It was only a matter of time. Pity really. Volpri is/was quite kind in his visuals and accompanying explanations. Even took time to mark up other peoples charts! But this is ET... People can't determine fake from real for themselves. Thanks @volpri. Lurking or following a select few keeps this seasoned traders mind from becoming rote.
You may need to read my first post at the start of the thread. I will not get into proving anything. It is a dead end alley. Who is to say I don't have multiple accounts..losing like hell in on one and doing great in the other? I will try to show the full chart of the day that will have all trades "on it" for the day so you can see I am not just selecting winning trades to post but that is as far as I am going as concerns providing proof. I took trades this morning in the ES (2 trades) and one in the NQ. I will post those charts showing those trade up to the time I took the snapshot. At the end of the day I will post the entire chart and those trades will be on it and any others I take but I don't have plans to do any more trading today but you never know? I am glad you find the thread entertaining but would hope you might find it instructive.
Trades taken this morning in the NQ. Went long 2 contracts. Then added two more. Then addd two more averaging down. So total contracts = 6 (see green triangle entries). Exited all six (see) red triangle. The concept is average down then exit on any move that gets me profit on my first entry. That doesn't always happen as sometimes I have to take the profit earlier if the market stalls, or is taking to long, or gives me some other reason to just take whatever I can get. Sometimes I lose on my first entry and make money on my last two entries that I averaged down on. But is gives me a high win rate. I think the trades in this thread show that high win rate. LOL Traders say win rate doesn't matter. I say BS. For a scalper it is probably the most important metric. Notice now the context: Gap down on the open. That gaps means overnight it was trending down in some sort of BEAR channel. So we got some weakness here on the open. But what happens? Immediately seven overlapping bars. Bull gap down bar (that I have converted into a big bear bar with my drawing abilities LOL). So, big bear bar on the open. Then a bear doji but tail on bottom. Means buyers. 2 bull bars tails on top and bottom. More buyers. Then 3 bear bar with tails on bottom. All this means bears are trying to push price further down but the bulls are stopping them by pushing back. This market should go down but it isn't. Then we get that two bar reversal at the bottom. Lets what happens now. Uh oh. 5 bull bars in a row. Closing the opening gap. Breaks above high of the day. Breaks above 20 EMA. By then my carcass is out of bed. I missed the H1 entry after the two bar reversal. Snoozing. You snooze you lose. But, I start adding. I am betting that any bear attempt to push price back down within the next few minutes will fail. I am betting we will see a MM up from the bottom before bears are willing to get active again. So, if you take that H1 bar and draw MM to middle of the subsequent PB and then project that same amount up that is the measured move projected. You will see we basically made the measured move then bears become active again right as the gap is completely closed. But, I am out with my profit. Taking a slice out of that second leg of the MM move. Summary: Price closing gap. Breaks HOD. A series of five bull bars since the reversal. Then price breaks above the 20 EMA. I start entering long betting we will see a second leg up.
Thanks for the quick reply. It’s definitely instructive and insightful. No doubt about it. I have just (re)read your initial post and it’s pretty clear to me now what the rules are/were so I’ll take it for what it is.
I do not doubt his professionalism Volpri, thank you for dedicating your time to those who are lost along the way, it is just that I have a hard time applying their concepts successfully
I will say this much. All the entry green and red triangles are put on the chart by my platform as I take the trades. They are not drawn in manually by myself to just invent a trade.
That hard time you have is because you have not yet learned to read the larger context on a time frame, read the patterns on the time frame, read the setups within the patterns. In addition, you haven’t learned yet to correlate what I just said on that one specific TF with one or two larger TF’s ( say a 15 and 30 min chart). Give yourself a break. It takes time to learn this stuff and then apply it. Study the things I write as I post charts. Practice the concepts on a SIM. Say you are trading a 5 min chart: Practice seeing and identifying the market cycle, the patterns, and the setups for the particular (5 min) TF you are trading. Then practice seeing the same 3 things at the same time on the larger time frame so you can “see” where the 5 minute price action with it’s market cycle phase...patterns...and setups...are located in the bigger time frame ‘s market cycle...patterns and setups. That ability influences SL’s and PT’s especially.
I will practice, thanks for the advice, do you think I should refrain from operating the first 45 minutes to avoid volatility?
yes. I will sometime trade the opening range but generally just prefer to snooze while it is happening or drink some coffee in bed, then look at the markets. On the open usually both sides are asserting themselves. One wins the other often capitulates.