the chap that posted the ebook made a point that is relative a good deal of the time..but not all of the time..same way that every trade cant be a winner..no matter how good you get at trading!! can you see it here?
If I hadn't gone through extensive naked chart training and trading previously I would have thought you completely nuts. But your setup is simple and elegant. The multiple time frames and the color of the bars are certainly helpful. Have you tried just trading off of the LOC chart on the left? I bet you would do at least 95% as well, now that you have typical price moments cemented in your head.
If I understand your question, you must be referring to the hard spike up on the 12th or 13th. the price had just retraced after a hard move down and was starting down again. But all the shorts got thumped.
I'm implementing a new "averaging idea" as we speak. I made a long entry in MNQ this morning, with a 20 point target. It dropped, came back to within 10 points of target, then dropped away bigly. So now I "averaged" with a MYM at the 70 point drop of the MNQ. My initial plan was to do a double average, similar to something I used to try with CL. Long front month, short next month. When one month goes into profit, re-enter that month same direction, but oppose with third month. This idea is similar, but with a unidirectional bias. We'll see how it goes. Because now instead of trying to spread across multiple months of same instrument (CL), I have 3 (really 4 but I don't do RTY), since 97% of the time, the 3 main equity indices track each other, just as the monthly energy contracts all track themselves.
These are certainly BIG ideas, bigger than even swing trading. But it sounds like you have the patience to see it through to fruition. I love the way you are averaging with a similar instrument. Tangentially related, I am constantly playing YM and NQ off of each other. I don't really like to do it, but in congestion I find that if I hedge the more positive with a long against the more negative with a short, then I can often come out ahead in a couple hours. The challenge, of course, is that the NQ almost always has a bigger $ range than the YM, so sometimes I go 2 YM against 1 NQ. Of necessity, this method requires wide stops or the effect is lost. When I say I don't like to hedge, I mean I would rather have a clean on-off trade and take my losses and move on. So when I start to trade the micros on this account next week I will NOT hedge but set my stops and take my lumps or my hopefully juicy profits and move on to the next trade.
Indeed. And to be sure, the NQ ALWAYS has a wider monetary range than the YM. Guaranteed. The only reason I chose the YM over ES on this current run is because the tick money size is the same. So far it looks ok, but the variables coming up tomorrow through Friday are huge. Fed minutes, plus Powell? Good grief, this could get ugly.
Right......B/c there's only one way to skin a cat in trading.....This is a micro thread. Anything goes here ! Dirt cheap to tryout new strats live