Sorry to hear the “volpri method”is infamous. The way I trade is not so much a method as it is a way of looking at the markets. To be sure, it is chocked full with techniques to be used in each of the phases of the market cycle.
What I showed on your chart is one the tactics that can be used along with the other myriad of tactics in my journal. However, as with any techniques identifying the market cycle and its phase is of prime importance. As with ALL the tactics it is best used in conjunction with the phases of the market cycle.
Good luck as you try your hand at longer swings. Hope it works out for you. What I showed on your chart can be used with higher TF’s too. You might wish to keep that in mind.
For your reference I will attach some more entries on your chart using the technique. All the entry examples are for long entries. It can also be applied in bear trends but with a twist.
The last entry was a short entry. The first 3 were long entries. Anybody know why?
In all of the cases in your chart the process starts with identifying a bullish move and drawing a bull trend line between two points of that bullish move. That is between two higher lows. Then draw in the horizontal line at a previous swing high that stands out in the wave. Where the lines cross is the bar that will likely produce a reversal as price probes back and forth. Next one has to determine which direction the reversal will take. That is done by looking at the latest move just before the entry bar. If up, then the reversal direction is down, thus a short position is taken. If down, then the reversal direction is up thus a long position is taken.
A fairly tight stop can be used. If the read is correct it should soon render a few points of profit. If wrong the loss will be small and quick. One can practice with a SIM then graduate to 1 contract of MES if they like. That is totally their decision I am not recommending they do so.
Keep in mind all the reversals I have highlighted on your chart are initiated from a bullish move with a bullish trend line. It can be initiated from a bearish move with a bear trend line but there is a twist in the horizontal line placement. I could start over with your chart and initiate reversals from a bear trend but if interested first just study the examples above.
