AHG - Profitable Strategy for Struggling Traders

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Quote from Cxinvest:

Nice job Pax! Man, had for me to read that chart, what is all that stuff?!

~Cx
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The chart shows nice on my screen, but once compressed ...

The horizontal line on the 1456 level is S/R, derived from calculating pivot points and 3 S/R levels. The lines are calculated automatically by the software. It happens frequently that prices bounce hard around these levels. At this moment, I realize I should have set my target at this level, and reversed my position.
As a newbie, I don't recognize opportunities fast enough...

Crossed lines were added manually. I always connect most recent bottoms and most recent tops with lines. Helped me identify the narrowing trading range, followed by a breakout below.
 
Great job Pax.

I think he's asking (or atleast I am) what those 2 bands are (bollinger ?)

Pax how fast do you think the Dax moves relative to the ES ?
 
Quote from booyah:

Great job Pax.

I think he's asking (or atleast I am) what those 2 bands are (bollinger ?)

Pax how fast do you think the Dax moves relative to the ES ?
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They are bollinger bands...

It's difficult to tell how the DAX moves in relation to ES.
When the ES approaches citical levels, the DAX can move by 20 point up or down... Better avoid that!

I have noticed this week that after 8PM local time here the volume on the DAX lowers, and it is tradeable then.

See attachment, and compare ...
My trade was 46.5 - 19.5 short 1 contract.

By the way .. this trade was not initiated as a result of LH, LL, but based on a pattern I'm starting to recognize. Range of the bars narrowing, price slowly but steadily going down.
 

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I do not trade every hh, hl, lh ll series as I have found when price moves back inside the daily range the odds go down, so I was basically done after the double top played out but it was a nice morning.
Afternoon gyrations inside the range established in the morning are pretty random, imo. There were some nice swings this afternoon but how do you play them? If you drop down on your timeframe or volume size you can see lots of hh's and hl's, lh's and ll's but as you reduce time/volume noise increases and you get stopped out more often. I find it less stressful to stick to one chart and avoid afternoons unless we are making new highs or lows.
 
I have read a few times that it's good practice to trade a maximum of 1 ES per 10k in the account.
Anybody know of a similar guideline for the DAX (or YM )?
 
thanks pax,is that 8pm german local time ? good point gary I got screwed on a few hh hl. so gary you ,re staying within the days s/r levels ?
 
Quote from booyah:

thanks pax,is that 8pm german local time ? good point gary I got screwed on a few hh hl. so gary you ,re staying within the days s/r levels ?
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Yep, 8pm MET, should be around 2PM New York time.
 
ok cool. I was told the less liquidity afterhours would make it less tradeable ill definitely checkit out, pax are you still paper trading
 
Quote from booyah:

ok cool. I was told the less liquidity afterhours would make it less tradeable ill definitely checkit out, pax are you still paper trading
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Still papertrading most of the time.
Hands are shaking with the account wired ...
Next week I don't work and if I see good opportunities, maybe I take some ...
 
I did not do well today. Missed a couple of good setups and was distracted while in a couple of others, making poor exits. Working while trading sucks. I'm thinking about going to bed when I get home from work about 5, sleeping till about 2, then trading ES in overseas hours for me, till I to go to work at 7:30. Life is short, might as well. Glad others did well today.
 
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