I don’t know the answer to your question. I can’t look at the time axis at bottom and on this particular chart see a way to trade and average down as I have no conception of exactly what the bar is representing. I see how maybe TR behavior might could be traded. There might be a way to adapt but at this point I have no idea of how to adapt my way of trading to this chart. The closest I could say if the chart shows ranges then some of the TR techniques might could be used.
Good Morning Volpri, Very nicely written sir. I really appreciate the read. I agree with you sir. If I may add, the only disadvantage of scalping and because risk > reward per trade, is drawdown. You get down 3-4 losses in a row. You better be a darn good scalper to get back to breakeven. I believe the same can be applied to swing trading as well and hoping for those runners. Drawdown can occur on swing trading as well. What is your thoughts on this sir?
Hello volpri, The benefit of any other bar type other than time base bars (minutes bars) is the equal distance size of the bar and better risk (stop loss control). For example, range bars of 20 ticks. At the close of every bar, I know my risk is can be above the bar at 22 ticks for example. For 5 minute bar, trader has to wait for bar to close to take action and this leads to big risk. But it goes back to which bar gives the better quality signal for entry and price reading. IMO
The key is to not let your drawdown go beyond the point where, your premise for taking the trade in the first place, is prove to be invalid. Then if the market proves you are on the wrong side by invalidating your premise then in my case if that happens to me the way I solve that is reverse (to get in sync) with the market and double up my position size that I had when I entered and exited the losing trade. An example for a small account. Say I went long 1 contract ES or MES and my reason for taking the trade was price was in a bullish trend and we are in a PB and that PB now as an H1 entry. So the traders equation after I figure I believe I can make 2 points before price would cone down and hit my SL. In other words, I think it is likely price will hit my PT before it hits my SL. Instead the H1 fails and there is a reversal. I see price approaching my SL. I now believe the reversal is a valid premise. So I go ahead and exit my long with a loss before my SL is hit. I then take another trade but this time short. And for this second trade I now short 2 contracts. That means price only has to travel 1/2 the distance that it had previously traveled to give me previous the loss. Once price has recouped my loss on the second trade I then reevaluate to see if I think it will also give me a profit. If so I keep holding. If not , I exit just to get back my loss. Another option if I think I can get more is exit 1 contract and hold the other for more gain. But as a scalper I am more inclined to just get back my previous loss at one whack then look at taking another trade for more gain. A case of grabbing that bird before it flies off. The way I get back my loss is by doubling or tripling my position size on the second trade. Above in the example I doubled. I don’t don’t want to spend the entire session getting back a scalping loss. I want it back if possible in the next 1 to 4 bars. if you will look at the chart posted yesterday that explains a loss it also shows how I double up and got it back and more on the very next bar. Here look at it. I will repost it. Do you see how it traveled a much smaller distance to get my loss back and some additional profit than what it traveled on the previous trade where the loss took place. Do you see the point at which my premise became invalid for the averaged down long trade so I just took the loss? Read my original post that shows this chart and the post that explains it in more detail. PS Key don't let drawdown pass the valid premise point. Then double and triple up to recoup any loss and get me back on the highway to trading and I can put the loss out of my mind. I detest losing. It is probably a psychological defect I have. I have more than one! ROFLMAO.
Just to clarify. The charts in my post #1681 and #1683 are 24 hour charts. It doesn’t show the gap up open. The chart in my post #1685 is the RTH’s chart 5m and it show the opening gap. All charts show the same PA and both show the same trades taken. The latter one (RTH’s) I use to explain my premise for the trade.
Have you had any noticeable results yet from the pygeum bark extract? The urologist wanted to take a biopsy (where they shoot needles through ones colon about 12 to 14 times hit the prostrate and grab samples. I declined the procedure. So now they are going to do an MRI and see if they see any suspicious things. They do that 22 this month.
LOL, congrats Volpri, you win the ET-author-who-derails-his-own-journal-thread-with-medical-procedures award of the year, never issued. Good grief! Welp, good luck on the procedure. Sounds awful! Edit: Oh, you declined, you are just getting an MRI. So that's just funny noises. *whew* Hopefully it will come up non-diagnostic so they do not need to shoot needles into your prostrate, through your ass.
It is a pain getting old. I don't like one tiny bit. I have one friend he got his entire prostrate cut out. Now he is ruined. No play time. Catch my drift? I have another friend who told me the other day to get it cut out as at our age we don't need it any more. My wife was immediately protesting that viewpoint..LOL. I sensed specialist was anxious to force that thing of my ass and grab the sample. I felt they were just too anxious so I declined. I also thought it might make any cancer spread. Two hospitals seeded more cancer in my daughter and it spread all over once they took the biopsies. She died age 34. The oncologist admitted that both hospitals seeded it as they don’t take each others tests but have to do their own test. It is crazy.
Sorry to hear about your daughter...That is some horrible shit right there. As for the the whole getting the prostate cut out? I look at it like how some dentists used to treat wisdom teeth back in the day. The "conventional wisdom" was to get your wisdom teeth yanked when you were young so you don't have problems later. Welp, I only started having problems with my wisdom teeth recently, and two of them are gone. The other two are hanging in there. I am of the mind..."Use them until you have to lose them". They would have to yank my prostrate from my cold, dead hands? lol! (Sorry Charles Heston).