Plan the Trade

Looking at less is more, with 15 risk. Thought i was staring straight at exactly that - a 15 tick loss, but it turned. I wasn't greedy enough with order, by the looks, hey ho, it reacted. Gut instinct is trend continuation and fresh highs, but there could be a nasty retrace at prior Supply so that is target;



Locking in 40 at first;



and result;

Gunning for 7500 isn't she?!



Or is that too obvious?!)

almost got 3 one got up 23 wasnt going to give it all back

+7 which is just enough to cover fees. Fck it...

Interestingly, i just took a -15 following the plan of my last chart, but as soon as it broke below the last low i found myself wanting out. 15 risk seems a lot. I could easily be down 30 now.

It's funny, but i've just added the 123 label on the chart;



and it just goes to show... i've already disregarded what i wrote this morning... trend first, then pullback, ONLY in that direction... thus when a large 123 forms such as this, it's just too risky.

Ended at +27 after my 5 trades ... just took the 7468.50 trade two ticks too low otherwise that would have been a great one too ... but I am satisfied ... feels much better to trade like a sniper than a machine-gunner ... practice practice practice ...

just got back even:

Elliott wave now...

I've labelled the start of this move. The giveaway for me is the clear 5w cycle for wave 'c'... Once it broke below that, (top red line) i had a strong feeling that we had just printed an X wave and thus we have much lower to follow in another 'abc' set as a minimum, the risk was getting in with 15 tick stop, in case it pulled back further;

As always CG nice charts though I would have sold the iv high part of candle we had a strong pullback from the low and sellers came in and drove it down to new low to me that's where sellers are most likely to attack again and they did if you look left price stalled before supply came In

It must be soooooo annoying when all you want to read is Harold's posts!)



I'm still trying to work out if i'm at all offended!)

Don't be CG he's my only fan lol

Well, maybe i shouldn't turn my back on EW completely... i'm thinking that combining my wave counts together with pullbacks to Supply/Demand levels, means only risking slightly more ticks-wise, but i've started running positions for longer according to likely count;



For those that are interested, i've included the large blue lines, cos further to earlier chart, once we get the bigger X wave, it then means we are now looking at a much larger drop then previously thought. See what i mean, with the larger X wave (indicated), it is out of proportion to previous pullback... once another fresh low is printed, we should now have a far larger drop.

Even with that in mind, i couldn't chase down anywhere near as many ticks as was available (thus far), i got taken out on a little pullback... but it is so so difficult to let positions run so far, due to the fear of a bigger pullback wiping out a healthy chunk.

Maybe i should revisit SB's and larger targets.

After the W notice price went up to your down trendline then had a slight pullback when buyers came in via the pin bar 2 setups followed also from your A area big thrust up the pullback twice to long

Nope, must genuinely dislike us. Guess he won't know how to do this if ignoring.

I do see them H, just playing around with the idea of aiming for much bigger targets, but trading with SB's instead, (thus larger initial risk). In all honesty, if it worked out that it was possible to have some 40/50 point winning days, that equates to 160/200 ticks, so eventually, despite the bigger monetary risk using contracts, it would be simple enough to switch... if it meant accumulating 600+ ticks a week, i would be a very happy chappy!)

It is true that if you pan out a bit, the picture becomes a little clearer... well, lets see... it works whilst it's covering as much ground as it is currently.

Getting 2 25 tick trades with 2 contracts gets you almost the same money per week at least that's my business plan for my 4 days a week of trading

Done with the Dax +26

Interesting ... the first trade looks like it was a buy limit type of trade ... why did you sell?
The second one you did not wait for a pullback ... any reason why?

If may start by saying that I don't always trade à la CG or Divergence. So if posting charts offends anyone, I won't take it personally and I simply won't post them. Similarly, the Dax is a very different animal to the NQ from what I've observed, again I won't post if it detracts from the overall theme. I often question myself trading the Dax in the AM because I have to change my mindset at 3.30 to trade the NQ, not sure if it scuppers me somewhat. Anyway, since you asked...

I'll often wait for price to try to go higher. When I'm satisfied that its going to fail, I'll have a sell limit etc. waiting. I also look at big long bars with no interference as gaps, if price has struggled to fill them or looks over extended, I'll take a short. And, if a (real) gap has filled and there is no follow through I'll look for a short. I was late on my second entry.

If you look to the left on the Dax (not shown on my image), there is a filthy great unfettered bar up. I was kind of hoping that would have been taken out my last trade . But alas...

Not conventional, but I'm not a conventional kind of guy.

Thanks for replying ... I was just curious ... I trade the same way to get into the trend in forex because, like you said, the rhythm is not the same as NQ, more jerky and will less nice pullbacks. It also enables me to catch a trend and ride it out. I just have more false starts with it so use a tight stop loss.

That said I was always marginally successful. I am learning a lot from Mr D and CG and it is making my trading much more accurate.