Yep - I normally try to be at the screen about the time the CME currency pits open. If I didn't hate 3rd shift so much, I would prefer to trade the London morning session, as it often appears to be a bit more "orderly". I never hold a position going into a report, but I do often enter with visible momentum on the DOM shortly after. Naturally, that is not a time for second guessing - its either correct or OUT. Common sense is telling me I need to seriously consider switching to ES, if for no other reason than to have available the charts posted here against which I can compare my own annotations. But I have followed the euro exclusively for several years, and I like to kid myself that I have learned some nuances - heheh. Trade well, gents ...
Spydertrader, I made it here!!! Please look at the enclosed chart? Is this "kinda" what were doing? Only... (1) I don't do individual stocks! (2) I do the (YM). (3) 5 minute chart. (4) Macd. (5) Stoch (6) Volume (7) Channels Is the 5 minute chart good, for daytrading the YM. Thanks snarlyjack
Kinda'? Yes. Close Enough? No. I recommend you remove everything, except for price and volume and learn to draw in channels on the ES (not the YM). The YM part comes in later. Learn to locate the FTT's as discussed previously in this Journal. Compare your channels to the charts posted here. Once you can properly draw trend line channels, find the FTT's, and then follow the signals generated by the FTT's, you'll be ready to move to the next step. - Spydertrader
Bearbelly and Joab - having both mentioned trading the euro/spot, wondering if you have ever taken a look at constant volume charts? They do have a way of removing the "spikeyness" from the euro, and lend themselves well to the channel way of living By their very nature, you will pretty much sacrifice the "volume histogram" on your charts. However, this also depends on how "rigid" your charting pkg is, as far as computing bundled data from your provider. Using Sierra charting here, I still occasionally have vol spikes appear (don't ask me how - heheh) And it is a simple matter of just switching over to a 5 min to gather that info. I've used a 444 Vol chart for a good while in some of my other methods and have come to "trust" it. If there are other inherent flaws (beyond the vol thingy) that you or anyone else have discovered through trial and error, I'm all ears In other words, can it be bad karma to remove the time element from the Hershey channel method? By the way, I also use constant range bars (0.0004) in some of my stuff, but quickly found them to be a bit too "perfect" for channel drawing. After reading the above, before hitting the submit button, my first thought was: give a tried and true method to a newb,and what's the first thing he does? starts tweaking - lol But as they say, ya gotta make it your own. Who knows - just kickin stuff out there...
Meph, Don't get me wrong, the EURUSD works just fine but just stick to the perameters i mentioned and you will be very happy.
I have tried volume, tick and range bars but I havent found anything that works better than 5 minute bars for me. I think the behaviour of price vs. time can often be a valuable clue to whats going on.
Hey there, Snarly - I'm bored, so I'm gonna pipe in here. When Mr. Spydertrader speaks, pay very close attention and follow his every word. I've hung around forums for the last 10 years and have developed a keen(?) sense of human character via the electronic pipeline And if I were a bettin man, I'd lay down ten large that this gentleman is the real deal! Just my .02 ...
Due to Time Constraints today, I have only marked the FTT Signals on this Chart. Hopefully, you all had similar channels to the ones I have drawn in here. Good Trading to you all. - Spydertrader
Joab, could you please post an EURUSD example? I'd like to see someone else's trendline interpretation in that market. Sorry if we're getting a little off track here, Spyder. I trade Forex alongside stocks and I'm always looking for synergy with other markets.