Plan the Trade

I always enjoy you thought process CG this thread you started you named it perfectly

What a market it was up 400 ticks gave it all back now it's up 600 ticks

I keep a bigger chart in view and i held the view that we need to print a HH over the last sig LH to the left, it is also just above the HOD extreme at approx 6721ish.
With that in mind, you simply have to jump onboard any way you can when she gets rolling!

Funnily enough, i still managed to take a losing short! minimal damage and a long to end up +32 with 3 comms;





I've disabled my auto stoploss for the moment and am trialling the idea of standing 1 retest. If it sees more losers than the safety of +1's, i will reactivate it. The idea is, how many -6's vs how many missed +20's due to a needless stop out - there needs to be 3 times more losers than winners, so we will see how it goes.

I have contemplated that but my very first rule is remove risk as soon as possible the +1s will be there but I only need 2 wins a day

Yeh, i thought i would trial it and see how it goes. Too early to tell yet)

The thing is how can you trail it. The only other thing is move stop down to the candle that triggered the trade it's high or low

Ah - 'trial' not 'trail'... i mean, i thought i would give it a try)

Gotcha the idea of moving stop limits the loss and may give trade some time to unfold. As for me it ain't broke so no need fixin it

CG I have IG on the enhanced charts (been looking at the US 100 which is similar-ish to the NQ) but don't think the way H trades is possible on spreadbets, as you rightly said for a start 1 point for us is 4 for H.
I think Infinity Futures also do a demo a/c are they similar to AMP which you use? There doesn't seem to be any equivalent platforms in the UK?

Infinity is sister company with my broker use them instead of amp

Same here CG, the +6 stop is satisfying when the trade doesn't work out but also keeps you from good winners.

Something a bit more complicated such as a 2 candle trailer, but the retest will take you out so i wait for that before trailing up.

I will take trades off of the 400tick (Sierra charts) in my Spreadbet account and demo using 133, it's easy enough to do with the two charts open in front of me.

The 400 trades will be on a much larger scale with 4/5 point (not ticks) risk and 15/20+ point targets.

My stoploss strategy, leaves it variable. I take the trade. If the entry is almost perfect and i get a pinbar away from my entry, i will bring my stop up to underneath the candle, thus reducing risk to say 2 or 3 ticks, as opposed to +1, if the retest is deep, but the pinbar was indeed the low, i stay in the trade for the winner,. If i am wrong, i lose 2 or 3 ticks as opposed to 10 or whatever original stop was set at.

If my entry was poor and PA overshoots by several ticks before reversing, i am more likely to go +1 as soon as i comfortably can, but that's discretion again.

If the following bars continue strongly in my favour, i tend to chase up quite aggressively. I generally always get taken out by stop as opposed to limit. Just the habit that i have accustomed myself too. Sometimes in the background, i will have a wave count and be expecting a fresh HH (or LL if short) and that will influence my aggressiveness of the chase.

So, it is a little different from the set risk and target, but i'm happy with the way it works (thus far)!

Ignore the fact this was out of hours, but in case anyone think it sounds crazy to trade in points as opposed to ticks, here is a typical trade using 400 tick;



The initial risk only really needed to be approx 3 points and had a potential 20 point gain (ok so that's benefit of hindsight), still a great ratio, even with a 1 point spread, just means watching a bigger scale, that's all.

Of course, that is whilst we have huge volumes and massive ranges, but still... imagine trading that way in ticks?)

Does anyone trade NQ through SierraCharts using GBP rather than USD and if so which broker?..

rough day but ended up positive

just got back to even:

start:

it was a rough one that's for sure ras