Austinp...so, you trade the NQ solely?...this would be quite encouraging if you did...thanks for letting us know...
RC, Time doesnt really enter into the equation other than open, 10am, lunch etc. It is what is happening at price levels that captivates me. I prefer to organise my orderflow via range charts, others pref tic, volume etc. I am interested at the level that strikes >99 occur and where the price turns with no strikes >99. Double tops, double bottoms are very powerful. You must remember with ES that by the time you see something happen, it has already passed on and so you need to be positioned ahead of it. Most important is risk. Only take a position at a level where the two most likely outcomes are that the trade goes in your direction or it wobles, in which case grab a tic or two if you can and exit. If you get sucked into a black hole even with an MO cover stop you will be dog tucker. ES is a dangerous beast until you understand it but it can absorb some serious volume. Make quick notes of high clusters of volume at price levels and later on at night, go back over these clusters and try to see what the big boys or the machines were looking for. regards f9
quote by fearless9 Time doesnt really enter into the equation other than open, 10am, lunch etc. f9, Yeah, that's why I ask about range charts. I've been experimenting with range charts (and Renko charts some) just for the purpose of getting a truer sense of price movement and the volume at that price. I may be wrong but I think since price is what we buy and sell it doesn't matter how long...or not... it takes it to get there. p.s. Many thanks for all the other info in the post f9. rc
Is it your strategy that is the problem, or is it your execution of that strategy? Don't confuse the two. There is a saying in Bowling: "Don't adjust off a bad shot". That means when you have a strike line that has been working, and then you throw a bad shot, missing your target on the lane, don't move your feet or change your target for the next shot. Just go back to the line that was working and concentrate on hitting your mark. Paper trading is fine, adding funds is fine (with the caveats others have given). Just make sure you are fixing the things that are broken and not the ones that aren't.
Which instrument is "easy" or "difficulty" really depends on the trading strategy. For a break trader, back and fill is a nightmare since his/her entry is usually not that good. For a turn trader, back and fill is not that bad. It gives you more trading opportunites. I used to trade ER2, ES, then switched to NQ. Most recentlyI switched to trade NQ and ES simultaneously. I find them complement each other to some extent and my trading performance has since improved.
Thanks again to IndexS for hanging his shorts in the wind and starting a thread that has turned out to be very insightful and helpful So I'll take my turn and and throw my reasoning/observations on everyones sword --- because the feedback is always useful so fractals: premise: price action is fractal My interpretation: for a particular entry signal -- I should be able to see the signal on any timeframe (if it is a valid signal) -- ie 144 tick 233 tick 1 minute 5 minute question 1: is this reasoning sound (ie either the signal is valid or price action is not truly fractal) --- 'or' -- Im clueless enough to lose 200 bucks a day and never know why signal: long entry on a reversal: current bar low is lower than prior bar low, but current bar close is higher than prior bar close short entry (or previous long trade exit) -- current bar high is higher than prior bar high, but current bar close is lower than prior bar close charts: (this is the YM circa 10am today by the way) 144 tick 133 tick 1 minute 5 minute