I caught the short at 5932 and stopped out at 5889. I didn't recognize it was a double top though, still need a lot more education.
########################## HI yoohoo what do you mean by HORNS - is there a summary of your advice somewhere here? lol ++++++++++++++++++++++ Mandel ""I like how the NQ contract trades as well. You might want to check out the ZN while you're at CFerret ... interesting correlations there."" which correlations please? Got a chart?? Thanks to both of you. Ch.
Charly, no sumary - all details in this thread. I posted Horns when I mentioned them but here's the last one which I didn't post because followers of the thread should be familiar with it. It's really just a small double top but in my squashed up 1 min chart it looks like little horns. When the set-up is right taking the Bull by the Horns is where the money lies. You can see after the Horns there's a down T/L break, Pullback, T/L break and run.
Think I know why. This is not unusual to see the 1 min look different from the 5 min. You can see the DT on the 5 easily. Another thing to visualise is how different timeframe traders see reactions. For eg one of the set ups we trade is the 1 min reaction on the PP. But sometimes it pops thru the PP and then reverses in the direction we expected. On the 5 or 15 in it might show as the tail thru the PP and the body tight against the PP thus looking like a perfect PP reaction in that timeframe.
dejatrader, my apologies... that 5 min chart was incorrect. I scrolled back and got the wrong place. I remembered taking a perfect DT but I take so many trades I forget what's what. As I said when you think in bigger timeframes they will see that proximity as almost perfect. In the 1 min you have to use a bit of licence when thinking of what constitutes a Double/Treble etc. and that comes with experience. And hey - good trading!
I figured as much. I found it really interesting to follow along as T/L were broken on one TF after another as the move developed. I've never watched the clock like this before, it's amazing to see the behavior of the market as traders from later timeframes make their moves.
Morning all, We had a nice no-brainer in the morning again... Seems like Asian session is famous for precise level-based reversals...
Scalping an entry and then rolling it over many timesframes and understanding how each trader sees it allows you to not ony ride the move but you can countertrend trade as much as you wish. Chop, spike and trend are all profitable where others just see noise. Morning CF... yea the guys over here like order and every day the sun shines and the ATM loads up. I should say the Asian traders as here Lucifer possesses taxi drivers and order is replaced with honking horns hehe..
LOL, yeah I have found Asian setups to be pretty simple and consistent indeed. Maybe I should even think of changing sitting late (through tough US session) to starting early in Asian session...