Still waiting.... we got 4 or 5 doji bars after the move down. Doji bars are in essence 1 bar trading ranges so that means on those bars a balance of bulls and bears. So far no resumption of bear move nor a move back to bottom of the channel.
I decided to take a chance on a min scalp of at least 1 point maybe 2. So now long. SL at bottom of last 2 bull bars.
Here is the latest update. I did short one tick below. Never grabbed the 1point scalp after entry. Then it went against me. So I didn't like what I saw in the "how" of it going against me so I took the 5.25 pt loss and reversed immediatley to long. Then I held 1c long until I got back my 5.25 loss plus and additional 1 pt gain. So I am flat again. Short is 5346.75 (red) Exit is blue 5352.25 (5.25 loss) then immediately reversed after exit to long at 5352.25 and exited long at 5358.50 for +6.25 poits so getting my previous loss back plus an additional pt. Whatever happens after this (if continues up or what doesn't matter) I can enter again if need be but will likely miss the chance to go long right away as I am typing this up. My interest was in getting back my loss and making a gain too, which I did, and I did it the slow way without any averaging down. Just 1 c.
Note the measured move never materialized after the BO south of the channel. It did not go back up to the bottom of the channel within 5 bars and several dojis too (two sided trading) so that pretty much ruled out a MM on down south especially after it started going back up. To trade that measured move it would have to resume the BO of the channel and do so pretty quickly preferrably with gusto. We I am stopping now to eat brunch.
Good Morning MACD, Thank you. I tried all sorts of trading ideas, including building trading systems. No style of trading EVER compares or even comes close to starring at price and guessing and clicking buy or sell button. And observing the natural real time price behavior. Sometimes I can just feel price going in a certain direction within 5 seconds of opening my chart. I just feel it. That is why I am ES Master.
Back after brunch. May have time for another trade or two. I widen the channel out since PA has made it to be a broader channel.
Good Evening Volpri, Thank you very much for your write ups. I have a struggle or challenge in my trading regarding always staying with X points for my scalps no matter the price action. Question: 1. How do you make the decision to exit the trade for 1, 2, 3, 4, 5.....or 8 points? Is it based on current price action or recovering prior losses, etc? Thank you,