T-REX Journal - "Scalping 101"

[T-REX]

Quote from ElectricSavant:

So did you wait for 1091.75 support? which never arrived....or did you enter long at 1093.75?

Call your trades .....don't waffle. If it gets near one of your levels YOU should be the first poster in here teaching and training if you are sincere in what you do....


Michael B.

Good morning.

I was hoping to get some dialogue about todays trading plan before the opening bell and no later than 10:30am EST but no questions were asked so I assumed everyone understood.

Consider today a test to see if you can follow directions.
I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close.

Again this is a simple test to see how well you have understood what I have posted and to see if you can follow simple and easy...."buy here/sell there"....instructions.

Remember, it is not about me and what I did today but rather it is about you and your ability to comprehend the material. You are right in that this IS a teaching journal for those seeking mentoring in the field of "SCALPING". If this were a excercise in proper placement of working orders and triggers I would have posted that. We will engage in that a little later on in the tutorial.
but for now please follow the trading plan. This is a "POP-QUIZ".


If you are uncertain how to proceede may I suggest taking a quick look at the Daily and 60 min chart that I posted earlier along with todays trading plan.

Good luck.

p.s. see you after the close.

T-REX

 

[ElectricSavant]

T-rex.....I am not going to play your games....good trading....I am through with you...

Michael B.

Quote from T-REX:

Good morning.
I was hoping to get some dialogue about todays trading plan before the opening bell and no later than 10:30am EST but no questions were asked so I assumed everyone understood.

Consider today a test to see if you can follow directions.
I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close.

Again this is a simple test to see how well you have understood what I have posted and to see if you can follow simple and easy...."buy here/sell there"....instructions.

If you are uncertain how to proceede may I suggest taking a quick look at the Daily and 60 min chart that I posted earlier along with todays trading plan.

Good luck.

p.s. see you after the close.

 

[T-REX]

Quote from ElectricSavant:

T-rex.....I am not going to play your games....good trading....I am through with you...

Michael B.

Either you are serious about learning or you are not?
This is not a game. This is my livelihood.

I trade fulltime for a living how about you?
It is essential that you be able to follow directions or else how do I know that you understand the material that is being presented?

1. that you ask relevant and intelligent questions.
2. that you participate in the labs.

I like hands on training because that is the best way to learn.

The Trading Plan is NOT rocket science and is written in plain english so that you can follow along with what I am doing.

Did you take the Long @ 1098.50 breakout this morning?
If not then you just missed the most easiest trade of the day.

We will discuss more about today's trading action after the close as I stated earlier.

p.s. you of all people should know that I don't play games.
I gave you direct access to me. you had my phone number.

what more do you need?

If you do not understand something all you have to do is ask.
or call me or email me or just post it here in the journal so that others that might have the same problem can benefit.

Let's get beyond this. C U after the close.

 

[Guardian Angel]

Quote from T-REX:


Did you take the Long @ 1098.50 breakout this morning?
If not then you just missed the most easiest trade of the day.

Thanks T-REX.

you practically handed us the ES today on a silver platter.

I went long @ 1098.50.

keep it coming.

 

[steve46]

I got email notification that there was activity on this thread, so I checked back and find this post:

"I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close. "

I think the general concept "expect the market to move up" is common sense. I also expected a positive rally this week, with consolidation at new highs. The rest of it "I'm busy trading the ES" for instance, is what I call evasion. Look at price activity for this market and ask yourself how "busy" a trader has to be here.

I am going to make another effort to gather data relating to the so-called "swing vix" and "PulseScan" . Up to this point however, I consider this to have been a waste of my time.

For the record, I started the day long 1 ES, and have executed a couple of trades, in and out as price bounced off the 50 EMA. In a predictable holiday uptrend this works just fine, and does not require any mystical intervention or exotic indicators.

Most of the profitable traders I know were long this morning, and expected a pullback or break down about mid-day. To this point it has not happened. I expect that if there is a pullback, it will be mild. In general I expect a continued uptrend tomorrow as well, with price continuing to bounce off the 50 EMA. I intend to be long the market at the open with a stop of 5 ES points. If the market breaks down (below the 50) I will close my position and wait. There you go. Simple directions. Just working off price and volume. Lets see how this stacks up against the market genius and his pulsesan and swing vix.

 

[T-REX]

Quote from steve46:

steve46: I got email notification that there was activity on this thread, so I checked back and find this post:

"I gave you the possible scenarios along with triggers to watch for.
Now it is up to you to tell me what you have done.
I will tell you what I did after the closing bell.
Until then I'm busy trading the ES so I will not entertain anymore questions until after the close. "

I think the general concept "expect the market to move up" is common sense.

T-REX: It is not "common sense" or else there would be no losers in the market today. If you won then that means that someone else lost.

steve46: I also expected a positive rally this week, with consolidation at new highs.

T-REX: What if the market did not meet your expectations?

steve46: The rest of it "I'm busy trading the ES" for instance, is what I call evasion. Look at price activity for this market and ask yourself how "busy" a trader has to be here.

T-REX: You do not know what I am doing throughout the day or how many markets I am currently trading?


steve46: I am going to make another effort to gather data relating to the so-called "swing vix" and "PulseScan" . Up to this point however, I consider this to have been a waste of my time.

T-REX: What effort? You basically just said that you did not follow the plan.

If you call pulling out 9 points in one single trade a waste of time then you obviously do not understand the "value of time".
If the ES was my only area of concern today then you are correct in that I would have had the time to answere questions during market hours today.


steve46: For the record, I started the day long 1 ES, and have executed a couple of trades, in and out as price bounced off the 50 EMA. In a predictable holiday uptrend this works just fine, and does not require any mystical intervention or exotic indicators.

T-REX: No day is typical. Anything can happen in the market at any given time. The markets are unpredictable.

steve46: Most of the profitable traders I know were long this morning, and expected a pullback or break down about mid-day. To this point it has not happened.

T-REX: The above statement is a Prime example that you do not know what the market is going to do.

steve46: I expect that if there is a pullback, it will be mild. In general I expect a continued uptrend tomorrow as well, with price continuing to bounce off the 50 EMA.

T-REX: What are you talking about. the market is nowhere near touching or bouncing off of the 50 Day EMA. The key word in your above statement is "expect". The market rarely does what we expect it to do. Let's not get to cocky just because you may have had a good day in the market.

steve46: I intend to be long the market at the open with a stop of 5 ES points.

T-REX: I recommend using no more than 2-3 point intital stop-loss on SCALP trades. You risked way too much $$$ today with that 5 point initial stoploss. Wider stops are used for longerterm trading. NOT intraday trading. You will eventually blow yourself out doing that.

steve46: If the market breaks down (below the 50) I will close my position and wait.

T-REX: When you say "below the 50" I assume you mean intraday minute bars? If not then you are risking WAY more than 5 ES points.

steve46: There you go. Simple directions. Just working off price and volume.

T-REX: You have not given any directions. All you have done is state what you may have did during today's session. Directions are something that is given prior to reaching a point of destination.
However, what could be more plainer than "Buy here" / "Sell there"? That is exactly what I posted this morning.

steve46: Lets see how this stacks up against the market genius and his pulsesan and swing vix.

T-REX: I'm not a genius.

I went long ES @ the breakout point today 1098.50 and took profit @ 1107.50. I made 9 ES points today with one trade.


O.K. now that the trading day has ended its time to discuss today's market as it relates to this mornings trading plan.

 

[Trend Fader]

There should be a rule in ET.. that will seperate the garbage from the pros. If a trader wants to teach.. his credibility must be earned.

T-REX put up a snapshot of your weekly p&l and the rest will be history.

The only person to do this was the guy on the dax thread from velocity trader.. and he was the real deal.

T-Rex is just another b/s artist trying to make his name. I have read some of your posts and they are just as baffling and arcane as Jack Hershey.

I know this is a free forum so u dont have to do anything.. but what pisses me off is when newbies and naive traders actually take this crap for real.

I am just calling it the way I see it.


--MIKE

 

[T-REX]

Here is the 1min ES chart from this morning.

You should have had time to position yourself to catch the breakout today and at least rode it out to 1100 before the slight pullback. However if you had more patients then you could have held out all day until the close.

 

[Trend Fader]

Quote from T-REX:

T-REX: I'm not a genius.

I went long ES @ the breakout point today 1098.50 and took profit @ 1107.50. I made 9 ES points today with one trade.


O.K. now that the trading day has ended its time to discuss today's market as it relates to this mornings trading plan.

Show me a snapshot of the p&l stated above.

That will quell all naysayers like myself.

If u are gonna take the time to teach why not establish some real credibility.

There is absolutely no reason why u cant show us that u are for real... you can delete all the personal info.

Many people on ET have done this.. and have earned some real credibility.



--MIKE

 

[T-REX]

Quote from Trend Fader:

Show me a snapshot of the p&l stated above.

That will quell all naysayers like myself.

If u are gonna take the time to teach why not establish some real credibility.



--MIKE

P&L statements can be altered. Calling the market and posting trades before the fact, can not be altered. Either you made the call or you didnt.

Did I not tell you where to trade today?
Did I not give you specific instructions?
Did I not tell you what to watch for?

AS for credibility. I have posted numerous winning trades here at ET. More than anybody else including yourself. I do not have to prove anything else to you are anybody. If you do not get anything out of the thread then you are free to leave it and never come back.

As for your "so-called" care for the newbies , why don't you start a Mentor journal since you obviously feel that you can do it better?

If not then sit back and you might just learn something of value.


Thank you.

T-REX