Hi Ironfist,
Here are some ideas which I have determined are useful to me which may help you as I seem to have had/having same issues.
Try using a 250 - 300 constant vol bar , it gives a faster time frame but you get more pullbacks to trade without it being too fast. I use Button Trader for simultaneously entering orders, stops and profit targets and you can trail if you wish.
In your scalping try just going for 10-15 pts as your profit target, I know there can sometimes be 50 points or more in a run but as jjrvat mentioned we are scalping, and dont forget to to leave some crumbs on the table for others and also its better to get to the exit door before the queue starts.
In determining what is a good pullback I had a quality issue. I was trying to trade every pullback, it didnt work so I went to one of the older methods I have used and found that a stochastic will give a good visual guide when price moves into the ob/os territory.
In a downtrend look for OB in a down trend look for O/S.
Don't try to trade the stoch signals, as I'm sure you will see that the stoch sigs come after a price action signal, showing what more experienced traders keep saying, they are lagging indicators.
In your chart I think it was today you mention the 240wma going red-green-red-green etc . Refer back to jjrvats comment earlier its the slope and as you can see it is horizontal , not much of a trend there
I find that a good slope starts to show itself after the first pb after it goes under the 240 WMA. A trader also told me some years ago if you follow the trend you generally are only wrong once and thats when the trend changes (we know there are other instances but you get my drift ).
Another tip I picked up on is after one or two pullbacks, if you think about it your are on your way to the end of the wave (probably) which you are trading, thats the time to be cautious and expect those pullbacks which turn into a wave in the oppposite direction.
Can anybody comment on whether they have a daily goal and then out Done For the Day? I have found that I can generally get to 25-30pts early on then give back then get more then give back etc , so why didnt I get out earlier and take my points and run instead of paying the broker for the privilige?
As for today well !!
Richard
Here are some ideas which I have determined are useful to me which may help you as I seem to have had/having same issues.
Try using a 250 - 300 constant vol bar , it gives a faster time frame but you get more pullbacks to trade without it being too fast. I use Button Trader for simultaneously entering orders, stops and profit targets and you can trail if you wish.
In your scalping try just going for 10-15 pts as your profit target, I know there can sometimes be 50 points or more in a run but as jjrvat mentioned we are scalping, and dont forget to to leave some crumbs on the table for others and also its better to get to the exit door before the queue starts.
In determining what is a good pullback I had a quality issue. I was trying to trade every pullback, it didnt work so I went to one of the older methods I have used and found that a stochastic will give a good visual guide when price moves into the ob/os territory.
In a downtrend look for OB in a down trend look for O/S.
Don't try to trade the stoch signals, as I'm sure you will see that the stoch sigs come after a price action signal, showing what more experienced traders keep saying, they are lagging indicators.
In your chart I think it was today you mention the 240wma going red-green-red-green etc . Refer back to jjrvats comment earlier its the slope and as you can see it is horizontal , not much of a trend there
I find that a good slope starts to show itself after the first pb after it goes under the 240 WMA. A trader also told me some years ago if you follow the trend you generally are only wrong once and thats when the trend changes (we know there are other instances but you get my drift ).
Another tip I picked up on is after one or two pullbacks, if you think about it your are on your way to the end of the wave (probably) which you are trading, thats the time to be cautious and expect those pullbacks which turn into a wave in the oppposite direction.
Can anybody comment on whether they have a daily goal and then out Done For the Day? I have found that I can generally get to 25-30pts early on then give back then get more then give back etc , so why didnt I get out earlier and take my points and run instead of paying the broker for the privilige?
As for today well !!
Richard
