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Day-Trading 2.0 for small traders
- Thread starter jjrvat
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Quote from jjrvat:
Bingoking,
You're welcome
Beautiful setup and perfect textbook example of basic price analysis!!!
Today ES after 16:00 news
jjrvat
Would anyone please explain this chart or point to which posts explain this for this newbie? Thanks
StillStanding,
Would anyone please explain this chart or point to which posts explain this for this newbie? Thanks
See previous posts (page 2)
In any case, a summary,
1. Macro Direction +/- 15:00:
a. Price is above 240 WMA and its slope is green (+) = Longs
b. Price is above Pivot Point (Pink line) and below next Resistance level (R1) = Longs
2. Wave Direction:
a. Higher Highs: +/- 15:54 high (2nd Red Arrow) is higher than previous high +/- 15:34 (1st red Arrow) = Longs
b. Higher Lows: +/- 16:00 low (2nd Blue Arrow) is higher than previous low +/- 15:40 (1st Blue arrow) = Longs
3.Momentum +/- 16:02
a. Macro direction + Wave direction are pointing longs = Natural Momentum and High probability setup for longs
4.Timing
a. Everything is aligned so IT DOESNâT MATTER WHAT DO YOU USE TO PULL THE TRIGGER. MA crossover, MACD cross, CCI, Stochastics, Candelstick formationsetc, etc ,etc. all will give u valid entry signalsâ¦.
b. +/- 16:26: This the ânatural exitâ when price close below the Fast MA = +/- 8 full points (32 ticks) to take profits.
5. Done for the day in 30 minsâ¦
jjrvat
Would anyone please explain this chart or point to which posts explain this for this newbie? Thanks
See previous posts (page 2)
In any case, a summary,
1. Macro Direction +/- 15:00:
a. Price is above 240 WMA and its slope is green (+) = Longs
b. Price is above Pivot Point (Pink line) and below next Resistance level (R1) = Longs
2. Wave Direction:
a. Higher Highs: +/- 15:54 high (2nd Red Arrow) is higher than previous high +/- 15:34 (1st red Arrow) = Longs
b. Higher Lows: +/- 16:00 low (2nd Blue Arrow) is higher than previous low +/- 15:40 (1st Blue arrow) = Longs
3.Momentum +/- 16:02
a. Macro direction + Wave direction are pointing longs = Natural Momentum and High probability setup for longs
4.Timing
a. Everything is aligned so IT DOESNâT MATTER WHAT DO YOU USE TO PULL THE TRIGGER. MA crossover, MACD cross, CCI, Stochastics, Candelstick formationsetc, etc ,etc. all will give u valid entry signalsâ¦.
b. +/- 16:26: This the ânatural exitâ when price close below the Fast MA = +/- 8 full points (32 ticks) to take profits.
5. Done for the day in 30 minsâ¦
jjrvat
Quote from ProfitTakgFool:
The futures market chops more than they trend. If you want to trade this market you have to be able to trade both conditions. Last week someone posted "it's impossible" to make money in a choppy market. Well.....no it's not. In fact, that's the best market to make money. When the market chops buy down, sell up and take profits like a fool. I made my goal in less than one hour today.
More than trend or choppy markets I prefer to see markets as "tradable" or "non tradable". You can have choppy conditions in a tradable market as you described above or also you can have trending markets that are "non tradable".
At the end everything is about perception!!!
Look at NQ US Morning:
a) 1st Chart 1 min ... = Choppy non tradable
b) 2nd Chart the same but 144 ticks ...= Choppy tradable
c) 3rd Chart US afternoon ... = Trendy Tradable
jjrvat
The futures market chops more than they trend. If you want to trade this market you have to be able to trade both conditions. Last week someone posted "it's impossible" to make money in a choppy market. Well.....no it's not. In fact, that's the best market to make money. When the market chops buy down, sell up and take profits like a fool. I made my goal in less than one hour today.
More than trend or choppy markets I prefer to see markets as "tradable" or "non tradable". You can have choppy conditions in a tradable market as you described above or also you can have trending markets that are "non tradable".
At the end everything is about perception!!!
Look at NQ US Morning:
a) 1st Chart 1 min ... = Choppy non tradable
b) 2nd Chart the same but 144 ticks ...= Choppy tradable
c) 3rd Chart US afternoon ... = Trendy Tradable
jjrvat
I do not have a clear understanding of where you place your initial stop. For instance, The Macro Direction is up - price above the 240 WMA. The Wave Direction is up with higher highs and lower lows. The slope of the 6 WMA turns positive/green.
Where is the initial stop placed? The low of the last higher Low wave? The low of where the 6 WMA turned positive?
Thanks.
Where is the initial stop placed? The low of the last higher Low wave? The low of where the 6 WMA turned positive?
Thanks.
scJohn,
I do not have a clear understanding of where you place your initial stop. For instance, The Macro Direction is up - price above the 240 WMA. The Wave Direction is up with higher highs and lower lows. The slope of the 6 WMA turns positive/green.
Where is the initial stop placed? The low of the last higher Low wave? The low of where the 6 WMA turned positive?
Depends on what instrument, when, what timeframe your trading and what kind of tool u used for timing (entry). In general a good rule of thumb when "scalping" is a initial stop a couple of ticks below/above of the last bar low/high (or last swing ) and after that it must be set to be triggered manually (or auto) to a close above/below a very smooth MA (25 Hull or 35 LSMA) to the opposite side of your trade.
Btw, this is not very effective around pivot points its just a general idea.
I will try to give you further comments tomorrow.
jjrvat
PS: Dont try this if you are trading forex...
I do not have a clear understanding of where you place your initial stop. For instance, The Macro Direction is up - price above the 240 WMA. The Wave Direction is up with higher highs and lower lows. The slope of the 6 WMA turns positive/green.
Where is the initial stop placed? The low of the last higher Low wave? The low of where the 6 WMA turned positive?
Depends on what instrument, when, what timeframe your trading and what kind of tool u used for timing (entry). In general a good rule of thumb when "scalping" is a initial stop a couple of ticks below/above of the last bar low/high (or last swing ) and after that it must be set to be triggered manually (or auto) to a close above/below a very smooth MA (25 Hull or 35 LSMA) to the opposite side of your trade.
Btw, this is not very effective around pivot points its just a general idea.
I will try to give you further comments tomorrow.
jjrvat
PS: Dont try this if you are trading forex...
jjrvat
What tick chart frame do you recommend using for the british pound? I am currently using the 17 and 34 to scalp the pound for a quick 6-10 ticks. Is this too big or too small for my trading stratagy? I was wondering if you find a different tick setting produces more waves and the same or more profit targets.
Thanks
YT
What tick chart frame do you recommend using for the british pound? I am currently using the 17 and 34 to scalp the pound for a quick 6-10 ticks. Is this too big or too small for my trading stratagy? I was wondering if you find a different tick setting produces more waves and the same or more profit targets.
Thanks
YT
First of all thank you very much jjrvat for this is thred it's been very helpful.
Now i'm trying to apply this method to stocks (Espcially AMZN) using a 240 WMA and pivot points for the macro dircation and a 6 WMA for the micro direction (waves) i apply this on a 150 Tick charts.
A few qustions though. First, do you find it better to use tick charts in stock instead of Time charts? in that case, how many ticks per bar for stocks with volume like AMZN CELG CROX BIIB etc.?
Does this scalping method do work in stocks and what PF should i use (i guess it depends on the stock's range but i don't know what should be the relations between them).
and a third question. does the 240 WMA and 6 Wma are good for stocks or should i try something else or different numbers.
And a last question, on the charts you gave, what is excactly your entry point is it a tick highr then the bar where the fast WMA changed it's direction or is it something else?
Thank you very much.
Now i'm trying to apply this method to stocks (Espcially AMZN) using a 240 WMA and pivot points for the macro dircation and a 6 WMA for the micro direction (waves) i apply this on a 150 Tick charts.
A few qustions though. First, do you find it better to use tick charts in stock instead of Time charts? in that case, how many ticks per bar for stocks with volume like AMZN CELG CROX BIIB etc.?
Does this scalping method do work in stocks and what PF should i use (i guess it depends on the stock's range but i don't know what should be the relations between them).
and a third question. does the 240 WMA and 6 Wma are good for stocks or should i try something else or different numbers.
And a last question, on the charts you gave, what is excactly your entry point is it a tick highr then the bar where the fast WMA changed it's direction or is it something else?
Thank you very much.
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