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Effortless? LOL! You can't see the sweaty palms and racing heart. Although I am relatively new to futures, I am not new to trading. I have about 11 years under my belt trading Forex.
Looking at the trade I missed yesterday, there are two types of entries. A conservative and an aggressive entry. See the charts below for better explanations:
This is just one method I use. There are many others that come into play depending on how the markets are moving. For example, the 21 ema isn't in play if the price moved above the 200 (in a downtrend), just the 200 and the 60 are important at that point. I use the 800 ema as a possible reversal point. There are a number of subtle things I have found over the years that I look at but don't realize I do that until I try to explain my trading system. I have started to compile them into a PDF in an effort to provide a more detailed explanation as to what I do but that is taking far more time than I would have imagined.
$495 for the intro price. $795 if you want some of their pre-made strategies. You can download a demo to see if it is compatible. The only drawback to the demo is you must enable "Global Simulation Mode" to allow the demo to work. Here is a link to the download for the demo: https://www.sharkindicators.com/documentation/licensing/ Demo is good for 30 days.
Seems to work good for most markets. I use it on CL, 6E and NQ. The only difference is I use different tick charts depending on the instrument. ES works best on 2000 tick because of the volume it has. On lower time frames I tend to ignore the 21 ema since it is such a short ema. Higher time frames the 21 takes on a more significant role (500 tick and above).
When I trade the 6E, I use a 5 minute chart instead of a tick chart. Here is a set up from this morning that I wasn't paying attention to at the time. I was playing with the BloodHound software. Dang these new toys and their distractions.
Thank you for the explanation. I've basically my cut my trading ideas down into two methods. One with trend and one counter. I found that the several with trend methods I was exploring wound up providing similar entries. Do you base your trading here off of any particular resources or is it a conglomeration of what you've learned over time and pieces together. Imy biggest problem right now seems to be either getting in at the end of the trend (then reverts back to the longer emas) and getting in to early taking a loss but then getting in on a deeper retrace. A good example is in your chart where you circled.
My first scenario would be similar to the very right of your chart.
I also find alot of times an entry can look like complete garbage due to congestion directly the the left but in hindsight looks like a beautiful trade due to the large break into a trend
5 min NQ chart between 1230est and now is a good example of me getting caught in a long trade and then having price roll over. How do you contend with that type of action?
Trading the way I trade I don't see a long opportunity on the 5 min at the times you specified. I don't normally look at time based charts on NQ. I find tick based seems to give better results.
But, to answer your question I would have a fairly tight stop since the trade would have been with the overall trend. Sometimes you just gotta take the lumps and eat a full stop out.
I was more talking about how price looks to "roll over" into a potential trading entry zone and then wiped you out. What would have to happen in that chart for you to have a valid entry?