limit orders are not for me........scalper is based on being quick many times a day an dtotal focus ......limits don't work for me.......i want to execdute wehn when i see it on screen and exit when the target opoint is seen on screenn.........seen..........no discrtionary...............my system only signals with trend always ........with trend...........the questions is which trend and what is a trend ?
Predicting intraday price movement
- Thread starter vedanta
- Start date
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Helpful point & points, dont know if you meant to imply you only took a point target on YM & upped the number of contracts & still took- ''only a point target.....singular not plural''
Probably meant you kept the target the same,& upped # of contracts. Big difference.?????????????????????????????
I am satisfied with a trailing stop/discretionary, on a strong trend[shallow pullbacks.]
Do use however mostly profit targets;
because YM,ES isn't in a strong trend most of time[shallow pullbacks]
Can see why as a scalper you would never trail as stop;
not sure why you dont enter with limit order,
with IB even in a rapid move, with limit order as default, seldom ever miss there. ??????????????
**2 clicks ,you're in; can set up faster than 2 clicks if desired.
Prefer/Use candle charts more than scalping/tick charts;
probably could make more money without candle charts, still prefer them.
Murray T. Turtle,
I agree with what you say, but I have a set of customized indicators that are totallyh off the wall out of the box......highly accurate ............scalper's tool or longer..........the thing about scalping is you SEE the point target, you PUNCH THE EXIT BUTTON........if u waffle between discretionary and mechanical u r making a big mistake............unless your discipline exceeds what most can maintain..........God made u and me not that much different............so our basic mentality is probably close..........our life experiences might have given one of us an edge over the other and that i hope is you because i am one messed up in the head trader...........too much system development........too many years and too many thousands of hours looking at massive charts and combo scenarios enough to make one very mind boggled..........then finally the breakout to the other side of the forest..........things are clearer........the 5 min chart for instance shows u approximately 12 events per hour.........the 10 shows u 6 and so on...........which do u prefer? more stuff with more price action or less stuff twice as smooth? don't say well, porgie, what about 30 min then if u believe longer is better........porge says what about both as a start........find the single chart tha t fits your strategy day in and day out and study the best chart single chart or 2 say, 5 and 30 for instance.........but the 30 by itself will cause you to get very bored and require a much bigger stop because u don't have time tested stop settings close and tight as the 5 will.......provide.........
all this is good stuff........not heart of system but good stuff.....i don't care if anyone else likes it but porgie is dumb and backward country bumpkin and that is fact.......but porgie found the goldmine by working his u know what into the ground...ask more questions an di wll answer but don't trade anything at all i say until u test it over and over and over........i am not qualified to advise........but will trhy to help .....i have all the intraday eminii answers that work ..........
I agree with what you say, but I have a set of customized indicators that are totallyh off the wall out of the box......highly accurate ............scalper's tool or longer..........the thing about scalping is you SEE the point target, you PUNCH THE EXIT BUTTON........if u waffle between discretionary and mechanical u r making a big mistake............unless your discipline exceeds what most can maintain..........God made u and me not that much different............so our basic mentality is probably close..........our life experiences might have given one of us an edge over the other and that i hope is you because i am one messed up in the head trader...........too much system development........too many years and too many thousands of hours looking at massive charts and combo scenarios enough to make one very mind boggled..........then finally the breakout to the other side of the forest..........things are clearer........the 5 min chart for instance shows u approximately 12 events per hour.........the 10 shows u 6 and so on...........which do u prefer? more stuff with more price action or less stuff twice as smooth? don't say well, porgie, what about 30 min then if u believe longer is better........porge says what about both as a start........find the single chart tha t fits your strategy day in and day out and study the best chart single chart or 2 say, 5 and 30 for instance.........but the 30 by itself will cause you to get very bored and require a much bigger stop because u don't have time tested stop settings close and tight as the 5 will.......provide.........
all this is good stuff........not heart of system but good stuff.....i don't care if anyone else likes it but porgie is dumb and backward country bumpkin and that is fact.......but porgie found the goldmine by working his u know what into the ground...ask more questions an di wll answer but don't trade anything at all i say until u test it over and over and over........i am not qualified to advise........but will trhy to help .....i have all the intraday eminii answers that work ..........
5 and 10 minutes charts gives you only 2-3 trade opportunities in a day, however stops would be scary with 5-10 minutes charts.
if you're scalping for 1- 1.5 points you need to use 1 or 2 min charts and can take 5-8 trades a day.
scalping is not bad if you're trading futures. 4-5 points a day very good even if you trade one contract only.
LESS RISK is better than LITTLE MORE COMMISSION COST.
if you're scalping for 1- 1.5 points you need to use 1 or 2 min charts and can take 5-8 trades a day.
scalping is not bad if you're trading futures. 4-5 points a day very good even if you trade one contract only.
LESS RISK is better than LITTLE MORE COMMISSION COST.
kent2000
the only answer i have to that is there are dozens if not hundreds of approaches tha t will work......i personally have 10 or more strategies/systems that make money......1 better than any of the rest......but it all comes down to the trader and his ability to operate the system.......even if it is discretionary......it is still a system, if not he will flame out quickly. no rules, bye bye to your money......the trader is the key if the system is not programmed to operate without him......and most are not.....say for instance, i am trading pivot points/ support resistance only and totally.....i must take every one or u r a failure as an operator.......if thst is the rule.......it will work more than 50%......flip a coin and immediately enter as predetermined....heads buy and tails sell........no discretion allowed........probably will work if trader is good enough at trade management...........and trading.......
the only answer i have to that is there are dozens if not hundreds of approaches tha t will work......i personally have 10 or more strategies/systems that make money......1 better than any of the rest......but it all comes down to the trader and his ability to operate the system.......even if it is discretionary......it is still a system, if not he will flame out quickly. no rules, bye bye to your money......the trader is the key if the system is not programmed to operate without him......and most are not.....say for instance, i am trading pivot points/ support resistance only and totally.....i must take every one or u r a failure as an operator.......if thst is the rule.......it will work more than 50%......flip a coin and immediately enter as predetermined....heads buy and tails sell........no discretion allowed........probably will work if trader is good enough at trade management...........and trading.......
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Porgie & bro ;
Dont know much about 10 minute charts, better not comment on those. Actually find daily charts helpful before open, after close to give me a good read of main & medium trend.
Think you are right to warn about waffling between mechanical & discretion;
just dont happen to see as waffle ,using mostly profit targets,
& with obvious trend days[especially with shallow pullbacks],
aiming at more. Its in written plan .
So am actually agreeing with your intraday profit targets mostly;
actually would say a limit exit order/profit target is more mechanical ,
than your market order. Since you like market orders , more power to you.
You had some good comments with Volente on YM journal also.
Cant argue with focusing on 1 chart time frame ; and
still like to note/write main & medium trend on daily charts /sheets before market opens.