Plan the Trade

I had read in one of your threads where you used a 13 tick range bar.....
Guess you have made some changes.... What are your parameters now? Thank's
Merry Christmas to you and yours.....

that was quite a few years ago I just use 30 second bars then trade pullbacks to s and d area

Just posting for posterity;

Crude (weekly);



The wave structure fits nicely. I wrote a couple of years ago, (when we started the 4th) that the low wasn't in yet, but i didn't expect it to retrace as far as it did.

Using Elliott Channels, we draw a line connecting wave 2 & wave 4 and then draw a parallel off of wave 1 for end of wave 5. Now take the fib levels of Wave 0 - 3 and the 61.8% fibonacci extension is standard target for end of wave 5 (and cycle complete). The two targets line up for a very aggressive wave 5.

I also doubt that we will see oil recover so fast the next time, so energy exporting dependent countries are really going to feel the pinch over the coming 2 or 3 years. In fact, i predict the Russian economy to collapse, possibly even breaking up the country. Dangerous times ahead.

Regarding the Markets in general, we are no longer in a correction. This is Bear market territory and we are nowhere near the lows yet. There will, of course, still be (as posted elsewhere) multi month bull runs in-between.

OK , thank's for the reply. Keep up the good work.

hmmm volume still great trading can be done nice

went short 31.75 +20

Now that's what you call buying volume!)

Wow, is that right somewhere around 1,800 ticks of ground recovered today! Nothing moves like this baby)

Was able to grab one quick winner myself and quit earlier. Boy, the market certainly kept moving today !

+27, 2 trades. I'm done.

sold supply candle 6350 up 24 grabbed 18

demand at 4875

bullseye +25

nice .. i took the next one unfortunately

wow had order to sell at 55 candle jumped at me and filled me for +10 what a break thats enough

looks like we get no slowdown for christmas week nice

Climbing again now . . .

1000 tick reversal...

seriously..what the hell lol

I had a look yesterday, but the volatility lately makes things mighty difficult without increasing stops (imo).
I tried reducing both time and tick-rate, but that just makes things happen so fast, unless you are using auto stops, it's simply too fast! There is also quite a lot of slippage and my spreads are showing two ticks constantly.

In all honesty. I have probably picked a good time to be within the safety of demo. I just don't have the 'nads' to deal with the larger stops, (even though there are some huge gains to be made on the flip-side).

Watching, waiting...

Just a simplified recap of our system;

Identify trend using simple Market Structure (HH's/HL's or LL's/LH's)

123, trigger, retest Supply/Demand at point 3.

The easiest way to explain the difference between Supply/Demand & Support/Resistance, is generally the size of the area we are looking at. Support or Resistance will be a much smaller area - basically a line in fact. Often you will see a previous (exact) level, broken with impetus, only to see that line retested now from the opposite direction. This is S/R.

Supply/Demand will be a more general area, usually where battles occur. Buyers run into sellers or vica versa, who-ever is the strongest will eventually win the battle and a further breakout, or reversal occurs. Look for that breakout in either direction to be retested to pick up the leftover unfilled orders, to join in...



here's the thing, if we are greedy, we want to join in the whole ride, but how do we know that a breakout is not just a last ditch attempt, which then fails? We don't, but if we assume there to be at least a reaction at these places, it gives us a chance to get our stoploss to BE for safety. That's why we only look to grab a small handful of ticks as a target. Where Price goes thereafter, i don't care, cos all i want is a system where i can get to safety more often than not and hopefully the reaction at these retests go on to be full continuations or reversals, thus a winning trade.

This means, a decent percentage of winners, a reasonable percentage of BE's and a few losers, (and reward is at least two times risk) and this is set automatically



It might sound complicated, but it's actually simple. This is the best way to day trade (scalp) with success... anything longer than this is more investment type trading. Using any indicators has a lagging effect and your entry requires much more room (more risk), thus the need for much larger gains to balance it out. The same can be said for any kind of breakout strategy... crossovers, 123 triggers etc etc

If you enter at a place which has already been seen to show a reaction, you stand a high probability of seeing another reaction if/when it gets retested and thus safety as a minimum..