I sold NQ today at the red arrow... as you can see market closed there on the 5min bar, then on the next 5 min bar, it opens at same level but then makes a large wick above the open/close level very briefly before closing lower. Then you can see on the next white line arrow, near the same level I sold, we make another wick higher before closing lower again. Then later around 9am PT, we can see market making a HL and I buy at the bottom as well noted by the yellow arrow. However market chops/balances for almost a hour before deciding to rally higher. So the science behind the trading I understand to see where big money usually comes in. My only problem is the stop hunting/poker playing/and starting to get wishywashy when the market takes it's time deciding what to do, whereas for the most part I feel like I already know where the market is gonna go next, I dont understand why it must take 1 hour+ to finally move. I dont understand the fact that it knows for example 7182 is the level, but yet makes large wicks past the level to hunt out stops. My question is how do you other traders manage the "art" behind trading?
What are your stop and profit target? If you are getting stopped out alot, then, you are using tight stops. If tight stops, then, your profit targets should be smaller as well or large enough to offset the losses when you are right. I am not sure what strategy you are using to give good feedback.
You were talking about 5 Jun NQ trading. I don't fully comprehend what you were writing. The way you trade rather different from mine. On 5 Jun, there was an up signal on 0421 ET (European session). You probably can get healthy reward risk ratio of 2:1 for this trade. Subsequently there was no signal during US session. Now look at bigger picture. NQ went up significantly on 1 Jun due to whatever reason. Subsequently NQ continued to go up but at great pain / difficulty. So those who trade NQ on 5 Jun will find it very challenging. note that NQ day range was at unhealthy value of 50 points only ( 1 Jun day range 110 points). However, those who trade RTY Russell 2000 on 4 Jun and 5 Jun should be very happy.
you have to tweak your strategy to be robust against the volatility caused by noise of other trading. Larger stops combined with smaller position is one approach.
It`s not stop hunting goin on it`s the limit orders placed by algos being triggered.As to why you have to wait hours for the market to move.Well, it is what it is.I don`t see more than 2-3 meaningful trades per day with the current market.Asia are completely dead, i have to wait sometimes 10 hours to make a trade.
I made a trade yesterday and it reached target only today - 20 hours later at a $200 bucks profit.So it`s like $10 bucks per hour.A plumber makes ten times more!
You should be very happy because you are very patient. if you double your lot size, profit would be $400.
thanks for the chart God knows there are few charts posted i do not know why the big question was why there at the red arrow? the market was screaming up. the highest wick, in hindsight, of course, was a clear failure of the market to go up: so after that wick was printed and the bar closed as the place to go short,if you so intended to go short; no idea what the reason to go short after the red arrow using hindsight is good way to trade