The Day Trading Thread

[MarkBrown]

I may have to go to limit orders and get in on trade with pull back or retrace to reduce risk. Maybe go down from 3 to 1 minute chart

i see 3 things stacked against you:

1 is the market you are trading and 2 is the chart time frame you are using and 3 is the method your using.

1.) it's a specialty market not like financials where there is mass liquidity and logic of mass scale.
https://www.cmegroup.com/daily_bulletin/monthly_volume/Web_ADV_Report_CMEG.pdf

2.) 3 minutes is a lifetime in short term trading, if using time I would be building bars in seconds.

3.) i have traded every method and while i appreciate support and resistance there is a looseness that lends itself to more risk than necessary. there is no way around it either, if you trade s/r you are going to have increased risk or lose most trades winning about 25% big profit trades. if that's want you want s/r is a good fit, it's the turtle equivalent of short term trading.

a.) if you want to win more trades you have to risk about 2-3 times more than you make each trade.

b.) if you want to make more money you can have a tight risk and win big occasionally, this is the way it will always be when trading s/r methods.

 

[SimpleMeLike]

I will be looking for a short in red box area or green box area.

P.S. do not follow me, just look with your eyes. I make NO money trading and never have. I am trading sim until I prove myself.

I am looking for momentum breakout either way short or long

 

[SimpleMeLike]

so much support lines in the way, make it tuff to get entry. just have to wait.

That is the challenging thing about intraday, sometimes I see/draw sooo many support and resistance line, I have to keep drawing in waiting. You never know which line makes a difference.

 

[SimpleMeLike]

i see 3 things stacked against you:

1 is the market you are trading and 2 is the chart time frame you are using and 3 is the method your using.

1.) it's a specialty market not like financials where there is mass liquidity and logic of mass scale.
https://www.cmegroup.com/daily_bulletin/monthly_volume/Web_ADV_Report_CMEG.pdf

2.) 3 minutes is a lifetime in short term trading, if using time I would be building bars in seconds.

3.) i have traded every method and while i appreciate support and resistance there is a looseness that lends itself to more risk than necessary. there is no way around it either, if you trade s/r you are going to have increased risk or lose most trades winning about 25% big profit trades. if that's want you want s/r is a good fit, it's the turtle equivalent of short term trading.

a.) if you want to win more trades you have to risk about 2-3 times more than you make each trade.

b.) if you want to make more money you can have a tight risk and win big occasionally, this is the way it will always be when trading s/r methods.

Please give comments.

I have sell stop loss at orange arrow waiting to be filled. It filled. But I had to quickly break even cause bulls come in strong. I was expecting more selling pressure but not happen.

 

[SimpleMeLike]

well back to long in green area. I would consider reverse trade here but looks like too much stuff in the way.

I like shorts in red box areas.

back to waiting.

Even though short above was in profit, I was waiting for more profits, but just took the breakeven.

Just have to wait now.

Sorry guys but I don't wanna do all this debating and arguing crap. Just wanna try and get better to make some money.

Please leave comments on my trading style and tell me if its trash or needs work or anything. I want get mad

 

[They]

SimpleMeLike,

Looks like you are selling where others are taking profits on their shorts or initiating longs in hope of a larger breakdown (see image below). As Mark said, a Turtle trade. You are trying to read in the moment and not make a defined ruleset you can backtest. Are you reading the day's narrative that most all indexes, commodities, metals, currencies are not showing signs of large range expansion today and thus the chance of a breakdown trade in oil are diminished?

This is basically the topic that Mark is making with this thread, losing focus of the background while focusing on the foreground.

 

[SimpleMeLike]

View attachment 203690

i see 3 things stacked against you:

1 is the market you are trading and 2 is the chart time frame you are using and 3 is the method your using.

1.) it's a specialty market not like financials where there is mass liquidity and logic of mass scale.
https://www.cmegroup.com/daily_bulletin/monthly_volume/Web_ADV_Report_CMEG.pdf

2.) 3 minutes is a lifetime in short term trading, if using time I would be building bars in seconds.

3.) i have traded every method and while i appreciate support and resistance there is a looseness that lends itself to more risk than necessary. there is no way around it either, if you trade s/r you are going to have increased risk or lose most trades winning about 25% big profit trades. if that's want you want s/r is a good fit, it's the turtle equivalent of short term trading.

a.) if you want to win more trades you have to risk about 2-3 times more than you make each trade.

b.) if you want to make more money you can have a tight risk and win big occasionally, this is the way it will always be when trading s/r methods.

MarkBrown,

I appreciate you for responding.

Yes, all my entries are taken on 3 min chart and because I use sell stop and buy stop, waiting on that bar to close before entry does seem like a life time.

Would you recommend a try range bars for a week and see what happens?

 

[SimpleMeLike]

Looks like a reversal coming here soon. If I see another bearish bar, I am going short.

But it may breakout higher than I go long.

Just have to wait and see

 

[SimpleMeLike]

I am short at the orange arrow and stop loss at red arrow.

Lets see what happens. Hopefully that 20 ema, dont give me no damn problems.

 

[SimpleMeLike]

ok I am in now. And got some money going here.

Scale to 1 minute chart to manage this one