Sorry to hear the “volpri method”is infamous. The way I trade is not so much a method as it is a way of looking at the markets. To be sure, it is chocked full with techniques to be used in each of the phases of the market cycle. What I showed on your chart is one the tactics that can be used along with the other myriad of tactics in my journal. However, as with any techniques identifying the market cycle and its phase is of prime importance. As with ALL the tactics it is best used in conjunction with the phases of the market cycle. Good luck as you try your hand at longer swings. Hope it works out for you. What I showed on your chart can be used with higher TF’s too. You might wish to keep that in mind. For your reference I will attach some more entries on your chart using the technique. All the entry examples are for long entries. It can also be applied in bear trends but with a twist. The last entry was a short entry. The first 3 were long entries. Anybody know why? In all of the cases in your chart the process starts with identifying a bullish move and drawing a bull trend line between two points of that bullish move. That is between two higher lows. Then draw in the horizontal line at a previous swing high that stands out in the wave. Where the lines cross is the bar that will likely produce a reversal as price probes back and forth. Next one has to determine which direction the reversal will take. That is done by looking at the latest move just before the entry bar. If up, then the reversal direction is down, thus a short position is taken. If down, then the reversal direction is up thus a long position is taken. A fairly tight stop can be used. If the read is correct it should soon render a few points of profit. If wrong the loss will be small and quick. One can practice with a SIM then graduate to 1 contract of MES if they like. That is totally their decision I am not recommending they do so. Keep in mind all the reversals I have highlighted on your chart are initiated from a bullish move with a bullish trend line. It can be initiated from a bearish move with a bear trend line but there is a twist in the horizontal line placement. I could start over with your chart and initiate reversals from a bear trend but if interested first just study the examples above.
Trading is hard and takes a long time to learn to do it really well. It is much easier to explain but harder to implement. It takes a lot of practice. The concepts have to be in accordance with ones personality, tendencies, risk capacity …emotional and otherwise, and ones account size. SIM trading can help with that element of practice. No pro football trader became apro with no practice and no pro football trader can remain a pro without practice. Hang in there practice a lot. That won’t cost you anything but time and effort. Hone your skills. Hope it works out for you. “ Brick by brick my fellow citizens, brick by brick” Hadrians response to the citizens upon re-building a burn’t down Rome. Encouraging them to be methodical.
Thank you for that. I meant infamous as a compliment because I heard a few others mention it. I will take a look at your journal and see if I can implement some of this in my trading. I will let you know how it goes. I appreciate the time and effort!
Take a look?!? You'd have to do a lot more than just take a look. There is so much material to analyze in there you could write a Master's thesis on it. There's no "glancing looks" at his journal to get what he's on about. Hunker down with some good beef jerky and some high-caffeine beverages and be prepared for some long nights of reading.
Better to use "famous" when complimenting. FDR said the attack on Pearl Harbor would be "a day that go down in infamy" and not "a day that will be forever famous." Seek fame and fortune, GenZ. Not infamy and poverty!
Ok LOL I accept that as a compliment. Usually infamous is used in a negative sense like a bad reputation or known for some bad quality or deed. But I suppose I am so…at least among the gurus. LOL.
You will have to excuse the poor grammar. I just realized infamous is a negative term. Famous was the word I was looking for. Duhh... lol