Good Evening Volpri, I will respond to this post and other post tomorrow. Thank you so much for your effort and time in responding to my questions. Have a great night!! Thank you
Im interested to hear an answer to this. I cant work out how those levels would be seen as tradeable to the upside.
Why long on those 3 arrows? I agree. Very hard. I tried, worked occasionally but mostly created bigger losses.
Good Morning ironchef, How you doing buddy? Because I was trying to make money and loss on a lot of money scaling in. Yes, I perfectly understand and I agree with you. I just loss so much money when I add to losing trades. Even if you exit for a predetermined loss after scaling in up to 20 ES contracts, the problem is the scalping part of the equation once you eventually hit a big loss. Scalping is a blessing and curse. Blessing: when you scalping and that equity curve is going 45 degrees to the right. Hell on Earth for you and decrease life span and health, when that big loss comes, and you rely on scalping to get that equity curve back above the prior high. The Law of Large numbers kindly says, eventually another scalp big loss will come while in major drawdown. You can be the Best Price Action trader scalper in the world, but eventually that loss will come. Trading Range, Wedge, double bottom, sloppy bottom, up and down, sideways, all the way around, reversing, WHATEVER you want to call it, eventually the equity curve below will come Hence the reason for my posting here!! I am not against any style of trading, scalping , walping, slapping, swinging, I am just having a kind conversation and asking kind questions. Figure 1: High Win Rate Scalper takes first big loss Figure 2: High Win Rate Scalper takes second loss while trying to recover the first loss. Figure 1: Figure 2:
Good Morning volpri, hmmmmm, hmmmm, hmmmm, I struggle with Al Brooks teachings, I know he is advantage and help other traders, but I can not connect to his teaches. His teachings of trading is too complex and unproven. I can understand if his teaches was complex and proven , then I would work harder. It is hard to work hard, when working hard do not pay. lol It is triple harder to work on something complex, unproven, and no pay. That logical does not make sense, to me. I can not see Al Brooks trades in real time, so it is very hard for me to learn from him. I rather follow your teachings and videos. At least explain trade by trade, Al Brooks does not do this, so its hard for me to learn anything from him. He is a good guy and I am sure he means well, I respect him, but his methods does not work for me.
Day trading is hard and disheartening. I am not doing too well: 1. It seems, I could accumulate a string of small profits but then, one "black swan" showed up and took away most if not all of it, even when I put a "wide stop", it blew past the stop. In paper trades as well as in live, indicating to me the TOS sim is realistic. 2. Averaging down made things worse in aggregate. 3. Scalping reminds me of writing naked options: picking up pennies in front of a steamroller. Once in a while, I was rolled over. 4. Fortunately, I am doing OK in options. Hope you do better day trading ES futures.
Here is a video on scalping NQ today 11-25-2024. I crawled my carcass out of bed late as I was up late last night to the wee hours of the morning. In this video you will see a mistake. Not widening my SL and that trade generated a loss. You will also see how I get that loss back. You will in addition see how I swap strategies or rather techniques midstream in order to end up with an all around profit on the multiple entry/multiple exit trade. Understand that in my thinking I count this as one trade. So, I count all this trading as 6 trades. I look at the initial short trade starting on bar 13:07 and all whittling trades and every other trade up to bar 13:22 as one trade. In actuality it was more trades, but I count it as one trade. I also count trades 12:21 to 12:24 as one trade. I also count trades 12:34 to 12:41 as 1 trade. So, in total I count all this as 6 trades. 1 loser and 5 winners. Even counting it this way I still maintain a high win rate and pull out 84.5 points from 12:05 to 13.35 (1.5 hours). So, 84.5 points X $20= $1690.00. Commissions are negligible. One good lesson to learn is: I don't have to trade big to make a decent amount. Traders often try to trade too big. It is way more important to hone concepts and skills on small size. If I cannot make it work on small size it is just going to be an even bigger disaster on large size. It takes PRACTICE. A lot of PRACTICE. Another lesson to learn is: it is good to develop techniques that capitalize on the market's constant probing all session long on every bar and every group of bars. Another lesson: Stop losses have to be kept out of range of these probing tendencies. The chart shows the extent of the probing even as the present probe is evolving. I pay attention to this and adjust SLs and PTs accordingly even as a trade is evolving. Another lesson to learn is: How to get back a loss quickly. Another lesson to learn is: I grab what the market gives when it gives, and I rely on FOT and high win rate to render me an overall good decent profit as a scalper. Another lesson to learn: Plenty of opportunities in any session. Use the right tools..strategies..techniques for what is happening in the moment. I have to be ready to reverse strategies very quickly. I have to be nimble. but with one caveat: When I reverse strategies or change to another technique I have to have the patience to give it a decent opportunity to work. It doesn't no good to be changing constantly from one technique to another every few seconds. That usually results in whipsaws. I talk faster on this video because I re-recorded the original recording of these trades made today and did so at a faster play speed so I wouldn't be so boring. I did mis-spoke on those red gaps I showed in the latter part of the video. The red gap rectangles on the chart are from the open of the present bar to the close of the bar two bars back. NOT from the high of the present bar to the close of the bar two bars back. I am done posting charts for the day. Have other things to do. Remember this is a journal. I am showing how I like to trade and sharing techniques I use. But understand you can lose money with any of these techniques I show in my journal or any other technique mankind has invented. I am not telling anyone reading this journal or watching these videos within this journal or youtube to trade this way nor am I advising any trader to trade this way. What you do with this entertainment, and for fun journal, is entirely up to you. I am not responsible for your trading just as you are not responsible for my trading.
Good Evening Volpri, Thank you for the video. Very interesting techniques. Thank you Questions to make sure I understand. 1. At the 1:08 mark, you state, if price continues to drop after the two longs at the EMA, you keep entering long on the way down and take small profit targets betting that price would eventually go back up, rather then continue adding long positions (averaging in) staying in unrealized drawdown. Can you please explain this technique please? I never heard of it before, normally for that trade you enter, I just keep adding more contracts betting price would eventually turn and exit for a small scalp profit or hold longer or break even. Very interesting, and I appreciate your response. Thank you
Here is a video of some trades on a SIM 2m ES chart showing some concepts I like to use trading. The recording starts off showing a 2m chart then shows right away a 5m chart followed by a day chart perspective before returning back to the 2m chart for trading. I recorded it then I recorded the first recording again but speed increased so my voice is not so slow and boring. It may not be as sharp and clear view but at least maybe you won't fall asleep...yawn... As always this is for fun and entertainment. I am not telling you to trade this way. You can lose a lot of money trading the ES. This was scalping the ES and capturing 11 points in about 44 minutes of trading. Picking up pennies in front of a steam roller. (9:24 to 10:08) Patterns often overlap. Patterns within patterns. I try to keep my mind trained on seeing patterns that are forming as a chart is printing. I look for multiple patterns. Triangles converging and expanding..and wedges...PBs..flags..pennants..TRs..channels..spikes...BOs...etc It may seem complicated but IMO it is a good thing for my mind to "see" the different patterns because I can then formulate a premise and make decisions to enter a position and then watch to see if my premise unfolds in the way I anticipated it would likely unfold. I get asked about SLs. Except in certain scenarios I normally don't use fixed SLs. I do keep one in the market for crashes or catastrophic events. Just in case. You will see me constantly adjusting SLs and PTs as a trade is unfolding. I do like to keep my SL out of range of my premise. I have to give the trade room to work out. I cannot afford a tight SL because in IMO and experience I will bleed my account dry with paper cuts so to speak. That said when do I take a loss? Basically, when my premise fails for entering the trade I will first see if I can employ another tactic that may salvage the trade for at least BE. If I don't see a viable way to rescue the trade then I have to accept my premise is not going to work out and in such a case if I have a wide SL I bring it in closer to immediate PA and usually will just get out. So, I take the loss. Then I look for another opportunity to double or triple up and get back my loss quickly. This IMO AND THINKING IS NOT revenge trading but instead it is intentionally employing a means to recuperate a loss without waiting hours to recuperate the loss or even waiting for the rest of the session to recuperate the loss. Why? Because of FOT. I know many other tradeable opportunities will come in the same session and I want to be able to put any loss behind me quickly and focus on these new opportunities. I am a scalper not an investor.