That's not the point... which was.."$32,000 potential". How well did he do with that? (I wasn't going to say anything about his post because I presumed he was a noob who was proud of his catch... any catch at all. We see it all the time. Somebody makes a profitable trade and wants to tell it to the world. We all get that. But when he took up with the attitude, it rubbed me the wrong way... considering how poorly he'd done compared to the opportunity presented.) Aren't we as traders aspiring to success, supposed to be "letting our profits run"?
While every PB is a sort of trend reversal you have minor and major reversals. Pb’s are minor reversals but they can be deep but minor in the sense of the overall context. In addition, the previous context (before the pb) renders info useful for determining the probabilities of the pb being a MINOR reversal followed by continuation of the trend prior to the pb or a major reversal.
You've just highlighted the one of the biggest challenges in trading... "what to do about counters?".
Obviously, i know the expected turn point but still brown trouser that they’ll pause then smash through. Then annoying when hovering over the button for too long and it goes 50pts without you.
I doubt there's a single person on this board who makes money "scalping" index futures, making or losing a few ticks each trade. It's the timeframe where retail (especially screen based) is at absolutely the greatest disadvantage in terms of transaction costs, info processing and reaction time/speed. I also think almost everyone who's actually familiar with the dynamics of price movement would agree that scalping strategies make little to no sense, conceptually, in terms of maximizing risk-adjusted returns. The exception would be if you have a concrete structural edge: e.g. pit locals scalping brokers' customer flow, SOES/RAES bandits, or HFT speed + paid order flow. As to the value of ET - personally I've found thousands of valuable posts over the years, and in earlier years I saved many of them. Almost none of the marked-up hindsight chart or TA variety, but plenty on the theory and philosophy of market speculation, fundamental analysis, special situations, "big picture" stuff, market lore, random nuggets or anecdotes from skilled traders, strategy development and evaluation, and especially risk management. OTOH threads that collect marked-up hindsight charts are noob magnets and generate lots of clicks/views, but are worth very little in terms of actual content.
I like chart porn as much as the next guy, even post some on occasion. But some folks seemed to be saying that ET is garbage and some other site is better because it has more of the typical "hindsight charts, stream of random market commentary" threads. Other sites may be better or worse, but having more of those kinds of threads isn't really a plus.
Decided to try the new micro ES out to this scalper Monday and just see if it is conducive to scalping or not worth the time since each tick is only $1.25. Means I have to make 2 ticks you might say to just barely BE after comm. I traded in the little range that formed not too long after the open. I normally trade ES, YM, or NQ but wanted to see about the micro's. Some stats on the trades. After comm.
How much are you being charged per round trip? I thought Ninjatrader, Amp, and IB all cost less than $1 round trip for the micro so one tick should give b/e plus change?