I wish I saw your post before I started trading. The market handed me a lesson today! Way too much Chop! Thanks for the heads up anyway
I got off work early today and paper traded for the last two hours for the first time on NT. 6 trades with 1 loss for a total of $245. Having such a high win percentage and also making money is fun! Looking forward to more sim trading next week!
I trades the ES too. Did you use Piscuy's Method? What is your usual price target on the PM? (Piscuy Method) I started out early using it and got stopped out a lot. Then I switched to more swing trading, and kept watching my profit quickly vanish. I made some back at the end of the day, but I was apprehensive to let that last rallly run!
The target really depends on the type of day. For example yesterday 1 - 1.5 points was easy, today was a .5 day and you had to be very quick to take it, because there were abrupt reversal on the following bar (lots of overlapping bars and small range bars since the beginning of the session). I saw it after a few trades, the mkt was telling me exactly what was going on, but I was down 4 points by 10:15, thus I switched to a higher volume chart to reduce the noise, difficult to trade on that as well, but managed to go positive a few points. I didn't trade the dead zone, but I watched the mkt . At this point I waited till 14 pm when pace started accelerating a bit and I took a few good pivots, the last leg up from 15:50 was very good so good i didn't realize it was 4 pm (i need to set an alarm lol), I made 4 positive trades on that leg. +11 net
Yes, I didn't catch on that the mkt was only allowing 1/2 point scalps until it was too late. I was in the money many times(like you the other day) and ended up missing and getting stopped out. I know the stops vary depending on the pivot and the entry, but what would you say you average when you lose a trade using the PM? I'm trying to make sure I don't lose too much while scalping 1 pt or so, but today I sure got stopped out a lot. Thanks for your input Mark PS Nice work today!
Was a tough day...NQ seemed a bit easier to trade today. Really made most of my $$$ on last trade of the day with the triangle break. Today was a day to be patient and wait for the platinum setups. RED
Found this on the net, is it pretty much the same red? For instructions on its use, see http://www.traderslaboratory.com/forums/f46/bb-squeeze-replica-for-tradestation-662.html i
Anyone care to share charts of how they traded today? I would be interested to see how some of you handled the last hour of RTH and some of the other plays today.
Someone please tell me why the Squeeze is useful. I tested it a long time ago and I thought it was slow, crappy and to be honest quite useless. However, there is possibility that I don't know how to use it properly so please someone chip in Anek