I only took 2 trades on YM. In the morning I was too busy on Euro & CL. They're closed so in the afternoon I turn to YM.
I got one winner and one still open but most likely will be a loser. I'm posting this because I learned from this mistake and I hope you all my learn something from it too. I went long and got out way too early. Had I stayed long I wouldn't have went short and I could have exited the long on a double top.
So my rule from now on is to only exit on weakness. As you can see in the chart I exited on strength. I don't even know why I exited there. Got scared of loosing my 10 ticks I think.
So anyway, unless you're scalping for a quick 10 ticks (I'm not) you have to be patient.
Whoa.. price is reversing. maybe I will exit breakeven after all and end up profitable on YM again..
Last edited by cunparis; September 14th, 2009 at 04:19 PM.
YES! I had my stop out of the way and I sat tight being patient. Volume was my clue. on the big volume bar where the double top was forming, you could see price closed off the high. Closing off the high on big volume often means supply, if there were no supply price would close on the high. After that there was lower volume (like the LV Test pattern but since it was at the close the volume was above average).
I ended up -5 ticks on that trade, could have broke even but it was 10:10 so I closed it out.
So today: +14 & -5 = +9 ticks total.
Hope you found that useful.
Last edited by cunparis; September 14th, 2009 at 04:18 PM.
Reason: I couldn't add +14 & -5. ;)
The following 2 users say Thank You to cunparis for this post:
The 15 minute bar was green but you needed a 4 point stop
to make it work if you took it long right after bar close. The retace
to 50% of the bar would be the best place to enter. If you bring up
a 1,2,3 or 5 minute bars after 15 minutes notice the body of the bars
in all time frames never closed below 50%. Jeff do you watch the ES
as well? I do even though I trade the NQ and YM.
NQ seems to work great on a 8 range chart.
4 trades going for 2 points (eight ticks) each.
Also has anyone been using the new OBVDiver?
I like it set at 8/8 with the 8 range chart.
8 seems to be the key that works for me.