Sorry, too many imaginary lines on your chart for these old eyes. I like no-brainers like the overnight "gap" closing today. Took a $235 trade in six minutes in that run up. There is a certain point at which it becomes clear that the gap closing is ineluctable.
NQ Beginner - Trading With Discipline
- Thread starter kidPWRtrader
- Start date
Could you share your opinion on regular market hours charts vs including after hours.
Currently I include after hours in my trading but am slowly realizing it doesn't have much use for me.
Are there any recommendations you have regarding my imaginary lines. Are they in fact imaginary ? Hehe. If so, any suggestions to make my trading simpler and sweeter (and hopefully) more profitable. Other than don't quit, of course - which I won't.
I use Easy-Signal. Their daily chart for a future starts the day at 4:30 PM ET and ends it at 4:15 PM ET the next day. That is, the first part of a daily bar includes the overnight session. My observation is that the market likes fibs based on that timing.
Your best bet at this point is to wipe all that shit off of your chart and put back only OHLCPM for the previous day. Then successively mark new highs with green horizontal lines and new lows with red horizontal lines. Do that long enough and several systems will leap out at you.
When you DO see those things, don't be a putz and post them, too precious. PM me.
Your best bet at this point is to wipe all that shit off of your chart and put back only OHLCPM for the previous day. Then successively mark new highs with green horizontal lines and new lows with red horizontal lines. Do that long enough and several systems will leap out at you.
When you DO see those things, don't be a putz and post them, too precious. PM me.
Kept it more simple today. Waited for opportunities, but unfortunately not many.
Will post charts when I get back.
Today was +40. Running PnL -$690.
Well at least I havn't met my drawdown max yet hehe...
Will post charts when I get back.
Today was +40. Running PnL -$690.
Well at least I havn't met my drawdown max yet hehe...
Hmm... charts really not that not worthy for the day.
Here's a comment for myself as something I have observed during OEX.
Last 2 days on OEX, even when price is somewhat readable, volume is not orderly at all. This is only a one-time observation, but comparing these two days to usual trading, it was not as easy for me to guage volume.
Traded 1/17 on playback for -70. Running PnL on Journal $-760. Back to where I was before... but it's ok.
Some lessons... always keep in mind the longer term pivots. Setups that normally work in the middle, will not work well in these areas and do not provide good r/w for the reason that a breakdown/breakout is unlikely.
Something on a more personal level to my own trading... I need to be more selective with my setups. Either I have 2:1 r/r or I don't. I usually take a limit to bank profits a little before last known resistance/support since I am trading one contract and combine this with a 1 tick stop above/below the pivots, and I am actually trading with a 1.5 r:r ratio or less.
This needs to change and at least I am cognizant of my errors. Many of my plays where I step in front of price action provide 3:1 r/w or better, but these types of setups and their profits seem to get ruined when I get a reversal bar type setup and then proceed to give back 2.5-3 pts profit on one play.
I will attempt to trade another day on playback tomorrow that I have missed from a few weeks ago.
Have more comments to post, but am getting very tired and need some sleep. Will update tomorrow with charts possibly.
Here's a comment for myself as something I have observed during OEX.
Last 2 days on OEX, even when price is somewhat readable, volume is not orderly at all. This is only a one-time observation, but comparing these two days to usual trading, it was not as easy for me to guage volume.
Traded 1/17 on playback for -70. Running PnL on Journal $-760. Back to where I was before... but it's ok.
Some lessons... always keep in mind the longer term pivots. Setups that normally work in the middle, will not work well in these areas and do not provide good r/w for the reason that a breakdown/breakout is unlikely.
Something on a more personal level to my own trading... I need to be more selective with my setups. Either I have 2:1 r/r or I don't. I usually take a limit to bank profits a little before last known resistance/support since I am trading one contract and combine this with a 1 tick stop above/below the pivots, and I am actually trading with a 1.5 r:r ratio or less.
This needs to change and at least I am cognizant of my errors. Many of my plays where I step in front of price action provide 3:1 r/w or better, but these types of setups and their profits seem to get ruined when I get a reversal bar type setup and then proceed to give back 2.5-3 pts profit on one play.
I will attempt to trade another day on playback tomorrow that I have missed from a few weeks ago.
Have more comments to post, but am getting very tired and need some sleep. Will update tomorrow with charts possibly.
Thanks for the comments. I have observed successive highs/lows for a while, but have not been able to get an edge just using these things solely by themselves.
Even if I don't get anywhere with median lines, fib retracements, etc. I need to know for myself if they work or not.
I am keeping track of every single successful/failed setup that I can classify in some way. When in 2-3 more months I get more screentime and more data as well, I find out that X is useless, but Y may have some premise to it, I will revise accordingly.
I am starting to "see" things that I wasn't before with price action. Most likely because before I was only EOD and did not trade often.
I will undoubtedly change my system and my methodology many times in the next year.
I appreciate your help and others who have dropped tips to me (some through pm). I don't dismiss anyone's opinion, rather, I am just trying to find something that works for me.
Definitely a good job on letting winners run.
Did you have a set target or just felt now was a time to get out?
I don't trade breakouts/breakdowns anymore, but there is nothing wrong with it if you can do it.
Only comment I have is that you should have covered probably on the first higher high if you wern't going for a set target such as an equal move. A higher high developed just a few bars after where you exited.
So, even if you got a better exit, it doesn't mean that you traded as well as you could have... if that makes sense.
Also, if you look back on all the charts I posted before. All of the charts reacted at the levels posted for a bottom yesterday and today except for 1 stock which passed the level by a few cents.
I think I am finally getting the hang of this...
Did you have a set target or just felt now was a time to get out?
I don't trade breakouts/breakdowns anymore, but there is nothing wrong with it if you can do it.
Only comment I have is that you should have covered probably on the first higher high if you wern't going for a set target such as an equal move. A higher high developed just a few bars after where you exited.
So, even if you got a better exit, it doesn't mean that you traded as well as you could have... if that makes sense.
Also, if you look back on all the charts I posted before. All of the charts reacted at the levels posted for a bottom yesterday and today except for 1 stock which passed the level by a few cents.
I think I am finally getting the hang of this...