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How do YOU enter a trade


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How do YOU enter a trade

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  #1 (permalink)
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
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I would like to get a feel on how other traders enter their bread and butter trade.

I have been stuck with one type of entry for quite a while and am looking to expand my repertoire.


So my trade is find consolidation. It can be at an SR level for a reversal or during a trend.
I wait for an "edge" to form in both candles and Volume profile.
I place a limit order at the edge opposite of the trade direction and wait to be filled.

This leaves a tight stop and the opportunity to scalp the channel range after the initial order is filled .

If I am not sure of direction, I simply ping pong both edges - in, until a BO occurs , them place a limit order
at old SR and wait for the classic "stair step" PB pattern that will signal structure.

In any situation, I am waiting for price to come back to me.


I'm am looking for momentum entry methods or any other .

Grazie for any assistance in helping me grow


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #3 (permalink)
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,529 received


I think my next focus will be to find the best way to enter into a classic stair step pattern trend .

So I can either ...

Just wait blind with a limit order just above old SR
Wait for a small consolidation to form on a PB and enter my normal way ( confirmation)

or

Wait for the PB bar to bounce and enter in a momentum fashion with a stop limit order ahead of PA ..
(The entry that gives me the most anxiety )

With the latter, I always feel like I'm chasing


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #4 (permalink)
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To analyse what I feel are the important levels (I do that with simple analysis of support and resistance nothing too fancy) and look for a reaction and trade with the market. Easier said than done, but i'm getting there.

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  #5 (permalink)
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,529 received


sands View Post
To analyse what I feel are the important levels (I do that with simple analysis of support and resistance nothing too fancy) and look for a reaction and trade with the market. Easier said than done, but i'm getting there.


Thanks for your contribution ...

What I am looking for is how you actually enter the trade.

When you "trade with the market" , do you buy at the bid or sell at the ask , just hit Market Enter or use
limit orders for a bit of a retest or a stop order to jump in front ...

That is the dilemma I am facing. I always feel that when I recognize a favorable PA , I need to get a good price.
... so this always involves a PB to a limit order


grazie


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #6 (permalink)
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,529 received

I started this thread because I am so jealous of momentum traders ...

I simply can not make myself just "jump on" ... obviously, this has caused me to miss huge moves in NQ ...

I am trying to remedy this ... It may be as simple as to merely "grow a pair"


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #7 (permalink)
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Hanover, Germany
 
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I used to enter w/ "blind" limit orders as well in the past. It gives an enormous advantage in terms of stops and how much of the move you can catch. However multiple reasons caused me to change it:

1) You just can not know IF the market reacts at that level - if it bursts right through, what happens occasionally, you're toast.

2) that leaves the door wide wide open for mental flaws such as reentering lower (higher) with another limit order, adding to losing trades on multiple layers of S/R etc - wiped out my first account that way

3) You frequently miss moves [I missed them at least^^] because of price reversing a tick short of your limit order. That really pissed me of

I now enter after price has reversed on my desired spot, giving me some advantages:

# I have a definite place to put my stop at
# I enter with the direction of the momentum (and trend, usually)
# I have great odds of getting my fill for a ticket on the train
# I always know when I'm wrong reducing the mental stress and reducing the danger of going rampage

Of course I let some ticks on the table and possibly cant trade tight ranges due to R:R but overall I think I prefer this version. Maybe, when I'm more seasoned as a trader I will go back and mix the good 'ol limit order into my repertoire as well . Time will tell

P.S.: Don't see it as "jumping on" - rather see it as "entering a confirmed signal" maybe that helps.

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  #8 (permalink)
London + UK
 
Experience: Advanced
Platform: Proprietary Analytics
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Trading: Currently European and US equities
 
sands's Avatar
 
Posts: 443 since Dec 2013
Thanks: 249 given, 227 received


tderrick View Post
Thanks for your contribution ...

What I am looking for is how you actually enter the trade.

When you "trade with the market" , do you buy at the bid or sell at the ask , just hit Market Enter or use
limit orders for a bit of a retest or a stop order to jump in front ...

That is the dilemma I am facing. I always feel that when I recognize a favorable PA , I need to get a good price.
... so this always involves a PB to a limit order


grazie

I tend to accept a worse entry price than I should to be able to get into the market, so more at market as I am more looking for reactions happening now in the market rather than trying to anticipate what may happen. So aggressively trading on entry but then being more precise and critical with my exits looking for exact executions, personally I think trying to exert too much precision on both sides doesn't work for me. Hope that is more clear...

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  #9 (permalink)
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,529 received

What type of order do you use to get on after price reverses and goes your way .. .?? .... a market order?




Scalpingtrader View Post
I used to enter w/ "blind" limit orders as well in the past. It gives an enormous advantage in terms of stops and how much of the move you can catch. However multiple reasons caused me to change it:

1) You just can not know IF the market reacts at that level - if it bursts right through, what happens occasionally, you're toast.

2) that leaves the door wide wide open for mental flaws such as reentering lower (higher) with another limit order, adding to losing trades on multiple layers of S/R etc - wiped out my first account that way

3) You frequently miss moves [I missed them at least^^] because of price reversing a tick short of your limit order. That really pissed me of

I now enter after price has reversed on my desired spot, giving me some advantages:

# I have a definite place to put my stop at
# I enter with the direction of the momentum (and trend, usually)
# I have great odds of getting my fill for a ticket on the train
# I always know when I'm wrong reducing the mental stress and reducing the danger of going rampage

Of course I let some ticks on the table and possibly cant trade tight ranges due to R:R but overall I think I prefer this version. Maybe, when I'm more seasoned as a trader I will go back and mix the good 'ol limit order into my repertoire as well . Time will tell

P.S.: Don't see it as "jumping on" - rather see it as "entering a confirmed signal" maybe that helps.



AJ
Nashville, Tennessee


"Life On The Edge of SR"
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #10 (permalink)
Legendary Amateur Trader
Hanover, Germany
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
Scalpingtrader's Avatar
 
Posts: 1,866 since Apr 2014
Thanks: 3,024 given, 4,819 received



tderrick View Post
What type of order do you use to get on after price reverses and goes your way .. .?? .... a market order?

No, I don't like to get slipped as I just scalp it - I go for either a stop limit order or buy bid / sell ask, which is a limit order at mkt price basically.

Don't get filled always but then again I try to say to myself: "A trade not taken equals risk avoided - either entering my way or not entering at all"

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