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little backround, I trade for about a year now. I started with Sp and qqq stocks but went for CME Future two months ago.
All my knowledge came from self study, and I feel things starts going in the right direction.
I use Ninja as platform and mainly trade 6E as I find it very technical.
My Charts setup are 5,15,60 and daily.
I use SMA 8, 20, 200 on all Charts.
I define trend by the 60 min Chart. when bar close above the 20SMA it's uptrend, below is downtrend.
Also Fibonach retracement, up to 60% retrace i consider as retrace. 1 tick above the 60% I consider as trend changing and whatever comes after I see as a retrace of the NEW trend.
Please your feedback are appreciated.
1. I enter with trend position according to the above, after retracement, accordind to 5min setup with swing 3 (DB Higher low, Higher High for long) , And wait for SMA 8 to cross with the 20 in my direction
2. I am looking into another intersting setup I discovered and would like to have you inputs and thoughts.
I enclosed SS of 6E this morning.
I have explained my self this setup as followed: After breakout occurred (100% as it already happened) in this case long position breakout. and reaches it's high, investors are taking their targets. price goes down a bit, creating a low candle (10:00 candle), another try to go higher (10:05 candle). I draw extension as in the SS and go short for 100% target.
In my believe as I understand, this position is a safer than breakout since investor who still in long position. placed their Sell stop market order, below the 10:00 candle. I short with them .
Please your thoughts.
Thank you all, hope to fit in this forum and benefit and hopefully contribute...
Great post, the only thing I can add is just my 2 cents that over the past 6 months /year or so, retraces have been a bit more dramatic more often , seemingly to bust stops and churn commissions, I have included 76.4% (or I guess 78.6 being more relevant to fibs depending on software used) for perspective on this as a result ..... just an observation
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