scalping with peter2h

[peter2h]

Having had a number of requests for clarification I will ask the moderator for permission to edit my introductory statement, an attempt to make clearer what I am doing and how I am doing it.

 

[maxinger]

Having had a number of requests for clarification I will ask the moderator for permission to edit my introductory statement, an attempt to make clearer what I am doing and how I am doing it.

seems like you are trading during the non trending part of
the market (ie the non momentum part),
and based on that, your trade based on support resistance level,
ie trade reversal signals,
and your target is 4 ticks.
and risk is I presume 2 ticks.

Over the past 2 to 3 weeks, ES has been rather consistently
non trending virtually throughout the US session.
so you will find your method works rather well.

Challenge is when market is trending during early part of US session,
or trending during later part of US session, or the
trending vs non trending part is blurred.


If you want to edit your introductory statement, that will be great.
It will be great if you elaborate on when you enter a trade.

 

[oraclewizard77]

Here's an example of a 4 tick trade I made Tue night. The benefit of trading a little a night and a little the next day is that I don't need to hold a trade longer plus if I do good the nite before I can take loss the next day and only go to around BE.

 

[oraclewizard77]

I should have also let my oil short play out. I see now that while I killed that trade at BE, my indicators indicated a top and a little pullback which happened after I got out of the trade.

While ES and CL have overall been in a bullish trend, they do sell off due to profit taking. I noticed in the day, ES would sell off based on my indicators which I have not included in the chart.

Here's an example of a 4 tick trade I made Tue night. The benefit of trading a little a night and a little the next day is that I don't need to hold a trade longer plus if I do good the nite before I can take loss the next day and only go to around BE.

 

[oraclewizard77]

Peter it may help in your in your journal to post one of your trades in a chart format like I did and why you thought that it was a good trade.

 

[peter2h]

seems like you are trading during the non trending part of
the market (ie the non momentum part),
and based on that, your trade based on support resistance level,
ie trade reversal signals,
and your target is 4 ticks.
and risk is I presume 2 ticks.

Over the past 2 to 3 weeks, ES has been rather consistently
non trending virtually throughout the US session.
so you will find your method works rather well.

Challenge is when market is trending during early part of US session,
or trending during later part of US session, or the
trending vs non trending part is blurred.


If you want to edit your introductory statement, that will be great.
It will be great if you elaborate on when you enter a trade.

Maxinger, you must have read the introductory post which said that I prefer trading in the slower hours. I have an equal risk to loss ratio; will take four ticks and risk four. My entries are good enough to make this a good strategy, and the entries are based on Fibonacci levels. You are right that this is counter-trend and depends on near perfect entries and the Fibonacci analysis gives me that information. I think you would call that my "strategy"

 

[peter2h]

Yes, OracleWizard, I will show a chart from this morning which is a good demonstration of how price reacts to the support/resistance levels.:

 

[destriero]

Fourteen lines on the chart and we've had an eighteen point range. Nothing can go wrong here.

 

[MACD]

We as traders are all watching the "same Movie". Our interpretation of the movie screen is based on our own biases (what indicators we may trust or no indicators). Perhaps some are viewing using Market Profile as their movie screen "filter". Some watch the movie and act with strict rules and a written script which they believe reflects what the market is "going to do." So those who watch may not come to the same interpretation of what is now on the screen -- therefore reaction and the trade decisions they make are more "discretionary" while others who may even be employing a programed system my rely not on what they want to believe but strictly programed rules. (Rule based vs. discretionary)

So the charts offered above appear to have some rules of areas of Support and Resistance. That is what is in common to both charts that were recently shown. The question that, I believe, @destriero is raising: will acting on the information shown (support/resistance areas) when used to enter and exit "scalps" be a profitable method? What else is in the "equation" -- what "glasses" are the movie audience wearing while watching the movie play out?

So what time frame was used for those charts? Why was that time frame (glasses worn) chosen to filter the movie? How do stops, risk and reward parameters, and duration of the trade, as well as account size, filter what the movie viewers are perhaps emotionally viewing?

 

[tenny1886]

Yes, OracleWizard, I will show a chart from this morning which is a good demonstration of how price reacts to the support/resistance levels.:

nice your chart looks a lot like mine ha ha even the double lines. albeit shorter time frames drawn from yesterday and day before.