Yesterday was my first time to watch the market in real time (Civic Day in Ontario). I paper traded ES in SCT fashion which means I was in the market all the time and tried to be on the right side of the market. I have been watching videos for a while and I am sure I can trade profitably with Entry/Exit/Stop; However, I want to know how my mind works in SCT. Although I made a lot of mistakes, the result was encouraging. Attached file contains all my transactions. After debriefing, I found the following mistakes that can be avoided. 1. I was not sure which side was the right side on some of the bars, so I kept reversing. 2. Without stops, I lost up to 3 points several times. The first 5.75 points lost was due to struggling with TWS order screen. 3. I submitted wrong position size several times because of lack experience on hitting T. I post my transactions because I am convinced that SCT is doable and I want to encourage people to spend time on this method even you have a job and no experience on trading. It works!!!
Snapshot of change during FOMC hour: Channel shows FTT. Volume is declining, but still red. Str/Squ is not negative, passing neutral. Tick chart shows triple bottom (ie. sort of 2 pair) and shift in dominant colour (except the last tick back to the wall). And finally we have a relative wall on the bid: 362 vs. 8 on the inner pair. Thought it might be of interest.
P1, Just a suggestion on your YM tick chart, you might want to use 'Tick (2)' instead of '5', so the lines match the 2 minute bars. -Mike
Too cool, although I'm a bit glad there arent any finer resolution tools This little gem would have put you in the drivers seat for a 30 pt run
lol... That was done WAY after market, I am just getting the hang of watching the tic charts now. Just wanted to see if I could illustrate your description I love this gameâ¢
Thanks, I'll do that. I thought the 5 minute lines on the YM tic chart would line up with the ES but they don't. === BTW, with reference to the screenshot I posted above - there was also a wall on the FTT bar itself although price didn't quite touch it, as far as I could tell.
I think you should also avoid being long or short more than 1 contract at a time. That 13 contract position was way over your head I think. Walk before you can run.