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

I distinguish from BO's and BO attempts. The former is when a BO attempt becomes a successful BO because it was a BO with FT (follow through). A BO attempt out of a range is just that. It is an attempt and not yet a BO. 80% of the attempt will fail and price will go back into the range within 5 bars or so.

There are different types of BO's: BO's from ranges, BO's from PB's, BO's from previous highs or lows several bars back. BO's from MA's ...etc. In this case BO ATTEMPTS from ranges the SL usually doesn't have to be too big but I play around with the TE adjusting to what I think is a reasonable SL and one that renders me a positive traders equation. Now once a BO becomes a successful BO (one with follow through) then entries will need a bigger SL because successful BO's can have deeper PB's before they start another leg up. I know that is counter intuitive.

Congrats on your trading!

PS As I type the MES is close to having a successful BO but because the NQ tends to lead the ES and it (NQ) is not in BO attempt of a range) then the chances are slightly greater the MES or ES will go back into the range within 5 bars. Just have to wait and see. It could close the BO gap then continue on up. Then it would be a successful BO. Green is the BO gap.

4 MES20.jpg


4-MNQM20.jpg
 
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volpri said:
Ok here is the MES trade, a riskier 1 point trade with bigger position size up front. Price just barely above the half point of the evolving range which was not yet 20 bars of sideways move so not yet a range. It was a quick short scalp.

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Hello Volpri,

https://invst.ly/r32mn

I took the same trade at blue dot, and was waiting til my profit target at green dot get hit, but it never did, I had to hurry and exit for some profit. stop loss was red dot.

Normally I set a profit target and leave it. But for some reason, this time I exit for some profit.
 
volpri said:
I distinguish from BO's and BO attempts. The former is when a BO attempt becomes a successful BO because it was a BO with FT (follow through). A BO attempt out of a range is just that. It is an attempt and not yet a BO. 80% of the attempt will fail and price will go back into the range within 5 bars or so.

There are different types of BO's: BO's from ranges, BO's from PB's, BO's from previous highs or lows several bars back. BO's from MA's ...etc. In this case BO ATTEMPTS from ranges the SL usually doesn't have to be too big but I play around with the TE adjusting to what I think is a reasonable SL and one that renders me a positive traders equation. Now once a BO becomes a successful BO (one with follow through) then entries will need a bigger SL because successful BO's can have deeper PB's before they start another leg up. I know that is counter intuitive.

Congrats on your trading!
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Thanks for posting volpri,

Very good explanaition.

https://invst.ly/r32pk

I took at green dot this BO on the first bull bar above range. Red dot is stop loss. I often have a problem with NOT wait for FT. i get the FOMO (fear of missing out)

But I understand what you mean. Often I take a BO trade, it goes up. Then a deeper PB occurs all the way back in the range near my stop loss. I want to go short, then but I have to keep in mind this is a Bull PB, not reversal.
 
Well it took a little more than 5 bars to get back into the range LOL but you get the idea. Usually on trades like this I am averaging down short as price moves against me then exit as it close the BO gap. But if averaging I also establish a "give up" point where I will take the loss and reverse doubled or tripled up. And I got be there watching the computer. That is just the nature of the beast.

I got my shower and ate breakfast, saw what happened while doing those activities, so I am posting the charts to nail down the point. Now gotta go paint. Do you see the BO attempt on MES? Do you see any good strong BO attempt on NQ?

NQ was basically an indicator the BO would probally fail at least enough to close the BO Gap on MES. Again NQ tends to lead ES.

off to painting bye

5 MES20.jpg


5-MNQM20.jpg
 
Now we close (at 17 bars) to get 20 bars sideways in a range stacked on top of a range in MES. You have to read some of my previous posts on trading ranges to see if it can be traded for scalping as it is a narrower range than the previous range it is stacked on. But in general it needs to be 3 times as broad as a min scalp (which is 1 point in MES) and the average bar in the range needs to be at least 3 times the size of a min scalp AND the trader needs to use limit orders for entries not stops or market cause you gotta get in at the outer limits of the range.

Look I gotta run or momma is gonna get REAL mad. I like trading. It is hard to stop. I can do it all day!

Bye for about the 3rd or 4th time...………………………...

6MES20.jpg
 
volpri said:
A poster named Tradingismybusiness told me there was a better way ... So I asked him to do it and show it even on a SIM so we could see if his idea worked in real trading or was just a theoretical thing. He responded that he was not going to show his secrets or something like that. So, anyway he got real pissed off, wanted to close his account and left in a huff and I have not seen hide nor hair of him since.
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I looked him up after I read your post and I think he is back under a different name. Either that or pissy personalities are endemic here at the elitetrader forum.
 
volpri said:
Now we close (at 17 bars) to get 20 bars sideways in a range stacked on top of a range in MES. You have to read some of my previous posts on trading ranges to see if it can be traded for scalping as it is a narrower range than the previous range it is stacked on. But in general it needs to be 3 times as broad as a min scalp (which is 1 point in MES) and the average bar in the range needs to be at least 3 times the size of a min scalp AND the trader needs to use limit orders for entries not stops or market cause you gotta get in at the outer limits of the range.

Look I gotta run or momma is gonna get REAL mad. I like trading. It is hard to stop. I can do it all day!

Bye for about the 3rd or 4th time...………………………...

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LMFAO hahahahahahah. I understand. I be at work, stopping to look at the chart like "damn that's agood setup I missed" lol
 
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