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Plan the Trade

  • #941
  • Jun 16, 2017 10:15am Jun 16, 2017 10:15am
Easier to see with a chart what i mean;

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Again, the 3 options... short off of VPOC, or the pullback, or the 123 trigger, i chose the wrong option! (or should have moved stoploss quickly out of the way for the retest!).
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  • #942
  • Jun 16, 2017 10:24am Jun 16, 2017 10:24am
that 9375 valley lined up with Mondays poc and I saw price find support there before market opened. you must have lines up and do the prep work before session so profile looks right in context of the pa that's happened Hey mc you only need 1 hour a day to make money over trading will kill you mentally and financially
  • #943
  • Jun 16, 2017 10:40am Jun 16, 2017 10:40am
so here is a scenario we come across price goes down from POC then comes back we short again and it goes up 8 or 9 and we end up +1 what next? well price goes above POC
then trade the pullback to POC
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  • #944
  • Jun 16, 2017 10:51am Jun 16, 2017 10:51am
Yeh, more often then not, the market obliges and gives a reaction off of the level, even if it then continues to trade through. This usually gives you the chance to get out for +1 (not always), but trade the retest after the level has broken and you get your winner, so 10 risk, 20+ win ratio works.

When it is trending hard, it covers 20 in a flash, so if the next target line is further away, i like to chase each candle up with an aggressive stop. The volumes lately have been incredible, so it can be both dangerous but also highly rewarding...
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  • #945
  • Jun 16, 2017 11:17am Jun 16, 2017 11:17am
Quoting Divergence
so here is a scenario we come across price goes down from POC then comes back we short again and it goes up 8 or 9 and we end up +1 what next? well price goes above POC then trade the pullback to POC {image}
Harold, hi! I do not get to set the chart for trading nasdaq to SierraChart. Can lay out your configuration file - chartbook, with which you are currently trading? thank you very much in advance
  • #946
  • Jun 16, 2017 3:27pm Jun 16, 2017 3:27pm
would have alright working off wednesday's el as well:

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Become the casino
  • #947
  • Jun 16, 2017 3:37pm Jun 16, 2017 3:37pm
Quoting nikson84
{quote} Harold, hi! I do not get to set the chart for trading nasdaq to SierraChart. Can lay out your configuration file - chartbook, with which you are currently trading? thank you very much in advance
Its tpo charts in studies
  • #948
  • Jun 19, 2017 4:54am Jun 19, 2017 4:54am
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Become the casino
  • #949
  • Jun 19, 2017 7:51am Jun 19, 2017 7:51am
Huge moves again today, this seemingly small bounce off of HOD extreme is 20 ticks...

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  • #950
  • Jun 19, 2017 7:54am Jun 19, 2017 7:54am
Nice overnight and pre-market moves. These are great re-actions at these 2 extreme levels (Extreme on June 15 and on June 16). Makes for a solid level.
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  • #951
  • Jun 19, 2017 8:05am Jun 19, 2017 8:05am
great work guys .. i think that's the key - working out where there is s/r pre-market open. we now know that the levels of interest for the time being are 5718.00/5727.25/5735.75
Become the casino
  • #952
  • Jun 19, 2017 8:21am Jun 19, 2017 8:21am
my premarket levels
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  • #953
  • Jun 19, 2017 8:27am Jun 19, 2017 8:27am
Fairly well - snap;

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all 25/30 apart )
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  • #954
  • Jun 19, 2017 9:19am Jun 19, 2017 9:19am
Fatigue/Euphoria taking over now, so will end it there i think. Was aggressive with stop chasing today and had mixed results (understandably). Prob overall would have made more if i gave it more room, but still ended up +62 with 8 trades (including a short from TPOC 6-14 a moment ago).

Most of the gains came long through the valley, short off of VPOC & VH 6-13 and then using Buy stop for 123 trigger above VPOC & VH 6-13.

To me PA was corrective and acting like a coiled spring, (red circle). I felt that it was worth taking on the 123 trigger using a buy stop as opposed to waiting for 123 trigger and trying to get a pullback - I was right as it took off North almost straight to TPOC 6-14. I got taken out early with my stop chase, despite my confidence that it would reach there, so i'm a little annoyed with myself - still need to relax yet and follow my instincts;

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  • #955
  • Jun 19, 2017 9:32am Jun 19, 2017 9:32am
Challenging, but I made some good trades once patience kicked in around the levels. 12 trades for +34. About 4 of the trades went +12 or more and then came back to BE+1. After I had that happen multiple times, I started taking small profits off the table.

Here's my 3 better trades of the day:
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  • #956
  • Jun 19, 2017 10:12am Jun 19, 2017 10:12am
nice day
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  • #957
  • Jun 19, 2017 10:33am Jun 19, 2017 10:33am
finding patterns off these levels as well and just using them are s and r is amazing to me. I have been trading for 16 years and have not seen anything like it
  • #958
  • Jun 19, 2017 10:37am Jun 19, 2017 10:37am
Quoting Divergence
finding patterns off these levels as well and just using them are s and r is amazing to me. I have been trading for 16 years and have not seen anything like it
Totally agree H. All levels were already on charts and yet it is so clear to see the reactions. Even if sometimes our minds want to see something and makes it fit... you simply can not argue with them! Given time, i'm kind of finding that my EW view can fit in nicely... the corrective chop and subsequent 123 break out from 5753.50 being a typical example earlier...
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  • #959
  • Jun 19, 2017 10:40am Jun 19, 2017 10:40am
the ew patterns are the 123 2b setups and when they happen at these levels ride the wave
  • #960
  • Jun 19, 2017 10:43am Jun 19, 2017 10:43am
Quoting marinecorps
Challenging, but I made some good trades once patience kicked in around the levels. 12 trades for +34. About 4 of the trades went +12 or more and then came back to BE+1. After I had that happen multiple times, I started taking small profits off the table. Here's my 3 better trades of the day: {image}
MC way to many trades my friend. Try this as a money management tool when up 6 have stop automatically moved to -5 when up 9 automatically move to +1 then when up 16 lock in 10
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