Entering Without A Setup ...

S

Swan Noir

While 95% of my entries are stop orders related to a setup I like there are occasional trades like today just after 3 pm when I sold NQ simply because it was moving down. The few trades I do without a specific setup are lucrative for me.

My question is do some of you take trades this way regularly? Do some of you trade primarily this way? Talk to me.
 
Sure - all "setups" for liquidity-consuming traders amount to "it looks like it's going up, so I'll go long" or the analog for down/short. It would be absurd to conclude the instrument was going to go down or sideways and then go long.

The concept of a "setup" is mostly absurd.
 
Quote from The Big D:

The concept of a "setup" is mostly absurd.
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I think it's best to enter a trade when things seem to have bottomed or topped, sometime mid-day. A guy I know bought $2 above the bottom because he saw a hammer candlestick. I personally wouldn't have done that because the bottoming process typically takes a few days. It turned out that he saw lower prices 3 consecutive days after that hammer. I think it's best to wait for the setup.
 
Quote from Swan Noir:

While 95% of my entries are stop orders related to a setup I like there are occasional trades like today just after 3 pm when I sold NQ simply because it was moving down. The few trades I do without a specific setup are lucrative for me.

My question is do some of you take trades this way regularly? Do some of you trade primarily this way? Talk to me.
More...

Used to, now I have a better understanding of the market . Most prob dont have a clue what im talking about... Do you know what I mean by the flow of the market? what i'm saying is you look at price and its tanking, then you think that was some aggressive selling, and it was, so you find yourself in the price action, whos doing what so to speak , you start seeing the weak players coming in, in the price action and you know its the weak players... So develop it, do take note of where you saw ,what when and where etc
 
SN,

In a word – Never…

Otherwise it's an opportunity for unlimited loss… or a blow out at best


Possibly your definition of a set up and mine differ


RN
 
One of the reasons took me so long to day trade futures was not having a well tested method. Going with what I thought the market would do cost me upwards of $50k over several years, so if I don't have a 100% set up, I don't make those kinds of trades.
 
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