When the market drives in one direction straight from the open, I’m ALWAYS watching the first pullback for trade opportunity.
A strong open drive might only happen a couple of times a month.
But when it happens, I'm ALWAYS watching the first pullback for trade opportunity.
Nice article, Lance,
Whilst I am here, I will just check out with you what software you are using, if I may. I am having trouble implementing some of your strategies due to my software not being up to it. PRT PRO REALTIME), for example, has Keltner channels, but only one fixed set of parameters.
In any event, thanks again for the article and the tips.
I use Ninja Trader.
I’ve come across some platforms such as MT4 in which the default Keltner Channel indicator only allows you to adjust the length setting, but not the volatility. But then there are add-on indicators which expand upon the default indicators which provide a more useable Keltner indicator.
I’m not familiar with PRT PRO REALTIME, but perhaps if it also allows for coding of new indicators then there may be a library of indicators online which includes an adjustable Keltner Channel.
Otherwise… just use something similar. Perhaps Moving Average Channels if the platform has them? They don’t need to be Keltner Channels. Just something which contains the majority of price action at typical levels of current volatility.
Feel free to email me if you want to discuss options further, rather than working through the article comments section.