There were several questions we simply didn't get to in today's chat with Ron Loftis of Trading from Main Street. It seemed like many people wanted to discuss the method. Let's do it here. André Chat Log
i do understand his method and how he enters a trade etc using MTF, as i do the same myself, but i am wondering what he or anyone else uses for exit points. Do you use previous s/r in the next higher time frame, ma, etc or wait until price seems to deccelerate and then exit?
Personally this is what I do. I have 3 charts open...3, 15 and 60. All have the same indicators on them. Choose what you like. I use the 3 min for an early trigger, but all my trades are based in the 15 min chart. So that means, I use the 3 min for entries and stops and 15 min for profit estimates and exits of winning positions. The 60 min gives me a longer view to consider when making the trades. Also at a glance I can see high, low and close of the previous day on it without drawing in all the pivot lines. Hope this helps.
I've noticed some interesting emini price action thanks to NeoTicker's ability to overlay multiple time frames on one chart. I use 1 min candles set inside hollow boxes at 5, 15, & 30 mins.(boxes are high & low only). Also, using their "dynamic grid inset" with small candlestick charts for 15, 30 sec., 1 ,3,5,15,30min & daily. BTW: just changing from individual time frame charts to a "all in one place" setup has more than doubled my daily $. Seeing the total picture helps... Some anomalies I've noticed thanks to multiple time frames: 1. Major pivots' candlesticks' close & open price will be equal accross 1, 5,& 15m time frames for eminis. 2. The high or low of the 30m time frame box will be reached in the first 5 mins a majority of the time.
That alternative pairs thing that came up a couple of days ago the leap frog version of some of this. It is neat to have two interlaced views on the same fractal in the leap frog manor...and project their tendnancies as well......lol
Yes, indeed. I wanted to ask him couple of questions, but I guess its useless now. My question would be: According to his style he discribed, he would go long targeting the 30.50. I wanted to know where exactly would he buy? current? wait for 30$? Thats what I wanted to aks. He posted " I want to buy here at support I identify" as far as I see he means @30$ exactly. But when? did he mean earlier today - when this low was formed? or put an order now and wait for it to get filled? Where would be a stop in that case? Cos in my opinion this reco was way too dengarous and unjustified. So I wanted to tell him my veiw and explain it. Unfortunatly I didnt get to ask him a thing. I suggest we make a rule for coming sessions for each participant to have for ex. 3 posts...I think it would be fair. At least that way one could know what are limitations and he would try to fit in 3 posts. Otherwise I find it useless to attend and it would be same if I read just the log. I mean - I didnt get to chat. I posted couple times, the post didnt appear, I posted "does this thing work" and that one got posted... Couldnt we just make some regulation or something? Regards, Rezo.