A simple price action approach

Last chart for the day. Dont want to overdo it.

Here's how I see 1-hr ES.



So if you bought the test of the lower blue line this morning, then as long as that line holds you're holding long for a visit to the upper blue line.

If you're flat, you could enter long on another test of the lower blue line (should one occur).

That's how I see things on the 1 hour chart. Any other ideas?

 

http://www.thefreedictionary.com/simple

 

My chart allows me to draw lines in about a second or two. I just click and draw. I place orders on a price ladder (DOM) with a single click. It's all very fast. A 5-min chart allows plenty of time to prepare for a trade:

 

Here's the result of the trade:



Like anything, it takes practice and focus, but a 5-min chart isn't bad at all. Trading off a 1-min chart is a whole different story :eek:

 

That's 137.50 a tick, and 550.00 a point, I'm not sure where ETers get their illusions of grandeur but for an individual that's size in my books.

FoN

 

Why not just short the resistance line you had in the first place, no reason to enter in the middle of nowhere when you can do so at the good looking extremes. Not only is your stop very much unprotected your reward is inferior.

You had it as resistance, so it should resist, why wait for the market to tell you what you already know.

If it does not resist you take a stop, if it fakes you out, you re-enter with a stop at the swing high.

If your resistance level is really good it will at the very least produce some sort of reaction in your favor, and on that reaction your reduce your risk by adjusting your stop.

Sorry very much dislike the confirmation approach.

FoN

 

I'm with FoN. If I reached my minimum daily target on the ES with 11 cars, I'd OWN 11 cars!

 

Ya these guys crack me up.

I know full time traders that have a hard time going above 1-2 cars.

Does not No Doji trade like 1-4 cars ?

FoN

 

double lines

Use on majors as well if pa requires it

 

I need some help.
Here's a typical trading series for me.
Down 47 points.

How do I avoid this?
They look like decent entries to me; if I didn't take one of them it would be the one that takes off for 100 points. I've got plenty of screen time, but it still feels very random to me.

If I take what looks like a good entry I get stopped. If I avoid an entry because it doesn't look quite right it goes 100 points without me.

Some days I can do pretty good, but more often than not I work myself into a 47 point deficit just like this example shows. Not a fun way to start the day.