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...And BTW, Welcome to futures.io (formerly BMT) !
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
good to see some german friends here also participating. I will be preparing my journal in the next days. Hopefully it can be some great information for everyone.
Yeah, I'm always glad to see some more German speaking traders around here as well.
And as you can see, Mike already moved your thread to the journal section.
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
UPDATE: First post changed and now we can go on trading in the next weeks. Will post entries and exits in the next week. Not able to trade the whole and every day.
1. Get yourself an elite membership.
2. There are many threads and journals on trading the ES with different tyles and systems. Some are very close to what you described.
3. Take the time to do your homework.
4. Read this thread.
I'm creating this thread with the purpose of a 'catch all' for any trading related question that futures.io (formerly BMT) members want to ask, but don't want to create a new thread for -- or find an existing thread to reply to.
Thank you for your reply. I already thought about Elite membership. But first, I want to take the step of starting a journal. Everything else comes later and when I spent enough time studying.
I just traded this method for 4 weeks now on SIM, but I'm still confused.
Also in Backtest it is not profitable for me. I switched over to blank charts for trading price action on tick charts.
Has anyone a good advice how to start scalping the tickcharts with a good, consistent method?
I'll be thankful fo any advice.
EDIT: I'm thinking about trading the DOM with blank tick charts. I studied order flow for about two months, but I have problems on false breakouts. How can I avoid such failures?
If you want to scalp tick charts i think you will need to use a time frame lower than 2000 ticks. The key to making scalp trades is that you have 2 primary charts. For example, one chart you look at and, if the most recent bar is going up you say the trend is up, and only take trades in that direction. I was having luck scalping the tf using a 144 tick chart and a 2000 tick chart. The problem with scalping is that it depends on momentum. I'm not sure the secret to discovering momentum ignition but, I'm having some luck using the Gomi tools available to elite members. When my 2000 tick is near a support level, i look for signs that the price will find support and squeeze. I guess I need to start a journal to maybe talk about this idea in a broader way. If you change your longer term chart, the bigger the squeeze. scalping depends on these squeezes and you need a way of identifying when and what direction a squeeze will happen. If you just try to get in and out all the time I'm not sure how profitable that will be in the long run. Its super frustrating taking a lot of trades each day with mixed success.
"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
Yes, it's super frustrating. I'm looking forward to scalp via DOM on Sierra Chart. I used 55 tickcharts (FGBL, TF) and 500 Tickcharts (ES) for scalping with this method. But in which area do I have to scalp with DOM and what are the exact setups I have to look for in the DOM? I'm learning for 2 months now...