Plan the Trade

Took a retrace entry on EC M15 following the break lower



Edit: Took a BE on this

288tick range today since nyse open? Moving pretty well . . .

With the way the market is trading 2 hrs probably gives more setups but 1 hr is enough for me

This is why i like to keep an eye on profiles. First the weekly;



Simple enough, a volume spike at 6960 and then look at more detail;

You don't like the first hour anymore cg

Correct H.

Well, of course, i've been going around and around in circles. One minute i thought i would trade the open hour and if necessary, another hour later in the session...

Then i decided that i really just prefer trading from lunch onwards and even despite that meaning a 7pm start for me, which seems really late in the day to make a start... in many ways it suits me.

I do a hell of a lot of cycling during the Summer. I actually run a cycling club and to be honest, last Summer, i often wasn't getting back until early evening if we went out late morning. If i get used to trading for an hour late in the day, i will be able to manage all...

Of course work comes first, but actually it all fits. Even now, i like to know that i have all day free. Until recently, i felt that i should be trying to trade during the day too... but now, i realise that it doesn't gain me anything. Better to save all that mental energy for the one hour and then switch off.

The earlier trade i showed, i got 2 x BE's (don't ask!), so despite my identifying a great turn, i banked zilch. I then had a mad couple of minutes ending up -12 and then a really late entry as a hook, when i should have just taken the pullback, but it ended in a +40 so i will leave it there for today i think +28 with 5 comms;



To be honest, i'm struggling with discipline cos the two losing trades were sheer stupidity and not according to any plan.

Maybe it's time to toggle live and sort this out once and for all!)

I'm developing a favourite kind of move. I've posted umpteen charts of examples over the past few months. I will call it 'pinball'. It's when you have trends within trends and what i like to call 'bluesky' to the left.

Basically your trading the 123 trigger and pullback and targeting the prior S/D level on the next larger scale, reversing and trading the opposite direction.

Btw we retraced 120 ticks off of the 6960 level (thus far).

I think i've had real turmoil lately, cos on a bigger scale my EW view has been spot on, it's just that i can not get a trade away and hold for such distances.

Then i go full circle and tell myself that i could do so, if i went back to Spreadbets and used bigger stops...

So you see... i feel like i have learnt too much over the years. There are too many methods and ideas going on in my head! around and around we go.

To be honest i feel much more focused again this week. Need to quit the stupid stuff and then i'm ready (i think)

Let me ask 1 question CG if you would describe how I trade what would it look like?

With emphasis on the word 'how', i would say, like a robot!

You identify the pullback areas and place the trade, then your risk management takes care of the rest generally.

The thing is, it almost seems like you've forgotten what it was like before such success. It looks so easy when you view your charts, hell sometimes i think even i make it more difficult then it really is, but that's due to what i wrote above. I literally have learnt too many methods over so many years...

There was an unbelievable trade that i noticed yesterday, unfortunately i was watching the fast tick charts at the time and missed it. It was a combination of EW counts and pullback to prior Demand combined;



Now here is when EW comes in handy... as i pointed out in the chart. This is a powerful 3rd wave. I didn't bother explaining it last week, but if you look back you will see that i identified a 5w move followed by an ABC which reacted perfectly (in the end) off of the 38.2% and 61.8% retracement fibs (this was likely a wave 1&2, thus we will have take off thereafter for the 3rd wave)

My point being, knowing this, i would not expect much of a pullback while in this wave and thus there was a great trade yesterday at prior demand up to fresh highs. This would have, could have and should have seen 200+ticks. I ended up +36 with my efforts regarding trading 123 pullbacks on the faster tick chart...

Again, i start to question which method or approach i should be using!

The reason i asked is i plan the trade then trade the plan! NOT PLANS!!! 2b and 123 break pullback s and d must be present(THRUST BAR)

When i see a 3w move like this, i presume it to be corrective (X wave of a WXY move) and that means fresh lows, thus we can play pinball;



Play the long move back towards prior Supply (it needs a reload of sellers to break below) and then the retrace back into it for a short to fresh lows.

I am learning to keep looking left!) The point is, what goes up quickly often comes down just as quick (and vica versa).

Only time will tell if this is correct, but the 38.2% retracement fib level that i mentioned above showed a perfect reaction (so far);



This would suggest that the 4th wave retraces 38.2% of the overall 3rd wave as standard practice, (but as i've noted before it is unusual for the Nas to be so pinpoint accurate, thus i haven't been trusting it as much as perhaps i should be!).

A fresh low now and i would suggest that the count is wrong, as the 4th wave would appear to be out of proportion, plus it will have blown the fib level too.

Evening all

Got my entry on UCHF, going to play it towards the supply area 9420-9470 give or take

H1:



Edit: closed for 1.1R

not that other plans dont work but 1 plan may enfluence you not to take another plan. here is your chart 1 plan

On the above chart notice every pullback had a thrust bar that tells me where supply and demand is no thrust bar I leave that pullback alone

H, i notice you havent been taken the hooks as much. Is there something that disqualifies a hook? Thanks!

hey Jason using a 133 tick chart is to fast to take hooks

Did a video explain when I take pullbacks and why I don't take other pullbacks

Thanks for your time. Always appreciated !