Trading on "Instynct" (NQ)

Quote from Rashid_G.:

I am convinced the best way to trade is to take trades AT levels (2352 yesterday, 2310 today) with relatively small stops... IF stopped out you can still get in on the way back down which loses me money A LOT as the wiggle invariably stops me very often.. Now the trick is properly figuring out levels AND trading WITH the overall trend BEFORE the daily bar gets large.

The trading reversals in a trend is tough as such trends that present opportunities seems to be uncommon.. If you didn't short 2310 today once 2300 was broken properly there were no pops unless you descend to a very fast chart.. <1000v which I don't care for.

Probably a mix of the 2..

Thoughts?
More...

To take entries at specific levels on the intraday chart is how I've been trading for a while now. Once price creates a signal, I then quickly know where I want to enter at. That to me is fading price, or fading the oscillation, but ALWAYS within context of the market bias. If you wait for a bar to close, or a high/low to break before you enter then you're a bit late imo and you're stop is that much wider.

That doesn't mean I never have to chase the market, sometimes I do like yesterday's short, but for the most part I try to wait for price to come to me and then hammer it. If I do have to chase the market then I'm expecting price to run and never look back, which means I'm using a very tight stop usually about a 4-6 ticks. And the projected move or target has to be a large one to make it worth it.

I think you can trade reversals on the intraday chart, but your trade signal or setup has to come from a larger time frame such as the 60min. Therefore your stop or get out point has to be much larger. My signals come from the intraday and I use the 60min for major price levels and structure.


I know I don't talk much about strategy but I also know that everyone has their own perception of the markets and how it operates. And given the responses to my past posts, it seems that most people either don't care or don't understand my view which is ok with me. And since trading is very much an individual process, I've always been one to believe that whatever we have taught ourselves through years of experience is something we have a tendency to latch onto and not change- regardless if we are profitable or not.
 
From what I remember from your earlier posts, it seems that you like to see a morning range develop and play s/r off the top and bottom as well as Phod/Plod with guidance from the ES. I am sure there is more, however, what do you mean when you say "price gives a signal"?

Look forward to seeing you finishing off another winning week!
 
Instynct.. I will add something to the topic.. fading price levels seems best in chop conditions where there is not much momentum to break anything.. Once price leaves and is in full flight waiting for the reversal a better idea as fast markets easily overshoot levels.

so.. SLOW CHOP (10pts or less).. fade levels, better in probable direction.
FAST MARKET.. wait for reversal as reversals will tend to follow-through.

I will print yesterday's chart, mark it up and keep.

This morning after yesterday's reversal odds were excellent trapped shorts would help a rise today. With that in mind I got long as 2310 was under siege with the thought of keeping for 30 points and managing stop. Mismanaged the whole thing.. The long at 2330 especially stands out as that was the first dip almost sure to take make new highs.. Target was 2341 but a wiggle and I was gone at 2335.... enough.

Drip.. drip.. drip market right now so I will quit and keep my gains.. +12.94 pts. after comms.

Good weekend!
 

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