Hi,
I heard some pretty great advice recently from DM and Aust about boomerang focusing on when to do either Classic or P123. The focus in a nutshell comes down to expected volume, and whether or not it is exceeding.
Have you noticed sometimes that P123 (as in P1 P2 and P3 trades) will rock in the AM but are sometimes a little tough to find in the afternoons? Or have you maybe noticed that Classics are a little dramatic in the AM but rather more reliable in the afternoons? Have a look at some charts and mark up in a day where the classics work and where the P123 work, and compare the expected volume.
As soon as the P123 came out, all of my focus went to that. I pretty much abandoned the classics, maybe you had too. Having that confirmation is great, but opening up to classics brings in a lot more trades.
Lesson: Read the markets, and use the tools available in the right way. When volume is rocking, exceeding for the like the past 5 bars or thereabouts, this is a perfect time for P123 as there is a lot of movement going on. P123 use confirmation with volume, so if you have it use it. Then comes lunch or 2PM or something, the market is just going back and forth taking its sweet time, instead of wishing you could enter all these P2 trades that arent qualifying or worse yet trying to force them or bend/break the rules just to trade, this is a great time for classics. Watch that ER indicator, draw an austin box and play the channels. Use them for what they are designed for. I “stepped back” and opened up my perspective like this in the past couple days and it’s helped a lot.
Rob
