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Hoping a few of you could share your entry setups. I currently trade the pullback to day levels, particularly the RTH Mid, both VWAP and AVWAP tied to key events. I use a 3.5 stop loss with the scales set at 3.5, 7 and a runner.
I'm having a horrible time with entry lately. I try to enter at the level price +/- 1 point but it seems I get stopped out and then it runs to my targets. It's usually those quick blip moves that do it. This has caused me to reenter but now I'm late in the trade.
I've used the footprint chart but I'm still inconsistent with it. Any suggestions?
Can you help answer these questions from other members on NexusFi?
Revisit your trades and take not of the maximum adverse excursion price went after you got filled. Add the average distance of this value plus 1 standard deviation and test the results. The other thing you can do is scale 1 more unit at a better price when price tests your level more deeply and see if that helps.
1) .. you might be attempting trades that are too small, not be at major enough turning points that you can afford wider stops. Like where Slow RSI SRSI across 5 different time periods all agree price is extremely over sold / over bought..
2) .. maybe be more patient and never take the entry signaled or you identified.. but wait for the pullback to an EMA 10-34 and then join the move.
3) you wrote a lot about S&R price levels but not about concurrent strong market action. Maybe check to see if it is important to wait until you see strong consistent surge in volume and ticks per second to show the market is more likely to be committed to make a bigger move.
I look for entries where the market will be nice to my positions. What I mean by that is I would sell when there are other large sellers that are not spoofs on the DOM. Spoof orders occur in the middle of the daily trading range. There may be 230 contracts sitting at a particular price level but once 50 get executed the rest are cancelled. Real volume that are not spoof orders sit on the offer/bid when price hits new highs/lows respectively thus providing liquidity to get out of a losing trade at a better price.
