3 nq trades

Discussion in 'Index Futures' started by redzuk, Jul 16, 2002.

  1. redzuk


    Anticipate a Lower Low is not a setup i trade, it was just some kind of desperate stupid trade. 2cd trade not as bad, but I was chasing some so i just got out at even. 3rd trade was good plan, i read strong bear momentum. I considered trades at both purple arrows, but could not justify them with any indicators. I became frustrated after failing to enter long at 1017.50, and watching it run quickly to 1035. I want to have a good reason to enter trades, and maybe instinct is enough of a reason. I can obviously chase momentum trades. But need a perfect setup to enter reversal, fade or pullback. Its easy to chase mo because you see confirmation of what you expected.

    I'm going back to a five min chart candle chart and time/sales only, stop searching for perfect setup, and execute better.
    Any comments?
  2. DblArrow


    Are you looking for short term tops and bottoms? Don't know if you are or not, just an inquiry.

    I gave it up as most know it doesn't work real good. What I require is confirmation of the direction.

    In your chart, my thoughts lean like this -
    1st point, a break above purple 1 is a long. It didn't happen no trade. A break below your purple line is a short. Either take a couple points or wait for a stop just above the red bar with the red 2 arrow.

    Next trade comes after the break of the long red candle ( 2 bars before your purple 2 arrow). Moving stop up as price goes up.

    What helps me is a CCI indicator as a filter. Or if you are using livecharts a 20,3,1 Sto.

    Hope this helps.

    Make 'em pretty, Chris
  3. redzuk


  4. DblArrow


    Here is a chart with the CCI and what I look for your red 1.

    CCI is heading down. When price falls below the bar just left of your arrow, would be looking for a short at that point. Stop above the high there.

    After CCI went below the -100 then crossed back above would be looking for a long when prices break above the swing high between the red 1 and red 2 arrows, or perhaps above one of the bars just prior to the lows, with a stop just below the lows.

    I have not been able to get the S/R to work for me, right at the lines, so I wait for breakouts with confirmation on the CCI or STO.

    Hope this helps.

    Make 'em pretty, Chris
  5. DblArrow


    OK, so no chart, I can not get the attachment to work:confused: :confused: :mad: :mad:

    Make 'em pretty, Chris
  6. nkhoi


    did you specify correct driver and file type?

    <center><img src="http://members.cox.net/knguyen19/mychart.gif"></center>
  7. DblArrow


    Yep, I did.

    Does it matter where it is and should it also show in the preview mode?

    Had the same problems at talkstox.

    Make 'em pretty, Chris


    redzuk, Here is what I was talking about with both the CCI and STORSI.

    Hope this helps with the explaination.
  8. redzuk


    got it, thanks. Tried oscillators for triggers before but stopped using them except on larger time frames for divergence signals. As triggers they were whipping me around too much, funny that now i may use them as filters to keep me from getting whipped around too much. Guess its all in the type of market and your ability to understand what your looking at. Fading moves is more natural to me. You could fade a move on a larger time frame using the price confirmation on a shorter time. Forget that, I'm trying to simplify. Thanks for input, it was helpful.
  9. DblArrow


    One point, I do not use the indicator as a trigger. It simply gives direction. Price action triggers the trade.

    Make 'em pretty, Chris
  10. redzuk


    Thats the distinction i was trying to make
    #10     Jul 17, 2002