Question of the day #1 …
Exiting Trades – 2 Other Options (9:35)
From Paul M.
“Long at 1304 … my ‘one shot, one kill’ … then watched it almost touch 1314 and I felt as if I should have waited for an exit signal versus a hard target at 4 points. I feel ‘bad’ for missing out on the run but I was done for the day at 7:46am Eastern with my quota so I should feel great. Is there a better answer to this trade exit?”
The video above has 2 suggestions for taking more out of a trade – looking for “symmetry” on the chart you are trading and “End of Trend” warning signals with divergence on the lower time frame chart.
Question of the day #2 …
Cycles on Volume, Range and Momentum Charts (7:32)
From Brian P.
“I use volume charts. Is it logical that cycles and Better Sine Wave would provide value if every bar is the same amount of volume?”
Actually yes – cycle indicators like Better Sine Wave work very well on charts where activity is equal/similar between bars. For example, tick, volume, range and momentum bars. These types of charts smooth out the activity and there are less “jumps” compared to time based charts.
The video above shows the Better Sine Wave on a range of “alternative” charts. My preference is still for tick charts because the logic of the Better Pro Am indicator does not work on volume, range or momentum bars.
Good luck with your Emini trading.