I have been using more and more audio alerts...and have found them quite helpful.
I am now to setting up a bunch of alerts that will give a shout-out when price approaches a Ludwig Level.
It may get trick as one may want to turn this on/off quickly, which is not Sierra Chart's forte for audio alerts...but it will be a start.
I have been spending a lot of time on Trade Management methods...and have come up with a rules of thumb (that I am still pressure testing), which are:
- For a 'pristine' setup, the stop:target ratio is 1:3 and can be pushed out to 1:4 if the trade has substantive price momentum towards the target post entry.
- On a 6 tick range bar, this is an 8 tick stop loss with 24 tick target, or if the wind is blowing well, an 8 tick stop with a 32 tick target (but this is pushing it).
We are doing further metrics on this and I think that we will be able to harden a 'statistical' sweet spot in the 28-30 range - which will have some caveats.
However, a 'pristine' setup that also conforms to Ludwig Levels, the stop:target ratio is 1:5 or even 1:6....which is actually quite stunning.
Hence, my current focus on setting up alerts for Ludwig Levels as I find that if I am trading NQ, and CL rubs a Ludwig Level and order flow does it thing...I don't want to be so glued to NQ that I miss the doozy trade of the day in CL.
Please reach out to me here, if you have questions about how the audio alerts that I have recently implemented are integrated into my SceetoBot trading workflow.