By Philip Wu
Our Thinkorswim user group for the Owl Bundle has been meeting weekly and it has been a great platform for us to exchange ideas, information, insights, and strategies with one another. The members are sharing helpful tips and tricks while also assisting each other with common problems. Through this user group, a sense of community and belonging is being fostered, allowing traders to connect with like-minded individuals who share a passion for trading. During difficult times, the group provides encouragement and support. The Owl Bundle on Thinkorswim is a collection of indicators and tools that support Dr. Ken Long's trading methodology and techniques.
In the past few weeks, our user group has been extensively discussing the various trading indicators of Dr. Ken Long and their practical applications. Additionally, members have requested variations of these indicators to suit their individual trading styles. The group has also delved into topics such as Market Structure, Options Expected Moves, and other trading approaches that have been taught by other experts, enabling us to expand our knowledge. Recently, we have started exploring automated backtest strategies to evaluate the advantages and disadvantages of different entry and exit techniques.
As an example of our interactions, a member of our user group posed a question during one of our recent meetings regarding the most effective indicators for intraday trading on a 3-minute timeframe. He asked that we net down the numerous indicators to the ones that woud help his intraday trading. He desired clarity on which indicators to use.
For intraday and swing trading, Dr Ken Long has several indicators that finds symbols in an abnormal state, a “critical state”, that are about to move. For example, the figure below are indicators that will identify which the symbols are in a Z3 pinch or Z3 super pinch condition, whether the symbols are in a Harshwinter condition, which symbols are above yesterday’s high, which symbols are below yesterday’s low, which symbols had a Parabolic SAR flip, and whether the symbols are in a S1 or S2 or S3 state. By scanning the state of the various symbols, he can quickly go to the symbol of interest.
After selecting the symbol of interest, he can utilize several trading indicator assists on his chart to help identify whether certain price or trading indicator conditions have been met. For instance, in the figure shown below, a long entry requires a sequence of +1, +2, +3.
Our Thinkorswim user group for the Owl Bundle is now in its third month, and it has been a great experience to be a part of a community of like-minded traders who are eager to help one another and share ideas for our collective success. If you are interested in learning more about this group, please contact us at ablewaytech@gmail.com