Here is the first of hopefully many postings about my trading. This one was a winner. Later I will post about a couple of loOsers.
I am using a multi timeframe system and look at the larger time frames to give me some kind of idea of what I should be doing on the shorter timeframes. Of course, everyone should be doing this. For the record I am a big fan of Barry Taylor, and also must say I learned a lot from Mr. Alex W. at an expensive YM chat room that is much maligned on certain trading BB's..
For YM scalp shown here I was looking at 64 tick and 256 tick candlestick charts and a 2048 V Gom Volume Laddder.
I had also been watching the VWAP of the YM, which is on the ladder. I was well aware that earlier today it had capped a congestion zone and had subsequently become a support line. You can see on the ladder posted here that from about 11AM (all times are PACIFIC) to 12:30 PM we had trendless barbed wire trading with overlapping bars and a gradual deterioration in the closing values of the TICK. So it seemed likely that VWAP would be tested once again and I looked to sell into a pop to get the best possible price.
On my tick charts I look for the MA's to be in alignment with my trade direction, and try to short at resistance which in this case I guessed to be near the upper MA. It didn't hurt that when I sold, TICK was retreating from a lower high and ADD was sagging. TICK (NYSE stocks trading on upticks minus stocks trading on downticks) and ADD (NYSE advancing minus declining issues) come from the Kinetick data feed.
btw, My platform is X_Trader so I need to put the information about my trades onto the Ninja charts manually. I really love the new X_Trader 7.8. My broker is Velocity Futures. They are top notch.
I should have given it more of a chance as I only took about half of the easy money from this trade. The 64t chart never gave much of a reason to cover until 12:48. Once I am in a trade I tend to stay glued to the DOM and I realize that relaxing a little, and watching the charts, is something I need to work on.
I am glad I took this trade because going into it I was down net 13 ticks on YM for the day. This reduced my net loss to 2 ticks. I feel pretty good about that.