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Hey thank you for all of that advice. It’s pretty interesting to hear from someone who learned from a floortrader on the CBOT. I have moved away from the ES as I find the NQ more attractive in terms of tick value and movement. The charts look cleaner. I really want to get into CL as well but I don’t think I’m ready for the tick value+movement speed of it. I find myself being more of an intuitive trader, by that I basically mean I combine all of my experience of staring at charts and study of technicals to draw conclusions on the fly. I tried a mechanical/algo approach but it just doesn’t fit me.
Trading: All Eminis: Russell 2000, S&P's, Nasdaq and Dow
Duration: Minutes
Posts: 15 since Sep 2018
Thanks Given: 17
Thanks Received: 12
Cool, once you get your system together, crude oil is a great market, but like u said, it moves fast and the tick value increases quickly. Some days I see oil (I don't actively trade CL) doing over 200 points so its definetly a market where opportunities are in abundance.
I know what you mean by trading intuitively and I wish you the best, I would like to think tho that having at least one setup allows you to plan ahead and be patient for your trades. But I do see intuitive trading as a big draw as a way to trade. Just don't know that its entirely profitable in long run.
Yes I feel like the word intuitive has been kind of marred or used as a scapegoat to justify random trading/sloppy trading. I should clarify my definition more. For example, one pattern I noticed a lot with the ES was that if it was a big trend day towards the upside, it would tend to gas out after its 3rd parabolic move upward. While it may still end the day higher, I noticed after the 3 parabolic movements it would gas, and have a sharp pullback. It was a low risk opportunity. I didn’t have the criteria for it written down somewhere i should say. I struggle with criteria like that because markets are always evolving and changing, so while that pattern may occur multiple times, each instance will have its own subtleties. Therefore, it is easier for my brain to simply remember the general appearance of the pattern and then use real time analysis of the action to decide where my entry point shall be, exits, etc. There are definitely times when I look at a chart and simply have no clue where it is headed, in that case I will not place a trade. Other times I see it and instantly get a reaction to go short or long.
Trading: All Eminis: Russell 2000, S&P's, Nasdaq and Dow
Duration: Minutes
Posts: 15 since Sep 2018
Thanks Given: 17
Thanks Received: 12
Right, if you've traded for any length of time, you see these setups. There also could be a major pivot (resistance zone) in that location. Which would clarifying the market pausing and then retracing. Not suggesting to trade more rigid without allowing for "free flowing" intuitive trading, but I think if you look just a layer deeper, it could lead not to just one or two trades, but a consistent setup that happens alot more frequent once you've identified it. Pivot points have long been some of the floor traders "secret" to their success. They traded intuitively within the boundries of support and resistance zones if that makes sense, so take a look at that..u might be surprised how uncanny they are accurate.
Could you elaborate more on pivots? I know I could probably just go on Investopedia, but I’d rather hear your take on them since you actually were taught by a floor trader.
Trading: All Eminis: Russell 2000, S&P's, Nasdaq and Dow
Duration: Minutes
Posts: 15 since Sep 2018
Thanks Given: 17
Thanks Received: 12
Pivots are the same thing as support and resistance areas of importance..most are on your charts already, some you can use preloaded indicators and some you manually place them where u believe they are support and resistances areas just by watching the markets.
Hi, yea sorry for asking this but I am very tire searching to learn strategies, DTA wants 5k, a lot of scams, book in kindle. I am not looking for a miracle winning strategy, I understand risk factors and all the basic of futures, ticks., most of the …
Someone had a similar question and they were recommended, and using successfully, a free course by a bloke called Adam Grimes (it's in the thread). I've had a quick look at the first few videos and he certainly sounds legit. By the sound of it you shouldn't be put off just because it's free!
Top tip, mark out, or always be aware where the open price and 10 min range is, along with the closing price and the 10 min range made beforehand. Make sure you know where they all are for the last few days. It's amazing how much price reacts to it.
Trading is essentially down to two things: working out if price is changing direction or not, and then working out where it's most likely to change direction!
I felt the same way. I have been studying the ES during 2018 and found the best strategy for me is to trade the algos 5hr, 1hr, 3min and 1 min with heiken ashi candlesticks.
Wow you sound a whole lot like me right now, except i'm a little closer to throwing in the towel. You're not the only 18 year old trying to figure out the /ES. Honestly it seems like you have a better grasp than I do; maybe just trust your gut since you seem to be able to read and predict price action decently. If your psychology is on lock as you say, then the problem has to lie somewhere within your strategy. I don't think you need to test more indicators though, a lot of them are BS anyways. Take with with a grain of salt since though, since I probably shouldn't be giving advice anyway. Good Luck!