Quick video reviewing the day and its setups an a couple of trades I took this morning. Always seem to want to fight the trend even though the trend has switched right in front of me. Sometimes it is hard to get out of your own head and trade what you see, not what you think, right? Had some issue processing the video so sorry if something is grainy or something. Always somethin'... Anyway, hope this is useful to you.
Quick overview on the trade setups today with the upcoming MTF combo chart and below an update on the new MTF indicators. So the day opened in a downtrend with only shorts warranted. Reversals could be attempted but as many have heard me say before they are tough to hit and riskier. If we have higher probability setups with the trend I'd rather focus on those instead. So starting off EEdge-Trend gives us the entry points in time after EEdge-TrendDirection signals the direction. The Longer term structure levels aren't really a requirement to the setups but offer confirmation and extra confidence. It isn't a coincidence that the structure levels show up at the turns which are entry and exit points. The alerts are configured in such a way that the Trend Levels and Trend Direction pop up on the screen and indicate from which time frame so no dang flipping around to see what is happening. Remember that a trend that ends and "reverses" in the small time frame could just be a pullback in the larger time frame. I find since I'm not flipping around I'm much calmer sipping my coffee waiting for the setup to appear and the entry to pop-up. This MTF view is freaking me out it is so nice. Clicking around from chart to chart, window to window and trying to remember what I just saw in those screens and worried I'm missing something in a closed window are now gone. This reminds me of that damn game where you flip over a card with a symbol on it, then another trying to match it. The next turn you try to remember where you saw that stupid symbol for a match. Not the most efficient thing while trying to make a profit! I'll be going through a lot less mice with the reduced clicking and won't miss it...
As far as an update on the new release, currently I'm working on the documentation for releasing the new configuration which is time consuming but progressing. Once I get everything done I'll do an announcement and initially I'm planning on offering a decent discount on the MTF indicators to those who already have the EEdge Indicators so watch your emails for that. Just one way I can show that I appreciate your confidence in the EEdge strategy and your support through the years. If you don't yet have the indicators but have been considering it, now's the time... The EEdge Indicators are still an integral part of of the overall system and the original indicators without the MTF (Multi-Time Frame) setup can still be used with no problems so no worries if you don't want to upgrade. Before the MTF release I will be sending out an update to current owners with some code updates to the original indicators that get them ready to accept the new sender/receivers. A few other improvements will be implemented in this release such as updated alerts and configuration for the integration. Also, I'm planning on outlining what setups, entries and exits look like on the new chart because it is different to look at, but in my opinion this is the biggest improvement since I originally created the EEdge Indicators years ago. Amazing how a new perspective on the same thing can shake up your psyche. Damn. Other than that simply chipping away on the updates after my trading is done for the day... You might see some updates to the EminiEdge site along the way as I start to update things so if you see things moving around you'll know why. :)
One last thing, this MTF chart view is intended for the multiple tick chart setup that I normally use (4K, 1.5K and 560 tick charts on on ES) so if you use minute charts you won't need the new configuration (other symbols and time frames will still work as well). Tradestation allows multiple symbols on the same chart with minute bars but not with ticks so this addresses that deficiency. I can't imagine going back to minute charts anymore but if it works for you great! Thinking about having a few beta testers since this is such a big update so if you're interested in that let me know. I've had a few questions asking how to find out if the logic will work on users system before purchased so I created a little test program that should help verify proper operation prior to purchasing the MTF system. The free code and test indicators are available here... I might hold off on any posts for a while to focus on the work at hand so if you have questions in the mean time just let me know.
Had one of the type of days I hate to trade; opens up 20+ points already exhausted so longs are "chasing" and it is so strong that jumping in front of the moving train for a "reversal" is trading suicide. So the best thing I can do is first, tell myself "Do not chase, do not chase, do not chase..." Sit on my hands and wait for that one dainty pullback an hour or two into the day and hope like hell it doesn't reverse the second I hit the bid. In this case it worked out and waiting for the low time frame pullback in a larger time frame up move where the lowest risk entries are possible. Trump is making "BTFD" a way of life and the trades are more frequent than ever as evidenced by one of the recent posts "Buying it high and Selling it Higher" ... Misspoke a smidge and talked about 2886, sorry I meant to say 2386. Don't know what I'm saying sometimes until it's played back. Where'd that come from? Hell, I don't know...
Anyway, bagged out of the move WAY too early as usual and as followers know one of my biggest areas for improvement is to stretch the winners more. Gotta work on that! The moral of the story for today is one of keeping things in context. Get in the groove of the different time frames and be patient for your setup. Big trends are made of pulsations on the way up and on the way back down. Find the pulsations on the way down in a smaller time frame and you'll likely find a "downtrend", yes I said downtrend, in a smaller time frame. When that trend starts to end, this will likely be the pullback on the higher time frame. That's the sweet spot! A mentor once gave me a great bit of advice when I found myself over trading because I could talk myself into nearly anything looking like some type of trade setup. He said "wait for the trade to jump out and grab you. Until it does, let it go." That was more profound than I gave it credit for at the time. If I had to rationalize the trade in detail making a case for it, it probably wasn't strong and should be passed on. If I became overwhelmed with a possible entry and was looking for a reason this "wasn't" a setup, there were most likely ample reasons to hit the entry button. The single entry today was like that, in a sea of uptrend trend lines and new highs by the minute, a meek little low time frame support pops up and says "Hi There!" First sign of support after 1 hour and 10 minutes, just get on it and sit on it...
Hope this is useful to you, and if so I always appreciate the share! Got those dandy buttons down the side for your convenience but don't feel limited by those, go nuts...
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