anytime, you take a trade based on H4/D1 analysis, but you enter on am5/m15/m30 chart.
You have to trade that higher time frame analysis.
Or
You have to trade in the direction of the higher time frame analysis and stick to the entry time frame to manage your trades.
This is why getting to Break Even annoys so many traders. They have an idea based on the h4/D1. But they mix up their time frames for managing the trade when they enter.
My actual stop loss is way down below the Daily swing low and I am actually trading a micro contract.
But I could have used my intraday analysis to get a very tight SL on a mini contract and I could have made 10's of points. The only way I could have come out of the trades with nothing is if I left them to Break Even, without paying myself at the next area of resistance or at a fixed TP. Or if when getting to BE I didn't close out half or more of the position.
here is a screengrab of my actual trade.
The MES is a micro product which equates to 1/10th of the mini. So each tick is $1.25
In hindsight it looks like I should have kept with the mini's and made $4000 today. I wish I had.
But the reality is, if I had traded the mini contract all-day today, there is no way I could have held on through the first large drawdwon which re-tested 2990.
That was a 20 point drop and it would have killed my account for a week.
As it is, trading the micro's meant that I could do more of a swing trade.
My only regret in hindsight is not taking the re-test of 3020 after the clear breakout and re-test but I can work on that.
The MES is a micro product which equates to 1/10th of the mini. So each tick is $1.25
In hindsight it looks like I should have kept with the mini's and made $4000 today. I wish I had.
But the reality is, if I had traded the mini contract all-day today, there is no way I could have held on through the first large drawdwon which re-tested 2990.
That was a 20 point drop and it would have killed my account for a week.
As it is, trading the micro's meant that I could do more of a swing trade.
My only regret in hindsight is not taking the re-test of 3020 after the clear breakout and re-test but I can work on that.
I think that on notoriously difficult days like an FOMC or NFP etc. where the market is essentially going through the rotation looking for liquidity levels, it is either best to stay out or have as much info as possible as to where the other traders are sitting in wait. With a bit of practice, I may actually be able to make a living off of these days. Happy with a +ve day today. Will sit NFP out probably.
Question:
Personally, the granular detail from the range, volume and tick charts is all the same to me in what I am trying to achieve currently.
The only useful thing I have on my chart to show whether or not I should be looking for a trade is the red box.
And from the attached examples, all the types of charts reject that red box so for me they all do the same thing.
For others they may only want to know when the #ticks have filled or a certain range or volume has printed. I am looking for areas where traders are likely to want to slow price down, reverse etc.
I wish we could get the limit (historical) order volume printed on the TST charts would make my life a lot easier.
What are your thoughts on tick vs volume chart? This is something that's offered in the Tradovate platform and the two look rather similar.
Personally, the granular detail from the range, volume and tick charts is all the same to me in what I am trying to achieve currently.
The only useful thing I have on my chart to show whether or not I should be looking for a trade is the red box.
And from the attached examples, all the types of charts reject that red box so for me they all do the same thing.
For others they may only want to know when the #ticks have filled or a certain range or volume has printed. I am looking for areas where traders are likely to want to slow price down, reverse etc.
I wish we could get the limit (historical) order volume printed on the TST charts would make my life a lot easier.
FOMC day, waited for some volatility to come into the market and then pounced on a few scalps.
Figured my luck was not going to win out for the swing trade having seen my $600+ profit come back down to a SL after the initial break of 3250. I honestly thought it would go straight up to 3270 but, after that initial silly trade, I decided not to leave anything to chance and just started banking profits.
Will be looking for 3277 tomorrow, and then depending on the reaction should we get there, maybe come back down to test 3150 or ATH's.
Who knows
- #99
- Aug 12, 2020 11:53am Aug 12, 2020 11:53am
Hello NevFX,
Congratulations on your progress and hard work! I know what a hustle it is to put all the pieces together, interpret them correctly, always finding context and building context around the trades. All the psychology it implies and so on.
I want to ask you, how do you find trading Futures over Forex ? (Assuming you started with FX judging by you name)
Congratulations on your progress and hard work! I know what a hustle it is to put all the pieces together, interpret them correctly, always finding context and building context around the trades. All the psychology it implies and so on.
I want to ask you, how do you find trading Futures over Forex ? (Assuming you started with FX judging by you name)
Living the way my older self would have wished for my younger self. RazvanI
