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)
This is great !! I really appreciate your generosity. I'm loading it up right now to check it out. I hope there is still some action to generate a signal........
I haven't posted a list of rules........as such. If I did it would be a long list ! lol
But a few basics......only trade during the best times of the day to trade. That means knowing when NOT to trade. That would be right at the open (let it trade around 8-10 min) and close (last 15 min).....during lunch and if you trade the indexes don't trade when the bond market is closing as this has an adverse affect on the indexes. See post #355 and #356. This is just my opinion.......you can trade when ever you want. But......I like to trade when there is maximum participation.
I like to focus on continuation trades......that is buying or selling pullbacks within a trend. If you are a countertrend trader you will not like my approach. I identify a trend by the 20 ema being either above or below the 50 ema and trade accordingly. I identify pullbacks using a faster ema (8) and lately have found the 6 CCI useful.
A glance at the ADX (being over 15) and moving up is good with a decent amount of volume.
Of course trade management and psychology...........
That's it. Have a daily goal and loss limit. Then spent about 10,000 hours watching the market move........by then you'll be an awesome trader !
I'm trying to determine your criteria for the 4th CL trade... the 6cci didn't touch or go below the zero line, just approached & reversed; price action didn't get very close to the slingshot... did you enter based on the previous candle touching but not breaking the MA, and set the entry point a tick or so above the previous candle?
There is an area where a trader has to use discretion. The best and most conservative pullbacks are those where the 6 CCI breaks the zeroline then returns to it.......however I knew that the market wanted to fill the gap and although the pullback was not ideal.....it wasn't bad so I went for it.....you'll notice that there was some "positive" slippage on that trade as my targets were "slammed" and my fills were in excess of my targets. Also, when the market is trending strongly the pullbacks will be shallower......the 6 cci will approach the zeroline but not break it.......as long as it gets close......I'll consider the trade.