The zoom meeting lasted more than an hour so I didn't get to work in the garden. But I did make it to grab 2 more trades near close. I am showing them here on this chart with some comments here in this post.
First of all look at the type of day. There are many ways to trade PA. One foundational thing is it is often good to try and recognize the type of day that is unfolding early on. This may affect the tactics that one will use. Today was a BO at the open followed by a PB that consisted of several bars (sort of a two legged PB) that was essentially a bull flag. That flag ended in a triangle. A triangle is BO mode. So, we get a BO to the upside and a continuation of the previous BO so a bull trend. A flag is a continuation signal. This BO of the triangle is also an H3. We saw price in the triangle go down (3 bear bars..then up after PB (H1) ..then down again..and back up (H2) finally up into a BO (H3).
In summary, a BO..bull flag..then continuation of the bull trend. This together forms a MPBL (medium PB bull trend). I traded the flag scalping using different techniques.
As that second BO ends we go into a SPBL (small PB Bull Trend). At this point a trader could opt to hold long and add on every PB more then exit once the session ends or once price reverses (which in this case was around bar 13:10 or bar 13:15).
Or a trader could buy every PB of the SPBL trend and exits on every surge north scalping as the session progresses. Or a trader can average down on every PB then dump the position on any decent surge north.
The reason for understanding the type of day that is unfolding, and doing so early on, is that it may influence you, as to how you are going to trade the PA.
In this case I had no opportunity to trade the SPBL portion of the trend because I had a zoom meeting. But I did trade the opening BO and the two legged bull flag culminating in a triangle and got in one the H3 BO of the triangle by entering early limit order, on a PB nested in the triangle, and exiting that position on the triangle BO. Then I took another long scalp at the top of that continuation of the bull trend from the bull flag.
My second comment is concerning trade #8 towards the end of the session.
Trade #8 we were obviously headed south for a second leg so I short on an implied PB (of bar 14:45) on bar 14:50. I reasoned I could get 2 or more points easily. I was out on bar 14:55 with my two point scalp.
My third comment is concerning T#9 and using a technique I rarely use but will use at times when time is running out, or price is just stalling in a trade that I already have a position on. It might provoke a coronary arrest for the gurus as it is martingaling. A big no..no... per the pundits.
So in trade #9 I short at the bottom of bar 15:55 betting on more down move. Instead we get a little rally. So, now I am looking at the bear move from bar 14:35 to bar 15:55 and I reason that a PB will likely not go too far before the close. We are getting real close to the close of the session. So, I will add to my short which I did with entry 2 on bar 15:00. Price continues against me ...time is running out...the end of the session is near... I must get what I can out of this trade and do so quickly. So, on bar 15:05 I martingale. I double down. I add double the amount of contracts that resulted from my entries 1 and 2. Why? The purpose of this is to get my exit as close as possible to BE. Or possibly even a small profit, simply because there are only a few minutes left in the session. I would like to end this trade #9 with at a small profit or at minimum a BE. By martingaling I get that BE exit real close to the price action ATM. So, it resulted in exiting the trade on bar 15:10 with a profit on my latter two entries and a loss on my first entry. But overall a profitable trade #9.
So, 9 trades (and many more could have been taken). All profitable. Being greedy and grabbing the profits as the market hands them to me. Maintaining a high win rate. And use a martingaling technique for quick exit.
First of all look at the type of day. There are many ways to trade PA. One foundational thing is it is often good to try and recognize the type of day that is unfolding early on. This may affect the tactics that one will use. Today was a BO at the open followed by a PB that consisted of several bars (sort of a two legged PB) that was essentially a bull flag. That flag ended in a triangle. A triangle is BO mode. So, we get a BO to the upside and a continuation of the previous BO so a bull trend. A flag is a continuation signal. This BO of the triangle is also an H3. We saw price in the triangle go down (3 bear bars..then up after PB (H1) ..then down again..and back up (H2) finally up into a BO (H3).
In summary, a BO..bull flag..then continuation of the bull trend. This together forms a MPBL (medium PB bull trend). I traded the flag scalping using different techniques.
As that second BO ends we go into a SPBL (small PB Bull Trend). At this point a trader could opt to hold long and add on every PB more then exit once the session ends or once price reverses (which in this case was around bar 13:10 or bar 13:15).
Or a trader could buy every PB of the SPBL trend and exits on every surge north scalping as the session progresses. Or a trader can average down on every PB then dump the position on any decent surge north.
The reason for understanding the type of day that is unfolding, and doing so early on, is that it may influence you, as to how you are going to trade the PA.
In this case I had no opportunity to trade the SPBL portion of the trend because I had a zoom meeting. But I did trade the opening BO and the two legged bull flag culminating in a triangle and got in one the H3 BO of the triangle by entering early limit order, on a PB nested in the triangle, and exiting that position on the triangle BO. Then I took another long scalp at the top of that continuation of the bull trend from the bull flag.
My second comment is concerning trade #8 towards the end of the session.
Trade #8 we were obviously headed south for a second leg so I short on an implied PB (of bar 14:45) on bar 14:50. I reasoned I could get 2 or more points easily. I was out on bar 14:55 with my two point scalp.
My third comment is concerning T#9 and using a technique I rarely use but will use at times when time is running out, or price is just stalling in a trade that I already have a position on. It might provoke a coronary arrest for the gurus as it is martingaling. A big no..no... per the pundits.
So in trade #9 I short at the bottom of bar 15:55 betting on more down move. Instead we get a little rally. So, now I am looking at the bear move from bar 14:35 to bar 15:55 and I reason that a PB will likely not go too far before the close. We are getting real close to the close of the session. So, I will add to my short which I did with entry 2 on bar 15:00. Price continues against me ...time is running out...the end of the session is near... I must get what I can out of this trade and do so quickly. So, on bar 15:05 I martingale. I double down. I add double the amount of contracts that resulted from my entries 1 and 2. Why? The purpose of this is to get my exit as close as possible to BE. Or possibly even a small profit, simply because there are only a few minutes left in the session. I would like to end this trade #9 with at a small profit or at minimum a BE. By martingaling I get that BE exit real close to the price action ATM. So, it resulted in exiting the trade on bar 15:10 with a profit on my latter two entries and a loss on my first entry. But overall a profitable trade #9.
So, 9 trades (and many more could have been taken). All profitable. Being greedy and grabbing the profits as the market hands them to me. Maintaining a high win rate. And use a martingaling technique for quick exit.
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