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Needing some guidance

  #1 (permalink)
pihadave
Auckland, New Zealand
 
Posts: 37 since Feb 2017
Thanks Given: 0
Thanks Received: 19

Hi there,

What I'm about to ask is incredibly cheeky of me but I'm really struggling with becoming consistently profitable..

What's the general method everyone is trading with?

I'm currently using 750 and 2000 tick charts on the ES and 200 and 900 tick on the YM. My method is to identify support and resistance areas on the larger tick charts and then look for a strong advance, followed by a pullback on the smaller tick chart.

The idea is based off the Elloitt wave theory but it's not working. Even the most clearest pullbacks result in a loss as it continues in the opposite direction.

Can some of you profitable / full-time futures traders just explain to me how you're trading? I.e, what you're looking for / the style of strategy? For example, are you trading based off S/R? EMA cross-overs? Breakouts? Trendlines?

I just need some guidance so I can focus on developing a strategy as clearly my strategy for FX and stocks just isn't working with futures..!

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  #3 (permalink)
 
rintin2x's Avatar
 rintin2x 
salt lake utah
 
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Got myself an Elliot wave book about 1.5 years ago (forgot who the author is). I thought what the heck is this and that was the most confusing thing I ever read in my life, threw it in the garbage the next morning.

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  #4 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
Site Moderator
 
Experience: Beginner
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pihadave View Post
Hi there,

What I'm about to ask is incredibly cheeky of me but I'm really struggling with becoming consistently profitable..

What's the general method everyone is trading with?

I'm currently using 750 and 2000 tick charts on the ES and 200 and 900 tick on the YM. My method is to identify support and resistance areas on the larger tick charts and then look for a strong advance, followed by a pullback on the smaller tick chart.

The idea is based off the Elloitt wave theory but it's not working. Even the most clearest pullbacks result in a loss as it continues in the opposite direction.

Can some of you profitable / full-time futures traders just explain to me how you're trading? I.e, what you're looking for / the style of strategy? For example, are you trading based off S/R? EMA cross-overs? Breakouts? Trendlines?

I just need some guidance so I can focus on developing a strategy as clearly my strategy for FX and stocks just isn't working with futures..!

Hi there,

Can I ask... how long have you worked with your method?

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  #5 (permalink)
pihadave
Auckland, New Zealand
 
Posts: 37 since Feb 2017
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Thanks Received: 19


xplorer View Post
Hi there,

Can I ask... how long have you worked with your method?

I've been trading FX and stocks like that for approx 5 or years now I guess. My method is my own alteration of the elloitt wave theory.

I'm definitely a swing trader but wanting to move into futures for something more short-term – swing trading is a little boring..

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  #6 (permalink)
 
Anagami's Avatar
 Anagami 
Cancun, Mexico
Legendary Market Hustler
 
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Successful trading is a lot simpler than that.

Find momentum, find a held bid, go long. Opposite for short.

Take profit at several times your risk.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
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  #7 (permalink)
pihadave
Auckland, New Zealand
 
Posts: 37 since Feb 2017
Thanks Given: 0
Thanks Received: 19


Anagami View Post
Successful trading is a lot simpler than that.

Find momentum, find a held bid, go long. Opposite for short.

Take profit at several times your risk.


This is interesting.. thanks a lot - I'm going to explore this more.

Dave

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  #8 (permalink)
 
fminus's Avatar
 fminus 
Washington DC
 
Experience: Advanced
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pihadave View Post
Hi there,

What I'm about to ask is incredibly cheeky of me but I'm really struggling with becoming consistently profitable..

What's the general method everyone is trading with?

I'm currently using 750 and 2000 tick charts on the ES and 200 and 900 tick on the YM. My method is to identify support and resistance areas on the larger tick charts and then look for a strong advance, followed by a pullback on the smaller tick chart.

The idea is based off the Elloitt wave theory but it's not working. Even the most clearest pullbacks result in a loss as it continues in the opposite direction.

Can some of you profitable / full-time futures traders just explain to me how you're trading? I.e, what you're looking for / the style of strategy? For example, are you trading based off S/R? EMA cross-overs? Breakouts? Trendlines?

I just need some guidance so I can focus on developing a strategy as clearly my strategy for FX and stocks just isn't working with futures..!

Are you trying to trade or are you trying to predict? This is a serious question and there is no intent to troll or bait into an argument, but to actually help.

For instance, if you have a level you want to trade, such as an upside pullback, are you just stepping out and buying as the market pulls back to your level (regardless of the selling pressure) or do you wait for some kind of confirmation before you go long? In this question, it may almost seem as if I am asking the same thing but there is a very big difference. One type is stepping in front of trains, the other is going with momentum.

S/R, breakouts, trendlines, pivots, magic levels, whatever... they all work. BUT your method has to be consistent and systematic or else there is too much room to sabotage yourself. You also cannot just blindly place your orders in front of the market hoping and praying your magic line will stop the market. You want to see the market stopping at your level or at the very least slowing down BEFORE you enter the continuation play for the pullback. This is what "trade what you see, not what you think" really means. I hope this helps.

In trading, shortcuts lead to the longest path possible.
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  #9 (permalink)
 futuretrader 
Como Italy
 
Experience: Intermediate
Platform: Ninjatrader, customized
Trading: ES
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Anagami View Post
Successful trading is a lot simpler than that.

Find momentum, find a held bid, go long. Opposite for short.

Take profit at several times your risk.

Well, everything is simple if you're an anagami...

From his first post it seems he is trying to do just that and not succeeding. The devil is in the details (and often the associated psychology).

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  #10 (permalink)
 
Anagami's Avatar
 Anagami 
Cancun, Mexico
Legendary Market Hustler
 
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futuretrader View Post
Well, everything is simple if you're an anagami...

Some things are.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
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