Thanks to those posting PDFs I will try to read them during spare time to see if there's any real value. Anek
anek.....the forum is so honest. that is what makes it so different. hope the mean ones leave you alone as you continue to help all who will take the gifts........ i am thru developing my stuff so here to enjoy reading comments of others in the business. I am strictly intraday nq trader....market open to market close only..trend is the one word i would say is biggest word in this business for me imho...you seem to have good stuff for others to benefit from so my hat is off to you for sharing....your ego seems controlled which is unique for forum guys, so thanks again with much respect.. ...
B, Not sure who said this but it's wisdom as its best. "If you are right, take the humble side -- you will help the other fellow. If you are wrong, take the humble side -- and you will help yourself." For trading it's invaluable. Anek
Anek's hint though was a great one, amazing how 'out of bid/ask range' large size transactions affect the market - just started looking at it and seems like a 80% accurate indicator, gotta see it to believe it... makes great confirmations for patterns ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Where do I find Anek's hints, please? Could not find it - sort of blind. Thanks anyway. Charly
First let me start with a small apology for the delay in posting the charts. Now that it is out of the way lets get to do some work. I usually think of the market as trends within trends. With that in mind I usually scalp with at least two of such trends or three in mind. This is a bit different than what Anek does with his anchor chart, this all happens within the same chart. I will try to explain by parts. If you guys have questions dont hesitate to ask. Now be patient, the entries which I belive are the most important I will detail last. As you guys know it is very very important to have the right mind set. Most traders encounter trouble when they want to do everything at once, they want to scalp but not let profits on the table. They want to trade long term but are fearfull to hold for long, etc. etc. So the right mind set is very very important. What is my mind set? I am first and foremost a scalper. Scalping allows me to control my trading environment and keeps my emotions at ease. So EVERY SINGLE TRADE I START starts out as a scalp. If and only if the trade opened up very nicely (had a good run off from the point where i opened it) then I turn the trade into something longer term. The major trends are defined in the following five charts, that is what tells you one of two things. If your taking a trade against it then you must be very carefull and probably very quick. If you want to trade towards it then you even may build up on a position. Now to the charts. The first five charts are descriptions of the major trends. Those are build in my case with simple trendlines. Out of the trendlines I drew that day there were very few I had to adjust. The charts NQ6 and NQ7 are the summary for the whole day with all the trendlines put up. On NQ7 I added an indicator that shows pivots. I do not use it but did add it as a visual aid for those who have difficulties with the drawing of their trendlines. Also these pivots are what I look for in order to find entries and this is what I want to talk about today since they provide some of the best entries for scalping and that is what some of you wanted to learn. The problem with the pivots indicators is that they plot after the fact, those white dots appear a couple of bars later since the indicator waits for a confirmation. After a while of watching how and where they appear you can anticipate where the pivots will happen and this is what we take advantage of. Think of the market as an ocean, the major trends are the tides, the smaller trends are the waves. If the tide is up you want to catch the valleys of the waves, if the tide is down you want to catch the crests of the waves. I'll give you an example of each of them with the entries I like at the pivots. If we are in an uptrend, then we are looking for a valley for an entry. Now you need to find a bar that is the lowest bar of a long series of bars (there are some indicators that show you these events, I know TS has one called pivot high and pivot low). If the next bar fails to make a new low then this is the bar you pay attention to. I marked some on chart labeled NQ8. This bar that is marked is your signal bar. If you break the high of the bar by one tick, you go long, if you break the bottom of the bar by one tick then it is a failure. You can in fact play both the break of the bar to the upside and the downside. If you get good enough at this, the failures will provide you with some of the best entries you can get since a trend change starts with a failure. Charts NQ9 and NQ10 both are of the same signals. One with all the trendlines and one with just the entry points on the signals, if you break the top line of the bar you go long, the bottom line you go short. This has to happen within the first couple of bars otherwise the signal is not a good one. Out of the three signals one provides a small stop and tho other two som nice profits. Enjoy, P.
Piscuy, let me be the first to thank you for your charts and comments. I'm very glad to see that the way you read the market is very similar to my way. (ahhh guys don't you just love naked charts, so beautiful...) No mumbo jumbo, just logical entries on price action. I will give a good read again and again to your post and charts and I'll come up with some costructive question ( I hope so). By the way no need to apologize Thanks again
Piscuy: Thanks very much indeed for taking the time and effort of posting your charts. Please, post some of your charts from time to time (I would like also to see some ES and some days where there is no clear trend or market is choppy or range bound). I have two questions for you: 1. Do you place your stop below (in case of longs) of your signal bar or below the swing low? 2. When the signal bar is a big range bar, like the one marked at about 12:00 in chart 9 or 10, do you still take the trade at the high plus a tick in next bar, or you pass this trade or you adjust contract size? Or maybe you dont wait for completion of signal bar and enter when it exceed a certain price? Thanks again.
There is really no formula and you need to adjust it to your own trading style and your own risk tolerance. So I'll answer your questions from the point of view of what I do not in terms of right and wrong. 1. My objective always is to have as small a stop as I can so I use that bar as my trigger/failiure bar. The swing low may be a bit too far away and I may use the swing low as an entry ( failure based) to the other side of my trade. 2. I usually take this trades, big bars mean big momentum, although sometimes it is short lived. I do adjust the stop though, i use the middle of the bar as a stop in this cases. As I have said in the past, if a trade does not feel right dont take it. There are many different contexts in which you may take a trade. This trade I did take so I can tell you what i did. I adjusted the stop to 2011.00. I entered on the first bar that triggered the signal and after I saw no more momentum exited +1 tick. If the trade is not doing what its supposed to do, I rather look for another one and let this one go. +1 tick -comissions it was a break even trade. I will try to make some ES charts, have a preference of date and time frame? Another possibility is for you try to post the chart and we can go over what you think could have made good trading oportunities. P.
Hope you enjoy the concepts on the charts. Im sure that if you catch the concept you can see many more entries that give profit on the same charts I posted. On the no need to apologyze issue, I needed to do so. I usually live my life by the golden rule and that is Dont do to others what you dont like done to you and treat others like you like others to treat you. I had made an offering of posting and did it a bit later than I expected, therefore a sincere apology for me was the right thing to do for keeping you guys waiting after I had offered. P.