Here are the correct video links. Set SL and Set PT: Dynamic SL and PT: Disclaimer: All of these videos on this YouTube channel including this video are for entertainment and information purpose only that show how I like to scalp. I am not advising anyone to use these techniques. You may not get the same results as shown in all these videos and you can even lose all your money plus more.
That is what the first video is about. See the corrected link above. Except I use 5 points (20 ticks for SL) and 40 ticks or 10 points for the PT which is what the Goodlife video what Laissez Faire posted on his thread recommended for NQ. The problem is to use a SL size that correlates well with the bar probes and having to then have too big of a PT to get 2:1 R:R. 5 points SL is too tight for scalping. Might work at 40 ticks or 60 ticks for SL but then that puts the PT having to be 120 ticks (30 points) which is too big for scalping taking into account how the market probes and taking into account utilizing FOT for the probes.
Thank you for efforts. Swing trading is a complete waste of time and ridiculous way to trade as your video clearly shows.
Great video, Dynamic SL and PT wins. High reward to risk trading is too much work. I notice you was struggle with those tight stop loss.
Good Post @volpri Swing trading is silly and keeping rewards bigger than risk is silly and a waste of time, @Laissez Faire just talking and playing around.
There are so many different aspects to Price Action trading. Tgere are many ways to trade price action. It takes a long time to learn the myriad of aspects and methodologies that can be built from PA. For instance: 1) one could get really learn well how to identify and trade successful BOs from trading ranges. But you are going to have fewer trades to execute and more screen time to watch and wait for BOs unless you have figured out how to code it so you can go fishing while the darn thing does the trading fer you. 2) You could learn to trade on strong spikes. There will be fewer trades and you will have to look for them on different TFs. 3) You could learn to trade on PBs. That still is going to involve some substantial screen time. 4) You could learn to trade channels bear and bull. Again, you are going to be having some screen sitting time waiting for trades setups to materialize. 5) You could learn to trade only MTR (major trend reversals). Even more screen time is likely as you may only see 1 to 3 trades in a session on say a 5m chart. Or you could trade reversals on expanding triangle. Few trades here too on a 5m chart. 6) You could learn too trade wedge tops and bottoms. This usually requires less screen time and they abound. And screen time can even be reduced by trading them on smaller TFs. 7) You could learn to trade SPBL (small pullback bull trends) or SPBR (small pullback bear trends.) This too can involve some a goodly amount of screen time as you make entries long or short on PBs to the EMA. Bottom line: All the patterns can be traded on most any TF (time frame). By dialing down to smaller TFs trades can be taken more often which translates into reduced screen time to reach one's time limit on trading for that particular session. The downside to trading smaller TFs is that quick decisions have to be made. You have to pretty much know price action by heart to make quick decisions almost automatically or instinctively. This takes time to learn. If in a hurry or can only trade a small period of time in the session then usually wedge tops and bottoms abound in 1 or 2 minute charts within the first two hours or so of the sessions. That may be all you need to make your profit goals.
If you want an exhaustive look at PA trading then I know of no better than Al Brooks and materials. He is IMO the one who covers PA the most extensively. And he covers it in such a way to look at the many aspects of it. It does take a lot of time to work through his materials and practice the things he teaches but once a trader gets enough under his belt he can devise his own trading system using the concepts Al teaches. Traders rail on AL for whatever reason and as always most want proof from him and I doubt he is ever going to show proof. And I might add that is not necessary. Just do the work of learning and practicing the concepts he teaches and then prove them out to yourself. Most traders that take a look at his materials are not that serious about learning PA trading and they simply will not take the time to wade through what he teaches and learn what he teaches. They want simple setups to get them rich quickly. PA is anything but simple. And it takes a long time to learn it and to get good at it BUT once a trader does NOBODY can take that knowledge and skill from him. IMO it is a worthy investment to learn PA well and how to employ it and no other covers it more indepth than Al Brooks.
Sometimes I will start on my first trade or two with size and give me a little profit to play with the rest of the session. Here I went short 20 contracts on my first trade and very quickly captured 200 points in the NQ. Then I go down to trading with 1c and averaging down if need be. This is channel trading on a 1m chart. Price Action is PA and the techniques apply same regardless of the TF (time frame). If you dialed up to a 15m chart this channel is simply a deep PB (pull back) into an evolving TR (trading range) with 3 legs. Not yet a TR on the 15m chart but getting close. However, on a 1m chart this deep PB is a bear channel so I trade it as such using channel trading techniques. If I were trading the 15m chart I would be getting ready to possibly trade is as a TR once it gets 20 bars and 3 legs. On the video I discuss probabilities and chances of BOs being FBO at top and bottom of the channel and sort of how to gauge the chance and how I trade the odds. Especially note the 7th trade. The very first trade on the chart (far left) was a winning short followed by 5 winning long trades. The 7th trade started with a 1c short then I double down and added 2cs. Then I double down again and added 6cs. So, at that point I am short 9cs. However shortly after that I realize I am wrong on the direction, and this now has become a successful BO of the top of the bear channel because price keeps moving up new highs and gaps between the low of the succeeding bars and the original BO point of the top of the bear channel. As I trade I often start and restart the video so as it doesn't get to be too long. I apparently stopped the video and then started back but a few bars AFTER I shorted the 9cs and decided I need to exit, so there is a gap in the trading before I exited all 9cs with a loss where I lost all but around 68 points of all my previous gains. So, I lost on those 9cs close to 181 points. However, I am still up a little over 68 points. Now here is what I really want to show you. What do I do to get back this big loss quickly? I do not want to wait for 2 hours or struggle all session long to get it back. Now notice. I am flat so to get back in sync with the market and to get back my large loss quickly I go long 12 contracts. I think on the video I said I doubled-up my loss size but I misspoke as doubling up would be 18cs. But the point is I went large on size looking now for a MM (measured move up) enough to get me my loss back plus some. So, what happened? I drew the MM in before it was made and talk about it in the video. As price moved up towards it, I then jumped out grabbing what the market gives me on that second leg of the MM. I jump out just before the MM is reached. I ended the session up 323.25 point on the NQ. Understand this video and the recording of it with my comments were made as the market was moving live and not a recording made of a market replay. During the recording I had no idea beforehand what the market was going to do. So, this is not a reconstructed hindsight video. After it was all done and all comments made I did then re-record it at a faster speed because of my slow speech (I can't help. It is the way I am LOL) and to shorten the length of the video. So, you are seeing and listening to the sped-up version but all comments are live as the market is moving. What I want to stress here in this video 5 things: 1) How to channel trade. In this case a bear channel. 2) Getting a $$ pot up early to work with (200 points on first trade). 3) What to do when wrong and price does not go back into the channel within 5 bars but ends up being in a successful BO. 4) The need to just bite the bullet and take the loss and not keep averaging down because this is already an averaged down trade of 9cs short, and I am wrong. I was trading those 9cs as a FBO but instead it was a successful BO. I HAVE TO DUMP THEM AND REFRAIN FROM AVERAGING DOWN ANYMORE. I am wrong on the direction for those 9cs. 5) How I get back a loss quickly even a large loss of around 181 points and get back to making money. In less that 10 minutes I get back not only the aprox 181-point loss but I get it all back and additional 73.5 points to end up the session at +323 points. Enjoy the video and laugh. Have fun. Trading has to be fun. Hope you like how I trade but I ain't telling you to trade this way! Disclaimer: All of these videos on this YouTube channel including this video are for entertainment and information purpose only that show how I like to scalp. Actual results can be different than real or SIM results, so I am not advising anyone to use these techniques. You may not get the same results as shown in all these videos and you can even lose all your money plus more.
Good Morning Volpri, Today, I tried to use fixed PT and Fixed SL. Fixed SL of 25points on NQ and 5points profit target. I got my but tore up and loss big time. I was stopped out a few times and price went back in my in the right directions. You right, fixed is too hard.