Haha. Well Trader273, let's just say after comparing the two I don't know what to think. What a mess of wicks I have on my chart compared to yours from today. The entrys still seem relative, but that is just a comparison of today's action (afraid I might cry if I backstudied alot more between the two). Oh well, we'll see what happens and whether or a swap is needed soon enough. Since I am new to anything but time frame charts... what about tick charts? Or is that data all relative with volume too? Tick charts have the credibility and consistency to trade price like the volume charts do in the intraday index futures charts? Any and all input appreciated on the above. ~Cx
Anek, (and others) What are your thoughts on daily trading goals using this type of method? Before, I'd have predetermined amounts I would be prepared to make or lose for the day. Points-wise I mean. So if I was up x amount of points, I'd close down for the day, or if I was down x amount of points I'd close down for the day. That was using technical analysis/indicators systems though. Do you have any daily goals you set, or do you just take every set-up that comes your way since this is based on price action? Just curious...
Jack, I'm all for setting a daily max loss limit to preserve capital but imho setting a daily target is counterproductive. The fact of the matter is once you become "one" with the market as a scalper, it's hard to get your ass kicked if you know what your are doing. The exception, for me anyway, is to get a day with constant reversals and zero real opportunities and those are very rare. I don't trade for a fixed amount, I trade with total greed but that's very personal and you must have 100% faith in your system and abilities. Just like you must cut your losses short in trades and let your winners run I feel the same way about daily goals. So what if you are landing hit after hit, you are gonna stop because you are on a roll ? Stop when you are sucking balls. I do use a personal daily target but it's more of a personal goal, not something I do regularly and many times I keep on trading. You might say, how about over trading ? Well, if you see a valid play with confirmations, taking it would not be over trading not taking it, more like moronic. Over trading is when you FORCE yourself into making believe there is a good play on the chart when there is not. Very personal stuff nothing set in stone in this department. Anek
Once you hit your daily target trade smaller size so there is less chance you will give it back. That's what most good traders I know do.
Seems like a good idea, but I'd still keep it for earlier trading days. I agree that if the setup is valid then the fact that you have hit your goal(s) is no reason to keep you from taking a good trade. If you have financial expenses that you are bound to though, I would definitely make sure I pulled to cover that much. Overall you should do what is most efficient & proficient for the long run. Just my thoughts on the matter. ~Cx
Hey Anek I have a few questions. 1) You say you 'reverse' DTs & DBs if they fail. At what point do you consider the failure to be intact? 2) When looking to enter on pullback of a solid trend up or down, do you look to be in on something more along the lines of a Ross Hook rather than needing 2+ bars of HH/HL ?? *For clarification, entering on a Ross Hook out of a pullback would mean taking an entry once a new 1 bar high is made following the first 1 bar failure to create a new high/low in a trend with HHs/HLs or LH/LLs .* ^Sorry if that is confusing, might have to read a few times, otherwise I can put up a chart later visually describing my Q. Thanks. ~Cx
Hi you all, just wanted to chime in on how I determine the swings in Ensign Windows. I'll post a screenshot of the study when I get home: By the way, Stealth Trader already posted about this I think. I remember he posted something... Study - Pesavamento Patterns, turn off all the confusing lines, set the minimum number of bars to 0, set the minimum number of points to 2 (or 2.5 or 3, the lower the number, the more swings. I scalp primarily so I am comfortable seeing more swings plotted), set the labels to LBL. Because I'm stupid, I also need this: Study - Auto Trends, keep the lines if you want, turn them off if you only want the swing points, minimum number of bars to 0, minimum number of points to 2 (or 2.5 or 3). Set the labels to whatever you want (LBL if you want HH and HL printed). It seems to be working out pretty well for me, but it doesn't do the nifty DB and DT - that's pretty cool... As always, I could be doing things like a monkey with 4 asses, and if anyone has a better way of doing it, I'm all ears. I'm here to learn too of course...
Hi, Net Gain +$156 on 5 trades, 1 lot each NQ. Not a bad day trading the NQ. Made some AAPL and GOOG trades that were not so hot but finished positive on the day NQ + equity trades. Cheers