Help, I've been chopped!

Discussion in 'Trading' started by NoDoji, Aug 12, 2013.

  1. NoDoji


    Thanks for your kind words. I hope my "chop filters" are helpful. I've found them to keep me out of trouble, especially trading crude oil which behaves like a nasty bully during choppy conditions :eek:
    #21     Aug 14, 2013
  2. slugar


    Hey how would you have traded the chop today on the nq.
    #22     Aug 14, 2013
  3. Redneck


    Post a chart of that which you are referencing

    NOD needn't do all the work

    #23     Aug 14, 2013
  4. NoDoji


    I was chatting with my friend around the NY lunch hour and he mentioned the earlier chop in the NQ. I looked at the 5min chart and said, "Yuck", then I looked at the 1min chart and decided the only setup I saw that I would've taken in that chop was based on the 1min chart.

    It's one of a few with-trend continuation setups I like to trade in oil futures. Look at the little symmetrical triangle formed by way of the 10:43, 10:44, and 10:45 ET bars on the 1min. I'd feel pretty good about shorting 3132.00, the break of that 10:45 bar low, to see how price would react to the lower channel line around 3130.00. With no buyers there at all, I'd have likely held for a measured move down to around 3125.00.

    My chart's in PST, so 3 hours earlier than NY time.

    #24     Aug 14, 2013
  5. slugar


    Thanks Nod you're the best! Steve
    #25     Aug 14, 2013
  6. So far I'm seeing people post intraday charts - some are only 2-hours. I personally feel that intraday "static" should not be called a "chop" zone.

    Hey here's an idea: Zoom-out!!
    What is the real trend doing?
    That will tell you much more.
    #26     Aug 14, 2013
  7. ND, I'm surprised you did not take, or mention this beautiful bottom right after your short. It was off of a stronger support pivot.

    Just kidding a little. Really just wanted to post a nice PA setup for surf.
    #27     Aug 14, 2013
  8. I appreciate the help you give ND. I really had a hard time with the chop today in the ES. I lost 2x my average daily gain with way too many trades. Looking back, I clearly see the chop. However in real time I had a hard time not taking trades. I kept saying (out loud) "ok that's it for me" and then "oh wait, this is actually a good trade". I had three trades that I managed to get out at +.25 and three taking me out for the full loss. Only one trade reached my profit target without coming back for my stop. I usually only take three or four trades a day. I'll try to post a chart with my trades. I'm on my second drink and I have my guitar plugged in. Might not happen.:)
    #28     Aug 14, 2013
  9. NoDoji


    It would be great to see your trades. I'll offer a detailed review and you'll probably get more out of it than from reading Al Brooks entire book.

    Oh. Wait. That's not promising much, is it...

    :D :D

    Seriously, I think a "third party" analysis from me will give you some ideas you can apply to past charts and then practice recognizing in real time.
    #29     Aug 14, 2013
  10. NoDoji


    I'm a day trader and IMHO what makes day trading so difficult is developing the mindset to analyze things quickly. A swing trader can see a setup, put on a position when signaled and not have to change "bias" for days or weeks.

    An intraday scalper like myself can see a setup, put on a position, watch before my very eyes as a new opposing scenario arises, and shift gears quickly.

    Zooming out is great for us day traders to note key levels that "large eyes" are watching. I use a 60-min chart a week long to draw longer term trend and channel lines and this protects me from trading right into a key S/R level on the initial approach.
    #30     Aug 14, 2013