I mentioned yesterday that am struggling a little with PA for swing trades, and lacking confidence also, so its a good opportunity to hone my scalp skills and have a few rules/parameters to follow to ensure a tight strategy.

Scalp entry parameters (at least 2 of following must occur, 3+ is optimum):
~PA support/resistance
~key level
~good internals
~edge of predicted range
~close to ADR

Scalp Trading rules - all apply to each trade:
~ risk:return >=1:1, ideally 1:2
~ targets: fading intra or HTF trend 1-3pts; with intra or HTF trend 1-5pts.
~ stop loss - depends on targets but max is 2pts.
~ size is 1 lot til day profits hit >=5pts
~only 1 ETH trade allowed
~only 1 fade of ATH allowed
~only 1 entry at same level (unless prev was scratch/winner)

There may be a swing and scalp opportunity arise at same time - I did scalp the swing low yest and then scalped it on way up, so am hoping these types of moves play out again.

I am not sure how many scalps I intend to do, i probably over scalped yesterday, there were some obviously more optimum setups, so its a toss up between taking a lot of setups & not worrying about reduced strike rate, or waiting for optimum ones. With low confidence I would probably prefer to have less trades, less losers.....but the market will decide that (optimum setups dont always occur), so its a moot point at the moment. Just got to keep focused.

One caveat - I have meetings quite early into RTH which means prob wont be trading til after ES lunch. I will have some time to post some charts/ideas prior though.

Good trading all.

How is ur scaling going on

Sent using the NexusFi mobile app

pramadas 

How is ur scaling going on Sent using the NexusFi mobile app

I am out of the office on a work project picking up a posh toilet from warehouse for a luxury boat - provided free as its for a charity event. Very nice of them.

I dont think i will be making it back for the close.

How are you guys doing?

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DaxyMcDaxFace 

I am out of the office on a work project picking up a posh toilet from warehouse for a luxury boat - provided free as its for a charity event. Very nice of them. I dont think i will be making it back for the close. How are you guys doing? Sent using the NexusFi mobile app

nothing for me today. I was away but saw a 60.75-61 long which when I posted to see if you got long...

pramadas 

nothing for me today. I was away but saw a 60.75-61 long which when I posted to see if you got long...

Just got back into the office, that 52 is great level, damn!

Am going to just sit and watch, maybe fade a double bottom if it gets back down.

Any reason for the 20pts sell off, or just overcooked?

DaxyMcDaxFace 

Just got back into the office, that 52 is great level, damn! Am going ot just sit and watch, maybe fade a double bottom if it gets back down. Any reason for the 20pts sell off, or just overcooked?

just went long 56s & off @59, massive rvol and tick div. Bit hasty in sense I had only sat down for 5 mins.

DaxyMcDaxFace 

Just got back into the office, that 52 is great level, damn! Am going ot just sit and watch, maybe fade a double bottom if it gets back down. Any reason for the 20pts sell off, or just overcooked?

3 rate hike instead of 2. me was watching but did not see divergence, one time frame finally done i think this sell of continues

pramadas 

3 rate hike instead of 2. me was watching but did not see divergence, one time frame finally done i think this sell of continues

fairly fundamental!

Still thin vols going to be careful, wld look to buy back down @56s.

DaxyMcDaxFace 

fairly fundamental! Still thin vols going to be careful, wld look to buy back down @56s.

go long here?

DaxyMcDaxFace 

fairly fundamental! Still thin vols going to be careful, wld look to buy back down @56s.

i bought bit lower @55s and took 1.5pt loss.

ES loves sticking the LL in then reversing, was tempting to fade but the tick div was awful, the level is great though, and this ticks 3 of my parameters - good PA - dbl bottom & into prev resistance/now support, great confluence of levels, >ADR....hmm.

Also 47-49 gd levels so wasnt sure....wldnt be surprised if this gets tested at some point tonight.