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Its been a long time since I posted a journal here and I am not sure if it is to late to be included in the Journal Contest but even if it is not included, I am hoping that it will help me get back in sync with the markets, consistent and profitable. How is that for a long sentence. Anyhow, I have a small live account, use NT8 and trade the following instruments: MES, MNQ, M2K, MYM and MGC.
My two bread and butter setups are X2s and Y2s with trend. Ideally off of support or resistance and in trigger zone 1. Xs are long trades and Ys are short trades. Here is an example of an X2:
As you can see I look for at least a 1:4 risk to reward ratio. Trigger zone 1 is between 50% and 61.8% (The Golden Ratio) but extends as far as 70% in my understanding. For deeper pullbacks trigger zone 2 is between 78.6% and 88.6%. The Y2 setup is exactly opposite of the above X2 setup. X2s are just another way of saying, "second attempt long" and Y2s equal "second attempt short".
Another way to enter a long trade is with a Y2F trade setup which is a second attempt short failure and it is also where I would add to a long position if I am already in a trade. With this setup I usually only look for a 1:2 risk to reward ratio because of the larger stop size normally required. Here is an example:
An X2F trade setup is another way to enter a short trade and is exactly opposite of the above picture. When I am waiting for one of these setups to occur I may take what I call aggressive entries "AEs". I only take these when I am expecting price to reach a certain level, maybe a pivot, fib target, vwap, HOD, or LOD.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I happen to get up and glance at the charts and saw that the market is moving nicely tonight. Two phenomenal trade setups on MNQ. The second one is still in progress but I am confident it will reach the target. Sometimes when the market moves nicely like this in the overnight session it is dead in the morning session. I am hoping that is not the case tomorrow. Here is a screen shot of what I saw:
Note: I adjusted the picture to show that the trade did reach the 1:4 target! Over 120 ticks!!
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Late start. First trade is a scalp for +22 ticks. 5 points plus 2 ticks to cover commissions on MNQ. Market currently had a bearish bias in a bullish market. It was an X2 long.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I am sitting on my hands for awhile. In fact, I am going to go get a bite to eat and return to the charts in 15 to 20 minutes and see what things looks like.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Hate it when this happens - lol - Step away for a bit and then the perfect trade setup triggers - Don't know if it will make a 1:4 but I would already be risk free if I was in the trade - There is always another setup:
Note: Back on the 884 volume chart / Also trade is well over 120 ticks already!
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I have to take my wife for a covid test here in a few minutes. Hopefully, it will return negative! I don't know if I will be home in time to trade any more.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
