Maybe you can't write english? LOL.
Daytrading: Do you prefer the closest, average, or highest resistance on breakout entries?
- Thread starter Bugsy
- Start date
Wow, first time I have ever seen a moderator be so hostile.
You have a post a few days ago where you said you tried to pick the top in ES I presume, since it was the ES thread, and you said you got stopped out 2 times. Why on earth are you even trading the ES if you have such a killer system that people pay you $10,000 to use? Serious question. Forex is the biggest market, and with such a killer system, why even dabble in the ES?
Yes, I lost 1 point on 2 trades. I then made 3 points on the trade I took long after that. If you going to try to pick tops, its better to have a small stop.
If you look at my other thread, which is titled trading futures based on events, I think I listed at least 5 trades with a 90% win rate.
I am trading futures to get funded. My system has already passed the 1st part needed to get other people's money. I always try to trade with other's people's money just like it is stated in rich dad poor dad.
I bet you did not know that no professional poker player plays with their own money in tournaments. They are all financed.
The benefit of trading with other people's money is it removes one of the problems of trading, which is getting emotional over a trade because you have so much of your own money invested in it.
I doubt there is are many people here on ET which just trade with their own money as their full time job. I sure do not. I have other sources of income.
Also, I hate people that make up BS TA rules or Indicators that claim that is a way to make money.
You should be able to look at a chart with nothing but Price and trade it. Having a setup is less than 10% of a system.
If you look at my other thread, which is titled trading futures based on events, I think I listed at least 5 trades with a 90% win rate.
I am trading futures to get funded. My system has already passed the 1st part needed to get other people's money. I always try to trade with other's people's money just like it is stated in rich dad poor dad.
I bet you did not know that no professional poker player plays with their own money in tournaments. They are all financed.
The benefit of trading with other people's money is it removes one of the problems of trading, which is getting emotional over a trade because you have so much of your own money invested in it.
I doubt there is are many people here on ET which just trade with their own money as their full time job. I sure do not. I have other sources of income.
Also, I hate people that make up BS TA rules or Indicators that claim that is a way to make money.
You should be able to look at a chart with nothing but Price and trade it. Having a setup is less than 10% of a system.
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C) Closest or most recent resistance
Trading the T-line, simple effective if it speaks to you.
Worth a look on your own charts. Just plot 200, 50sma, 8ema and speed-check ten or twenty instances. You'll know before the half hour is up.
Trading the T-line - cut to the chase ...
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-15#post-5162295
Yeah but you still got them PB’s to the 50. Did you forget the 20?
Here is what I am talking about. 80% of BO ATTEMPTS from top or bottom of the range will usually fail and price trades back into the range within 5 bars.
So what can a trader do that understands range trading? Well you short in the top 1/3 and cover on moves down to the middle or even the bottom of the range. And in the bottom 1/3 you go long and exit taking profits on moves to the middle or even to the top. 80% is high odds.
But what do novices do? The exact opposite. They go long at the top on BO attempts. And they short at the bottom.
What do I like to do? When price is in an established range and is trading in the bottom 1/3 I am going long and averaging down long as it moves against me. Then depending on how far out of the bottom it moved against me, before heading north in my favor, I will then exit on a good move to the middle, or maybe even hold until the top of the range, or at least the top 1/3, IF it didn't trade out of the bottom when it moved against me as I was averaging down long.
What do I like to do? When price is in an established range and is trading in the top 1/3 I am going short and averaging down short as it moves against me. Then depending on how far out of the top it moved against me, before heading south in my favor, I will then cover on a good move to the middle, or maybe even hold until the bottom of the range, or at least the bottom 1/3, IF it didn't trade out of the top when it moved against me as I was averaging down short.
Don't be fooled by range behavior. The bulls and bears are pushing against each other. That is why the range forms. Bulls want a BO north. Bears want a BO south. Sooner or later one side will win. When one side wins then I like to go with the winning side for a measured move up or down that may be 2 legged or even more legs.
However, if I am say short at the top and the BO attempted succeeds what do I do? I exit my position immediately then look to double up and go in the successful BO direction. I get back my loss and then can usually make some on one or more of the BO legs. Ditto for successful BO's out of the bottom.
Ok what is an established range? What is range behavior? I distinguish between the two. Range behavior is two sided trading. A doji bar is a 1 bar trading range. Dial down to a smaller TF and you will see the range formed by the doji bar. Several bars with sideways action are range behavior. It is more risky to trade any range behavior because the behavior could just be a PB and the original trend will continue. All PB's are usually simply range behavior i.e. areas of two sided trading.
Generally speaking (there are exceptions though) I will employ the range trading techniques described above in ESTABLISHED ranges. What is an established range? It is 20 or more bars of sideways action. I start drawing the range box when I get data points to do so even before the established range is made. I want the range box to contain most of the price action and I can see BO attempts. Count the bars from the open and you will see the establish range area (20 bars). It is now ripe for range trading behavior and not PB behavior and PB trading.
Now look at the 5 min chart of Friday's 7-24-2020 MES PA. See the BO attempts fail? Both top and bottom. The red circle areas are where I would be shorting and/or averaging down short. In the top 1/3 of the range. The green circle areas are where I would be going long and/or averaging down long. In the bottom 1/3 of the range.
Novices on the other hand are going long in the red areas and shorting in the green areas. The exact opposite of what they should be doing.
So, when will I go long on a BO out of the top of a range. When those red areas (that have bars above the top of the range) hold the gap between the top of the range and the low of those bars after 5 bars have formed outside the top. Why 5 bars? Because price usually will trade back into the range within 5 bars. Look at those red and green circles and count how many bars it stayed outside the range top or bottom. So to go long at the top of a range I want to see price hold above the top of the range for more than 5 bars and I like to see a PB then a resumption north. Then I will likely see a MM up. So, if I got caught holding short on a BO north I immediately exit, wait for the PB double up and go long as price heads north. Or if strong BO with big bars I will double up and not wait for a PB. Ditto for bottom of the range just reverse the process.
P.S. 100% not 80% of BO attempts top or bottom failed ALL day in Friday's session. Try TRADING trading ranges on a SIM. Just for the fun of it and the experience gained. Notice MA's and the red T line. Easymon1 speaks of T line in a previous post. Can be used but not needed in TR ROFLMAO
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No offense, but it just doesn't add up that you have a system that you sell for $10,000, and at the same time are trading ES, having earned an entire point in total on Friday on a Sim account!
I understand the psychology behind other people's money vs. your own money, but if you were any good, that psychology issue shouldn't be a huge factor anymore, and all those $10,000 paychecks should have more than given you a nice initial account to trade.
Being a moderator here probably also gives you a bit of a paycheck, since as you say you have multiple streams of income, but it sure doesn't sound like trading income is a significant percentage of this. And yet you went on this attack mode as if you know all there is to know about trading. You can believe whatever you want about TA, but your results do not in any way prove your opinion.
I don't sell the system for $ 10,000. I made $ 10,000 over 1 year of listing it on a trading subscription site. Please go sign up for a site like C2 and see how it works before making comments.
To be brief, you list how much subscribers pay per month. On months the system is doing good, you gain more subscribers. When it is in a draw down, you lose subscribers and don't make as much money. For example, if it's doing good I may raise the price to $ 60/month and see how many more subscribers I get. I don't sell the system for $ 10,000. That is the total amount I made for over a year that they C2 sent a 1099 to the IRS so I would pay my taxes.
One more thing, you do need to link C2 to your real money account and potential subscribers will see every trade you make but not in real time. They get the data 7 days later. You real subscribers get instant alerts and/or can link their trading platform to C2 so that my trades will auto trade in their accounts.
Also, to get more subscribers, I do pay C2 to advertise my system when it's doing good. I find that this does work in that they market it to more potential subscribers.
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