Disliked{quote}{quote} I don't use it and when day trading the S&P as I do every day, I rarely enter before 10 a.m. eastern time.Ignored
1
- #10,022
- Edited 3:08pm Mar 14, 2025 1:31pm | Edited 3:08pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Here's a day trade I made today based on the 4 charts I showed earlier today in Post #10,018.
I have heard many a trader say "indicators don't work" or "I don't use any indicators"...blah, blah, blah, to each his own.
So I am going to break down the last trade that I made today, and we'll see if my indicators were helpful to me or not.
Down below is a 5 min. chart of SPLG, it perfectly mimics the S&P 500 and the price per share is low enough that I can easily scale in and out of a lot of scares, unlike the SPY which is currently about $562/share.
On this trade, I started off by buying 1,000 shares, then I added 500 more, and then 500 more for a total of 2,000 shares.
I bought the first 1,000 shares hoping for what I call a "55 Bounce" which did happen. Look at 55 ema (orange line) on the chart below.
I added 500 more based on the orange line Divergence on the RSO, the break of the trendline, and a Continuation Trade setting up.
Then I added 500 more based on the small pullback at 3:00 p.m. (I don't like trading after 3 p.m. but I was already in before that).
Here's the breakdown of why I took the trade:
1. Break of the trendline.
2. Touch of the 55 ema followed by a green candle.
3. RSO blue line at, near, or above the green line and had been for most of the day.
4. RSO orange line Divergence...it often foretells the future which it did perfectly on this trade
5. Yellow line RSI (14) crossing above the blue 50 line.
And, I am not even going to go into what things were telling on the 2 higher time frames, but trust me, they did!
6. I exited all 2,000 shares when the Orange RSO line dipped back down below the green line.
I have heard many a trader say "indicators don't work" or "I don't use any indicators"...blah, blah, blah, to each his own.
So I am going to break down the last trade that I made today, and we'll see if my indicators were helpful to me or not.
Down below is a 5 min. chart of SPLG, it perfectly mimics the S&P 500 and the price per share is low enough that I can easily scale in and out of a lot of scares, unlike the SPY which is currently about $562/share.
On this trade, I started off by buying 1,000 shares, then I added 500 more, and then 500 more for a total of 2,000 shares.
I bought the first 1,000 shares hoping for what I call a "55 Bounce" which did happen. Look at 55 ema (orange line) on the chart below.
I added 500 more based on the orange line Divergence on the RSO, the break of the trendline, and a Continuation Trade setting up.
Then I added 500 more based on the small pullback at 3:00 p.m. (I don't like trading after 3 p.m. but I was already in before that).
Here's the breakdown of why I took the trade:
1. Break of the trendline.
2. Touch of the 55 ema followed by a green candle.
3. RSO blue line at, near, or above the green line and had been for most of the day.
4. RSO orange line Divergence...it often foretells the future which it did perfectly on this trade
5. Yellow line RSI (14) crossing above the blue 50 line.
And, I am not even going to go into what things were telling on the 2 higher time frames, but trust me, they did!
6. I exited all 2,000 shares when the Orange RSO line dipped back down below the green line.
Always a Student, Never a Master - Emulate What Works
- #10,026
- Mar 15, 2025 3:51am Mar 15, 2025 3:51am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works
- #10,027
- Mar 15, 2025 9:42am Mar 15, 2025 9:42am
{quote} You asked me: "Was curious as to where you personally would enter a short position on the following chart" I answered, but you also must keep in mind what I wrote on Page 1, Post # 1: "What you must understand is that what's presented, as it's presented, is NOT a trading system. A system has concrete rules with no variables. Methods don't. What I am presenting are trading methods, tips, and suggestions. Multiple trading methods about ways to enter and exit trades (with others likely to follow). The only concrete rules there are, are the...
I keep trying to figure out a way to use chatgpts API key and integrate it somehow into a trading view alert that analyzes everything in the past and present, including support and resistance, wedge formations, readings of indicators and EVERYTHING. To tell me EXACTLY where to buy a sell.
Haven't figured it out yet unfortunately lolActually, it would have to be the other way around huh? Somehow code an Indicator that can outsource all the information from the chart continuously. E.g. indicator placements, bars, time, everything, and have that sent to an AI. Then the AI can make decisions and give me a push notification "go long NASDAQ, perfect setup for a 1:2 R:R, price broke previously high, pushing towards next" or something. I dunno. I feel though as this would have already been done if possible.
Trying to learn how to learn how to teach a robot how to learn
{quote} The whipsawing is consolidation. Needed for big moves. Kind of like that spring method he mentioned a while back. Anyways... I have tried it but with pretty much B/E success But don't take my word for it I'm just providing feedback on your question from my own experience. I'm still learning this method, I've only been using it little over a month and I work a day job so my experience is still limited given the others time frames. I find that shit (btc)to be way to volatile lol. To many big moves quickly get me stopped out. If I had a bigger...
This thread makes my weekly fix for encouragement thanks NOT ONLY to Robinhood but all members.
Now, that is the ONLY symbol that is really messed up in lesser and greater timeframes during day trades
Sure, you can have a big account but under 15 mins , it either swings wild and makes you lose confidence over how frequently can you make profits, or you can scalp riding very small section of the movement, that is counterproductive especially when so many symbols have better result. I tried it many times even with stacked averages and waves but it always overstays its counter move
At 15m there is hardly any patterns showing many days therefor hard to make it a main vehicle for daytrading although it is always open
About my other question, I watched how Robinhood explained that he suggested Micro futures to new traders, but the capital needed is misleading even form small accounts.Since he has no issues with capital, I was wondering what is disadvantage of trading futures when you get expertise and capital.
- #10,031
- Mar 16, 2025 7:05am Mar 16, 2025 7:05am
- Joined Oct 2020 | Status: couldn't give a flying duck | 7,377 Posts
- #10,032
- Edited 11:30am Mar 16, 2025 8:16am | Edited 11:30am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
{quote} Thanks
"About my other question, I watched how Robinhood explained that he suggested Micro futures to new traders, but the capital needed is misleading even form small accounts."
TradeStation is one of the most used brokers to trade Futures with. Referencing their website, as I did at the time, I said that you needed about $167 to day trade 1 Micro E-mini S&P 500 futures contract, but that I would suggest that someone have at least $200 because you should always have some extra cushion above the minimum margin requirement. Margin amounts vary constantly to fit the current volatility of each market traded.
So I just created this image from TradeStation's website about their current margin requirements.
Or go take a look for yourself on their website: https://www.tradestation.com/pricing...-requirements/
_______
Always a Student, Never a Master - Emulate What Works
- #10,033
- Mar 16, 2025 4:09pm Mar 16, 2025 4:09pm
- | Joined Apr 2009 | Status: Trader | 1,197 Posts
Trade to enjoy... Money is after!
- #10,034
- Mar 16, 2025 5:00pm Mar 16, 2025 5:00pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works
@RH
thanks for the details -
the reason I was interested in asking about CME is a central exchange can give more confidence in withdrawals from brokers who are already registered and regulated, unlike CFDs that are decentralized and often unregulated in jurisdiction of customers. This also being a 24X5 exchange with lower than PDT threshold helps a lot for rtetail traders. Even a safe buffer for micro e mini is far less than day trade requirements in NYSE (I used Scottrade and e-trade)
so I guess you DO trade in futures at present also, just this thread is more greared to Stocks and CFD.
@Webb1003
Leaving BTCUSD for now
thanks for the details -
the reason I was interested in asking about CME is a central exchange can give more confidence in withdrawals from brokers who are already registered and regulated, unlike CFDs that are decentralized and often unregulated in jurisdiction of customers. This also being a 24X5 exchange with lower than PDT threshold helps a lot for rtetail traders. Even a safe buffer for micro e mini is far less than day trade requirements in NYSE (I used Scottrade and e-trade)
so I guess you DO trade in futures at present also, just this thread is more greared to Stocks and CFD.
@Webb1003
Leaving BTCUSD for now
- #10,040
- Mar 17, 2025 6:49am Mar 17, 2025 6:49am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works