Long SPY at 90.93 profit at 91.72. I then switched the strategy to run not on bar close, needs to run tick by tick, so I missed that earlier entry closer to 90.70.
Yeah the sideways was bad for my ninjatrader script today and yesterday, but had to trade thru it or miss the nice moves. When I added an ADX and looked back over time it kept me out of that one trade the finally broke the logjam of chop. I think the 10 minutes profit or bail is one way of getting out much closer to breakeven but haven't had time to program this yet. About to leave for work myself. Do you have any suggestions on friendlier vehicles for this?
Jahajee - thanks for starting up this thread....just found it. I was pissed off when the mods deleted your posts on that other thread. Well, better off here away from the SCT vs. SPM banter....hopefully it stays that way as people just focus on discussing what works for them and not trying to prove themselves right vs. the "others". As every successful trader knows, it's not about proving oneself right (vs. the market, vs. other traders, etc.) - the battle is about overcoming internal demons. Mods - I hope you are equally diligent about keeping this thread clean of any SCT intruders (Jack or any of his disciples) who try to come in here and prove their superiority! Moderator's Comment: I started this thread. This is a spin off from discussions in another thread. If you see any offending posts, please use the Complain button.
What's to prove? One guy has you up and running with a chart, the basic indicator and the concept behind the method on Day 1 ... assuming you have no experience you should be net profitable within three to six months. The other guy has you drawing lines on charts for forever and looking at 10 times the information required to trade successfully ... and none of it is applicable, anyway. ...
Nice trading again today, JJ! If you don't mind, how long have you had this consistency with your derivation of the SPM? It would appear that the recent volatility (the past 4-6 weeks) has been good for SPM to reduce risk of being chopped up (bigger swings, less narrow range periods). Were you trading this consistently last spring and summer?
I've been collecting gods actual words lol on this from one of his very first posts on another thread: " Fast line crossing Zero is trigger 2 min MACD on any of the emini contracts, watch for it to cross it's Moving Average Line with a Zero Line Cross, exceptionally high percentage trade, you can feel everyone jumping on. Thing is just about every trader I know either only uses the MA cross, or the Zero Line cross... one is trend, the other is momentum... I cant believe how many good traders dont see that almost all the trades that really move have the combination of the two. They'll go long on a MA cross to the upside when it is well below the Zero Line and wonder why it fails and has no momentum There has been 3 nice shorts in the last hour on the ER2 using that methodology, just nice little $200 scalps Note: You can use a 9 period Simple Moving Average on the price chart to get you in a little earlier when you see it setting up If the 10 minute MACD is below it's Zero Line (as it has been all day) then so much the better for the shorts on the 2 minute there are only 2 types of trades, MACD breaking through the zero line... or MACD crossing it's MA having already broken the zero line, look at those white vertical lines for entry and target 2 points or 10 mins and out.. I've already said I use the SMA as a stop line, or 10 minute limit... the iffy ones I got out with a small profit or break even "
I will post the chart later. Caught up in daytrading ES with my other systems, I think there will be A HUGE RALLY today or tomorrow. Be nimble,alert and shift to long if market moves above 920; use SPM to take trade, especially the one where the crossing is above zero (for long) or below zero (for sell short)
There was a short in the ES, rally in the Yen and a drop in the Euro ... and the SPM caught all of it.