Plan the Trade

Stopped early due to oil report.

I've already been there and done that, several times... gone round and around in circles, but i've given up trying anything other than the NQ nowadays. The Dax sometimes moves plenty, but not often enough. I'm finding usually 15 to 30 minutes is all that is required for the NQ almost at any stage of it's session, but often the Dax doesn't play ball...

5 mins today and one trade;



So apologies for EW labeling, but it has been paramount to the success of my trading recently and i'm finally starting to knit the two methods together.

Here is what i saw - the double top (likely A&B) which will be followed by a 5w C. I've labeled them. It takes me 20/30 seconds or so to label it on a chart, but i see it in an instant. Thereafter we get a 2B. That is in itself enough for me to take a pullback, but here, it spat the candles out so fast that i missed placing my limit by a fraction of a second. Under the circumstances, i decided it was worth chasing. I hate doing so, but i had visions of it flying up to the prior Supply.

I've added the red limit order line at the low and that would be entering on the view that it was likely end of current wave, the 2B and subsequent pullback - so that is combining all methods.

I sat through the pullback wondering if i had done the right thing. I think if it were live, i would have chased my stop and ended up with what was on the screen at the time (+25), but i wasn't expecting a deep retrace (a likely subwave iv, is usually shallow) and that was the case here;



I'm still really apprehensive at the start of each session and the longer i go without a losing day, the worse it gets, (funnily enough). Certainly pride and determination are bringing some reality to the table.

I know that i will have setbacks, but it's how things go thereafter. If it is just one bad trading session and then back to winning ways, that will be great. That remains to be seen.

These set ups are far more clear on tick charts

CG and everyone else never chase a trade there so many setups just catch the next ride

Really enjoying every session now;



Don't know why i tried long at gap close, regretted it quickly enough though. The same with the next one, i knew it was wrong straight away. What's worse is it gave me the chance to get out for BE or -1, but that is when hope takes over! -10 soon followed.

With the last Supply broken, it looked like back up to where we just broke out from and that was the two winners.

There was three big moves that i missed by a whisker, but here's where i see myself improving - normally i would throw my toys out of the pram, but i'm becoming calmer and able to simply move on to the next.. now, that is merely in demo...

I know what i'm facing when starting live contracts, but if i am still seeing improvements on demo constantly, it can only be a good thing.

Personally, i think after the switch, it will set me backwards quite some way at first, but then it will be a case of replicating the success and improvements as with demo, until being able to trade as freely with one contract... then 2, then 3 etc... well... that's the plan!

Here's the bigger view on 400 trades. I just missed the break out of the wedge by a whisker too(((



+52, 5 comms

Thats good news CG !

[quote=The Cableguy;11019392]{quote} I've already been there and done that, several times... gone round and around in circles, but i've given up trying anything other than the NQ nowadays. The Dax sometimes moves plenty, but not often enough. I'm finding usually 15 to 30 minutes is all that is required for the NQ almost at any stage of it's session, but often the Dax doesn't play ball... 5 mins today and one trade

You are right there, the DAX sometimes moves nicely but other times not and that is where I started chasing trades and then of course getting burned .. the impatient fees

I am testing the Infinity Futures platform now and must say the tick charts is effective ... I have been using Metatrader 4 up till now.

+22 Dax this morning, I took it because of the previous blast offs earlier (and the retest of the 2 blue bars at entry). But the minute I saw it morphing into a large blue bar, I closed it on candle I entered on.

Didn't like the previous bar quality and PA to take the large white rectangle.

Not a trade I'm proud of but there you go.

Had a play about with the DAX on a tick chart, 70 ticks starts to show some action but tricky to trade (for me anyways).
I'm giving up on anything apart from the NQ!

I think that is a wise move. Some days the Dax can be brilliant, the trouble is it is hard to know when those days are. And if it knocks you about in the morning, you are not in the best frame of mind in the afternoon. I was reared on the Dax, and it is a hard one to break. I'll have to dig deep...

You end up chasing trades and hoping when there is little movement/volatility imo, I've wasted far too much time on currencies, there just isn't the volatility to day trade now (at least I can't make it work). Maybe it will come back at some point in the future. Long live the NQ!

though theres decent volume in futures currencies it doesn't equate to a lot of movement. take for instance the emini s and p the es it has the most volume of them all but very little movement then nq has decent volume and a load of movement all day long its been averaging 400 + ticks a day since feb and its at 650 a day now before that it was 200 still tremendous I don't see a better market to trade

I agree, one of the issues with trading for me is there is so much stuff to trade and then I end up trading nothing well ... better to focus like our mentors are showing us.

another 4 minute trading session

Not a great start.
2 +10s and one -15 since, and a few NCs

market was down 120 and within minutes its up 40 where else can you get that kinda movement

better to wait the first 5 minutes and you took a cranny

Agreed!

Thought it may have ran since just broke out of a range, def needs a good 5mins to balance.

1 thing I have learned trading 133 tick charts is to be very patient