TinGull

NIce work GCB! I took a quick scalp at the end of the day for +10, lost a quick scalp for -5, so ended the day with +42. Not bad!

I refer to wait for confirmation. Sometime you can anticipate it, but I prefer to wait to be sure. Thats just me though, tryin to play it safe.

HAHA! nice. I'll be sure to post up some charts this weekend.

No neutrality? C'mon!! Im excited to be a part of this candlestick gang.

More times than not, yes it does. I've actually done some pretty extensive research on this with the YM and for the past 18 months or so playing just the range break failure nets an average of 30+ points on a max excursion basis...that's 30 point each day...averaged over 18 months. Sometimes it makes 200 points (again, max excursion from entry) sometimes you get stopped out for avg of -15. Daily profits averaged with a trailing stop is just over 20 points a day. Pretty awesome setup thats for sure.

Hey Abe, My suggestion...stop using the term "I will look into it". If you just look into something you're making no firm commitment to yourself to actually affect the change. Stop using words like "try" or "soon" or anything of that sort. It'll tell your mind that you are still going to search for something else, a reason you can find to not put a stop in place. It's something you need to do. So, tell yourself "I will do it on my next trade and every trade there after". You'll do yourself a great service.

Yes, absolutely. I've been paying attention to the first 30min range for a couple months now and trading it with much success.

Sure thing walter. We could discuss in this thread. I use volume as my main indicator. Easiest thing in the world really. Price attracts volume. Now whether that volume is buying or selling...that's where context and VSA comes into play. The high volume on a doji is a great sign that things have a high potential to reverse. Why? Because big players are wanting to get into the game but they can't afford to do so if price were to move in the direction they want to go quicker than they can get a good price for their positions. So they keep the bar squat to get a great price for everything. How that actually happens is beyond me, but thats the theory behind it. Im watching the 30min opening range for the majority of my trades. I LOVE playing breakout failures as those are the most powerful, and happen more often than one would think. Coupling that with volume and the fact that price is attracting volume, one can easily see if the price is going to hold a breakout or fail. Definite edge IMO.

Absolutely brown. Im definitely ready to crank it up. Today's been really nice being back live in my real account and rockin' and a rollin'.

Gotta confess I didn't take a setup. Was a short at 13447 as price tried to go abck inside the 30min range and couldn't and i watched it happen....ended up being a 50 point trade. Didn't take it because I was afraid of giving back my profits...but thats the wrong type of thinking. Negative thinking didn't get anyone anywhere right?

Yea, not a lot of us use it anymore. My coach as well as my girlfriend and others who know my 1 track mind thought I ought to concentrate on the markets instead of anything else. So far it's been working out nicely for me. But yea, its tough to trade and talk, especially lately.

Morning trades on YM: This is almost too much fun! Its nice being back on the horse with my real account after having some psych issues I wanted to deal with. First trade was a breakdown back into the 30 minute range. Short at 13540 Covered at 519 for +21. 519 was at the 50% retracement and I know lots of folks would be watching and bidding there, so I figured it would be a good time to take it off. Since I trade with 1 contract right now, I can't take a little off...but its all good. Next trade was a short at 13476 Covered at 13460 for +16 This morning I'm up 37 ticks so far, and it ain't even lunch time yet.

And....something I haven't seen mentioned is the timeframe you're watching. Going for such TEENY moves on a non-scalper time frame is going to be a point you'll want to clear up quick. Decide how big a move you're wanting to take, and then find which time frame is going to give you those moves. Ask any scalper; they aren't in the game to take 400 point moves off a 55tick chart. They want to take 5-10 points per trade off that small a time frame. Me personally, I watch a 5min and a 15min and I look to grab anywhere from a 10 point move to 50+ point moves lately. The larger the time frame is the larger the profits you can realistically obtain. Keep in mind, this also equates to how much risk you can take on with your STOP LOSS IN PLACE. One of the weakest moves you're making right now is a mental stop loss. I am absolutely still a beginner in these markets and I have never even considered a mental stop loss. I think they could be used by only the most disciplined of traders, and even at that, intraday I don't think they are appropriate. Moves can happen SO fast, especially as of late, that a mental stop loss won't get you out in time for a small loss to turn into a HUGE loss. And with taking just 20+ points on 16 trades....1 of those losses is going to put you in the hole by a margin you don't want to dream of. Just my 2 cents

Yes, because I'm not aware of it. Or...maybe I am and don't know its you! But you've hit it on the head as for what needs to be achieved. It's a constant battle for me, and hopefully one I'm on the verge of overcoming...at least a little

Trading along with market cycles will make you BANK today, too. My final trade of the day was a long at 476 and out at 526 for a nice 50 pointer.

Yea, I was a bit annoyed. I pulled out the real account today, though for my +1 trade! haha. Everything that was going on in my life that was driving me crazy I've been able to remedy and now feel MUCH more confident to trade my real account.

Yup, can't complain at all. Went into it knowing it was counter trend, just all happened so fast I was kinda stunned.

Trades this afternoon: Short at 13594. Reason, note the volume increase as price is attacking the bottom of a seemingly accumulation phase. Then, we get a gravestone doji at the bottom. Should go through, and it did for +49 points. Next trade was a long at 13559 as there was a bigger volume hammer that occurred right at the downtrend line. Felt this would push it through and it did. I was immediately up 30 points, moved my stop to BE +1 and was almost as quickly stopped for +1 point. Very fast day and one that I'm definitely not used to. With my futures trading career having spanned a whole 10 months now, its fun to see this sort of action rather than the stuff that lull's everyone to sleep.

2 trades this morning, first for -5 ticks and the second for +29. I don't even wanna look at that second one anymore Makes me peeved for getting out so early.

Thanks brown! Always nice getting props from someone I look up to.

Ended up the day decent. 3 trades, -15 the first, +40 and +12 later on. Final trade was a higher volume break of the 30min OR low once price entered. It was a counter trend trade at that point, so I went into it knowing it would be a small scalp.

I agree...the days of small stops are over. Its not easy at all to get away with the small stops. and YM has been insane lately.

That's interesting. I've never noticed that or done any research on it. I do know gaps in value areas are significant, but never watched to see if they acted as price magnets. Look forward to seeing some more research on it.

Morning trades thus far...Disclaimer: These are paper trades right now as I'm going through some significant life changes lately and my mind is no where near being as clear as it could be. I am currently looking for 1 setup that is clearly defined and keeping a journal of every 15 minutes of market action to be sure I stick to what I see in the market instead of what I *think* could happen. Once these changes are done in my life (about 3-5 weeks I would assume) I'll be back on the payroll. All on YM Short at 841 Stop at 856 Reason - High volume attack on 30min Low, should cruise lower. Result...stopped for -15. My stop was right UNDER the high of the candle I shorted. Improper placement if you ask me. Totally clouded. Next trade was a higher volume doji at the 50% of the down move. Should follow thru to the downside. Short at 815 Stop at 833 (above the doji) Reason as stated above Covered for +40. The market is very volatile as of late, which is great for day trading...but also is significant in looking at tops. Phase 3's (topping phases) are usually associated with higher volatility as the public finally gets into the market and they want in hard. Pros are liquidating, but when price gets too low they bid it up again to sell more as to not hurt their positions in the long run.

Also wanted to point out from my note last night...futures are currently down about 50 points. A breakout from that topping phase box (with a lower high, too) should lead you to look at short positions for the high odds trades today.