The Trouble With Scribbles

[fortydraws]

Yes.
If I expect no more than 4 ticks of heat, my stop would be 5 ticks away

Sorry, no. If you have to have a stop, it must go behind the "danger point", in this case, 10.50. That's five points.?

For example, long 4400.50 with a 5 point hard stop, but based on current PA if price moves below 4400.25 and doesn't pop back up immediately, I'd cut the loss and re-evaluate. 5 point hard stop is for "worst case." but monitor PA to tell you if the market is looking more likely to move opposite of your positions. I use the flow of price and where it has to go to find bids. If this gets to +5 I will be at breakeven +2 ticks.

EDIT: +5 points (if I see 4405.5 offered, I will move my hard stop).

 

[fortydraws]

For example, long 4400.50 with a 5 point hard stop, but based on current PA if price moves below 4400.25 and doesn't pop back up immediately, I'd cut the loss and re-evaluate. 5 point hard stop is for "worst case." but monitor PA to tell you if the market is looking more likely to move opposite of your positions. I use the flow of price and where it has to go to find bids. If this gets to +5 I will be at breakeven +2 ticks.

EDIT: +5 points (if I see 4405.5 offered, I will move my hard stop).

Was filled on planned partial exit 5.50 offer. 4401 hard stop, but looking at possible DT fail. I really don't like doing this, so I'm going to sign off.

EDIT: with retail sales coming out in about 5 or six minutes, 4401 looks like a good place for me to be out. I have limit offers at 4408 & 4410 to take a few more, and I'll see what happens after that, if NQ trades to those levels or higher. Right now price pulled back to 4401.75, with a potential lower high at 4405.25, so scribblers know what we are looking for ...

 

[dbphoenix]

I should point out that though there are only three strategies -- reversals, breakouts, and retracements -- the variety of tactics to implement these strategies are near limitless. Thus no two Scribblers will enter in exactly the same place with exactly the same "stop", nor will they have exactly the same price objectives as they do not trade exactly the same number of contracts nor scale out in exactly the same way. Nor do they all trade exactly the same bar interval nor exactly the same timeframe.

 

[fortydraws]

I should point out that though there are only three strategies -- reversals, breakouts, and retracements -- the variety of tactics to implement these strategies are near limitless. Thus no two Scribblers will enter in exactly the same place with exactly the same "stop", nor will they have exactly the same price objectives as they do not trade exactly the same number of contracts nor scale out in exactly the same way. Nor do they all trade exactly the same bar interval nor exactly the same timeframe.

Some scribblers trade all hours of the day. For myself, I do not trade premkt very often, but when I see what looks like a probable 5 point trade, I will take it. I also manage my trades differently premkt vs AM session vs afternoon session and I tend not to be too quick to take a new position during the mid-day doldrums. I am also more happy to be flat or with a better than breakeven stop as news comes out.

 

[dbphoenix]

And now a range from 98 to 05 is shaping up. That the median of this range is 1.5pts above equilibrium is not necessarily important.

 

[fortydraws]

I should point out that though there are only three strategies -- reversals, breakouts, and retracements -- the variety of tactics to implement these strategies are near limitless.

Another reason to keep in mind that distinguishing between ranges and trending moves and identifying the limits of current and recent ranges is to frame market context, not give one "The Trade." Context tells you where to look for potential trades. It is up to the trader to select the appropriate strategy and tactics. Again, this is not a "system." If what one wants is to find a system that removes all responsibility and decision making from the trader - a system that tells one when to enter, and in which direction, and at what exact price, and when to exit, and what exact price, then scribbles is not for that individual. That doesn't make that trader "wrong," but neither does it make the scribblers "wrong". There truly are many ways to skin this cat.

 

[dbphoenix]

Those who understand what equilibrium is will also understand that trading in it or around it leads to a lot of whipsawing. Setting a wide stop and hoping for the best is not prudent.

 

[marketsurfer]

Which has been done, which few people pay any attention to, which are soon forgotten. After 15 years, you ought to know that. Posting the trading opportunities in advance is more effective in both the short and long terms, at least for those who know what's going on. If one knows the rules and applies them, there's nothing particularly difficult about any of this, especially for a beginner.

What would be even more interesting is for you to post exits for your "price driver" entries as well as entries for your exits. Now that would be something to see.

Im not talking about the past. Why not post video of trades here and now? Don't try to deflect back to the questioner or point toward the past as an answer. Just admit you can't do it.

surf

 

[Eddiemorra]

Is this even remotely correct, or not?

 

[dbphoenix]

Im not talking about the past. Why not post video of trades here and now? Don't try to deflect back to the questioner or point toward the past as an answer. Just admit you can't do it.

surf

I can do it. I just don't see the point.

And trying to deflect your own lack of transparency onto others is pretty transparent itself.