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sharpshorts

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Reply with quote  #1 
The MT SLING  --  One of my most common price action trade patterns for taking LONG positions using a simple set of common indicators.
I use it to trade the e-min futures on a very short term basis but it also works with stocks and ETFs (or any market) and on any time frame you are comfortable with.

This pattern prints multiple times each day. It's frequency of occurrence is dependent on the time frame you choose to watch.
It allows you to take bit's and pieces of down-to-up reversals out of the markets with regularity.
 
It's a combination pattern - MACD EMA Signal (MT) and the Stochastic Slingshot (SLING)... 
MT for price direction (trend) and STO for the 'trigger" (entry)

Examples below show the 'typical' pattern on 40 ticks-per-bar and 35 ticks-per-bar charts of the YM.
(less than an hour of market activity is shown on each chart)
A TRIX histo is in with price over MACD EMAs with MACD histo and Stockastic %D in the study.
MT SLING.jpg An example on a 30 minute-per-bar chart showing two sessions of activity...
The MACD EMAs with MACD histo and Stockastic %D in the study pane.
Trend is friend (1).jpg 


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Koog

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Reply with quote  #2 
Much Obliged Sharpshorts, I can't wait to do the study. I've been looking for an innerday indicator/oscillator that is creating a usable signal on an inner day chart. Price moving average lines and Chaikin Money Flow with Acc/Dist indicators was the only thing I found that added any comfort. MACD was first choice but I never found a likable variation in my opinion .... Welcome to Ace's Place ....
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Littleshark

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Reply with quote  #3 
Hi Sharpshorts ,,,, nice to see a new member posting ... we love to see TA charting systems here ...

I gave a thumbs up to your post ... very nice to see some one show how they trade ... you will fit in here ...

hopefully your posts will draw in some other traders who trade intra-day etc.

Welcome to the forum ...

You are obviously an advanced level trader ... great ... would be nice to get a bunch more advanced level traders using the forum ...

some who come here are beginners who want to learn ... please be tolerant of them too ...
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Littleshark

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Reply with quote  #4 
Ss ,,, I'll take a stab at what I see in your chart ,,, feel free to correct me if I am wrong ~ that is how I learn ...

your bottom chart ,,, left side no trades on declining macd with STO below ,,, right side ,,, STO above macd ,,, with macd rising ,,, the entry was the "bull flag" type pull back in the STO ... which nailed entering on the left side of the head of the H&S pattern ... nice ... TRIX in your 1st chart plays a part too I see ...

in your system ~ macd rising identifies the uptrend has started ~ and then STO finds the bull flag pull back entry for you ... nice ...

I expect in a future post sometime we will see what your take profits signals are ...


We look forward to seeing some of your other "price action trading patterns" over the coming weeks & months ...

Thanks for being willing to share what you know ...



I don't see volume on your chart ,,, Upn8th was a long time member of the forum and he said he didn't use volume either ,,, he did some very nice TA pattern charting ,,, but then he got hired away from us by some big stock trading house ~ and they don't allow him to post on stock chat rooms in his new job ... so he had to leave us ...
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acestocksplayer

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Reply with quote  #5 
Yes, welcome back, sharpshorts! I am trying to digest your system too...

And thanks for the excellent chart examples!

I have to try and figure out the MT signal-- not familiar with that one, though it seems to be a derivative with MACD combined with some sort of EMA measure.

At any rate, if you have a chance through the week to show us a few "live" examples as they are happening, that would be fun to see. Again, we are glad you are here and participating. [smile]

(I gave your post a 2nd thumbs up!) [thumb]

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Enjoy the forum! Thanks, Mike
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sharpshorts

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Reply with quote  #6 
Thank you for the welcoming post. Have I entered my initial post to the proper board?

I noticed that there's not much mentioned about emini futures trading on Ace's Place, which is the only thing I do nowadays. But I'll do some catch up browsing here to get up to speed with what other users are doing...I've followed Ace's efforts since the C/S days and have always benefited from his and his reader's ideas.

The constant up and down action of price is what I just kept coming back to over the years.
The markets seem to me to continually wash, rinse and repeat this pattern.
I have asked the same question as most technical traders - how can I consistently trade this pattern successfully?
I chose to narrow my options down and concentrate on taking longs only.
I have tried all kinds of trend following and oscillator indicators and have discovered that most show me the exact same reactions to price action as the MACD & Stochastic I use...

IMO, short term trading is a numbers game - the longer I'm at it, the closer my win/loss percentage heads toward 50-60%, regardless of the methodologies I try to master. So the trick is to put myself in a position to take more out when I win than I give back when taking a loss.

I have a few other simple trading signals besides the MT SLING but they are all heavily dependent on my "feel" for the trade, developed over the years...I post my other methods on a free public blog but think it might be inappropriate to use this forum to promote it.
(it's more a trader's log for me than a reader participation forum but comments are welcomed) 

So if this is the correct place for them, I'll continue to post some ideas here from time to time.

sharpshorts


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Koog

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Reply with quote  #7 
Your trading short term sounds like myself Sharpshorts. I have never made much profit on a long term trade. I'm not saying there is anything wrong with investing, it is simply my fast in and out trades that make bank... Usually if I'm in a trade for more than a couple days it's because I picked a hasty/poor entry and am waiting for a rise in price to recover my loss.... A feel for the trade is another one of my techniques. Can't chart that but, none the less it works by watching the tick volume for me ....
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Littleshark

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Reply with quote  #8 
More Sharpshorts charts for weekend re-study and absorbing the System he uses ,,, nice stuff IMO ... into the tool box it goes ...
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