Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
- Start date
- Status
I'm lost.
I don't trade NQ, so somebody help me out.
At 8:58 NQ was about 3216. Then it went up to 3221 and down to 3203.
If you went short at 3216 that would be a max profit of 13 points which is 52 ticks.
I don't see a reason to short at 8:58 either except price retraced about 1/2 of the prior downswing.
I am no expert on this method.... but it appears as if there were plenty of chances with a version of this method to get some good ticks.. and 80 ticks seems quite practical..
Wolf
DB did not say he went short at 8:58. I took the same trade for a long. The other shoe dropped later.
Please correct me DB if I am off base here.
Gang,
I seldom post here and some of the questions indicate many of you have either not read this thread on the method DB describes or refuse to think for yourself. Both of these issues will be very hazardous to your health if you want to trade..
I do not even trade this method and can see at least 80T on a single contract if my trading was sloppy.. 20T on first trade, 28T on second trade, and 40T+ on third trade...
I have attached the chart again with arrows where possible trades could be taken..
Thanks for some great info Db..
Wolf
Hello DbPhoenix! Hello Gringo!
Wow, so "Son of ..." it is now! lol I have stayed away from the message board but not from the market. I finally closed my long NQ last week. While I was sitting on that trade, not able to day trade the NQ without losing my spot in the market, I decided that for future trading in the swings I would focus my attention on the ES. I would not want to day trade it, but after much replay on daily and hourly charts, I come to find out that though it may be a tough nut to crack intraday, over the longer buying and selling waves it is very much like any other market, which is to say, it is a market!
I am not doing anything differently to trade this market than I did for the NQ, except for the following:
My holding time frame is days to potentially weeks, rather than minutes to potentially hours.
My preferred bar interval is the hourly, using the daily for context, as opposed to the one minute and using the hourly for context.
I allow a much larger reaction back to test previous S as R, or previous R as S, as my back testing and replay have shown that the ES likes to act as though it is about to do a "Dog that didn't bark" reversal, but it is really just testing the most recent high or low by a tick or two, and then reacting back to test a prior S or R level before resuming its movement.
I have been in my first ES trade since the morning of Thursday, September 19th. So far it has been an easy ride. Today was the first time that buyers were able to push price back more than 50% of the most recent selling wave. I would have stopped out had price continued after a retracement (you can see on the chart why I was in no hurry to just quit the trade at the top of today's rally). I will end up quitting this trade should price resume the rally from earlier today and breakout above 1701. My plan would be to await such a breakout, then wait for a retrace, and take myself out if price resumes higher after a retrace.
Fairly similar to what I've been doing day trading the NQ. On the chart, you will see my entry (the average price, after commissions is highlighted on the y-axis), and I used my little red hexagon to show the when and where of my short entry. The 50% levels should be self-explanatory to those who have been reading the mother/son threads. The magenta line is a level that had been R then S and now R again. Yes, it is a small position. I only traded two contracts. Current position is +30 ES points which is 120 ticks.
Sorry for my absence, but I do find that I can sometimes start to let other's opinions creep into my confidence in my own views, and so I have stayed away from the board to protect me from myself
Wow, so "Son of ..." it is now! lol I have stayed away from the message board but not from the market. I finally closed my long NQ last week. While I was sitting on that trade, not able to day trade the NQ without losing my spot in the market, I decided that for future trading in the swings I would focus my attention on the ES. I would not want to day trade it, but after much replay on daily and hourly charts, I come to find out that though it may be a tough nut to crack intraday, over the longer buying and selling waves it is very much like any other market, which is to say, it is a market!
I am not doing anything differently to trade this market than I did for the NQ, except for the following:
My holding time frame is days to potentially weeks, rather than minutes to potentially hours.
My preferred bar interval is the hourly, using the daily for context, as opposed to the one minute and using the hourly for context.
I allow a much larger reaction back to test previous S as R, or previous R as S, as my back testing and replay have shown that the ES likes to act as though it is about to do a "Dog that didn't bark" reversal, but it is really just testing the most recent high or low by a tick or two, and then reacting back to test a prior S or R level before resuming its movement.
I have been in my first ES trade since the morning of Thursday, September 19th. So far it has been an easy ride. Today was the first time that buyers were able to push price back more than 50% of the most recent selling wave. I would have stopped out had price continued after a retracement (you can see on the chart why I was in no hurry to just quit the trade at the top of today's rally). I will end up quitting this trade should price resume the rally from earlier today and breakout above 1701. My plan would be to await such a breakout, then wait for a retrace, and take myself out if price resumes higher after a retrace.
Fairly similar to what I've been doing day trading the NQ. On the chart, you will see my entry (the average price, after commissions is highlighted on the y-axis), and I used my little red hexagon to show the when and where of my short entry. The 50% levels should be self-explanatory to those who have been reading the mother/son threads. The magenta line is a level that had been R then S and now R again. Yes, it is a small position. I only traded two contracts. Current position is +30 ES points which is 120 ticks.
Sorry for my absence, but I do find that I can sometimes start to let other's opinions creep into my confidence in my own views, and so I have stayed away from the board to protect me from myself
While I think it should be obvious, I guess I should state that I took this short because of the failure of buyers not only to maintain a higher high as price was pushed to 26.75 during the premkt, but also to then not be able to maintain price above the prior session's 23.25 high for more than a few seconds. My entry was 22.25, and the time, according to my broker, was 9:37:39 on September 19.
EDIT: And DbPhoenix, I apologize in advance if I upset the apple cart by introducing an ES trade here. I am still daytrading the NQ, so don't think I've forgotten your lessons
- Status