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Base in screenshoot what you publish in original post, I think it will be almost impossible to trade range market with that setups
Stochastic is not best indicator and has a lot of problem especially in low volatility market
In NT8 library is many great indicators like double stochastic , StochasticRSI CCI OBV ADX etc
I also use haiken ashi (HA) and trade 250 ticks YM
Depend of your trading stile you need to find your way and get your understanding of the market
Statement that WE TRY TO FOLOW MARKET - not forecast - is very important
I guess line on chart is MA - if you switch it yo the Slope Color EMA it will improve your trading immediately
for the range days short MA will work (3-5) with long (50-120) I do not trade ES and you will need to find your optimum periods
In YM I use 14 to confirm turn
I did not find Order Flow very helpful , but use of OF Delta - ticks on 20 EMA to confirm direction
but be careful with divergence - I find out that Order Flow Delta not always predict price direction
I use price action too but with confirmation of different indicators
on this forum you can find Price action Pro indicator - may be with combination of your existing indicators it will help you see market better
1)I used to use volume chart that in theory is good.. but you cant see what others see in standard 5 min chart.
2)Agreed with other that need to put yesTerday High Low Close line.
3) Your chart frame too big. May use 3 frames like '3 ducks trading' - google it
4) Your style of waiting pullback tells me that u often in choppy trades .. if u not confortable with this , u need to change your chart to min charts, or change to NQ or else or both
5) When you dont understands the chart esp in choppy trade, just get out, Or It will frayed your mind.
6) Trades only when you understand what is going on.like this writing in English..You\ll not understand if I write in Malay - Harap maju jaya dimasa depan dalam trading
7) Stochastics and that indicators only guides , it may stop you take the right action when your gut is right. Volume is useful but nowdays ,,range also have lot volume :>
8) When you dumbfounded..Do this..study your charts and your options - hard . Then take a break for 2 months..Then pick your own idea after your subcons tell u what u should do.
- sometimes it will tell u to stop , sometimes it will tell u that u r the one ..take that red pill and best of luck
Who am I to give u this piece of nothing//
I trade since 2009 in sim and real trades.
Not yet bust my account.
Like U but not U.
ps//after writing this, the idea is quite similar with Mr maxmeir from frankfurt in page 9
- yes, bar chart is better for me I think..look at the close of decision bar..then.. whack that b%tch
I'm not profitable, but I've been break-even in a simulator for 3 months. I'm very proud of myself, and I can see myself becoming consistently profitable. I'm aware that I could be terribly mistaken. I'm not giving up though.
I've come to realize that you cannot just simply apply your strategy when you see "your pattern" or your set-up. In my opinion, that isn't nearly insightful enough- and I'm not accusing you or anyone of lacking this insight. As another (or others) has/have said, you have to put price action into context. This means checking to see if there's alignment between the daily chart, hourly chart, 15 min. chart, 5 min. chart, etc. I assume the probability of a green trade is greater IF all charts are aligned, because the more people (who aren't contrarians) that see the same thing, if they're trend traders (I assume there's a lot of 'em), they'll act in at least similar ways. This isn't such a terrible assumption to make. I know a lot of people will disagree with this and stick to only one chart.
What's the time of day you're trading? I notice I'm most successful on days when the market is going through "moderate" volatility (implicit understanding on my part) from 9:30am-11:30am. During that span of time, I mentally test out trades. My thoughts go along the lines of "If I enter here.." then I keep track of price to see if I would've been stopped out (4 point stop loss) or not. If there was success with that pretend trade, I feel more confident. I do this especially on days where I'm feeling off. I don't let the missed opportunity upset me. I don't let trading upset me, and if I do, I take a break.
I also get up early to identify fake-outs or to see if there's follow-through. In a given day, if there's evidence of a lot of fake-outs, I don't trade. Seeing consistency in price action in a trend at the beginning of the day might just suggest that it's a proper day to trade. In reality, we do not and will not ever know what price is going to do next, but a majority of traders come up with similar ideas or hypotheses and have enough faith to hit enter. The massive simultaneous action of traders based on/inspired from similar ideas and execution of systems creates trends. Experienced traders seem to perceive, vaguely, what the market is most likely to do next- in certain conditions. Narrow your conditions of entry and exit, and be as holistically attentive as you can possibly be. Don't have an aneurysm. You might even know exactly what to do but can't manage your fear. Monetary loss is part of the game, embrace it. This doesn't mean trade lazy.
Logging every single trade has helped me immensely. I've learned from and corrected a lot of mistakes. I've experimented trading in different ways and I'm kind of settling into this more laid back style. I'm sure you'll figure it out, if you remain calm and want it enough. Don't keep doing the same thing.
OK last one of these and won't post these anymore, this is not my journal, but it demonstrates my point...
Made another $1,343.01 today on 52 trades. Couldn't get a borrow on MBOT (-9.47%) again so no trades there, would have been a nice winner, but I did get a borrow in TLRY for the first time in a while and made some nice coin shorting that. PCG (+8.56%) paid off nicely again but this time to the upside instead of to the downside, like yesterday, which also paid off. So why was I long today? Because TODAY it was going up.
So what's the point?
Don't get married to a market. Trade what moves! Cramer says "there's always a bull market somewhere", I say "there's always a volatile market somewhere" and short-term trading is easier in volatile markets.
Entry and exit rules are just a small part of it. Manage your risk and position size and play lots of small bets to let the law of large numbers work in your favor.
Take small losses, if it's not going in the right direction get out, even consider reversing your position. I used to really admire people that not only would take a stop when they were wrong but would reverse their position so I really looked into how and when I could/should do that and it's been a nice addition to my toolbelt.
Trade in the direction it's going. Being wrong is OK. Staying wrong is stupid and expensive.
Alternatively, if nothing makes sense in this thread, book yourself a trip to an ayahuasca retreat in Peru to find yourself, or a 10 day vipassana meditation course.
Then come back reborn and crush it.
Nothing can be done without inner clarity about who you are and where you are going.
The how takes care of itself once you know the first two things.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
This is a great thread with so many suggestions (I've taken notes and and going to adopt some of the ideas). I'm also a huge Al Brooks fan and am on my 3rd time of going through all of his videos in his online course (no affiliation--just happy customer).
One thing that stood out was your stop size. Instead of setting an arbitrary size, try setting the stop at the last swing high/low point or at the beginning of the current trend/microtrend. Try ditching the HA bars and use regular candlesticks as the HA bars obscure that price action and trend info.
As Al says,
if you are not comfortable with the stop distance, then don't take the trade.
This will force you to be choosy about which trades you take. Also remember the trader's equation. In addition, to risk/reward there is also PROBABILITY. Choose two.
Trade 1 contract, limit yourself to only a few trades a day, and set your expectations accordingly. Make it YOUR system...
