I was only in the sim, but my day was slightly worse. It seems funny that on such a clearly obvious uptrend, it's easy to stuff things up (not suggesting you did fish, but I certainly did!) I posted the image earlier about how clearly, using Aneks rules, one could have hit a blistering home run today, 20 points or more easy. Yet it didn't happen like that for some. It seems that there are a number of ways to trade this market, and key seems to be knowing which type of trading is required on the day. Today is a buy and hold, whereas the last few days have been to scalp a point or two when the market provides it. Knowing the difference, I am learning very quickly, is a result of screen time, and lot's of it. Just like anything - success in anything doesn't ever come cheap.
For now, I'm gonna scalp. I seem to usually do OK in different mkts this way. I've hit homers letting it run and also watched a profitable day turn sour buy not recognizing all the variables. I will keep an eye on all I need to learn while doing 123 scalp. MarketEmotion help with AHG and scalping. Same w/ Anchor, Trend S/R etc. But I would definitely take 4 pts a day on the ES any day!
I am going to try to explain about another of the setups I like a lot. I like it because it provides a small stop (usually) and some good moves afterwards. The problem with this setup is that it is a bit harder to define and has a few more variables to take into place, that means there is more discretion in the selection of the pattern. The market represents buyers and sellers and their sentiment towards the price of the particular instrument you are trading. This sentiment is determined by the fear, greed and expectations of all its participants. So if you think in terms of an uptrend (just reverse for downtrend) if the instrument is moving swiftly it will keep bringing in buyers, after a while the perception of those buyers will be that it cant go up more, so the move either takes a small break or reverses. These CONGESTION areas are what we look for. Usually define a box with a lid (2 well defined lines) or just the lid (1 line). If you find just the lid the placement of the stop is a little bit more difficult therefore it requires a more discretionary approach. If you define the box with horizontal lines it should be a box that covers but a few bars, it can usually be from two to about eight bars. One of the rules I put on myself is to allow each of the horizontal lines to be touched at least twice so that the sides of the box are really horizontal. When the range of the box is small (difference between the top line and the bottom line) it usually gives a small stop which is great for scalping. I donât like it too much when the range of the box is determined by long bars, it gets a bit harder in terms of the stop placement. For an entry and a stop I select one tick beyond any of the two horizontal lines, if its long one tick above the top line for entry and one tick below the low one for a stop. Reverse for shorts. Donât forget to take the trades within the context of the price action it is presented in, take risk measures according to your risk tolerance in each instance. Find examples attached (sample 1-5) with todayâs price action included on the NQ 1000 V(Sample6) . Note: Anek made a post about two weeks ago in which he mentions a Piscuy trade and I replied to it that that was charting poetry, that is the perfect example of a box trade. . In my opinion boxes are of a higher degree of difficulty but well worth the effort of learning to find them. Enjoy, P.
I really appreciate your generosity piscuy. I only hope once i make decent money I can take time out like you to give something back.......
Piscuy, thank you for sharing another strategy. Just to reconfirm my understanding, it is basically a break out of tight range strategy ? Chiu