Here's another example of using a Keltner Channel to trade the ES,
1) We have a classic candlestick reversal (I missed it for some reason).
2) At point 2 we have my favorite setup, which is a back test of the reversal as it tests the edge of the Keltner channel that it just broke through. The key here is price (5 min candle) should not close below the lower channel. If it does you close immediately. The other thing is you enter long as it is at, or probing below the channel. Typically 1/2 point below the channel can be used as the stop. I often use 3/4 of a point, but then I enter long as price is probing below, so it's often a 1/2 point stop. Another key to the setup is a compatible volume profile. In this case, volume dropped substantially on the back test, which further supports the setup. Basically, the action suggests longs are just doing a little profit taking, and sellers have stepped aside.
3) I'd close at the doji that printed on the far end of the channel, especially since the doji closed below the channel. A reload, could be done when the mid-channel line held all 5 min closes.
4) After printing a double top that brought in additional selling one begins to wonder if we'll have a sell off. During the push to the second double top, we probe support on the middle channel. The advance warning to the break down comes with the doji close below the mid-channel line. Bingo another signal.
5) The close of this last setup is the 3 SMA (Close) cross with the 5 SMA (pivot).
One of the things you might consider is eliminating anything from you charts that isn't used as part of you setup or trade management. I think almost all traders can be hindered from effective trading by information overload. It's taken me a while to realize simpler is better. I often trade with iSwim, which forces you to chose just a single study. After much consideration, my single study of choice hands down is the keltner channel. In a lot ways, it's all you need besides price and volume.
I hope this gives you another idea to but in your bag of tricks.
