elgaza strategy

[Trading1903]

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.

[⭐ santoshv2k]

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

[Traderbeauty]

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

[voff2]

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.