Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
@MaxFutures: "On your thread, you have a few videos of your partner who you were mentoring for a combine. How has she got on?"
She was doing quite well for having only just started a few weeks before those videos. She ended up taking a full time position with a company her brother owns and may do a combine at a later date.
@adam6540: "Why do you trade range charts versus tick charts?"
I trade them mainly out of familiarity. Back when I was trading Forex, I was using range charts. I had watched price move on them for so many years that I really learned to get a "feel" for the price action on them. I have tried other bar types and of course I watch higher timeframes on 5 minute and two minute charts at the same time. For my entry and timing chart I seem to like the 5 range. However, the system could certainly work with tick charts. I have tried different ones 250 tick chart, 450 tick chart..They work pretty good. I guess I am just used to range charts and prefer them. I do think at some point in a trader's journey, it's best to not constantly switch bar types etc..otherwise you never have a consistent frame of reference to view price movement through.
@adam6540: "How do you determine if the V bottom setup is going higher versus just a pullback?"
That's the real challenge of it all and it's not always easy to determine that. Some of it has to do with having a new fresh wave at a good price level. If price is going long and hasn't hit any real resistance level..even if the overall trend on large timeframes is short, the first couple of pullbacks can still have a good chance for success. If you watch NQ, it usually has these moves, that for at least a few minutes are going in a strong directional manner. If you can get in on a V or W pullback and it hasn't hit any resistance, they have good probability. If price is making a big swing, don't try to always jump in a tiny pullback. There's a good chance the pullback could be sizable, if the swing was big.
@luvlife365: "This AM was a huge chopfest (after the fact.) Is there anything you use to determine when to stay out or not trade?"
Sometimes it's not always easy. One thing I do is generally do what I call "Feeler trades" on SIM for the first 20 minutes of the open. Generally if I find I'm losing virtually every trade and price is chopping around, I am going to really try and wait until I see the type of price movement I like. Monday's sometimes have a lot of that before price finds a direction. Also, if the market is waiting on some sort of news or already made some sizable pushes. Generally if my 5 range chart is showing a lot of what you see here in this pic, then obviously I'm going to wait. The 5 range bars tell me a lot as opposed to watching higher timeframes when it comes to choppiness. trade chop suey
I tend to draw them over swing highs and lows that I feel are ones where price will react. Some of those swings are areas where price has interacted and tested a few times. Also where there was a range that price broke out of is a place I will mark up. And then I adjust them on my 5 range chart throughout the session. Here's just a screen shot from a trade from today. You can see price pulled back to an area I drew earlier and provided a nice V formation setup.
Hey @lancelottrader, just wanted to say fantastic job on the webinar! And shout-out to @Rrrracer too for a great job hosting!
It was nice to hear you talk about your path and to see some of the parallels with my own. I thought I saw somewhere in your journal that you used to struggle with closing profitable trades too soon (I can't seem to find that piece at the moment). I have been fighting to overcome this for some time. I finally think I know what I need to do after a massive amount of soul-searching, but was wondering (assuming I did read this in your journal) if you could talk a little about how you overcame this tendency? Always neat to see how different traders overcome these common obstacles many of us seem to share.
Keep up the great trading and I wish you continued success!
Yes, I think early on, like many traders, I had trouble holding trades long enough to hit the targets. When price starts hesitating and moving against our position, it can be very tempting to just close it out prematurely. In my case, I noticed the main reason my SIM results were so much better than live was because I didn't interfere with my trades. Since there wasn't much at stake, it was easy to just sit back and watch them work their way up to the target. Here are a few things that helped with this problem.
I began to really learn how my instrument moved. In the case of NQ, I saw that it really liked to retest certain areas like previous swing highs and lows and little areas where small ranges had just been broken out of. Having my stop clearly behind these "retest" areas meant that even though a trade might take some heat, as long as my stop didn't get hit the trade was still valid. Also, I realized my targets needed to be in a place where price didn't have to travel through little obstacles (real time support and resistance that form during the session) to reach. Then, learning not to move my stop to quickly to breakeven. Eventually, taking so many live trades that I trained myself not to exit too early. However, I still get that bit of adrenaline when I am in a trade and it's always tempting to take profit early. I just restrain myself for the most part.
Thank you so much for the nice words and comment.
Really enjoyed watching the recording of your webinar. As usual you did a great job explaining your trading and set ups. I've taken a crack at similar activity on NQ and CL. Even though I am focusing more on the 5 min right now I still have a little 5 range NQ window up in the corner of one screen because I see what you see...and sometimes those tiny little swings that are invisible on most other time frames are great clues.
Like this moment where the 5 min has doji's that could go either way but NQ on 5 range looks exactly like a market getting ready to pop down.
I do have a question that I thought of before but in watching your webinar want to ask now. Do you have hot keys or some other method for quick entry? I use just mouse click and then choose the order I want but in those super fast micro swings it seems like it would be too slow. And I've tried hitting buy or sell the bid and ask but that too can change significantly in 2 seconds on NQ.
I guarantee there are some guys out here with new 5 range charts up having a crack at the Beast... as you make it look quite simple but I know for sure...it's not. Thanks again for the detailed webinar...good job.
Craig
Until you make the Unconscious conscious, it will direct your life and you will call it Fate...
Thank you very much for watching the webinar. I appreciate it. I do use hotkeys sometimes..For example, I have the F8 button on my keyboard set to allow me to move my stop to breakeven..which is much faster than dragging my stop loss bar on my chart trader to the entry. Also, I have the F12 button set to close out the trade in the event I am using my mouse hand to drag and drop my target or something else. I have another set for an entry but I usually enter on a mouse click.
Just noticed when I looked the at the webinar on youtube that the view count was at an "interesting" number. Taming the Beast now looks like the Number of the Beast..if you get my drift. If you saw any of those Omen movies, you'll understand what I am saying. Should I be scared ? 666 views presentation
as you make it look quite simple but I know for sure...it's not. Thanks again for the detailed webinar...good job.