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)
BTW, it was last time when I traded micro-contracts. Before the ECB rates news announcement me and couple of such lost guys like me with 1-2 real limits in the DOM became marketmakers for almost 30 seconds! The DOM was completely empty! It was horrible )))) I don't want to make a market ))) Actually I heared about low liquidity in those micro-futures but not in such a grade! So, folks, that game is not for me.
Yesterday I decided not to trade becuase I had quite tough day at Thirthday. I even didn't switch on terminal. And finally at the evening I looked at charts... My greed almost killed me! 54 handles drop in ES without any bounces which I waited and anticipated for a month has happened!!! Without me... Sometimes I ask the Higher Powers "Why???" Why i decided not to trade exactly at the day when the market gifted money? It's so unfair! I'm struggling with my account which size is "less than Donald Trump dick" as Trader Dante said during last webinar (excuse my french but it's a quotation). Currently I'm in drawdown becuase of two bad days in a row and what I see ... And I missed the major move just exactly when it happened. Be honest I'm frustrated. It's good that we have weekend after such a move. I have time to calm down, rebalance and prepare for the Monday becuase as market wisdom says "Markets never bottom at Friday"
So I'm waiting for continuation of the move and will try to join after retest of two key arias at 2134 and 2146. Will watch price action there and will try to join shorts to retest current low 2120. If the market will breaktrough the 2120 aria without pullback, I will wait retest 2120 aria from below and will look for shorts from 2120 with next targer at 2073.
Today index futures looked extremely strong. Positive delta was overvelming. Nevertheless I've tried to stick to my plan and I was looking for signs of weakness and some footprints of Friday OTF shorts on levels which I pointed out before. Wasted time. All what I can say about today is the fact that market back to the balance area from which we witnessed such a furious drop om Friday. I have no opinion how to manage and interpret those sharp moves that's why no index trades today. Just one boring 6J 10 pips scalp which is not worth to mention.
Despite very shy results I'm happy with my trading today. I had a plan. I didn't try to chase the market without understanding what's going on. I overcame my greed and look at those 50 handles moves calmly. And I'm happy to feel myself calm, not greedy and optimistic. Probably, volitility returned so we will have many other chances to catch the move next time.
Unfortunatelly, I must admit that during last 3 RTH session ATR on 1 min (1,5) and 5 min (3,3) charts are higher than the stop loss which I can afford for my account when trading ES. Today I went short 2 times and have been stopped out by just small splashes of HFT activity right before the minute when my trade dropped for 3-5 handles in my direction I have automated risk-management system on my account so I even could not make third trade becuase I met my daily limit. So all today's volitility I traded just on demo.
Taking into consideration such a crazy volitility of Quad Witch week and contract roll I decided to shift to FX futures untill the dust will be settled in index futures.
It was painful to see how the price was flirting with my stop loss in 5 ticks before them but my position survived. I closed both parts at 9749 (TP1) because my nerves already have been like strings ))))
Monday will be tough day for trading FX futures - roll-over day. Also Friday's USD sharp moves in majors messed up all levels and technical analysis. So all what I see clearly as level for trading is only 6A with 7480 and 7430.
Plan A. If price will breach trendline and level 7480 go long after pullback with targets 7510 and 7520.
Plan B. If price will go lower 7460 go short scalp with target 7430.
Plan C. Look for long for rebound from 7430
Plan D. In case if 7430 will not hold, look for short with continuation to 7350.
All possible trades look quite low-risk (maximum 20 pips) and 1 to 1 RR. Enough for cautious scalp.
It was tough week in my trading life. Full of painful decisions. First of all I decided to back to basics. Despite I invested substantial amount of time and money into orderflow trading I was not succeeded. That's why I decided to return to the methodology which brought me biggest part of my income from trading - Price Action. To elaborate it I re-read all my notes of that period when I traded PA, refreshed my knowledge and decided to do two things. First, I started to learn all available materials of Al Brooks PA methodology and probably will consider to buy his course if I will find it necessary for me. Second, I concentrated of Forex market again becuase the size of my small trading account become absolutelly out of any reasonable risk management parameters of the index futures market. I enrolled in one proprietary trading programme not to risk my own money and decided to remind myself that I was not a worst forex trader before. Let's see what will happen. I will share my PA approach later wich is more swing than scalp. Hope it will help me to return my confidence in my trading skills.
As shown on Volume chart, we closed the last week right on monthly VPOC around 2135. So current plan is to stay aside and wait for price action around key monthly LVN 2143 and 2122. Two fat monthnly VPOCs are magnet. If 2143 will be breached next week, nearest target 2154. If not, we could wait the price will revisit 2126.
Hourly chart gives us more clues what can happen. As we see, strong progression (retrace at 61.8% level of first impulse leg after false breakout of srtrong resistance at 2143) played completelly till 300% level at 2122 and new progression has been started. But it remails weak (no retrace to 61,8% level). So my basic scenario for the next couple of days is test of 100% level of the weak progression (2140) and level confluence and retrace to 2126 when strong progression could start with magnet of monthly VPOC 2135 as target 1 and 2143 LVN as target 2. I consider the market as balanced in rotation around monthly VPOC so preferrable trades are to play inside the range from its boundaries. I would consider the start of potential trends in case if levels 2143 and 2117 will be breached upside and downside respectively.
I have automated risk-management system on my account so I even could not make third trade becuase I met my daily limit. So all today's volitility I traded just on demo.