Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I mostly scalp 3-4 ticks. I trade through Sierra Chart with Tickcharts (ES 350, FGBL 55) and the DOM.
My indicators and setup:
- ZigZag to identify the short term trend
- Volume within ZigZag
- Volume Profile on DOM
- HL Bars
My strategy:
- Everytime a new HH or LL has formed, I wait for the retracement and look in the DOM when the buying/selling pressure has gone to enter for trading to a newer HH or LL.
- My target is on the last HH/LL
- My stoploss is one tick behind the HL/LH
-----------------------------------------
I will post all my entries and exits. I will describe them with a few words. Posts are hopefully made everyday.
Will start this journal in the next week with a few first trades. Maybe me and everybody else can learn from this.
this strategy now for about 2 months. At first I only took my eyes watching the DOM working. This was a hard process for me. I'm mostly breakeven right now, because I have some psychological barrier to enter every possible trade live. Most of the time my instinct was right, but thats the point: I leave out many opportunities.
Maybe I can start posting in the next week, what my daily result was and where I entered my positions. Should be helpful, because entering SIM isn't by far not the same as live.
Still not sure from your answer whether you look for a trade on every pullback from HH/LL, or whether you use discretion to judge market conditions/context.
I believe that being break-even after two months is not sufficient to go Live. If you do consider starting a journal here, I think it would be the best thing to do in your situation. It will definitely help you get more clarity about your results and will enable you to decide if it's time to risk your money.
Mostly I take every pullback from a new HH/LL to enter a trade. Also when the trend is changing, I trade the new pullback. I will definately start a journal where I trade ~ 2 hrs daily with this method in paper mode. Later, I will go on with trading live, if I got all the advices from the community. It's also possible to record my trading and upload it.
If I were you I wouldn't expect any improvements based on the community's advice. People may ask you questions which may lead you to further thinking and research. But be careful accepting anyone's advice, no matter how "experienced" a member is. You will benefit from the journal by seeing your progress and by being accountable, which will, hopefully, add to your discipline and build confidence in your process.
