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What time frame do YOU use and WHY?


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What time frame do YOU use and WHY?

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  #121 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
Posts: 131 since Sep 2019
Thanks: 233 given, 283 received

67Belvedere:

In regards to selling there at the 20 EMA, (my NT8 Chart showed price hit the 20ema) price reversed and dropped 17 points before moving up through the 20 towards the 200.



If you have a 10 point strategy, you just made some money.

I tend to look at the 20 as a 2 sided magnet.

Price is either repelled from it or drawn to it.

Again, when price moved up past the 20 up towards the 200, I am looking for a reason to take a short. Another good probability trade:



Ok, off to move the horse fencing!

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  #122 (permalink)
67belvedere
Indianapolis, IN
 
 
Posts: 30 since Jun 2021
Thanks: 17 given, 6 received

On the chart you posted the short would be near the right side of the chart, where the red bars drop below the 20 EMA? Would you also go long at the point where the price rises above the 20 and 200, before it reverses?

Im getting better at making small profits at reversal points. When a reversal occurs I enter and place a stop a few (4-5 ticks) above/ below the inflection point.

Are you a scalper? Do you use large position sizes on small price movements?

Thank you for you insights!

-Bel

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  #123 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
Posts: 131 since Sep 2019
Thanks: 233 given, 283 received



67belvedere View Post
On the chart you posted the short would be near the right side of the chart, where the red bars drop below the 20 EMA? Would you also go long at the point where the price rises above the 20 and 200, before it reverses?

Im getting better at making small profits at reversal points. When a reversal occurs I enter and place a stop a few (4-5 ticks) above/ below the inflection point.

Are you a scalper? Do you use large position sizes on small price movements?

Thank you for you insights!

-Bel

Yes, I am referring to the candles at the right side of the chart. When the price came back to the 20 on the first chart, I watch my 8 range chart to "feel" who is in control. If the buyers start to lose momentum, then I take the short.

The second chart: I wait to see if price will extend above the downward 20. Again, look at the 8 range chart to look for the sellers to begin to dominate. After all in this time frame, it's a down market.

Since you are using a 4-5 tick stop, you might try a 5-8 range chart and see it's relationship to how you normally enter your trades. The range chart will show double bottoms and tops, W-formations and M-formations. You can trade the Nasdaq with only a 5 ticks stop, but you have to have an excellent entry strategy. I sometimes take the same type of trades, but I have to be patient to wait for those kind of setups.

Yes, scalping is my interest.

I start with one contract then add as it is moving my way and/or I commit the "cardinal sin" of averaging in with more contracts. However the latter strategy has come after much trial and error and is not for everyone but is for some.

The bottom line to me is: "Bank the Green".

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  #124 (permalink)
SunTrader
Boca Raton, FL
 
 
Posts: 169 since Nov 2018
Thanks: 43 given, 126 received


67belvedere View Post
Redbarn,
Very interesting. For those using a 5 min chart and 20/200 MA crossover, where are stops placed ? Do you use an ATR multiple to place stops? Does volume play a role in decision making? I like to learn from successful people, not ashamed to be unoriginal I struggle with picking a direction and setting a protective stop.

Many thanks for your insights!

- Bel

Others have replied espousing the merits of ATR's & MA's. I feel differently.

Although having said that if I were to use them FibBands would be the way I would go (today's eMini):-

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  #125 (permalink)
67belvedere
Indianapolis, IN
 
 
Posts: 30 since Jun 2021
Thanks: 17 given, 6 received

Very interesting. You sound like you have a lot of experience. I dabbled in stocks for years then in 17 followed a "mentor" who used my account to make money for himself, never fully explained his murky system to me. In the end I lost a large amount of money. I have had some very successful trades but lack consistency. I would like to make more than I lose. Currently I trade corn and nat gas. At resistance points I wait for either a breakout or reversal and put a stop5-6 ticks away from that point. It takes a lot of attention but I used a computer for work all day already.

On a smaller time frame I imaging there would be many more trades to take per session.

Thank you for sharing your knowledge!
-Bel

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  #126 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
Posts: 131 since Sep 2019
Thanks: 233 given, 283 received


SunTrader View Post
Others have replied espousing the merits of ATR's & MA's. I feel differently.

Although having said that if I were to use them FibBands would be the way I would go (today's eMini):-

FibBands are good. Center of Gravity band good too.

I have used the COG before. I have found for myself that some tools interfere with my ability to read the price action.

Every tool tells a story. I guess we just need to find out the story that makes us glad, heh?

Other than that "It's all good".

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  #127 (permalink)
67belvedere
Indianapolis, IN
 
 
Posts: 30 since Jun 2021
Thanks: 17 given, 6 received

Consistent with my skill I use a basic platform- think or swim. I didn't find COG or Fib Bands in the indicator list (unless I need to look harder). What do you like about your trading program? Should I switch to a better system?

Many thanks for your opinion!



on this chart would you use reversal areas for entry/ exit or wait for the price to get back to the 20 line to enter/ exit?

-Bel

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  #128 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
Posts: 131 since Sep 2019
Thanks: 233 given, 283 received


67belvedere View Post
Consistent with my skill I use a basic platform- think or swim. I didn't find COG or Fib Bands in the indicator list (unless I need to look harder). What do you like about your trading program? Should I switch to a better system?

Many thanks for your opinion!



on this chart would you use reversal areas for entry/ exit or wait for the price to get back to the 20 line to enter/ exit?

-Bel

Both my wife and I first used Tradingview (great program) for Forex. Then to TOS for trading Nadex. Then migrated to Ninjatrader8 and have never left.

TOS is a phenomenal program designed by the guys from TastyTrades/TastyWorks.

However, we love the ChartTrader on NT8. It suits our style of trading.

It comes down to what you are trading and how you are trading it.

The tools you use if any should fit your style and the instrument you are trading.

If you are not happy or there is something lacking with your platform, then you can try other ones. Only you know what your personal need is.

In regards to the chart, I would not comment as I do not know where the S&R's are. I don't use volume.

In regards to the COG or Fib bands, you could try building a std. deviation channel by installing 3-4 Keltner Channels with each indicator set to a different deviation like 2,3,4,5. Just a thought. Perhaps SunTrader has a suggestion.

There sure is a lot of experimenting, testing and revisiting in this line of work.

Sorry, if I have not answered your questions.

The one thing that is sure...... Usually price is moving. It's our job to learn how to capture that movement in our own unique way.

Ps. We trade only the MNQ/NQ and nothing else

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  #129 (permalink)
67belvedere
Indianapolis, IN
 
 
Posts: 30 since Jun 2021
Thanks: 17 given, 6 received

Curious why you only trade the NQ/ MNQ ?


Generosity allies itself with an inner feeling of abundance—the feeling that we have enough to share. Thank you for sharing your insights.


- Bel

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  #130 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
Posts: 131 since Sep 2019
Thanks: 233 given, 283 received



67belvedere View Post
Curious why you only trade the NQ/ MNQ ?


Generosity allies itself with an inner feeling of abundance—the feeling that we have enough to share. Thank you for sharing your insights.


- Bel

Numerous reasons:

To become familiar with its personality
It moves fast. Usually.
Prefer to be specialized
Don't like to watch paint dry.
Volatile

In the end, if I am wanting to capture movement. then why would I want to scan different indices etc.

The NQ provides all the movement I could ever want or hope for as a scalper.


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