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That's my motivation as well sans the 50 hour work weeks.
I started on my journey in 2016, and I'm still at it. However, I abstained from trading for two years, because I lost 35 percent of my account in 15 minutes, because of a lucky streak and hubris.
Now, I know a lot more than I did five years ago, which is still not very much in the grand scheme of trading.
These days, I still have the desire to extricate myself from a 9-to-5, but sobriety kicks in when I realize the extra expenses involved (i.e., no more employer-sponsored health insurance) and my existing single source of major debt-- a mortgage.
For me, in order to have a shot at trading for a living, I must eliminate my mortgage, FIRST.
The last thing I need to worry about while trading is how I am going to pay the mortgage?
I use both 233 tick and Volume 500 on MNQ also look at 377 tick......now adding in Cumulative Delta with a Bollinger on that at 14 and .6....when they are all on the up side of the bollinger and going up it is a buy signal when they are all on the down side and going down.....sell signal....8 times out of 10...I can with stand a pull back and buy/sell another contract...2/3/4/5 even looking for 6 to 10 times the RT commission cost...of approx .92 (i use 1) .....note...cumulative delta doesnt work well with RTY...I specialize in MNQ....technique also works with ES....probably different numbers...1000 on volume maybe...ticks at 340 and 610....have to test.......
I personally scalp the NQ but I use footprint charts on a 5 min time frame. I havent been doing it long but I make an average of 4-8 ticks after hours. I dont trade unless the candles are close to 20 ticks in size. I could have more profits but i tend to exit early about 50% of the time. I cant do the same on ES because it doesnt move enough for me overnight.
Is it sustainable? probably not.
Its also a lot of work.
I used to lose a lot and badly. Its teaching me risk management. I also view hourly charts and go with the trend(another rule i used to break).
Are you adding in judgment of support and resistance areas or strictly just taking the trades every time the signal you mentioned come up?
Do you judge other aspects, or just take the trade the second they are out of the bollinger and heading in the direction?
You’d need a solid 85% win rate. Hard to do consistently profitable day after day. Not saying impossible- just saying it must be very mentally demanding, especially if you need to judge each entry on other criteria aside from being out of the bands and heading in your direction.
you are correct ....there is more to it than just Cumulative Delta....the Price has to be breaking out also....I also use the Chaikin (money flow) indicator to tell me the direction of the money....and OBV indicator...it also shows where the mkt is going has to be in alignment with the price....and yes if there are any pivots coming up or zones of supply and demand on the NQ in my case because I trade the MNQ....I also added 1 min chart to look at....if its breaking out also....good strong sign...but not necessary to trade...it has a much larger breakout area....and breakouts happen in the smaller charts first...here is an example...I trade off the DOM so you see very little of the 1 min chart when trading but enough..... the two renko charts are 2/5/10 and the NQ Renko is 4/10/20......the dotted lines are pivots....where the price has turned around before......I need to expand to another screen this is all on a laptop.....so a little crowded...the only thing that is lacking is how High/Low is the price going to go.......Know of an indicator for that???
another example at 7:57 this morning (Tuesday Morning 4/6/21)....note NQ ran into a pivot and reversed....NQ also is going to run into a zone.........maybe reverse.....would stop the trade until that decision is made....when not trading during Regular hours I change the Volume chart to 30 Secs....this chart reflect 500 Volume so you see the Cumulative delta does not reflect the same as the other charts....if this happened during regular hours....I would conclude the volume is not there for the move down.....it would have to show more of a downside to take a trade...however note the red line in the middle chart on the 377 tick...Money flow is pointing down...Hmmmm.decisions...decisions.....
I will jump in here only because this is very interesting to me and my journey.
I'm not sure what the definition of scalping is or was, I was introduced to it when I found PAT's (Mack's Price Action Trading). His interpretation of scalping is a 2:1 RR while using a runner once you can trade multiple (3+) contracts. It made sense to me and still does, however, achieving the required 80% win rate is no easy task.
This is why Al Brooks and others push the swing style for new traders. I agree with that premise also, but being risk averse, I am much more comfortable taking 1 pt. "scalps" and win or lose I'm done. Al talks about putting on a trade and taking a walk or going to Walmart. LOL. No way not me.
So, I consider what I do scalping. Sometimes if the volatility and ATR is high enough I look for 2 points instead of 1. I've developed my own strategy based around Mack's system. Some people can make it work some can't. I've not been able to do so it consistently but I believe that is not due to the system but my own makeup.
I'll post a chart of what I see each and every day and still "chicken out" on the bulk of these trades when they mostly work. You have to understand the context of the day and what the bars are telling you, etc, etc.
My point is I think it is doable, you just need a system and the mental makeup to do it. At this point I have half of the requirements and continue to work on the other.
Enjoying the discussion and happy to see another "Knoxville" trader in the group!
