It's ok. You can keep your $100. haha. I thought the challenge was going to be bigger. It's not worth our time. I rather focus on trading well. thanks for the offer. But it's ok.
Here are some trades on ES this morning showing live the concepts above. I divided the channel into 3 parts so traders could see more clearly what I am talking about. The first chart is 1 min chart. The second chart is 5 min of the same PA and the trades. Stats are below. 312.50 before comm. 1 loss rest winners. Following the pressures is a channel. A trader can do this with micro es but trades larger size. In this case I was trading 1 to 2 contracts in ES. one time 3, I believe. And scalping 1 point as not a real big broad channel. Generally to scalp a channel you want it to be at least 3x as broad as the scalp. And in a bear channel best to short more than going long.
padutrader, Good decision here. Atleast you are trading your way that makes sense to you. Yes, all the books preach risk vs reward, non teach trading intraday taking multiple trades per day. it is very easy to just say "yes just make sure your winners twice the loser, and you be ok" Well, how do you know how to find stop loss, adjust stop, trail the winner, what time frame to use, what type of candle to use, what indicator out of the 10K indicators out there." The books do not have +100 trade examples to show the reader. The books do not have +100 trade examples how to manage the trade. It looks like you have reached your +10,000 chart hours and see what works for you.
Thank you volpri, From your input in the other thread, I have been learning how to ride a winner and Adjust my actual risk after entering the trade adjust stop loss based on price action. green arrow entry orange arrow exit $410 profit (my biggest profit in nearly 2 months). The other day, I had a $320 win. Trading 1 contract, by managing the trade properly after entry. If price would not have broke that double bottom there after entry, I would have been out for smaller loss.
Do you see what happens? BO out of bottom of bear channel fails within 5 bars. 75% chance this will happen. Good odds. So..I would be loaded up long for trip back into the range but couldn’t trade this due to marking up my beautiful charts for you guys...ROFLMAO. At the present price is in a tight mini range above the channel. Could be a flag then a continuation on up or price could go back into the bear channel. Nevertheless, if a trader dials down to 1 min TF he could be scalping this range with limit orders for a point over and over but best know his stuff as real tight range.
volpri, You recommended "go long on that bull bar in the range". But what about waiting for a follow through bar for confirmation? Here is an example of -$80 loss I took this morning. I exit with market order instead of waiting for more information and then adjust my stop loss. I tighten the stop loss up too fast. I enter on green arrow long, and exit at red arrow for a loss https://www.tradingview.com/x/lKb63jI2/
Range scalping. This range on on a min chart after bo above bear channel this morning. Might as well scalp it for 1 point over and over until we see what happens. Does price go back into bear channel or is the range just a flag and price continues up breaking out north? Gotta jump bye.... Ps learn to adapt to market phases and use viable tactics for each phase or cycle, Markets go over and over...BO..channels...ranges..Bo channels...range...bo..channel ranges...price patterns in channels and reanges...wedges..pb’s ..trends...triangles...nested..unnested...ad nauseum..LOL
I thought you are an 8-lot trader, no? I remember you mentioned it in one of your posts between our conversation from last year. Maybe I were wrong. I've a set of indicators showing ES hitting bottom on 120-minute chart yesterday (3 candle sticks prior hitting a bottom) and the same set of indicators on 60-minute chart showing ES hitting a top exactly @10am this morning. I'm willing to show it to you through a private thread if you are interested, but I won't reveal exactly what those indicators are. Please let me know before 3pm today cause I need to leave to the airport. Edit: I got to prepare to leave now. I already saved the charts . PM/reply if you are interested to see. I'll show you when I get back.
I don’t recommend anything. I am just throwing sone concepts OUT there. How you use them is your business. I ain’t responsible. Read and enjoy....maybe get a little clarification from my information markups..LOL Remember divide range into 1/3’s some prefer 1/4th’s perhaps. I start getting long in bottom of 1/3 or 1/4 (whichever) of range and add to it as it moves against me? Now why would i do such a stupid thing? Well i am playing the odds and they are pretty good odds. Chances (80%) chance if price breaks south out of the range the BO will fail within 5 bars and price goes back up into the range. So I am betting any BO of the range south will fail. So I add and add, As I add to my losing position I adjust my SL if need be. Once it turns back up I am loaded for the ride. However, if the BO south succeeds I am in a pickle. So what do I do? Tactic is exit immediately with loss ..double or triple previous position size and go in the direction of the BO. Price will only have to move down in the BO a much smaller amount and I am out with BE or profit. If BO strong as in the red arrow example on right of your chart i recoup my loss on my long and make money to Boot. I go where the market leads me but i play the odds and place bets accordingly. Hope this helps. ALWAYS SOONER OR LATER A BO WILL SUCCEED. IF CAUGHT IN IT IN WRONG DIRECTION ...GET OUT...AND GO IN BO DIRECTION WITH LARGER POSITION. You ask why not wait for confirmation instead of entering long on your green arrow bull bar?Well because in range trading the fact price is down in 1/3 or 1/4 is confirmation enough. If the range is broad you can wait for additional confirmation but if scalping you are trying to exit your long trade in middle third or upper third if price makes it there, so wait too long to enter and your reward gets smaller and smaller. I just pull the trigger and bet the odds. Now pb’s in trends is a horse of a different color. Sometimes i will wait for second entries and more confirmation if price seems to stall in the pb. DISCLAIMER: ONLY FOR INFORMATIONAL PURPOSES. I am not NOT ADVISING TRADING..what you do with info is your business. I ain’t telling you to use it. Trading is risky. Averaging down can be risky if a body does it wrong in the wrong context. Just look at my pretty charts and laugh. Some are probably already doing that. Sounds good to me! I’ll laugh too.