Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I am taking a mental health break from my normal trading and have spent some time (again...) playing around on SIM with the 5 range NQ chart as I'm sure many of the viewers of your webinar have because clearly it's like taking candy from a baby.
I am no stranger to this chart...I've had it up for a couple years. And there are days when I have done ok as a scalper...and then there are the other days. I just wanna say right now that I am a fan of yours...and goofing around with this chart again as my "trading chart" has only deepened my respect for the fact that you can make sense out of this thing on NQ...and I'm sure I am not alone, as most who are giving it a go are surely getting their ego's pounded. My hat is off to you.
I do have a question that I realize may not have an answer beyond gut feel and experience. You posted a big winner and I pulled it up when I got home. Your trade is marked 2 and I see exactly why you would take it but I also see the box marked 1 that had a very similar look and poked down after a little consolidation...threatening the last swing.
And the box marked 3 showed a series of pushes down with LH's and a pop below last couple pushes. Any thoughts on what keeps you out of these kinda ups and downs...or do you get sucked in to some of them but the winners still come out ahead? And lastly, how frequently do you get in and then decide, nope...don't like it anymore and bail? or do you let your stop just do it's thing?
Appreciate any ponderings you have. If nothing else I'm having a stress free blast playing scalper on SIM for a few days. I love the speed and the fact that, like my old CL days, you know almost immediately if your right or wrong. The only problem I have is that at this small TF I can see a reason to get into a trade about every 10 seconds...
Thanks,
Craig
Until you make the Unconscious conscious, it will direct your life and you will call it Fate...
OBS is totally free and does a great job. Low overhead and it can save to flv, by default. That format can be cut off abruptly (if your computer crashes, say) without ruining the file, which is a good thing. Program also can convert from FLV to mp4, if you prefer that format.
Hi there. The 5 range chart is fast for sure, but for many years I was taking entries on a 2 range chart...lol. I definitely don't recommend that.. Now, keep in mind I also am watching a 2 minute chart and 5 minute chart as well..but the 5 range really shows me the patterns and helps me time in a move. It's very important that I enter soon enough to have my stop behind one of those A or V swings..or W and M ones. NQ is notorious for multiple retests of swings.
As far as ignoring certain setups and taking others, it's very hard to look at a static chart and understand that. It depends on how fast price is moving...how many times it's tried to break through a price..what my Tick strike indicator is doing. Obviously I have plenty of losing trades as well. The good news is my wins are finally eclipsing the losers..usually. But I believed, on the trade you mentioned, that the area that had been tested a few times already, and would give way..especially with the momentum I was seeing.
As far as knowing when to get out..I ,sometimes on smaller trades 40 ticks or less..will let it play out and not interfere. On bigger targets, if I suddenly start seeing a reversal pattern..like a series of swing highs or lows being taken out or some sort of double top or double bottom forming..I will at least move my stop to breakeven and A.) see what happens or B.) take profit and wait for another setup.
You are absolutely killing it with these trades. Is your chart 5 tick range or 5 point range? It looks like 5 tick range but just want to make sure I understand correctly.
Well, on instruments like NQ, it's a 5 tick range chart. For every 5 ticks it prints a bar. Now when you have something like YM, where a tick and a point equal the same amount it's still the same 5 range bar.
It's the amaADXVMA by Lizard Indicators...(aka Fat Tails on FIO). It's in the Ninjatrader downloads. Not sure about other platforms. Nothing magic about it...don't base trades of it...just a quick reference visual aid for shortest term strength.
Craig
Until you make the Unconscious conscious, it will direct your life and you will call it Fate...