Few bits and pieces, I came across Rob Booker’s trading method and I know it has been mentioned before and a thread have been going on about it, but I want to bring a few new things to the table if possible?
Has anyone used this method??
I find it quite interesting, have read all his books and subscribed to his emails also.
I have been using it only on my demo account sofar and a little bit on my live until i get the full swing of it.
He uses EMA 5, 13, 62 and as soon as the 5 and 13 crosses the 62, wait for the candles to go back upto the 62 EMA and then once it starts moving up or down again open a trade… I find it easier on the 15 min charts but also keeping in mind that watching the 30 min and 1hr charts help with the direction.
The one thing i also added to it is a smoothed moving average 62 which shows the trend line a little better and then all i do is wait for the EMA 62 to cross the SMA 62 and obviously the 5 and 13 also before i consider opening a trade.
If anyone can maybe tell me if they do something different and if someone still uses this method some advise would be aesome.
Thanks for the help, I am still struggling a bit with the correct support and resistance levels though… But am slowly getting the hang of it though…
I have seen quite a few trades where i wanted to go long or short and doubt myself and ends up going the way i thought it would… But i have realised there is no use to worry about the trades not opened and trying to concentrate on the ones to come…
I found it to be the other way around. That’s the 1st method I used. I’m not familiar with Rob Booker, but I am familiar with the method. When I traded ranging markets itworked well. Originally I used 5 and 3 sma, heken ashi candles a change of trend signal, Stochastic and Macd. I would wait for the cross, make sure everything everything lined up then enter exit, ride until it crossed again. I found it worked best on 30 minute to find a trend, 15 min to confirm, enter exit on 5min, manage on the 15. The one I started with is called Jump Start. Free but like I said I found it worked best for shorter term ranging markets. using an ema, you’ll probably get less signals but they’re cleaner.
Don’t waste time with anything Rob Booker says. He is a trainer / marketer / BS Artist. Check the other threads about his reputation. He is a master of dead charts. Why do you think he comes up with a new strategy to flog every year?
The only way to get better is lots of screen time. And when you think you have put in lots of hours, take a month break and come back and put in lots more. Think in terms of thousands of hours, not hundreds. No doubt Rob Booker made it sound like a month’s effort.
Its fine to watch someone else or attend training, but without practice there will not be improvement. Think of wht it takes to learn another skill like playing a musical instrument or swimming
I read about this system when designing my own… Mine’s a 5, 20, 55 EMA… Really the numbers you chose don’t matter that much. You could probably develop a profitable system for the majority of crossover choices with proper money management. (Cliche but true)
Nevergiveupss is right though, what’ll kill this system is if you try and use it in a range-bound environment. How do you fix this? Go up one timeframe and confirm that you’re in a trending environment, then go down and only trade with this system in that direction. IMO. (Trend Filter)