Help, I've been chopped!
- Thread starter NoDoji
- Start date
I was chatting with my friend around the NY lunch hour and he mentioned the earlier chop in the NQ. I looked at the 5min chart and said, "Yuck", then I looked at the 1min chart and decided the only setup I saw that I would've taken in that chop was based on the 1min chart.
It's one of a few with-trend continuation setups I like to trade in oil futures. Look at the little symmetrical triangle formed by way of the 10:43, 10:44, and 10:45 ET bars on the 1min. I'd feel pretty good about shorting 3132.00, the break of that 10:45 bar low, to see how price would react to the lower channel line around 3130.00. With no buyers there at all, I'd have likely held for a measured move down to around 3125.00.
My chart's in PST, so 3 hours earlier than NY time.
It's one of a few with-trend continuation setups I like to trade in oil futures. Look at the little symmetrical triangle formed by way of the 10:43, 10:44, and 10:45 ET bars on the 1min. I'd feel pretty good about shorting 3132.00, the break of that 10:45 bar low, to see how price would react to the lower channel line around 3130.00. With no buyers there at all, I'd have likely held for a measured move down to around 3125.00.
My chart's in PST, so 3 hours earlier than NY time.
So far I'm seeing people post intraday charts - some are only 2-hours. I personally feel that intraday "static" should not be called a "chop" zone.
Hey here's an idea: Zoom-out!!
What is the real trend doing?
That will tell you much more.
Hey here's an idea: Zoom-out!!
What is the real trend doing?
That will tell you much more.
ND, I'm surprised you did not take, or mention this beautiful bottom right after your short. It was off of a stronger support pivot.
Just kidding a little. Really just wanted to post a nice PA setup for surf.
Just kidding a little. Really just wanted to post a nice PA setup for surf.
I appreciate the help you give ND. I really had a hard time with the chop today in the ES. I lost 2x my average daily gain with way too many trades. Looking back, I clearly see the chop. However in real time I had a hard time not taking trades. I kept saying (out loud) "ok that's it for me" and then "oh wait, this is actually a good trade". I had three trades that I managed to get out at +.25 and three taking me out for the full loss. Only one trade reached my profit target without coming back for my stop. I usually only take three or four trades a day. I'll try to post a chart with my trades. I'm on my second drink and I have my guitar plugged in. Might not happen.
Quote from stillgrinding:
I appreciate the help you give ND. I really had a hard time with the chop today in the ES. I lost 2x my average daily gain with way too many trades. Looking back, I clearly see the chop. However in real time I had a hard time not taking trades. I kept saying (out loud) "ok that's it for me" and then "oh wait, this is actually a good trade". I had three trades that I managed to get out at +.25 and three taking me out for the full loss. Only one trade reached my profit target without coming back for my stop. I usually only take three or four trades a day. I'll try to post a chart with my trades. I'm on my second drink and I have my guitar plugged in. Might not happen.
It would be great to see your trades. I'll offer a detailed review and you'll probably get more out of it than from reading Al Brooks entire book.
Oh. Wait. That's not promising much, is it...
Seriously, I think a "third party" analysis from me will give you some ideas you can apply to past charts and then practice recognizing in real time.
I'm a day trader and IMHO what makes day trading so difficult is developing the mindset to analyze things quickly. A swing trader can see a setup, put on a position when signaled and not have to change "bias" for days or weeks.
An intraday scalper like myself can see a setup, put on a position, watch before my very eyes as a new opposing scenario arises, and shift gears quickly.
Zooming out is great for us day traders to note key levels that "large eyes" are watching. I use a 60-min chart a week long to draw longer term trend and channel lines and this protects me from trading right into a key S/R level on the initial approach.