aint she puuuurty!
I Love Virgins
- Thread starter enochbenjamin
- Start date
something don't look right with that ES virgin - you sure its a female?
anyhow - back to ZN - get your popcorn ready.
anyhow - back to ZN - get your popcorn ready.
shorted @ 118'02 - out at 118'00 - nice scalp before she was violated with little conviction.
did buy her? if you did i'm sure she treated you well. i am going to have to pay better attention to ES.
Buy virgin @ 117'24
scratch that last buy - no virgins around.
We have a virgin that is pretty close to the 7am price @ 118'01. She was touched around 2am but was defended pretty well so I am going to cautiously say she is still indeed a virgin.
So two virgins to buy today.
Buy a virgin @ 118'01 (proceed with caution)
Buy a virgin @ 116'285
So two virgins to buy today.
Buy a virgin @ 118'01 (proceed with caution)
Buy a virgin @ 116'285
Took a small hit. Being cautious I only went in with 1 lot.
Now just wait to see if price will drop to 116'285 or wait till price kissed the 21 EMA for a quick scalp short.
Now just wait to see if price will drop to 116'285 or wait till price kissed the 21 EMA for a quick scalp short.
Now for a little more on why I love virgins. I love virgin support and resistance because price will almost always pause at these levels. The pause gives a slow bloke like me a minute or two to determine if I should fade the trend.
In the attached image there are two significant areas that are in view (not marked). One was a suspect POC virgin at 118'01 that was actually hit in the overnight session. Hint: should not have taken it! I did and had a small loss. Nonetheless you can see the two blue bars (high volume churn) indicating that something of significance was happening there.
118'10 was the high value for the past 10 trading sessions. Why is that significant? I have no fucking idea! But I do know that price will pause there. Looking at time and sales it was clear that some pretty big sell orders were coming in at 118'10 - 118'11. The formation of a tweezer top confirmed it for me and I went short 5 lots @ 118'105 with a very tight 4 tick stop (very conservative target of 5 ticks).
Before you start yelling about money management (1:1 R) just know that this type of LOW RISK scalp trade is available almost every day and sometimes multiple times per day. If you are patient and trade ONLY what you see, closely watching volume/sales you will almost NEVER lose. The problem with this type of trade is not MM its BOREDOM. I risk so little that when I do lose it does no harm to my account or mental well being. What does damage to my account is me getting bored waiting for these trades to setup and I start GUESSING where the market will turn. I am not very good at guessing. I am good at viewing how price reacts to S&R levels.
After trading just about every futures market there is (Corn, Wheat, Crude, Eurodollar, Sugar, Cotton, Spooz, etc.) I have concluded that for the small time player it is best to be disciplined and find a reliable way to take nickels and dimes out of the market every day. My style of trading is akin to owning a pay phone in the airport before cell phones. Your 1 pay phone is not going to make you rich overnight but it will provide consistent income each and every day. After a while you add another pay phone (another contract). Then another and another. Eventually you will have multiple phones. Your still collecting nickels and dimes every day - just with multiple phones (contracts).
Hope this helps somebody.
In the attached image there are two significant areas that are in view (not marked). One was a suspect POC virgin at 118'01 that was actually hit in the overnight session. Hint: should not have taken it! I did and had a small loss. Nonetheless you can see the two blue bars (high volume churn) indicating that something of significance was happening there.
118'10 was the high value for the past 10 trading sessions. Why is that significant? I have no fucking idea! But I do know that price will pause there. Looking at time and sales it was clear that some pretty big sell orders were coming in at 118'10 - 118'11. The formation of a tweezer top confirmed it for me and I went short 5 lots @ 118'105 with a very tight 4 tick stop (very conservative target of 5 ticks).
Before you start yelling about money management (1:1 R) just know that this type of LOW RISK scalp trade is available almost every day and sometimes multiple times per day. If you are patient and trade ONLY what you see, closely watching volume/sales you will almost NEVER lose. The problem with this type of trade is not MM its BOREDOM. I risk so little that when I do lose it does no harm to my account or mental well being. What does damage to my account is me getting bored waiting for these trades to setup and I start GUESSING where the market will turn. I am not very good at guessing. I am good at viewing how price reacts to S&R levels.
After trading just about every futures market there is (Corn, Wheat, Crude, Eurodollar, Sugar, Cotton, Spooz, etc.) I have concluded that for the small time player it is best to be disciplined and find a reliable way to take nickels and dimes out of the market every day. My style of trading is akin to owning a pay phone in the airport before cell phones. Your 1 pay phone is not going to make you rich overnight but it will provide consistent income each and every day. After a while you add another pay phone (another contract). Then another and another. Eventually you will have multiple phones. Your still collecting nickels and dimes every day - just with multiple phones (contracts).
Hope this helps somebody.
Just wanted to add that if you are going to be a S&R trader you must learn how the market you decide to trade reacts to these levels. Some markets like Cotton and Sugar almost ALWAYS overshoot S&R by random points before doing what you would expect.
Some markets, like treasuries, seem to respect the levels pretty well, only overshooting them by a tick or two at most -- allowing for small (LOW RISK) stops.
Carefully choose your market.
Some markets, like treasuries, seem to respect the levels pretty well, only overshooting them by a tick or two at most -- allowing for small (LOW RISK) stops.
Carefully choose your market.