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Straight to the point: My friend is trading huge number of ES cars shown in the picture. Now, he is not telling me how he does it (I know I have been thru this as others have said, people generally do not tell their secrets).
This is tick charts loosely based on nextgen trading systems.
My question is, looking at the chart, is there any specific candlestick behavior he might be following? Forget about MCDs and all other MAs because even though they were going up, he took a trade (no. 1) which went down.
My instincts from the picture and the market replay was telling me he's extremely good in candlesticks.
If that's the case, where should be best places to learn about candlesticks patters?
And of course, your thoughts regarding this screenshot.
Thank you.
P.S. I know you cannot just comment on one picture, me neither, but I might find something useful here from someone. You never know!
Can you help answer these questions from other members on NexusFi?
google 'candlestick pattern cheatsheet' will give you all info you need. As far as his trades my guess is he figured out the overall trend then it's either counter trend pattern or with trend pattern.
The short trade could easily be a rejection from resistance level. The long looks like a breakout of a 1-2-3 pattern. Just a guess based on what I can see.
Looks like the target is 8 ticks. 70 contracts, wow. 8 ticks would be around 7k gross profit.
He shorts a pullback to MA in a downtrend (waits for momentum to slow, hence shorting the second candle. Exits at profit target. Reverses long on breakout of 1-2-3 bottom, exits at profit target. Not sure why he took the 3rd trade.
^ I knew that's gonna come. So have a look at this trade as well taken in under 2 minutes for 50 lots:
As far as I can see, he only plays on candlestick patterns. First trade was taken because it's an up trend coupled with some candlestick pattern confirmation only he knows which. Second trade was taken right after a red candle. So was the third trade.
But that's my assumption. That's why I am posting here to get better answers.
If you look in the lower right of the chart you will see something that says "Ticks Remaining" this indicates that it is a tick based chart instead of a time based chart. I was going to set up a chart the same way to see if I saw any other reasons for the first trade short.