Strategy or Setups

Interesting analogy -- thanks. How to captain the boat is I guess the key. Where to find the fish, what lure or bait to use, and how to guage when the fish is tired. Rewards for the good Captain and his Fisher folks.

 

Thank you both very much! Some good ideas to ponder.

 

Try this:
First, find the trend direction of the next hour or half hour or so. Do the following:
on your 777 tic chart, take a side, trade your side (long or short), watch the price move, then, tell yourself whether you have found the right side (long or short), there is only two answers, you are wrong or you are right.

Then, find the pull back size of the market so that you can follow the trend almost exactly after each pull back finishes, to avoid suffering big drawbacks.

Now, you can trade ES. If you keep losing money, take the opposite side.

Of course, adding Elliot waves, channels, trend lines, MA, etc, will not harm much, but always keep a clear eye on the trend (or none-trend if the price is range bouncing).

Practice this for 1 month, you can scalp (hopefully when you are enjoying scalping, you do not get a news piece hitting the market, so to be safe, trade only the last 2 hours of the market, but be careful with all the half hour turns); do it on a larger scale chart, you can swing, even larger, overnight swing.

Some people need a few months to be good at this, some need years. But keep it simple, Oh, manage your risk, do not be stubborn. But that is another thread.

 

Thank you yc47ib much appreciated I’ll let you know how I get on

 

Thank you all for the contribution I have spent last week looking for the answer to my question and feel that I may have it wrong as some of you have raised. Strategy is key and is broad the setup is within the strategy. You must be able to look at the market and have a strategy i.e direction and where is is going then you look for setups to execute that strategy. This is where I have got to so far.

One thing that has helped me last week is Context looking at a larger time frame studying the patterns and getting a feel of what the market is trying to do.

This week I will focus more on my entries there are obviously 2 schools of thought swing breaks or pull backs. I would appreciate some of your experience using both, Pullbacks have you close to the stop loss breaks give you momentum but Im finding with break of swing entries you are likely to sit in drawdown and in an instrument like the NQ may need to have a large stop loss and hence increase your risk.