Ups and downs trading

[Alfing]

I think I am brave enough to let everyone here to view my trades. So, don't be too rough.

Trying to paper trade /ES using Brooks' and Volman's approaches on M5. No indicators besides EMA20 (and 7). R/R anywhere between 2:1 to 1:2. Often trying to break even and learn my lessons.

Feedback is welcome.

 

[Alfing]

 

[FreakofNature]

Use multiple timeframes. For starters, 2. A larger one and a smaller intraday one. Use the larger one to spot potential areas of S/R or to notice S/R blown away, and then use that to react to the smaller one using it's smaller S/R stops.

Little vague but without multiple timeframes you are a sitting duck.

 

[maxinger]

Are you doing day trading ( about 2 to 6 trades per day) or heavy scalping (tens to hundreds of trades per day)?
it appears you are doing something like heavy scalping.
And you are scalping in messy / garbage / trendless zone.

you have already drawn the bull flag (Asian has already pushed ES up). So price might continue to go up.
You should capitalise from it but you didn't.
there was a signal at around 1030am ET. I don't know about Brooks' and Volman's but did it detect this signal?

do track your reward / risk ratio. it should be > 1:1. I normally target > 2.5:1

yesterday ES day range was rather pathetic and hence rather difficult to earn money.
Those who traded YM yesterday and not ES/NQ/Russell 2000 should be happy.
When US market opened yesterday, YM started to go up very decisively.

 

[Alfing]

Use multiple timeframes. For starters, 2. A larger one and a smaller intraday one. Use the larger one to spot potential areas of S/R or to notice S/R blown away, and then use that to react to the smaller one using it's smaller S/R stops.

Little vague but without multiple timeframes you are a sitting duck.

You've described it well! It's not on the print screen, but that's exactly what I am trying to do. I use M15, M30, H1, H4, D1, and now W1 to find levels of S&R for TPs. I am still learning though. Any tricks or tips that may help with finding those S&R?

 

[Alfing]

Are you doing day trading ( about 2 to 6 trades per day) or heavy scalping (tens to hundreds of trades per day)?
it appears you are doing something like heavy scalping.
And you are scalping in messy / garbage / trendless zone.

you have already drawn the bull flag (Asian has already pushed ES up). So price might continue to go up.
You should capitalise from it but you didn't.
there was a signal at around 1030am ET. I don't know about Brooks' and Volman's but did it detect this signal?

do track your reward / risk ratio. it should be > 1:1. I normally target > 2.5:1

yesterday ES day range was rather pathetic and hence rather difficult to earn money.
Those who traded YM yesterday and not ES/NQ/Russell 2000 should be happy.
When US market opened yesterday, YM started to go up very decisively.

You're right. I want to do trading but often end up scalping.

Yesterday re-learned about the bull flag. Should have got in.

2.5:1 r/r ratio sounds great! That's what I'd like to see.

Also exploring YM. Will look more into it today.

 

[maxinger]

You're right. I want to do trading but often end up scalping.

Yesterday re-learned about the bull flag. Should have got in.

2.5:1 r/r ratio sounds great! That's what I'd like to see.

Also exploring YM. Will look more into it today.

It is ok to scalp. There are techniques to do it, and you need relatively high speed internet and rapid execution.

Before you explore YM, do note that YM is not trendy all the time.
Yesterday YM was relatively easy to trade. Next time, it might not.
So you might want to focus on ES only.
I trade multiple futures at any one time. So I can afford to pick and choose which futures to trade.

 

[Alfing]

Before you explore YM, do note that YM is not trendy all the time.
Yesterday YM was relatively easy to trade. Next time, it might not.
So you might want to focus on ES only.
I trade multiple futures at any one time. So I can afford to pick and choose which futures to trade.

What kills me about ES is the spikes. They easily kill my SLs. Any advice how to deal with them?

I am hoping to find something more stable and suitable for a rookie to learn with rather than ES.

 

[maxinger]

What kills me about ES is the spikes. They easily kill my SLs. Any advice how to deal with them?

I am hoping to find something more stable and suitable for a rookie to learn with rather than ES.

I assume you traded ES during US session. yesterday there was one and only one signal at 1030am ET which I had mentioned.
If you missed the signal, then too bad because subsequent movement after 1030am was rather jerky / spiky.
so do not miss the first signal.

another thing is that how market move is totally out of our control.
sometimes, there are lots of signals, sometimes, movement is gentle and smooth, sometimes movement is violent, sometimes it moves like lunatics....

bottom line : don't miss first signal.

That's why I was asking :

did Brooks' and Volman's detected that 1030am signal?

 

[Alfing]

I assume you traded ES during US session. yesterday there was one and only one signal at 1030am ET which I had mentioned.
If you missed the signal, then too bad because subsequent movement after 1030am was rather jerky / spiky.
so do not miss the first signal.

another thing is that how market move is totally out of our control.
sometimes, there are lots of signals, sometimes, movement is gentle and smooth, sometimes movement is violent, sometimes it moves like lunatics....

bottom line : don't miss first signal.

Gotcha! Can you elaborate on what constituted that signal, and where was an entry point? I assume it was after the bull flag and entry one tick above the bar that went above the flag ( around 2776). Anything else?

Then, where would be a good place for Stop Loss and Take Profit?