The Day Trading Thread

NQurious said:
I have said elsewhere that Al Brook's materials, imo, are worth a look, especially his videos. He is a 5 minute PA trader. There is a guy named Volman or something like that who wrote a book on trading 5 minute charts. Perhaps you could find a free copy or sample somewhere to judge for yourself whether there is anything there for you.

In my opinion, for a day trader, especially a stay-at-home index day trader, I think the 5 minute chart is king. I also think there is no better instruction on trading the 5 minute chart to be had than can be gotten by closing your trading account platform and forget about making money, and opening a 5 minute RTH chart, and just sitting there and observing for a month from bell to bell. If you do that and can't figure out some consistently profitable PA set ups, then you would be better off finding an indicator based method.
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Thanks for the reply!

I sustain on low-risk options selling. To stay active and stay in-tune with the market learning short-term T.A. which is very exciting for me, since I never did that before.

Honestly, at times Brooks is very hard to follow.... It feels great to catch a trend (big move) on a 5-minute chart.

Specifically I am struggling to differentiate:
1. Fake or real breakout;
2. Trend Reversal or a pullback;
3. Anticipate Whipsaw or start of a trend.

Let me share few things that I have tried so-far onto my day-trading to weed out outliers but still failing to achieve the desired consistency.

1. Bollinger-Keltner Squeeze from Carter's "Mastering the Trade" book;
2. Vertical Horizontal Filter;
3. ADX > 30.

In simple words, wish to have a good filter to judge probabilities of trades at Entry. Anyone? Any suggestion?
 
ChimpTrader said:
Thanks for the reply!

I sustain on low-risk options selling. To stay active and stay in-tune with the market learning short-term T.A. which is very exciting for me, since I never did that before.

Honestly, at times Brooks is very hard to follow.... It feels great to catch a trend (big move) on a 5-minute chart.

Specifically I am struggling to differentiate:
1. Fake or real breakout;
2. Trend Reversal or a pullback;
3. Anticipate Whipsaw or start of a trend.

Let me share few things that I have tried so-far onto my day-trading to weed out outliers but still failing to achieve the desired consistency.

1. Bollinger-Keltner Squeeze from Carter's "Mastering the Trade" book;
2. Vertical Horizontal Filter;
3. ADX > 30.

In simple words, wish to have a good filter to judge probabilities of trades at Entry. Anyone? Any suggestion?
More...

Specifically I am struggling to differentiate:

1. Fake or real breakout; That is because you still haven't figured out how to read price action, S/R + indicators properly. See below chart.

2. Trend Reversal or a pullback; That is because you still haven't figured out how to read price action, use your time frames + indicators properly.

3. Anticipate Whipsaw or start of a trend. That is because you still haven't figured out how to read price action, S/R + indicators properly

Unless you are a scalper with fast fingers, such fake moves happen pretty much everyday which will drain your account slowly if you can't find a way to deal with it.

Untitled.png
 
humbletrader2016 said:
Specifically I am struggling to differentiate:

1. Fake or real breakout; That is because you still haven't figured out how to read price action, S/R + indicators properly. See below chart.

2. Trend Reversal or a pullback; That is because you still haven't figured out how to read price action, use your time frames + indicators properly.

3. Anticipate Whipsaw or start of a trend. That is because you still haven't figured out how to read price action, S/R + indicators properly

Unless you are a scalper with fast fingers, such fake moves happen pretty much everyday which will drain your account slowly if you can't find a way to deal with it.

View attachment 204184
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Can you make any comments about that dashed red line? It seems to be much different than the yellow, green and blue lines which appear more to be some sort of a moving average.

Also, if you don't mind me asking, you mentioned before that you have some indicators and other stuff on your charts as well. Do you indicators just rely on previous price? Is volume a consideration for you? Do you look at order depth?
 
Seaweed said:
Can you make any comments about that dashed red line? It seems to be much different than the yellow, green and blue lines which appear more to be some sort of a moving average.

Also, if you don't mind me asking, you mentioned before that you have some indicators and other stuff on your charts as well. Do you indicators just rely on previous price? Is volume a consideration for you? Do you look at order depth?
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I only use indicators to confirm price action. I don't use volume and order depth to read price movements. Volume can be used to confirm price action especially during those exhaustion moves, but sometimes it's quite misleading.

The bottom line is that I hate to add stuff to my charts that aren't reliable since I've only two eyes and one brain for observation. Anything that is misleading or is less reliable than 90%, I discard them into garbage can. Also, I dislike using two or more different indicators confirming the same thing because that will become overloaded since I'm dealing with multiple time frames (like I said, I only have two eyes and one brain). Otherwise, price action from macro to micro time frames are efficient enough for me to identify trending, non-trending, intraday reversal and etc.....

Well, I'm off for dinner with a couple of fellows. Being busy scalping during last few hours since ES had a lot of activities tonight. Hope you got some too.
 
humbletrader2016 said:
I only use indicators to confirm price action. I don't use volume and order depth to read price movements. Volume can be used to confirm price action especially during those exhaustion moves, but sometimes it's quite misleading.

The bottom line is that I hate to add stuff to my charts that aren't reliable since I've only two eyes and one brain for observation. Anything that is misleading or is less reliable than 90%, I discard them into garbage can. Also, I dislike using two or more different indicators confirming the same thing because that will become overloaded since I'm dealing with multiple time frames (like I said, I only have two eyes and one brain). Otherwise, price action from macro to micro time frames are efficient enough for me to identify trending, non-trending, intraday reversal and etc.....

Well, I'm off for dinner with a couple of fellows. Being busy scalping during last few hours since ES had a lot of activities tonight. Hope you got some too.
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Dinner?
 
Lately I have been revisiting very old trading techniques that use price only action. I have been trading using point and figure and the market profile - specifically the point of control. It has been very interesting to say the least.

Years ago I was all into pivot points and actually had a good mechanical model that preformed well for the period. I also have been looking at the Jackson zones and and the Gould zones.
 
destriero said:
Mark, since you're transmitting via microwave we can assume that you'll not be posting any of these trades? Just some end of day hero stuff? Too high freq? How about a blotter? PNL? Bueller?
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man, you just came to witness a religious ceremony..do you really expect a god's revelation??? :)
yeah I know you don't..
 
MarkBrown said:
Lately I have been revisiting very old trading techniques that use price only action. I have been trading using point and figure and the market profile - specifically the point of control. It has been very interesting to say the least.

Years ago I was all into pivot points and actually had a good mechanical model that preformed well for the period. I also have been looking at the Jackson zones and and the Gould zones.
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Hello MarkBrown,

Good comment.

I have a question that is circling in my head regarding your post here.

Question:

1. Why do you research multiple trading styles/techniques/strategies? Why not just stick to one trading style or strategy and make money for years to come?

I am just trying to understand the purpose of constantly study trading techniques. Why not just stick to what works and makes alot of money?

Thank you
 
SimpleMeLike said:
I am just trying to understand the purpose of constantly study trading techniques. Why not just stick to what works and makes alot of money?

Thank you
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My self and another guy made five mm in two days of trading the sp - so I am not money motivated, I am research motivated. The money is a way to keep score but it's not why I trade, this is a discovery process that fascinates me. I could be a specialist trader of anything I wanted doing it anyway I want, but I would never have obtained that ability without massive losses.

It's like working out you get back a fraction of what you put into it. It doesn't happen overnight and you need to do it because it's healthy for you not because it makes you look good. If you trade for money I pity those people because they are missing the magical mystery tour that is trading.
 
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