Care to explain your positions yesterday (including SLs and TPs) and your reasoning/thought process? Unless you want to say that you simply shorted R2 and bought back (or better yet: reversed) at S3...
Old angles gone
- Thread starter SoesWasBetter
- Start date
I like it. That coupled with generally low vol intraday , makes finding 'easy' trades near impossible. Sure , you can wade in and hope you get the direction right, but that's not scalping.
Missed your post till now. Based on the prior few trading days I was anticipating a larger range day so after Daily R2 (and Globex R2 not shown but 2 ticks above high) were touched but price stalled I watched and waited for a point to go long above R2 or for the daily pivot to break below and retrace to provide a short entry. Down it went thru the pivot and retraced back up and I was filled @ 2430.75, took some heat up to 2433.00 I use a 3 pt stop. Once in profit I use 3 bar high - HH of the 3 previous bars excluding inside ones, then as PA moves along adjust it to a 2 bar high, then 1 bar high to take me out eventually (1 minute chart for this). Down at the LOD area there was a large range bar (again 1 min) which I thought looked to be an exhaustion bar plus there was indicator divergence so to setup an exit I took the midpoint of LRB at 2418.75 for my stop. 4 bars later I was out. Wish I could say I did a stop and reverse and rode it all the way back up. Or that I "knew" earlier the HOD was the HOD and entered short up there.
good trade SunTrader. Seems to me that you entered short on a stop (not limit) once that 5min bearish bar broke the low of the first retracement to pivot after breaking through it. But if you base your trades on pivot points, then why going for a hard 3pt stop, instead of using pivot points (plus some room) to flatten (and size accordingly)?
I have my pivots set up under a quick on/off button on my charts, but usually keep them off as to not obscure my charts and bias me to something that I don't usually follow.
I have my pivots set up under a quick on/off button on my charts, but usually keep them off as to not obscure my charts and bias me to something that I don't usually follow.
We're in a ridiculously low volatility regime right now guys. It's common to start getting antsy and pissed off at the market when it's like this but the worst thing you can do is declare all your edges dead and start forcing trades on things just to have trades on.
Change instruments, go back to research, or simply go to cash for the meantime. Don't force it.
Change instruments, go back to research, or simply go to cash for the meantime. Don't force it.
Entered on limit (almost always do) first time back up to 2430.75 the midpoint between pivot and R1 - I could plot mid points but I find it too much clutter. I look for one, tops two pivot trades a day. Either wham bam or a move like I caught last week. Again like I said previously I was expecting a larger range than the prior few days therefore I held on bit longer than typical for a PP trade.