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)
In this case I am using the 310 oscillator developed by SMR and made famous by Linda Raschke and others.
After EU open we see the NQ making a high, a pullback, a lower high and a swing down. I sell the first pullback to the ema20 after the swing down on what Linda Raschke calls a first cross sell, the slow line crosses zero from above and the fast line is pulling back. The ema20 is used for direction. Bought some back on the first trouble area which is the swing low to the left. Sold and bought some more on the way down to the outer Keltner Channel band. Price returned into the value area and was heading to the VPOC which made this trade a mean reversion trade as well.
Valuable insights? Really? Well, thank you, but I would most certainly not advise to devise a strategic plan based on those, what you liked to call, valuable insights.
I totally agree with this, in the form you illustrated it in, in your subsequent post, where you discussed your trades.
There is sometimes a problem with the ambiguity of the word "plan". For instance, here's a plan, not too different from what we sometimes see in posts here: "Price is going to go up to x, and so when it hits it, I will do y, and then when it pulls back to z, I will do (something -- I ran out of letters )". And then on and on and on about what "will" happen. Maybe they then work out an alternative plan in case something else happens. Which could mean a lot of plans....
Plans like this are going to kill you, because you can't know all those things in advance. Or any of them, actually.
I think if you have a general and somewhat loose and flexible understanding of how you want to respond to things as they occur (which is a very different idea of a "plan"), you will usually do better. I do at least. There may be people who can work out all the alternatives in advance, and if that works, then power to them.
I used to think I could, but I can't.
But
When one door closes, another opens.
-- Cervantes, Don Quixote
I think you have misread my post. Like you, I am not in the business of prediction, but I do engage in forward planning. That means creating "IF-THEN" scenarios based on my assessment of the market's likely future price action, considering the 'playing field'.
As you wrote this previously:
What I wanted to express is the idea that it would be highly appreciated if you could share your perspective on the 'playing field' of the current situation as YOU see it. I am certain that almost everyone has their own version of the playing field, but regardless, knowing yours would undoubtedly offer valuable insights for all of us. What do you think?
ES, current structure is ranging (balanced), buying lows selling highs, mean reversion (scalping in the range / value area). No breakouts, no trends. Structures (310 Osc.) based on these conditions are not in play for the moment.
Edit 1: When it breaks out of value we can target YLOD (below) or YVPOC, YVAH, YHOD (above, when entering yesterday's value). For now it's still balanced.
The pitfalls of reactive trading can also lead to emotional trading, chasing trends, and falling into impulsive traps, resulting in significant losses.
Damn this hits hard. I've experienced this in the past including "defending" my trading plans only to accumulate huge losses on the day. Breaking every rule, etc.
Trading is a marathon, not a sprint. Many are capable of running up an account but few manage to keep their gains and lose everything. Consistency is key.
)". And then on and on and on about what "will" happen. Maybe they then work out an alternative plan in case something else happens. Which could mean a lot of plans....