Steve, if my memory serves me correctly I recall you using only RTH data, what made you switch to 24hr data? TY!
JSSPMK Yes thanks for the important question If you don't mind I would like to answer you by PM Steve
JSSPMK This chart is for you and is follow up to my PM You can see how we opened and took out the longer MA on the downside. The retest occurs as anticipated and we are short Price bounces off Yesteday's low. We take profits and wait Price takes out the longer term MA to the upside. We have the Michigan Sentiment Report and price retests on that. Long entry just above the retest. We are still long from that retest As Tony OZ would say "Friday is payday" yep Good luck everyone Steve
Another possible short setting up here Have to be careful though. If oil breaks down. This oversold market can rally strong and sudden. We'll see
Here is the same view, smaller data window using 800V candles As you can see, on this chart the market looks long. When this happens I simply stand aside Plenty of opportunities, no need to get chopped up.
If you would pull your head out of your ass long enough to read the material you might do better with your own trading The charts I posted seem to have quite a few views. Somebody is looking at them for a reason If you don't like what I'm doing, point & click to another location Seeya Edit Just for the record the charts on this thread have been opened up more than a thousand times. I think newbies are benefitting from this material.
Here's a nice chart showing the transition from short bias to long and the low risk entry long for a couple points. The risk (for my system) would be 2 points and I would enter long on multiple contracts looking for scale out at 2, 5, 7, 10 pts. By the way, some of the same concepts are seen in the thread "Daytrading 2.0 for small traders"... The OP has the right idea (in my opinion) however I don't agree about scalping (his approach). If you're a retail trader (most everyone reading this post) then you have to go for 10 pts in order to beat expenses. Also I think you have to trade multiple contracts as soon as you can manage it, in order to do so. This is one of the reasons (undercapitalization) why so many new traders fail. Good luck Steve
Another chart. Handling the chop is important Stay out of it if you see it setting up If you are in, on one contract, you have a decision to make how do you handle this? If you have multiple contracts on, you have the luxury of taking partial profit and waiting for either A.) continuation of the trend or B.) breakdown and you scratch the trade (at breakeven)