Fleming, I've accepted Spydertrader advice with pleasure and asked him for some additional questions, that's seen from my reply to him. + some posts (with links) made by me contain some interesting info and I will continue posts here and soon write some small research I did. P.s. have you tried to look not only on your pivots, but also on previous meaningful highs/lows, ranges? Krgds, Andrew
Mr. Wagain, Mr. Spydertrader is in my experience one of the most selfless and trustworthy posters on ET. His approach has the advantage that you can use its simplest features with confidence in the beginning, and add complexity as you gain experience. My only caveat is that you should be open to improving it with other approaches which work. As you get deep into that community's threads, you will see examples of others who have integrated supplementary approaches successfully. Might one now inquire as to your nationality? Despite criticism of your English composition, from my own experiences struggling with a second language you are doing quite well. Put snotty posters here on ignore and forge ahead. And do not let anyone make fun of your account size. Trading one contract carefully with a small account is an excellent practice. Squeeze all the profit you can from that one contract before you risk increasing size. As to previous highs and lows, I find them to be useful only in the context of how today may behave relative to yesterday. Now be guided by Mr. Spydertrader. You have found what you sought.
Thank you very much for posting the scalping article. I found Al Brooks' "Reading Price Charts Bar by Bar" to be the best technical trading book I've ever read. It's a tedious read because of the way it's laid out and written, but worth the effort.
NoDoji, Thank you as well ! I will search for that book. Have you read something you liked about Price Action as well ? I will continue to make contributions to that thread as it stated in the Opening Post that thread create for mutual benefit and those who want to share/learn/discuss. Krgds, Andrew
Brooks' book is pure price action trading. He uses 5-min price bars with a 20-period MA as a reference point (if it's falling you're in a downtrend, if it's rising you're in an uptrend). My friend told me about the book because he knew I was using 5-min price bars with a 20 MA as reference and thought the info in the book would fit my style well. I also added 20-period 1.0 Keltner channel to my chart a while back, and just a couple days ago added 2.0 Keltner when another friend on ET pointed out that the 2.0 more accurately paints the exhaustion zone where reversals occur. These five lines (2 above and 2 below the 20 EMA) provide a grid that I plan to start using as a guide to how I want to enter and manage the trade. I'm very new to trading ES and I think of this grid as "training wheels", guiding me on decisions about position size, whether to go all-in or scale-in, whether to scalp a small profit or hold for a stronger move, and where to place my stops.
Mr. Snopes, I really enjoy correspondence with you, not only because of discussions, but due to intelligence as well. I've already read some posts where you and Spydertrader discussed Price/Volume relation. So, I treat that you are saying and Spydertrader as interesting and useful. I had previously some researches about Price Volume relation and anomalies, but not found something in my understanding really obvious and exact and placed that in "long wait box" However I admit that could be due to the reason I watched something wrongly. Because that relations and anomalies certainly exists. The main reason was that sometimes increase or drop in volume not means that it support further price action and it will move further in that direction, as sometimes all ends on that stage due to different reasons. Instead I've focused on market/price cycles and did some normal results. Soon, I will post on of that strategies in that thread in order to show in example what do I mean. I also will continue that work and research, because I'm sure there are no any very special secretes, whereas there are certain simple rules and laws in market, its structure. And even if that "secrets" will be revealed it will not stop them working as anyone in the world unable to change saw direction and structure of wind, the same with market and also discipline : any "secrets" could be open, but a few nevertheless can use them So, I really interested to continue that research to talk to persons who are interested in that as well, that's why such name of the thread was chose. My nationality is not secret, seems, I already wrote about it, I have a lot in my blood from Mediterranean nationalities. Language during long period in my life I had English as my second nature one and still love it and enjoy, of course due to smaller practice now and sometimes due to a lot of thoughts I have to say I make mistakes, sometimes when I worry I again make some mistakes or write in too complicated manner. But it ok with me I look here for comfortable and useful conversations. However if I was on biz talks I would be much more different. My account size indicated with intention and that I'm trading now often only 1 contract as well. Besides that is different theme about scaling, position sizing in and out, etc and I do not want load that thread now with that. With regards to that "empty" posts I quite enjoyed them as fun, as from my business carrier I know perfectly who is looser and who is good person or good person but in troubles The only thing I'm sorry a bit that it took some space on the thread, because I want to keep it clean and useful for others as well. Also I will continue to write openly here what I found/research (with except to the info I've been asked not to share) I meant not yesterday meaningful highs and lows, but intraday. I'm trading now (apart I did swings with stocks) only intraday. Krgds, Andrew
NoDoji, Clear. I big fun of 10MA as "classic" trend indicator. Also I keep 10MA not only in timeframe I trade (often like you 5 minute), but also 10MA in 15 minute period, 1 hour period, 1 day period. I try to keep my chart clean and simple in order decision making will be simple, obvious and fast. I've used Keltner channels and even slightly modified them, 1.0 and 2.0 great deviation as well, but for me it's not so obvious as sometimes price "make love" with different kind of bands/channels (that's not about to say thing bad to you, it's just not works for me) like with MAs and sometimes price goes fast through all kind of borders/ranges. I don't want to say I looking for breakouts, but I look for places where price can go and go fast (away from your entry point) just in one direction. Also places where market changes it's mood from choppy to trendy and again it's not always breakouts, the could be certain important levels. I also not look for huge profits I look for normal entries and then based on P/L ratio or strength and speed on market exits. It's almost like surfing - caught wave, surfed, it's not necessary to wait for huge wave and serf till be beach. Have you tried to look on levels which makes crossovers of 10 EMA and 10 MA ? Seems that you also trying to study market cycles ? I'm not trading now ES due to account size. I'm trading grains and look on other commodities as well. Krgds, Andrew
Andrew, it will be a joy to follow your journey. Trade small and well. And remember how pygmies kill an elephant. They sit around a fire (ET) and brag a lot (posts exchanged). Then the bravest among them (a flamer) stabs the noble beast (sincere poster) in the ass with a poisoned spear (derisive language). I recommend shitting on them before they get too close. Regards, Flem.
NoDoji, Do not treat that as critics, but my opinion that position sizing could be considered when reliable strategy in place, the same with regards to whether to scalp or hold. May be I'm wrong, but I think when you enter into trade I have already know where exact stops and profit targets will be except of some part of position which you will allow to surf further, but that's again scaling which is in itself different strategy. Krgds, Andrew
Fleming, Thank you for your kind words I used to do well 2 things in my life : work hard and fight. I really like your posts and appreciate your support, but even if nobody replied to the thread I would continue to make my job further. I already made here some good links and I will continue do that and post thoughts, ideas, researches, strategies and oneday that thread contain more useful info then threads of just chatters, it will continue to help me and oneday may be helps to somebody else. Oneday and good persons will meet each other for work or enjoy talks like we already do with you. (don't stop work, not look back) P.s. I hope you will continue read that thread Krgds, Andrew