Generally I like to have the stop 1 tick below the lowest bar that touches/slightly penetrates the 18 ema right before my entry. I find that sometimes that if I would have put the stop at the previous low /high before the 18ema touch that it would have worked better. Would you suggest using the ATR as a reference for a stop instead ? I may adjust accordingly if I run into getting stopped out too much. Thanks for the insight. Brian
Made 1 trade today on the 6e after that huge penetration of the 18 ema . Waited to see if next couple bars penetrated ABOVE previous bars high and sure enough it did. Entered at 1.3445 exited at 1.3475 because it was starting to look toppy , Total +53 After that I read about VWAP , Standard Deviation, and Market Provile/Volume zones all day. I'm only going to be entering trades if the VWAP and Priceaction are both above or below the Peak volume point. This indicates that the market is skewed in one direction and gives higher probablity trades. Ill start posting charts on monday
Consistency to me means more wins than losses as far as trades, and average profit per trade outweighs average loss per trade in a 6 month time frame in my case... Here is the trade and chart..... I decided not to use the vwap/market profile after studying it all of yesterday. I need simplicity on the chart with just volume and price action. I even got rid of the MA's because I decided Price Action is all i should focus on. Yes I know I'm flip flopping on myself yet again but all I know is that I am getting comfortable with price patterns. Higher highs, lower lows , lower highs, higher lows. Didn't trade yesterday because of lack of sleep and I didn't feel right... today.... 1 trade on 6e ....went on the 1 min chart after I saw a breakout... +15 today total +68
Up almost 10% on the account using strictly 1-2% risk management since inception of the journal. I am happy so far. Lets see if this was just random or if I am getting the hang of it.
Nice little play on the 5 min YM today. I saw the higher lows and higher highs. Decided to hop on when it retraced then showed signs of continuation based on the current bar (entry) broke higher than the previous bars high. SL placed a tick below the previous low and a target placed slightly above the previous high to take advantage of the shorts' stops getting hit upon the break of the high. +12 Pure Price action again today and I'm liking it. With other indicators I would always second guess my decisions based on those indicators. They all lag anyway so I feel price is the most current indicator out there. I need this simplicity right now.
if you find this also runs aground and you like futures, I suggest you consider non-currency(+nonforex), non-index futures. They tend to be very efficient and very hard to find a profit. They are directly targeted by algorithmic traders, large financial houses, etc. grains, softs, meats, metals, (perhaps) energies, whatever...
So your saying I should trade commodity futures? I own physical silver and looked into trading silver futures but the charts don't look very liquid . I could try it out in the mornings and see if I can catch a nice trend. I did ride the sugar train when it was tanking for a little bit . That was fun. ------------------------------------------------------------------------ Today's trades..... 3 winners 2 break even, 7 losers. Was up around 20 pips in the morning, over traded and gave it back in the afternoon. Daily pips= -13 My goal is to make no more than 5 trades a day. Over trading is something I need to work on. I need to wait for the A setups and stop taking the B, and C setups .