I can't thank you enough @volpri. I don't day trade or scalp like you at all, but the idea discussed in this post is what pushed my trades over the top. The idea is simple yet at the same time profound. Take care sir.
I traded for around 1 hour more or less this morning. I took trades in 3 instruments. ES, MNQ, and MES. The idea is to show how I trade wedges in a SPBR trend (small pullback bear trend). In such a context especially when wedges are taking place in a tight bear channel it is best to focus on short trades around wedge tops and forgo trading wedge bottoms. When channels are tight price doesn't move enough to trade both side except on occasions. Or even if they do move enough the risks of getting stopped out increase as going long in tight bear channels trading wedge bottoms is more risky. This is true in both SPBR and SPBL tight channels. I am speaking here of the technique of trading WEDGES in such channels. I was simultaneously trading the 3 instruments on a 1m chart. So quick decisions had to be made. I couldn't draw in all the wedges but I did on some. Basically, a wedge is usually slanted triangle but not always. Nor does it always look like a wedge even though it is a wedge. That is, 3 pushes up or down. Up for wedge tops. Down for wedge bottoms. Alot of money can be made learning how to trade wedge tops and bottoms especially in times there is a little more volatility and overlapping bars. Less volatility means smaller target prices but can still be traded if the overall context indicates so. I took these trades on a SIM and at the end show the dollar amount for each instrument for around 1hour of scalping. While done on a SIM the ideas explained in the video can still valid. Trading 3 instruments at once and making commentaries and quick decisions on 1m charts can be challenging but don't let the fact they were done on a sim invalidate the techniques. Anyway, for those who have a mind to watch the video I re-recorded the original video at a faster speed so the video last about 33 minutes.
I took some trades in MNQ on a SIM explaining some techniques if anyone is interested in watching a 33 min video. I did mis-speak on the video when I reference previous days close or highs. AT least once I referenced the close wrong as that close included the overnight session after the actual close. Anyway, you will see what I mean. Since this is SIM just add 1 tick to each entry and exit to see if they would have been filled or not. So, on a long exit on the SIM the market would generally have to go through my SIM exit by 1 tick to get filled. ON a short exit it would generally have to trade through my SIM exit by 1 tick. Same thing on entries. By looking at it this way you will be able to tell if I would have been filled at my SIM exits had this been live. The techniques even though explained on SIM are valid for live had I been trading this live. Just because it is SIM don't think the technique are not valid. As always, I am showing how I trade and not telling anyone else to trade this way. We all know, or we all should know a trader can lose all their money and more. So, beware. This is for fun, educational, and for showing how I like to trade. You can speed the video up as you play it if you like. I talk sort of slow. My brain is aging, and I am not as nimble as I use to be in speech, actions, and movement. Enjoy if you can!
For those interested in watching a 20 min or so video recording of Nov 20, 2024 ES and MNQ open I post this video link. Again, the theme is FOT (frequency of trades) grabbing WHAT the market gives..locking in profits..and not worrying about what happens afterwards. Often traders get greedy, try to hold for more, and get whipsawed out. IMO it is better to rely on multiple trades (FOT) and grab what the trades renders WHEN I can grab it. These trades were scalping the first 30 minutes of the open RTHs (regular trading hours). In both instruments all trades were winners. A scalper has to maintain a high win rate. I know traders disagree with that concept but IMO and experience it is necessary over the long haul to maintain a high win rate scalping. I can't achieve that if I am getting whipsawed and not locking in profits. Unfortunately, I know I am getting old and likely seem irrelevant to younger traders but what I have learned might be useful, at least for entertainment or practicing on a SIM if a new trader or small size trader wishes to employ the concepts on a SIM. If not throw it in the nearest trash bin. This is an example of how to trade the open and how a few hundred can be made within 1st hour. In this case within first 30 minutes. Notice that all trades were small size in both instruments. If you have a large enough account ..well, let your imagination run...trading large size. Enjoy if you can! Position traders, investors, and intraday swing traders may not like it. Every man has to do whatever floats his boat. This style of trading floats mine. This video is for entertainment only. So, laugh.
Quick 20 point scalp MNQ. No more time today. Didn't have time for trading after previous video until this video in case you are wondering why no trading between these videos.
Here is a technique that I use. I have mentioned on occasion that money can be made on most any bar. Here is an example of doing that while scalping, on most trades, around 24 to 32 ticks 6 to 8 points) on the MNQ. The primary benefits of this technique are trading small 1 to 5 contracts, locking in profits as they occur over and over while maintaining a small position at all times and capitalizing on the market probing back and forth. It works for me because of the tendency of price to probe back and forth regardless of whether it is in a bear move or a bull move or sideways move. Here I am posting an after the fact chart showing trades I took this morning using this technique. When time permits and I get around to it I will show (maybe on a SIM) how to execute this technique or I may do it live. But anyway, for entertainment. Sometimes entertainment renders ideas that could work!
Aloha volpri! Thank you for sharing. I would definitely watch it and have been looking forward to hearing more about bar by bar scalping.
Failed to mention that the post above all the trades #2208 pulled a little 100 points from the MNQ (micro NQ) in about roughly 45 minutes. This post here with the two following two videos pulled over 90 points after the earlier post and in around 36 minutes. Take note these trades are on the same 2m chart of the MNQ above with a 10 period ema on the chart. Glad to hear there exist a little interest in how this is done live. It ended up I had a little time on hand so I continued with the same chart but recording doing this as the market was moving. I misspoke sometimes as my brain is getting old and it instructed my mouth to sometimes say 6 ticks when I meant 6 points. You will figure it out. Like on the first profit in the first trade on the first video below. Just know that this method is locking in on 6 points at a time, normally. However, IF I see it approaching my profit target (PT) on momentum I will sometimes slide the PT up or down (depending on if the trade is short or long) and capture more than 6 points. Also, on days where there is a lot of volatility then both initial SL and PT can be widened. The secret is I visually glance at an average bar size that is taking place in the session. Then set I the profit target in points to 1/2 the size of the average bar. In this case early on in the session I just visually estimated the average bar to be about 48 ticks. So, I set the PT target at 24 ticks i.e. 6 points. That averaged bar size might have increased some but I just left the PT at 6 points. If the increase was dramatic and continuous I could change it to a bigger PT. Instead, what I did was leave it at 6 points and if momentum was forthcoming, I did go for a bigger PT by moving my exit price to lock in a little more. There again, that drives home the point that WHAT price does in terms of its reach in important but what is just as important is HOW it reaches that point. Will there be losing days. Of course. But not every trade will be a loser. That would be very rare. Maybe in a crash. This method requires wide stop losses and usually averaging down is involved but not on every trade. The secret is small PT and SMALL size and using the same size each time on each scale in. This helps to mitigate risk. It capitalizes on the market probing all session long on EVERY single bar. This method can be also used in conjunction with the larger context, for example looking to short at the top of TRs and going long at the bottom of TRs... playing off the EMA. Playing off patterns such as flags, pennants, triangles, trends (micro and larger), channels micro and larger), BOs..spikes...etc. While trading this technique I like to look to the left and "see" the larger context and how the immediate price moves and its present and immediate bars fit into that larger setting. That complicates things a bit unless a trader understands all this stuff and has trained their mind to be cognizant of the patterns to the left. If I don't want to be looking at the larger context I can trade it just on the probes and momentum of the market in the immediate context of price movement but even that takes a while to instinctively be able to learn how to do it and to do it well. I know! I can hear it now. It is stupid to pay so much on commissions. Better to go for bigger moves. Well, if that works for you GOOD! Do whatever floats your boat. I like scalping and don't mind the brokers getting a bit. They gotta eat too and not just bologna! ROFLMAO This type of trading I think could possibly be programmed. There are very few PA methods that can be programmed successfully, in my opinion. But this is one I THINK MIGHT could be. I don't know for sure as I am not a programmer. But if any of you young bucks who are smart and know how to program and want to try your hand at it and test this out with auto trading on an algo then have at it. I don't care. But it would be nice to share a copy with me as I am getting old and fossilized and my brain thinks slower and I make mistakes. You will hear some mistakes in the video! LOL. But if no one is game to try it via creating an algo then try it live on a SIM. Maybe just maybe you can get real good at it on a SIM! Just remember, you can lose money trading futures and stocks and I am not telling anyone to trade this way. This is for entertainment..and for some possible info you may not be aware of, and for fun. What you do with the info is on you. I am not advising you to do anything. Pardon my speech is slow, my accent is southern, and my brains operates at a very slow speed limit! But at least it is still operating. I don't know if it got recorded or not but if you hear some hollering on the video it was my wife calling as she was bent over doing something at the cabinet in the kitchen and straightened up and had a dizzy spell and was hollering for me. LOL. She is ok. Just the sudden movement. It is a pain getting old. I don't like it one bit. Enjoy your youth! That is all charts and videos I plan on posting today.