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

[volpri]

It is not that I see a benefit of using the unirenkos over other bar types...It is just that it is the only bar type I have ever traded since I started trading in 2014. My main question to you is...matching the timestamps, could you see a way to adapt your method to that bar type?

For the scalping/average-down method you use, it certainly seems easier to see on the time-based bars. But since I have never followed those bar types in real-time, I cannot fathom the action of them on a chart as the day progresses.

I don’t know the answer to your question. I can’t look at the time axis at bottom and on this particular chart see a way to trade and average down as I have no conception of exactly what the bar is representing. I see how maybe TR behavior might could be traded. There might be a way to adapt but at this point I have no idea of how to adapt my way of trading to this chart. The closest I could say if the chart shows ranges then some of the TR techniques might could be used.

 

[SimpleMeLike]

Nine scalps today, when I had time to do them. Could not trade the entire session. 8 winners. 1 loss. A scalper needs to maintain a high win rate. IMO.

I could not trade from around 9:00 a.m. till 13:10 as had other things to attend too but there were plenty of opportunity to trade during that time span.

Of the 81 5m bars in an ES session money can be made on most any bar using various tactics such a TR tactics and BO tactics and price probing by both bulls and bears. Bulls and bears always active in all sessions. All TF's.

This drives home the point that scalping renders many more scalping opportunities. A strictly trend trader wouldn't have had much to trade today except or maybe that opening BO south in first 30 minutes or so. I traded that BO with multiple scalps and then traded the sideways TR movement later in the session.

A repost of one of my posts in another thread. I think the chart of todays trading shows forth some of the salient points in that post:

"It is not more risky. It is actually safer. Scalping being more risky is a myth and mis-conception traders have had drilled into their brains..And it is based upon false viewpoints of “noise” in the market. And the extremely false concepts that they are random. Do we know why traders subscribe to the concept of “noise and “that markets are random?” It is easy to understand why if we just think through it. See, all this B.S. is deep wired.

Think about it. It is far easier to talk and forecast, possible, likely, probable, weather this afternoon than say weather a month from now. Can anyone guess why?

Think about it. Money is only at risk “when” it is IN THE MARKET. LOGICALLY what does that imply for scalping vs long term trading?

Think about it. Scalping increases trading opportunities for the session.

Think about it. Scalping enhances the opportunity for compounding.

Think about it. The market gives and the market takes away. Scalping lets one lock in profits. (Remember the story….bird done sh$t and gone).

Think about it. Scalping enhances profit potential. For instance, say the ES moves up 40 points. And a trader gets in when the move starts and he captures the entire 40 points. Successful scalping will render him much more in points because there will be many PB’s, many overlaps of bars that can be traded, many probings by bullish and bearish firms that can be traded…etc It isn’t likely the 40 point move will happen on one 5 min bar. It can but that would be abnormal.

Think about it. Why don’t more traders scalp?

I will qualify something. Scalping I see as 1 to 8 points in the ES on normal days, with most being in the 2 to 4 point range. On volatile days it can be bigger. I AM NOT TALKING ABOUT a one or two tick scalp."

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Good Morning Volpri,

Very nicely written sir. I really appreciate the read. I agree with you sir.

If I may add, the only disadvantage of scalping and because risk > reward per trade, is drawdown. You get down 3-4 losses in a row. You better be a darn good scalper to get back to breakeven.

I believe the same can be applied to swing trading as well and hoping for those runners. Drawdown can occur on swing trading as well.

What is your thoughts on this sir?

 

[SimpleMeLike]

What benefit do you see for using unirenko charts over time based charts. Do they tend to shows trends better? Reversals better? I know some people use heikin ashi charts.

Hello volpri,

The benefit of any other bar type other than time base bars (minutes bars) is the equal distance size of the bar and better risk (stop loss control).

For example, range bars of 20 ticks. At the close of every bar, I know my risk is can be above the bar at 22 ticks for example.

For 5 minute bar, trader has to wait for bar to close to take action and this leads to big risk.

But it goes back to which bar gives the better quality signal for entry and price reading. IMO

 

[volpri]

Good Morning Volpri,

Very nicely written sir. I really appreciate the read. I agree with you sir.

If I may add, the only disadvantage of scalping and because risk > reward per trade, is drawdown. You get down 3-4 losses in a row. You better be a darn good scalper to get back to breakeven.

I believe the same can be applied to swing trading as well and hoping for those runners. Drawdown can occur on swing trading as well.

What is your thoughts on this sir?

The key is to not let your drawdown go beyond the point where, your premise for taking the trade in the first place, is prove to be invalid. Then if the market proves you are on the wrong side by invalidating your premise then in my case if that happens to me the way I solve that is reverse (to get in sync) with the market and double up my position size that I had when I entered and exited the losing trade. An example for a small account. Say I went long 1 contract ES or MES and my reason for taking the trade was price was in a bullish trend and we are in a PB and that PB now as an H1 entry. So the traders equation after I figure I believe I can make 2 points before price would cone down and hit my SL. In other words, I think it is likely price will hit my PT before it hits my SL.

Instead the H1 fails and there is a reversal. I see price approaching my SL. I now believe the reversal is a valid premise. So I go ahead and exit my long with a loss before my SL is hit. I then take another trade but this time short. And for this second trade I now short 2 contracts. That means price only has to travel 1/2 the distance that it had previously traveled to give me previous the loss. Once price has recouped my loss on the second trade
I then reevaluate to see if I think it will also give me a profit. If so I keep holding. If not , I exit just to get back my loss. Another option if I think I can get more is exit 1 contract and hold the other for more gain. But as a scalper I am more inclined to just get back my previous loss at one whack then look at taking another trade for more gain. A case of grabbing that bird before it flies off.

The way I get back my loss is by doubling or tripling my position size on the second trade. Above in the example I doubled. I don’t don’t want to spend the entire session getting back a scalping loss. I want it back if possible in the next 1 to 4 bars.

if you will look at the chart posted yesterday that explains a loss it also shows how I double up and got it back and more on the very next bar. Here look at it. I will repost it. Do you see how it traveled a much smaller distance to get my loss back and some additional profit than what it traveled on the previous trade where the loss took place. Do you see the point at which my premise became invalid for the averaged down long trade so I just took the loss? Read my original post that shows this chart and the post that explains it in more detail.

PS Key don't let drawdown pass the valid premise point. Then double and triple up to recoup any loss and get me back on the highway to trading and I can put the loss out of my mind. I detest losing. It is probably a psychological defect I have. I have more than one! ROFLMAO.

 

[volpri]

Just to clarify. The charts in my post #1681 and #1683 are 24 hour charts. It doesn’t show the gap up open. The chart in my post #1685 is the RTH’s chart 5m and it show the opening gap. All charts show the same PA and both show the same trades taken. The latter one (RTH’s) I use to explain my premise for the trade.

 

[volpri]

I hope it works for you. When I was taking Ceylon Cinnamon, I didn't get it from that company because I needed 500mg caps x 3 daily. I bought Carlson brand, instead. But whatever works, works.

BTW, read the results of some scientific studies posted on PubMed that showed Pygeum Bark Extract was effective for improving BPH. I've been taking two prostate meds for the past five months with no signs they are working (one is the same one you are taking). I really don't see any reason to continue exposing myself to the laundry list of potential side effects associated with those two meds since they aren't doing what they're supposed to be doing.

So yesterday, I dumped my prostate meds in favor of Pygeum Bark Extract. The Vitamin Shoppe brand was much less than other brands, and has twice the potency: standardized to 25% plant sterols. I'm taking 50mg x 2 daily with meals. I'll let you know how it goes.

I just happened to see your post, I didn't get an alert because you used an upper case "O" in my ID. Should be lower case "o".

Have you had any noticeable results yet from the pygeum bark extract? The urologist wanted to take a biopsy (where they shoot needles through ones colon about 12 to 14 times hit the prostrate and grab samples. I declined the procedure. So now they are going to do an MRI and see if they see any suspicious things. They do that 22 this month.

 

[Overnight]

Have you had any noticeable results yet from the pygeum bark extract? The urologist wanted to take a biopsy (where they shoot needles through ones colon about 12 to 14 times hit the prostrate and grab samples. I declined the procedure. So now they are going to do an MRI and see if they see any suspicious things. They do that 22 this month.

LOL, congrats Volpri, you win the ET-author-who-derails-his-own-journal-thread-with-medical-procedures award of the year, never issued. Good grief!

Welp, good luck on the procedure. Sounds awful!

Edit: Oh, you declined, you are just getting an MRI. So that's just funny noises. *whew* Hopefully it will come up non-diagnostic so they do not need to shoot needles into your prostrate, through your ass.

 

[volpri]

LOL, congrats Volpri, you win the ET-author-who-derails-his-own-journal-thread-with-medical-procedures award of the year, never issued. Good grief!

Welp, good luck on the procedure. Sounds awful!

Edit: Oh, you declined, you are just getting an MRI. So that's just funny noises. *whew* Hopefully it will come up non-diagnostic so they do not need to shoot needles into your prostrate, through your ass.

Yep i declined! Now they gonna do the MRI instead.

 

[volpri]

LOL, congrats Volpri, you win the ET-author-who-derails-his-own-journal-thread-with-medical-procedures award of the year, never issued. Good grief!

Welp, good luck on the procedure. Sounds awful!

Edit: Oh, you declined, you are just getting an MRI. So that's just funny noises. *whew* Hopefully it will come up non-diagnostic so they do not need to shoot needles into your prostrate, through your ass.

It is a pain getting old. I don't like one tiny bit. I have one friend he got his entire prostrate cut out. Now he is ruined. No play time. Catch my drift? I have another friend who told me the other day to get it cut out as at our age we don't need it any more. My wife was immediately protesting that viewpoint..LOL.

I sensed specialist was anxious to force that thing of my ass and grab the sample. I felt they were just too anxious so I declined. I also thought it might make any cancer spread.

Two hospitals seeded more cancer in my daughter and it spread all over once they took the biopsies. She died age 34. The oncologist admitted that both hospitals seeded it as they don’t take each others tests but have to do their own test. It is crazy.

 

[Overnight]

It is a pain getting old. I don't like one tiny bit. I have one friend he got his entire prostrate cut out. Now he is ruined. No play time. Catch my drift? I have another friend who told me the other day to get it cut out as at our age we don't need it any more. My wife was immediately protesting that viewpoint..LOL.

I sensed specialist was anxious to force that thing of my ass and grab the sample. I felt they were just too anxious so I declined. I also thought it might make any cancer spread.

Two hospitals seeded more cancer in my daughter and it spread all over once they took the biopsies. She died age 34. The oncologist admitted that both hospitals seeded it as they don’t take each others tests but have to do their own test. It is crazy.

Sorry to hear about your daughter...That is some horrible shit right there. As for the the whole getting the prostate cut out? I look at it like how some dentists used to treat wisdom teeth back in the day. The "conventional wisdom" was to get your wisdom teeth yanked when you were young so you don't have problems later.

Welp, I only started having problems with my wisdom teeth recently, and two of them are gone. The other two are hanging in there. I am of the mind..."Use them until you have to lose them".

They would have to yank my prostrate from my cold, dead hands? lol! (Sorry Charles Heston).