All charts are tick charts. The only difference is how the individual trader bundles the ticks.
ES Journal - 2015
- Thread starter Buy1Sell2
- Start date
All charts are tick charts. The only difference is how the individual trader bundles the ticks.
any stock traders here? Why would ZIOP be an obvious play this morning? I can't see any news stories about them?
People in my chatroom and a few guys on twitter who i watch were all buying it at the same time this morning and all done well on it.
I could have followed them, but I've had a freakishly good day, and didn't want to ruin it on other peoples calls!
People in my chatroom and a few guys on twitter who i watch were all buying it at the same time this morning and all done well on it.
I could have followed them, but I've had a freakishly good day, and didn't want to ruin it on other peoples calls!
I always take +5 and let 1/2 trail, or, if no significant range break has occurred in the direction of my trade, I will take +5 on half and +10 on 1/4 and let 1/4 trail. When I enter according to my plan, +5 is almost a given. Ridiculously easy to get +5 NQ's, imo. I call that pay day. Anything I get beyond that is most welcome. Stop losses are easy. If nothing else, right beyond the most recent extreme. But the one thing that might help some of those struggling to get this is to make profit taking just as easy. My suggestion is do not trade if you cannot trade a minimum of 2 contracts. Then, set yourself to take +5 NQ or +2 ES on one contract and let the other be your runner. If you then learn to identify a range and discipline yourself to only take trades at or near one or the other extreme, getting paid becomes surprisingly easy, imo.
If I remember correctly, this is what Mark Parry used to do (wrbtrader) and maybe still does.
The hourly chart can be added in as well but nothing higher than that.In this case it does not suggest downside. Doesn't mean it won't be there, but right now it appears to be pullback. Generally just the 1,5, and 15 are all that you would need for daytrading with a thought of the 60 minute chart in the back of your mind reminding you that an upside reversal is indeed plausible.
For example, you have an upside reversal signal on the 1 minute chart right now. Should you take it? Perhaps but you would be extremely cautious as the 5 and 15 are not in agreement right now. All reversals start on the 1 minute chart so it could be the one, but I prefer to wait until the other charts agree with each other. By the way, a single bar on the 5 and 15 can signify upside reversal in agreement with the 1 minute. --Always allow your trade to run with full position on to its target. You will need those extra points that you lose by removing some of the position to offset the inevitable losses.
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Smart. Make your own.
It is one market. I guarantee you that floor traders and the better institutional traders are not flipping through 5 different bar interval charts trying to figure out what is going on. This is probably why so many retail traders lose. They continue to think like retail rather than learning to trade like wholesale.
Yesterday's high is yesterday's high no matter what the bar interval you choose, and Friday's high is and forever will be the high of 3/13/2015. That, imo, is all that is needed to know where traders will likely be looking to place their bets. Your trading plan should then tell you how you will (or will not) join them.
When the three charts agree (upside reversal or trend on 15, upside reversal or trend on 5 and oversold conditions on the 1), then trades can be made in the direction of the upside. More important than that is to never risk more than 2% of TLNW (Total Liquid Net Worth) on any one trade/idea. Trades are then let run to their maturity and are taken off uniformly in order to gain the most bang when you are in the right.
LONGER TERM VIEW = SHORT SIDE momentum has potential to trade it down to 10.00