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)
HI Perry. I struggle with trade management once I get in a trade. Of course, this isn't just with your system, but just a problem I have in general Do you let your ATM strategy manage the trade to its conclusion, or if circumstances change, do you get out of the trade or move your stop to B/E? For instance, today the force index was blue when I went into a trade, and then turned red. Also, the ADX went quickly from trade to chop. Would you close out this trade?
I had a trade earlier today (on NQ), that went 8 ticks in my favor, I moved my stop up to +1, and then it came back to take me out to the tick, and then proceeded down another 45 ticks without me.. I would appreciate any feedback you can give me. Thanks.
I use an ATM strategy to manage my trades. The SL is dependent on the size of the Range bar. If the Range bar is 4 the nthe SL will be 6-7 ticks. I then automatically take off 1 contract at 4 ticks, then at 5 ticks move the SL to BE+1 and let the second contract be a runner. Of course I watch it and move SL up if necessary. The reason to take 4 ticks immediately is that in case the trade turns against me I have reduced my losses.
Thanks for your feedback Perry. So, if the force index changes color, or the ADX goes into chop mode before you get to your first or second target, would you close out the trade, or let your ATM strategy go to its conclusion?
The FI and the ADX can only change on the NEXT bar, that is why I take the profit target BEFORE the close of the bar i.e. 5 Range bar - PT = 4. So generally you will reach T1. I do not generally look at the indicators after entry into a trade, but watch the price action.
Attached you find a chart of the ES from this morning opening with a white arrow pointing at what I think is a setup bar. My simple mind is confused because, at times, it is hard to tell whether or not the low or high is sitting on the correct line, etc.
Simply, could you tell me if you would have taken the trade based on the setup bar (white arrow)?
Could you explain the two middle bands.... blue and red and the uses or how to read them on your charts...I believe that one is jeffs adx and unsure of the other...Thanks in Advance