ProfLogic's Method

And finally my favorite, the 823543. I've been waiting for this set-up to complete Since mid March. The likelyhood of price falling from this top to breach 665.75 isn't good due to the convergence created from that oscillation but with almost 160 points potential profit, even if you get half of that pullback it will be a nice trade. Here we see divergence setting up on this top at the Histogram oscillations in Prime.

 

With ProfLogic's permission, here is a Ninjatrader version of the Ergodic that will draw labels & zigzag lines on the chart. It is based off Whiskey's version, with modifications derived from the ELD code. Not ALL of the ELD is implemented.

By setting the flag to false, it will use the faster ERG. When true, it matches Whiskey's ERG.

Play with it, turn settings on and off, good luck. Seriously, there are no user instructions but I am sure folks can figure it by playing with it. (If you modify it please upload and share.)

 

I'm getting happier each day . . .

I've moved from moderate to quite good success in trading in the past 2 weeks or so . . . I've been at this for nearly 2months now . . .

Prof was right, you need patience and screen time to get a real feel for price action . . . that along with following the rules . . .

Don't get me wrong, I'm still making mistakes and my entries are not always perfect, and I'm quite some ways from being perfect on each trade . . . actually I probably never will quite feel like I am . . .

. . . but just wanted to share for the benefit of those new to the method and trying to get an understanding of the rules and implementing them . . .

Hope I'm not jinxing myself by speaking from "too short" of screen time . . .

 

Thanks, does fix chart problems with my indicator.

 

This is a great thread. Thank you ProfLogic and Guapo and others (JW, etc.) who have shared so much. I just finished writing my own TS version of the indicator which seems to be pretty close to whats been posted. I wanted Profs feedback as to whether I have the righ idea concerning scalp trade or not.

I admit I've only read through post 70 of this thread, so I'm sure I still have a lot to learn, but I wanted to "put something out there" and get into the discussion.

Prof, I sent you a PM regarding your offer to share TS code. What I've done is pretty close I think, but it's not perfect.

Here's what seems could be a good setup. After Prime Oscillatino from blue to red on Erg line, take short at first prime oscillation on histogram if it occurs at a lower high. This scalp would have given 3 points which is not bad for a scalp.

Please comment.

Thanks again,

Ron

 

You are using the 343 as your decision chart?? That is a very fast chart . . . you're likely not going to be able to execute on this chart . . . IMHO . . .

Just a note of principal, if this is indeed your decision chart then your labels would come from the 49cvb ERG and therefore it is not obvious that your entry is at a LH . . . hope it makes sense . . .

I know at times it seems a little daunting to read the entire thead, but this one is only ~200pgs (small compared to some others), you should be able to breeze through it pretty quickly . . . Try and read the entire thead once at least, I'm pretty sure some of your questions will be answered . . .

 

Yes, it does make sense, but I'm still not clear on how to use the different charts for the setup process. I know the price action (lower lows, lower highs, etc.) definitions have to come from an interval not necessarily the same as the main chart. So your telling me that they come from a chart which is faster by a factor of 7. This is new information for me.

I know that earlier El Guapo posted some charts in which it seemd he traded entirely off the one chart. And I thought that ProfLogic at one point said that it could be done from a single chart. But I know the "perfect" setup uses multiple charts and I certainly want to have access to the perfect setup.

Regarding the 3 charts for the setup, the "strength" chart is the slowest of the 3 charts--is this correct? (also by a factor of 7). And the "entry" chart is the fastest? And the Erg line and Histogram is found on all three?

With this information I can review the intraday trading rules and get clearer on the whole process.

Thanks,

Ron

(I'm continuing through the thread.)

 

I see a number of references to "the book". Where is "the book"?

Thanks,

Ron

 

I suggest you contact Prof via a PM for more info.

To quickly respond to your previous question (out of time here currently) ... yes, new practitioners are advised to watch three charts. I believe many have chosen the 343 (entry) -2401 (trade decision) -16807 (strength) chart set, so as to have a better opportunity to observe more trade setups per day, or as Prof said, for the 'gamers' amongst us - lol.

On the 343, we do not plot the histogram - only the erg line - and watch for its oscillations in prime support or resistance, per the rules.

 

I've sent a request to Prof for book and TS indicators. But let me try to take one more step forward right now...

As I understand the 343 chart needs only the Erg line and not the histogram, and the "strength" chart requires only the histogram and not the Erg line.

The Strength chart is used only to confirm that the direction of the historgram agrees with the trade.

The 343 chart is used to define prime oscillations which will determine if breach has occurred (latest prime high is higher than next previous prime high in an uptrend, or latest prime low is lower than next previous prime low in a downtrend) or if a failure has occurred (latest prime high lower than last prime high in an uptrend, etc.).

The 343 is also used to pinpoint entry after the trade has otherwise been "approved" by the other two charts.

Is this correct?

Thanks.