast 25 tick chart can give away a 3BR in progress. However, accuracy is not as good as a 3BR with confirmation but the tradeoff is that your stops are very tight.
Stone, Yea, nothing is 100%. For now I'll wait for the bounce until I become more experienced. I'm also looking at the 5sec chart for better entries. However, I'm not too good yet. I believe you're suppose to look for the same setups as you would on the 10k. But with the 5 sec you also need to look at volume, and it's so fast that I don't have enough time to process the signals... I guess only more screen time will help. JW