out here at 1970 for +5 ''He's'' scaling out but i'm only trading 1 contract so can't copy how he does that so have to go all in all out. He's out half but looking for a little higher still. I'll just watch. Been another very good day, although my own trades were 1 winner and 1 loser, so would have been only a little better than Breakeven without the 'help'
Given back a few handles trying my own price action trades, but still up by 7 points on the day and calling it a day.
I temporarily quit the Dax as price action/support resistance etc doesn't seem to work on it. But I hate ignoring the index since it flies about so much with great volatility that I feel it should be possible to make money on it. I'm trying out an indicator based system inspired by the posts of kut2k and Zbestoch and a few others. I'm just constantly following the trend using moving averages as opposed to trying to be clever and using support/resistance, picking turns etc.. Back to pretty much what I used about 5 years ago in fact! Will see how I get on. I guess if I lose too much, I can just double the contract size of the trades given to me by the professional on skype to make up for it!
Ended up being a winning day for the moving average system on the dax. Also had a good day on the ES so far. My own trades today. Don't think the skype genius is around today, and without his calls I risk giving it all back, so might finish up early for the day here!
He came on a little after and helped me make some more points so a rather good day in the end. He also showed me a statement to show me his other entries. I've seen him do much better, but it's still like magic to me! I've marked his trades on my own chart in case a resident expert like @NoDoji or @schizo wants to have a guess at how he does this every single day without fail. (can pm me if you like!) I'd mainly like to know how he shorted the high at around 90 just under an hour after the open. At that point, I was expecting an up trend day at a guess. It was the sort of move that I always get killed on if i try to short it, but he knew it was gonna go down. I can have at least have a guess as to why he took his other entries (although i'd likely be wrong) Also curious why he was bullish looking for a 15 point rally near the lows (even though he didn't seem to take that one) I would have been expecting one of the moving averages to more or less cap the retrace without the aid of his roadmap
Everything is about volume, levels, context, and probability. He has an edge in that he knows how to read the tape and work that into the current and higher context.
Managed a small winning day with mu new moving average system but was then hit with intermittent powercuts and unable to trade! Am back online at the moment (for now) and am annoyed as my skype guy was online and he's made 2 perfect trades which I could have copied Shorted near the open for a nice little scalp and then He caught around the exact high tick on his 2nd trade which was another short around 1 hr ago.
First 50 trades of the new moving average system done. I think it's way too simple to work long term, though. I'm just chasing price around like a puppy and abandoned everything to do with price action for now (with the dax) Not sure what else to 'add' to the system to make it cleverer and to stop me getting chopped up etc. I thought of fliters like only taking longs when price is above a certain EMA etc, but I tried this before and it didn't help the results. I ended up missing too many huge trades that reversed hard out of nowhere which I couldn't get on board due to the filters I had in place stopping me from taking it due to being 'anti-trend' Looking forward to see if it can do better than my last batch of 'price action' trades that I journalled before.