Techniques for Day Trading the ES, NQ, YM, MES, MNQ, and MYM

Ok on todays chart 6-26-2020 MES 5 min chart I just want to point out the Market Cycle. It goes from trend to range and back to trend. Trend has usually two components to it; a BO and a channel. The channel starts with the first PB. Different techniques are used in BO's and different techniques or tactics in channels. And finally, different techniques in Ranges. Up until a range becomes a range (20 bars sideways) you just trade what you have in front of you, for instance, trade PB's in channels or BO's previous bar, triangles, wedges..etc. Eventually, the channel morphs into a range where both bulls and bears are about equal (thus creating the sideways movement) then one side wins and we get another BO this time out of the range and begin trading BO and channel trading all over again. ….ad nauseum

6 MES RTH 5 min.jpg
 
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7-1-2020
I have taken 10 trades in MES this morning. All winners. But I want to zero in (to highlight a few concepts) on the last few trades taken a few minutes ago. Here are some snapshots. First is 5 min chart and second is 1 min chart of same trades. It is 11:30 a.m. chicago time but I wanted to post the charts now. I will make some comments later today on theses trades and charts as I want to continue trading some more today and I miss out on a lot of trades while typing comments.

Range in a range.JPG


Range in a range 1 min.JPG
 
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Hello again Volpri, first I have to tell you that my trading has improved a lot since I read your magazine and I am very grateful to you.
I am having problems on days when the price moves to the side, basically the price is not going anywhere.
What do you use to get a view of the market context in addition to using multiple time frames?
Any suggestion?
Any index, bond, currency or raw material?
 
Actually today is good for profits on just about any bar if one is scalping 1 to 3 points as you can see above. I now have taken 11 trades all profitable. All winners trading what most traders consider noise. I don't believe in noise in the markets. If it trades 1 tick it is because of a reason. It is not random. Actions spring from underlying beliefs and worldviews about price action. A lot of times we traders need a paradigm shift as we have often accepted ideas as truth, postulated by gurus, and those ideas are very often erroneous. We accept them because they seem to make sense and give us a rationale for our failure to trade certain price actions. In todays price action traders who can't trade it successfully have not yet learned to trade what the gurus call noise.
 
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trader1974 said:
Hello again Volpri, first I have to tell you that my trading has improved a lot since I read your magazine and I am very grateful to you.
I am having problems on days when the price moves to the side, basically the price is not going anywhere.
What do you use to get a view of the market context in addition to using multiple time frames?
Any suggestion?
Any index, bond, currency or raw material?
More...
Well I am glad your trading has improved. I SOMETIMES look at multiple TF's for the same instrument I am trading but that is about it. I don't look for correlations with sectors or general market conditions as a whole. I do look at contexts, larger and immediate, in the same instrument I am trading but to add all sorts of other stuff complicates decision making. I prefer to just focus on the chart I am trading with occasional glances at different TF's of the same instrument but even that, is not really necessary, to trade successfully. On rare occasions I will watch the Naz in conjunction with the ES as it tends to led the ES in PA.
 
volpri said:
7-1-2020
I will make some comments later today on theses trades and charts
More...

On days like today (charts like these) is it accurate to say you are more about support / resistance and paying little attention to your MAs and their slopes?
 
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