elgaza strategy

Hello,

I just want to create the elgaza’s strategy in a nutshell. I have read to most of the 400 plus pages and this is what I have come up with. Please feel free to correct/add. I am sure I have missed something.

 

Using J Renko bars wait for a signal on the 6 JR and enter on the 2 tick JR ( same direction ). Look at RCI for conformation.

Stop – the far end of the 6 JR bar. ( usually 1.5-2 pts. away )

Profit target – 1 to 1.5 pts.

 

 

 

I would like to thank elgaza and everybody else who have spend time and effort to educate us with this strategy.

Thanks Trading1903 but it would not be enough to describe elgaza strategy which has gone now 452 pages, in a few words. It would be nice if you describe with images.

Thanks

This is very inaccurate -

The signal on the 6 tick chart does not mean its a buy or sell.

All it means is that the market has retraced more than 6 ticks at a certain place so now we have a pivot.

the question is- how can we use this info ?

This retracement can mean one of two scenarios-

first- the market is a a very strong move ( lets say upward ) and this 6+ move down means that as soon as we get a signal to continue upward you need to go long while as described by you- you are going to look for shorts....

the other scenario is that the market has reversed to the downside and now you are correct to take a short signal on the 2 tick chart when you get one.

You have to look at the context of the market and see WHERE did you get this signal and what does that mean.

I know it sounds very vague but unfortunately this is the world of trading :).

Its almost impossible to find methods with hard set rules like a black box that will always work in any market conditions.

If you can identify up zigzags then when you get a signal on the 6 that means we are at the right direction and then you fine tune your entry on the 2 ticks with 3-4 tick stop.

Elgaza is watching the MP - he knows where the market most likely is going to and the signal on the 6 or 2 just confirms what he already thinks.

He is also using the ladder as an additional confirmation to see if he has buyers or sellers at that time.

Hope it clears a bit.

Traderbeauty-Jane

Elgaza uses a lot of Market Profile. I think he himself could trade without indicators at all. At least, those triangles are absolutely useless and RSI works only 50% of time.