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Thought I was done for the day and went to get a haircut. Came back and saw a nice afternoon move a few minutes ago for another 100 ticks.
Have a nice weekend, everybody. trades 5 7 21 afternoon 100 ticks
I just enjoyed listening to your first video about mistakes. Very informative. Hopefully, others will pick up on it.
One of my traits (possible fault/possible asset needing restraint/self-discipline) is to look for a trade "under every rock". This morning, very early, I came across a video on ADX which I never used nor understood. I only use an indicator for mostly divergence. My 1&2 minute charts have been similar to yours, mas o menos. So, I always enjoy your videos as they are very relatable.
I studied up on the ADX and after applying it to my chart, I was pleasantly surprised that it revealed divergence but more importantly it showed areas of "weak or absent trend".
So, in reference to your 5/7/21 afternoon chart, I reference the period of about 11:12-12:12. During this time the ADX was declining from roughly 18 down to 10. The ADX was in the "pausing" area. So if I was watching price at the 11:11 period, the ADX would tell me that I need to NOT look for a trade. It was at about 12:12 that the ADX started rising indicating a trend starting.
The ADX is surely different that the MACD type of indicators.
Do you have any thoughts on the ADX? It's the only indicator that I have on my chart except the MA's.
Hi there. I was recently sent a message by a person that has been in the trading game for years, as a broker and trader ..and he suggested I use the ADX..He felt the 14 settings that are default were too high and to go to lower periods as far down as 5...I am going to look into this and see what time frame I want it on and what setting seems to work best. So, yes, the ADX may very well be good for NQ trading.
I will check out the smaller period. I installed the ADX on my fast trading chart and then on the 5 minute. I use a 5 minute for the longer time frame as my wife is a 5/15 minute trader and that gives us some base to chit chat about movement. She only looks for certain setups. Maybe only a couple a day. Whereas, my own approach is pretty much the same length of trade time as you.
Once I installed on the 5 minute, it was not long til I removed it. I don't want to waste time interpreting to many indicators. It distracts me from the price action.
With that said, I plan to keep it on my fast chart as that gives me an idea of when to stay out of those flat spots and possibly see some divergence here and there at those DT's and DB's.
I watched your podcast again this morning.
Sincerely, you have brought a lot of value to the futures community!
You are one of just a couple of traders that speaks a strategy language that resonates with me. It's been a challenge to head down a path, over the last years, that the vast majority of traders don't go down. So any video you present is very enjoyable. It's always affirming to see someone else do what you can relate to.
Anyway, thanks for the feedback. Looking forward to seeing how the ADX can keep us out of the chop.
Definitely made some poor trades today and had a few frustrating moments but thanks to the risk/reward ratio, I got away with it. Here are today's trades.
Glad to see you're liking the new target:stop method. Have you ever messed around with a trailing stop? The way the NQ can run that might be a way to catch some big fish.
Yes..I have used various forms of trailing stops over the years with mixed results. I have trailed using a fixed number of ticks..or trailed my EMA or by swing highs and lows. I even had an auto trail program called Trade manager that had about 50 programmable ways to trail a stop.
For the sake of some solid mathematical statistics, I am trying to have more of a fixed 1:2 risk/reward ratio right now for a few more months. Now, some trades do scratch..there are a few where I feel I need to take profit at 50..but most all are 50 tick stop and 100 tick target trades.
