scalping with peter2h

[peter2h]

The chart above is a 1000 tick chart, but I have found that the time-frame doesn't make much difference. I draw the Fibonacci levels before the market opens and use the same ones all day. I think observers can see how price reacts to those levels on the chart. Maybe I'm wrong about that. Nonetheless, losing trades are rare using this system. I thought it would be obvious, but I'm told it's not.

I have been told that my idea of journaling is different from others, that others will enter statements like "I got in here and got out there with profit". Of course there would be no way for readers to know whether the statements were actually true. My idea--which seems not so easy to display in the journal--was to put down the levels at which I was putting in orders BEFORE the price got there so that anyone watching could see what happened when the order was filled. There would be no doubting the veracity of claims of profit.

For example, I currently have orders in to buy ES at 2903 and 2900.25

 

[peter2h]

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

Yes, Tenny, that's very familiar, a good chart in my opinion.

 

[tenny1886]

The chart above is a 1000 tick chart, but I have found that the time-frame doesn't make much difference. I draw the Fibonacci levels before the market opens and use the same ones all day. I think observers can see how price reacts to those levels on the chart. Maybe I'm wrong about that. Nonetheless, losing trades are rare using this system. I thought it would be obvious, but I'm told it's not.

I have been told that my idea of journaling is different from others, that others will enter statements like "I got in here and got out there with profit". Of course there would be no way for readers to know whether the statements were actually true. My idea--which seems not so easy to display in the journal--was to put down the levels at which I was putting in orders BEFORE the price got there so that anyone watching could see what happened when the order was filled. There would be no doubting the veracity of claims of profit.

For example, I currently have orders in to buy ES at 2903 and 2901.25

yes my time frame is also about a 1000 ticks, besides that how long do your trades last. Whats is the risk-reward ratio and stop loss ( if any). Also how do you set target prices, do you scale down once you reach your target or exit all. It will be nice to know such information as i see a lot of similarities but i tend to exit early and have not been able to stick to my take profit prices.

 

[peter2h]

2903 was hit and yielded four ticks of profit

 

[tenny1886]

The chart above is a 1000 tick chart, but I have found that the time-frame doesn't make much difference. I draw the Fibonacci levels before the market opens and use the same ones all day. I think observers can see how price reacts to those levels on the chart. Maybe I'm wrong about that. Nonetheless, losing trades are rare using this system. I thought it would be obvious, but I'm told it's not.

I have been told that my idea of journaling is different from others, that others will enter statements like "I got in here and got out there with profit". Of course there would be no way for readers to know whether the statements were actually true. My idea--which seems not so easy to display in the journal--was to put down the levels at which I was putting in orders BEFORE the price got there so that anyone watching could see what happened when the order was filled. There would be no doubting the veracity of claims of profit.

For example, I currently have orders in to buy ES at 2903 and 2900.25

yes downward move seems to be stronger, i shorted at 06.25. but i exited after a point even though my bias is towards strong downward movement.

 

[peter2h]

2900.25 was hit for four ticks profit

 

[peter2h]

yes downward move seems to be stronger, i shorted at 06.25. but i exited after a point even though my bias is towards strong downward movement.

I agree, but being a counter-trend trader I see that as an opportunity to buy.

 

[destriero]

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?

I'm stating that it's purely confirmation bias. His PNL would likely be indistinguishable had he simply randomly placed B/S with one handle stops/targets. Reinforced, erroneously, with every "close call" on the chart.

Even if fibonacci worked... it would naturally lose resolution as you increase frequency. IOW, people can't make it work on the daily but let's throw dozens of lines on an intraday chart.

I can't fathom daytrading ES and knocking on 80yo. I hope it's a hobby and money he can afford to lose.

 

[peter2h]

yes my time frame is also about a 1000 ticks, besides that how long do your trades last. Whats is the risk-reward ratio and stop loss ( if any). Also how do you set target prices, do you scale down once you reach your target or exit all. It will be nice to know such information as i see a lot of similarities but i tend to exit early and have not been able to stick to my take profit prices.

My trades are generally quick and I find that having the target (four ticks) in place saves me worry . It's either win or lose, quickly--no decisions while in the trade. I admit that my strategy is a compensation for some of my own weaknesses, but it has proven to be very successful.

 

[peter2h]

I'm stating that it's purely confirmation bias. His PNL would likely be indistinguishable had he simply randomly placed B/S with one handle stops/targets. Reinforced, erroneously, with every "close call" on the chart.

Even if fibonacci worked... it would naturally lose resolution as you increase frequency. IOW, people can't make it work on the daily but let's throw dozens of lines on an intraday chart.

I can't fathom daytrading ES and knocking on 80yo. I hope it's a hobby and money he can afford to lose.

This strategy does not lose money. Some people go crazy when they see the word Fibonacci; luckily for me, it's their problem.