Ideas for struggling traders

[JSSPMK]

Quote from steve46:

I used to look at 60 and 15 min charts in much the same way.

Nowadays I simply go straight to the 5 min candles as shown in the attached chart

The white line is an 80 period MA

The yellow line is a shorter (3 period) ma

Notice I use a 24 hour chart.

I do this to get an idea of where we went during the ovenight session.

Sometimes the overnight will give you a "headsup" indication of where we are going during the RTH

Steve, if my memory serves me correctly I recall you using only RTH data, what made you switch to 24hr data? TY!

 

[steve46]

JSSPMK

Yes thanks for the important question

If you don't mind I would like to answer you by PM

Steve

 

[steve46]

JSSPMK

This chart is for you and is follow up to my PM

You can see how we opened and took out the longer MA on the
downside. The retest occurs as anticipated and we are short

Price bounces off Yesteday's low. We take profits and wait

Price takes out the longer term MA to the upside. We have the Michigan Sentiment Report and price retests on that. Long entry just above the retest.

We are still long from that retest

As Tony OZ would say "Friday is payday"

yep

Good luck everyone

Steve

 

[steve46]

Another possible short setting up here

Have to be careful though. If oil breaks down. This oversold market can rally strong and sudden.

We'll see

 

[steve46]

Here is the test we waited for, as the market wiggles around trying to make up its mind


lol

 

[steve46]

Here is the same view, smaller data window using 800V candles

As you can see, on this chart the market looks long.

When this happens I simply stand aside

Plenty of opportunities, no need to get chopped up.

 

[steve46]

Quote from stock_trad3r:

steve stop bumping your worthless thread. Let it die since no one is interested.

If you would pull your head out of your ass long enough to read the material you might do better with your own trading

The charts I posted seem to have quite a few views.

Somebody is looking at them for a reason

If you don't like what I'm doing, point & click to another location

Seeya

Edit

Just for the record the charts on this thread have been opened up more than a thousand times. I think newbies are benefitting from this material.

 

[steve46]

Hey incognito,

Hope you're having a profitable day

Thanks

Steve

 

[steve46]

Here's a nice chart showing the transition from short bias to long
and the low risk entry long for a couple points.

The risk (for my system) would be 2 points and I would enter long on multiple contracts looking for scale out at 2, 5, 7, 10 pts.

By the way, some of the same concepts are seen in the thread

"Daytrading 2.0 for small traders"...

The OP has the right idea (in my opinion) however I don't agree about scalping (his approach). If you're a retail trader (most everyone reading this post) then you have to go for 10 pts in order to beat expenses. Also I think you have to trade multiple contracts as soon as you can manage it, in order to do so. This is one of the reasons (undercapitalization) why so many new traders fail.

Good luck
Steve

 

[steve46]

Another chart.

Handling the chop is important

Stay out of it if you see it setting up

If you are in, on one contract, you have a decision to make
how do you handle this?

If you have multiple contracts on, you have the luxury of taking partial profit and waiting for either A.) continuation of the trend or B.) breakdown and you scratch the trade (at breakeven)