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In regards to selling there at the 20 EMA, (my NT8 Chart showed price hit the 20ema) price reversed and dropped 17 points before moving up through the 20 towards the 200.
On the chart you posted the short would be near the right side of the chart, where the red bars drop below the 20 EMA? Would you also go long at the point where the price rises above the 20 and 200, before it reverses?
Im getting better at making small profits at reversal points. When a reversal occurs I enter and place a stop a few (4-5 ticks) above/ below the inflection point.
Are you a scalper? Do you use large position sizes on small price movements?
Yes, I am referring to the candles at the right side of the chart. When the price came back to the 20 on the first chart, I watch my 8 range chart to "feel" who is in control. If the buyers start to lose momentum, then I take the short.
The second chart: I wait to see if price will extend above the downward 20. Again, look at the 8 range chart to look for the sellers to begin to dominate. After all in this time frame, it's a down market.
Since you are using a 4-5 tick stop, you might try a 5-8 range chart and see it's relationship to how you normally enter your trades. The range chart will show double bottoms and tops, W-formations and M-formations. You can trade the Nasdaq with only a 5 ticks stop, but you have to have an excellent entry strategy. I sometimes take the same type of trades, but I have to be patient to wait for those kind of setups.
I start with one contract then add as it is moving my way and/or I commit the "cardinal sin" of averaging in with more contracts. However the latter strategy has come after much trial and error and is not for everyone but is for some.
Very interesting. You sound like you have a lot of experience. I dabbled in stocks for years then in 17 followed a "mentor" who used my account to make money for himself, never fully explained his murky system to me. In the end I lost a large amount of money. I have had some very successful trades but lack consistency. I would like to make more than I lose. Currently I trade corn and nat gas. At resistance points I wait for either a breakout or reversal and put a stop5-6 ticks away from that point. It takes a lot of attention but I used a computer for work all day already.
On a smaller time frame I imaging there would be many more trades to take per session.
Consistent with my skill I use a basic platform- think or swim. I didn't find COG or Fib Bands in the indicator list (unless I need to look harder). What do you like about your trading program? Should I switch to a better system?
Many thanks for your opinion!
on this chart would you use reversal areas for entry/ exit or wait for the price to get back to the 20 line to enter/ exit?
Both my wife and I first used Tradingview (great program) for Forex. Then to TOS for trading Nadex. Then migrated to Ninjatrader8 and have never left.
TOS is a phenomenal program designed by the guys from TastyTrades/TastyWorks.
However, we love the ChartTrader on NT8. It suits our style of trading.
It comes down to what you are trading and how you are trading it.
The tools you use if any should fit your style and the instrument you are trading.
If you are not happy or there is something lacking with your platform, then you can try other ones. Only you know what your personal need is.
In regards to the chart, I would not comment as I do not know where the S&R's are. I don't use volume.
In regards to the COG or Fib bands, you could try building a std. deviation channel by installing 3-4 Keltner Channels with each indicator set to a different deviation like 2,3,4,5. Just a thought. Perhaps SunTrader has a suggestion.
There sure is a lot of experimenting, testing and revisiting in this line of work.
Sorry, if I have not answered your questions.
The one thing that is sure...... Usually price is moving. It's our job to learn how to capture that movement in our own unique way.