Calming 

So, just go ahead and trade whenever the market is open? The other thing that prevented me was possible whipsaw at the opening of U.S. Market. It could be quite volatile. Any ideas how to avoid it besides getting out of a position 5-10 minutes prior? By the way, is there a counter of sorts that shows much longer CME is open on a given day? I am aware of the schedule on cmegroup site. Looking for an actual countdown clock.

No, you have to check volume but in the ES, Crude, Euro FX, Gold, British Pound there is sufficient volume to trade. If you take a trade during the overnight make sure you are flat at the open. Yes, you should be able to draw timelines in ninja.

Calming 

I remember about counter-trend trades. The question remains, how to determine a trend? At that particular trade I was expecting the price to go up for another try of the prev. high and it did not. Should we consider anything below EMA as a downtrend, and anything above, the uptrend? There should be a simple definition. Going M3 for entry timing is smart. Will try to follow that. I was thinking about M15 as the flag there was much more precise.

If your trading a 5 minute bar on the ES put up a 20 period exponential moving average and a 7 period exponential moving average. If the 7 is below the 20 look for short trades....it the 7 is above the 20 look for long trades. This will keep you out of counter trend trades and is a quick and dirty way to identify trend on a 5 minute chart. This will also help identify periods where there is no slope....for example if the averages are touching and moving sideways.

When overnight volume, volatility and range are above average, it is important to pay attention to price levels marked by significant volume, volume exhaustion,along with over night high and low levels etc. It doesnt mean one automatically trade those levels but, if a strategy exist, these levels add as a good SR zone, improving the probability of the trade.

HI
























Hi

Al Brooks does not trade , he sells trading products and books . Have you made any money trading his methodology?

I f you are trading the Emini Opentraders course is run by actual traders. They only trade the Emini and have a weekly webinar with the course.


















1

Hi,

That's a fair question. I think we need to ask it each time when we study something new. Let's apply it, how much money have you made after taking this course?

Regards,

martinhunting 

HI Hi Al Brooks does not trade , he sells trading products and books . Have you made any money trading his methodology? I f you are trading the Emini Opentraders course is run by actual traders. They only trade the Emini and have a weekly webinar with the course. 1

Just finished backtesting Failed Breakouts and Breakout Pullbacks on 90 days of data. Granted my calculations are correct, the expectancy (average of all trades) is approximately -0.11.

What I have learned:

• to be as harsh on me as the market,
• fight FMO (fear of missing out),
• more patience.

So, what should I do next? I see a couple of options:

• apply new knowledge and go for another 90 days of practice,
• try different patterns/setups (not sure what they would be).

What would you recommend?

Calming 

What would you recommend?

Trading.

Seriously, meeting the market in real time is completely different from looking at charts in hindsight. There is value in hindsight, but it is not the same. I would put that historical study to the side and get back into trading practice. Also, I would not look for the perfect setups; that is chasing a mirage.

Take what you have learned so far from the books and from your own work in the market, and put it to use. You did not do too badly on the few days for which you have posted trades. Trade the same way and discover what works for you, and eliminate what does not. Your risk in SIM is zero, so take advantage of it and learn from your attempts and mistakes.

Also, I strongly recommend not taking other peoples' recommendations (including my own ). No one else's experience will be the same as yours. Everyone who has posted has meant you well, and has offered some value, but no one else is trading for you. Be very selective in what you pay attention to, and test everything out yourself.

Good luck. And start trading.

Bob.

When it comes to listening to advice, a person can make two mistakes: listen to everything and listen to none. I am very grateful for the time and effort that you and others here put to help me and other rookies out. Everyone can decide for themselves how much to heed any advice. I can speak for myself that I have benefited greatly.

Curious, where is the golden ground between finding a great setup, "chasing a mirage", and draining one's account? How do traders identify if an entry is worth it? Not all trades are successful, and a trader needs to be okay with that. Yet, there should be something in place to avoid trading every candlebar. What would you say?

bobwest 

Trading. Seriously, meeting the market in real time is completely different from looking at charts in hindsight. There is value in hindsight, but it is not the same. I would put that historical study to the side and get back into trading practice. Also, I would not look for the perfect setups; that is chasing a mirage. Take what you have learned so far from the books and from your own work in the market, and put it to use. You did not do too badly on the few days for which you have posted trades. Trade the same way and discover what works for you, and eliminate what does not. Your risk in SIM is zero, so take advantage of it and learn from your attempts and mistakes. Also, I strongly recommend not taking other peoples' recommendations (including my own ). No one else's experience will be the same as yours. Everyone who has posted has meant you well, and has offered some value, but no one else is trading for you. Be very selective in what you pay attention to, and test everything out yourself. Good luck. And start trading. Bob.

Calming 

When it comes to listening to advice, a person can make two mistakes: listen to everything and listen to none. I am very grateful for the time and effort that you and others here put to help me and other rookies out. Everyone can decide for themselves how much to heed any advice. I can speak for myself that I have benefited greatly. Curious, where is the golden ground between finding a great setup, "chasing a mirage", and draining one's account? How do traders identify if an entry is worth it? Not all trades are successful, and a trader needs to be okay with that. Yet, there should be something in place to avoid trading every candlebar. What would you say?

You're right, and I don't have an answer except to say, get more experience, and find what makes sense to you and what works.

The main thing I would say is that it is a skill more than it is theoretical knowledge. It is more like playing a physical game than solving equations.

It's like any skill: you can only develop up to a certain point without practice. More practice is better.

Bob.

Calming 

... Curious, where is the golden ground between finding a great setup, "chasing a mirage", and draining one's account? How do traders identify if an entry is worth it? Not all trades are successful, and a trader needs to be okay with that. Yet, there should be something in place to avoid trading every candlebar. What would you say?

What if you had a gun to your head and you HAD to profit over your next 20 trades?

What would you do differently?

Why aren't you doing this NOW?
---

The only condition is that you must stick to your risk and money management limits.

You've got 20 trades to show a profit.