I agree with ALICE. Thanks for sharing, Ditch.
ROCK
Trading can be easy
- Thread starter Ditch
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nihaba, when I replaced the bands with channels, that's when this setup really started to click. It started when I realized no matter how wrong I was on direction, I was always less wrong when I entered fading a channel.
Then it was just a matter of setting it all up. And as I don't need to tell you, the secret is sticking with your chart parameters and learning how to read them.
On the 1 min I took probably 7 out of 8. Then by accident I switched to the 5 min. Now the whole stupid thing only sets up once or twice a day, so I take darn near every setup.
The days it doesn't work are the days nothing works. You can tell just by looking at the chart. Especially the ma's. The smoother they are, the better your chances. That's one reason I don't use ema. The sma gives a better read.
You already know all about those crosses.
I even have names for my 3 setups. Top shelf, bear sandwich and violation.
Bear sandwich is the best. Prices can take out the fast ma, but not the slow. A channel forms in between the two ma's. In a downtrend the market has just fixed you a nice bear sandwich.
I suppose some would call it a bull sandwhich, because the bulls are sandwiched between the ma's, but the way I look at it, a bear wants to sell at higher and higher prices. A bull is already short and looking for the lowest price to buy.
Then it was just a matter of setting it all up. And as I don't need to tell you, the secret is sticking with your chart parameters and learning how to read them.
On the 1 min I took probably 7 out of 8. Then by accident I switched to the 5 min. Now the whole stupid thing only sets up once or twice a day, so I take darn near every setup.
The days it doesn't work are the days nothing works. You can tell just by looking at the chart. Especially the ma's. The smoother they are, the better your chances. That's one reason I don't use ema. The sma gives a better read.
You already know all about those crosses.
I even have names for my 3 setups. Top shelf, bear sandwich and violation.
Bear sandwich is the best. Prices can take out the fast ma, but not the slow. A channel forms in between the two ma's. In a downtrend the market has just fixed you a nice bear sandwich.
I suppose some would call it a bull sandwhich, because the bulls are sandwiched between the ma's, but the way I look at it, a bear wants to sell at higher and higher prices. A bull is already short and looking for the lowest price to buy.
You're welcome, Alice. I'm not sure where Sierrachart "gets off" calling these tick charts (
) but that's how the program works. In the "What's New" section, as part of version 33 here's what they say about it:33: Can set the minimum number of trades/ticks per bar to base bars on trades instead of minutes. Data is still currently stored in minutes. Therefore this feature does not create perfect tick charts.
--opm8
Come on the guy posted a system. Maybe it works, maybe it doesn't, but take his bluster in stride. You can usually learn something from anybody. So take what you like, disprove the rest, debate, etc., but can't we tone down the attacks a little?
I mean to ask someone to post audited financial statements, a daily journal, blah, blah... , these are just unrealistic requirements for someone to meet before they can say they have a winning system. We're all smart enough to know that it's not the holy grail & even "audited" profitable systems have no guarantee of working tomorrow.
So while I agree the post was a little provocative, there's such a thing as walking away from a fight.
I mean to ask someone to post audited financial statements, a daily journal, blah, blah... , these are just unrealistic requirements for someone to meet before they can say they have a winning system. We're all smart enough to know that it's not the holy grail & even "audited" profitable systems have no guarantee of working tomorrow.
So while I agree the post was a little provocative, there's such a thing as walking away from a fight.
Ditto
However some of the other points are well taken too. No "system" really makes trading "easy" over any sustained time period. Perhaps to make the point that the system you've presented is working very well now in this market, which did seem to be your point, would be sufficient. Again, thanks for sharing. Agree fully. Great points. You know there really is too much personal sniping going on in these forums sometimes. Lighten up folks.
I mean I've been threatened with two lawsuits in the last few months. One for expressing my dissatisfaction with the tax services of an accounting firm and the other for making a totally off the wall joke. Come on people. Chill. Life's too short and this profession's too difficult in and of itself. As Rodney asked, "Can't we all just get along?" Let's try to support each other and even if we disagree do it in a civilized less personal manner. Peace.it's not just an entry, it's a move. Channel to channel. 10 pts a day is not ridiculous, but that's about what you'll lose if not more when you get caught. So it becomes a matter of how many days you can go before you get caught.
I have grave doubts whether it is even possible to read the market. I think if it is, it runs a distant third to thinking right and money management. And it's the money management in this system not the entry that makes it worth studying.
This isn't for banks and funds or computer systems. This is for the small trader who is willing to take a lot of risk. Like I said, the difference probably boils down to that one trade you didn't take for whatever reason, and that can't be backtested or programmed.
I will gladly give up all discretionary trading for a profitable system, but I haven't found one yet. I don't know what the big deal is? Enter with the trend on a pullback. That's all were talking about.
If there is a profitable system out there, my guess is it's way out of this box.
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