a loser's journal......read at own risk

[padutrader]

2. Only trading when things (signals) are certain and there is no conflict.

what i meant about conflicting signals was after entering on a H2, you get a L2 ....which fails later.......with brooks this is tricky.........it may be the same with other teachers or not do not know.

H2 L2 are higher low and lower high respectively and are very powerful signals since buyers are buying higher and sellers are selling lower

 

[padutrader]

Thanks for the vid.
Here's a couple of Brooks entrys on that chart.
Are those Valez entries off that 20 to the downside?
View attachment 253996

where Valez get tricky is if you take his signals in a channel...same with brooks.....you will get one signal and then the opposite in rapid succession in a channel

 

[Laissez Faire]

i think if you trade 5 min TF then you are scalping...........and you will get and want [if not why trade 5 min?] many more trade signals and that may well lead to whipsaws and overtrading

It all depends on your methodology and what you want to achieve in the market.

One trader may decide he wants to capture a decent slice of the major move (high/low or low/high) on any given day or he may focus on the bigger moves on higher time frames such as the 60-minute chart.

The 5-minute can then be used as the time frame/chart you use for your entries - yet guided within a big picture system. Simple example: Long on higher time frames; 5-minute is pulling back - enter long near end of swing low on 5 minute.

 

[padutrader]

higher time frames,

i am not sure this would be an advantage

if you want to tighten your entry in 30 min say by seeing 4 H.......you will miss the purely 30 min trades and only end up taking trades which are dictated by 4H.....so why not see 4H alone?

 

[padutrader]

Long on higher time frames; 5-minute is pulling back - enter long near end of swing low on 5 minute.

in theory that sounds wonderful

practically it may be difficult since there will be many swing lows in 5M so which swing low are you going to trade?

 

[Laissez Faire]

in theory that sounds wonderful

practically it may be difficult since there will be many swing lows in 5M so which swing low are you going to trade?

"Practically, it may be difficult..."

That's the thing about (day) trading. At the face of it and in principle - trading is easy. Buy when price is going up; sell when price is going down. Tomorrow will be either an up day or a down day, so determine which and trade accordingly. Easy in theory. Very hard in practice.

But consistently taking money out of the markets day after day in bull markets, bear markets, trending markets, range bound markets, volatile markets, slower markets, etc., is not easy.

As with everything else it does become easier and less complex as you gain experience and understanding, but not necessarily easy.

 

[Onra]

i am not sure this would be an advantage

Why don't you just try it?!
You'll get a much better view...
And if you like a 1H signal, you can hold longer.

 

[padutrader]

And if you like a 1H signal, you can hold longer.

if i wanted to hold longer i would see 1H only.....not 5 min.

 

[padutrader]

is not easy.

for most impossible!!!!!!!!!

 

[IamTheCasino]

This sums up some of the challenges of a pure price action approach, i.e., the interpretative element. There's wedges, channels, DTs, DBs, breakouts or failed breakouts or failed failed breakouts, etc. all at the same time. Not always, of course, but often there's just very many possibilities at the same time.



Sounds good. If you can average 15 points per day (I assume this is per contract) you're an elite trader and should be RICH by end of this year, but probably sooner.

Right now, you're trading 1 MES, though. I equate that almost to simulator trading. But if you're as consistent and as good as you claim to be, you should start scaling up and you'll be at 100 + MES in no time.

Keep us posted and good luck.

yes per contract. at 20k I plan to start 1 ES contract. The point of doing MES is 1, to be consistent and 2 so that when I do scale up nothing changes on my contract size, meaning it is all relative to my account size. So trading 5 ES contracts wont be any different than trading 1 MES.

An advantage for me is that I do not need this money and have roughly 2 years to build a decent account size while getting/maintaining my consistency.