Gary, Wouldnt it be a higher probability trade if you let the breakout run and wait until a HH or LL is formed, then have the odds aligned in your favor.
I almost never take the first breakout but this morning it made two attempts at breaking the high with only minimal pullbacks. When they headed that way for the third time I felt pretty strongly that it was going to go.
Trades for 08.08.07 Chart Attached. Not my kind of day, did not see ideal retracements in many good trends. 1 Long Modest gains 2 Short 1st Winner 2nd Stopped out Total 2 for 3 Taking off early, not my kind of day. I'm thinking 10,000 bars might be a bit too high for my scalping style but it's too early to tell. Since I'm new to ES I might start examining 5000. Definitely can't say I'm married to one yet. Not sure yet, could be the feeling that today I did just ok and saw many good trends that did not quite give me a good entry. It took some discipline. Tomorrow is a new day, taking off early to clear my mind. I see a bearish trend forming now but I'm not in the right state of mind, choosing the door out. As I say, small gains, small losses, no shame in that. Anek
I need advice; please help. I just setup my first futures account, and I have a choice of software platforms: Realtick Quote Tracker Nexa Meridian or Esignal I currently use IQ for equities, but they don't allow futures. Any suggestions? Thanks, Tyler
"The ones you should ignore (for now) because they require greater skill to consistently profit from or simply, the sideway ones:" Following this rule has really helped me stay out of trouble. +827
I just examined the day at hand using 5000 volume bars and see those pullbacks I did not find today in 10000. Taking into serious consideration. Ok off I go. Note to self: Examine more days Anek
I love it when you guys post profits, makes me feel great. Record what you been doing that is helping you, stick to the plan/rules. Anek
Then you will like this Anek, back on track with another profitable day after yesterdays set back...Net Gain $139 Cheers
Anek, still trading YM, I took basically the same trade as your 2nd short, but I got in a little earlier and my trailing stop gave me a small profit on that trade. I move my stops pretty quickly to preserve profit, but hopefully not too quick in case the market wants to run. Following your method really saved me some heartache this afternoon. Following the plunge to the lows I really really wanted to short it, but looking at my chart after the 15:28 low I saw mostly HH and HL (one LL), so.... according to my trading plan I don't short. Didn't take a long after a couple of HH/HLs, but at least it saved me from taking an ill advised short.