May need to investigate AH.....a master trader once told me to stay away from the ES market when the US traders are not participating......the liquidity that US traders provide enables the predictability of their actions....
Hi, this is my first post, but I have been a lurker on ET and many other forums for a LONG time. I have researched all aspects of futures trading for about 6 years now but haven't done live trading yet. (did couple years ago and lost 10k due to fruadulant broker mimicking backoffice executions, long story, lessoned learned) Anyway, the first method I was introduced to years ago was same as this, very simple.... with the trend, swing highs/lows, and S/R. This thread has brought me back to this simple method and I am GRATEFUL. I am now at a point to get serious about trading. I have opened 15k account and recently was layed off at my IT job and took a 2nd shift factory job so I have time to trade during the day. Of course I intend to sim trade for about 6 months first. MONTI1A, Is 17 trades average for you? I have using 210 and 89 tick on ym which can give lot of trades. Can system be just as consistent using small tick, etc. chart that gives 20+ trades vs. using higher charts giving 5-10 trades per day? The latter requires larger stops, but a lot say its better to be sniper than gunslinger.
yes...i average between 15-20 trades per day..sometimes more based on volume.. I don't trade YM...so you may want to defer to Anek about that instrument....
BTW, if anyone is interested prior to this thread I have been trying to develop my own style of retracement trend trading learned from various sources such as Wattstrading.com and sling setups from dacharts.com The methods basically boil down to trading with trend, but they use lots of indicators which just get too complex. I think successful trend traders that use lots of indicators are basically using price action subconsciously to filter which setups to take and not blindly following indicators. Anyway, this thread has reinforced to me to use no more than 1 or 2 indicators along with trendlines and swings for intraday S/R. I am also looking into using market profile for S/R as alternative to calculated pivot points. Keeping it simple, just using previous days TPO charts and using ends of the bell curves as S/R. Not sure which is better. Calculated pivots I think become self fulfilling prophesies, but MP is based on price action. Don't want to get too much in trap of having a bias for the day though, just let price action lead me.