I have seen that much simpler.....I do that every morning. Did not know that is what it is called. I wait for the first 2 oscillations to set the range lines and wait for the breakout either way. Or you can use the first 3 bars on a 15 minute chart too.
Wally, how often do you trade with that system in a day? I am finding lately that picking better spots is key and trading less often. Do you find that too?
I am not trading it yet, only papertrading and have not decided yet which version of it to use for real trading. Anyway, one version (ver1) does not trade during the midday (11:30-14:30) and so it takes fewer trades than the version that trades during that time (ver2). Ver1 takes 5-6 trades on the average. The thing is that the system tries to catch bigger trends and so even if it gets wipsawed from time to time, this is compensated by the bigger gains from the longer trends. Ver2 takes about 3 trades more than Ver1, on the average. The system is actually simple, it is based on the price action only. No indicators.
I think that 5-6 trades a day if you do it in a systematic way is just what you need.
Wally, how often do you trade with that system in a day? I am finding lately that picking better spots is key and trading less often. Do you find that too?
Yeah. I have totally cut down the number of trades per day in effort to try to avoid the "chop", whipsaw, noise, blah blah,etc.
You have to be really selective. Trades that used to be maybe OK and I press it anyways just to see what happens now I just wait. And I'm glad I waited. You have to be really careful. Patience is the key.
how have you been dealing with the chop? I noticed in another thread you were lamenting about it?
