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I've been sitting in front of the screen for hours and hours.
I'm really starting to "feel" the market flow. Of course, it's a little easier with the Market Replay running
quad time, but that is a necessary evil to test as many entries as possible in the shortest time frame that
still resembles reality.
I've learned the Live Market slow down gag now. I just need to get into that marathon runner 10 mile
stare and just Zen out with the market.
A cool thing I've stumbled into while working with letting the winners run is Scaling In.
As soon as I recognize that the TF is on one of it's 60 - 100 tick journeys and after I have locked in
a profit after surviving the first Major Pull Back, I start looking for the next deep PB close the the vwap
to scale in one more car. I find there is little risk in this and much reward, as the trend is Proven to me.
I have scouted my hourly chart and I know where all the major levels are.
After I observe the Character of the first big PB, and weighing that against the thrust of the
initial move, I know if the trend has legs or not.
I have been targeting the first major hourly S/R level with a 23 tick trailing stop after I have locked in
my 1 : 2 RR.
I have found 23 ticks stays clear of most normal PB's and allows the original trade to stay current
as I scale in. If I get stopped out on the TS, price is most likely starting to wane.
Fascinating
This is all a separate strategy to my channel technique of hard fading the edges.
Research back to a previous PB in an established trend and find a large bar that ends with a wick followed
by a common edge of consolidation. This area can be quite brief.
Place limit Order at bottom of body of large bar and wait for the next PB.
This order should look "correct" in the contest of the 20ema and vwap.
These seem to be good areas to enter a trend or add to postition.
This appears to work with large bars moving either way in the trend.
Meaning the set can appear in the move up of a bull trend and then
would be the target of the next PB.
I have noticed whip saw at the open many times. But, it always seemed to be semi- structured.
The perfect day to trade this seems to be the slow, range bound day following an extreme
trending day.
It becomes obvious just before the open that price is unsure. Perfect for the "rattle" trade
I simply fade the wicks each time, in both directions. Obviously, I'm not the only one doing this.
It is quite orchestrated.
The first two trades were blind limit orders using my tight fade strategy expecting, first, a test of the bullish hammer bar, and then, the low of day. Two fades I will take every time.
After making sure the open didn't explode, I placed the orders immediately and waited. It didn't take long.
$8 bills in 12 minutes.... Are you serious ?? That is almost lawyer money !!!
more screen time!!....... more screen ........time..................more scree....................................................................................................................................................
" Let Your Winners Run, and Cut Your Losers Short "
"Trade What You See"
"The Trend is Your Friend"
D4: Desire Determination Dedication Discipline
Start Up for Trading
__________________________
1. Pause Carbonite
2. Set Clock
3. Deep Breath / Relax / Trade the Plan - 50% Wins makes you money!!! Easy
Observe PA for a bit - Don't jump right in - Absorb the context.
5. Launch NT
6. Double check ATM Strategy and Spread on DOM
7. Make sure 5min chart resolution is proper ( Tick Scale at 5 tick Resolution)
8. Start small / get a win !!
9. TF runs are typically 60 - 100 ticks
10. Keep an eye on Volume and News Reports!!
11. Mark your Tradeable boundaries - Strong S/R, Confluences, etc.
12. If it is a slow news morning, odds are the open will be calm. Hold if in a good trade. (No news at 8:30)
If you trade the open, Use the Fade Strategy. Price will whip saw.
IF the pre-open appears range bound and conflicted, trade those wick bounces 'til you lose.
The above type of day will occur after a strong trending previous day.
13. Good "Brick Wall" trades
Previous day High / Low
" " VWAP
14. The steeper the 20ema, the more you can trust a touch of ema for entry.
Trading Hours --------
2am-11a
------------------- The Rules -----------------
" Most Breakouts are Fake Outs "
" Do not exit your trade early because you're "afraid" the market will turn on you. Let the market take you out. "
________________ My Plan _________________
I am a contrarian trader.
Wait for a retest of the extremes on the "Outside" of price action on each swing.
Make sure you are trading the "Outside" of the current "Ocean Wave" swing.
Avoid taking trades on the "Inside" of PA.
Do not take Break Out entries
Do Not Get Greedy!!! Stick to the Plan with the reasonable targets.
"An Edge" is an area with 3 or more common points
TF runs are typically 60 - 100 ticks
The study of Price Action as it relates to the 5, 15, 30 minute and hourly charts is absolutely fascinating.
The interaction between them is perfect, The study of all at once give you the exact mood of the market.
What a wonderful way to consume the rest of my life.
If only I could have discovered this when I was a younger man
I found this when I was a younger man. But it hasn't been until now, when I'm older, that I'm beginning to discover it.
Enjoy.
"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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