jonbig04

To those who's primary income comes from trading, what do you call yourself? I've heard this question asked a few times in chat too. When asked what "you do" do you say you are a trader? Daytrader? Do you just say you are in finance? Investment? Just curious

Thread name changed I started this thread when I was a few days shy of 21, I just turned 22. I've been at this for over a full year now. So that was somewhat misleading. Also, I'm no longer trading NQ. The biggest reason though is that hopefully the next year will be still a ton of learning still, but also a ton of implementation. So my entries will be more like a log than a 2 page summary of why I'm doing what I'm doing.

Thanks for following along. I could try to make a case for ES over NQ, but really one isn't better than the other. The main reason I switched was because I was learning from a great trader who was trading ES. It was easier for me to follow along. I find the action on ES 5 sec much easier to read due to the larger tick size, but the price is its not as granular as NQ. I find there to be overall less noise on ES. I know a lot of you are following DB's examples and I think that alone is absolutely enough reason to stick to NQ. Just makes me a kind of loner.

Last pattern was a tough play IMO. I didn't capitalize off of it. So here's another and we'll see how it works out. I'm hoping for a breakdown Errr technically this is a triple top, but whatevs.

Finally got my charts back up. Only to see the breakdown I wanted from last night. Finally a good first test trade for +12.5ES. I'm keeping the first test sim trades and the real trades separate. When the end of the month comes I will evaluate them separately and decide if the first test trades should be taken live as well. Today is definitely encouraging regarding them! Hopefully nothing further happens today as I have to leave, but I have my eye on a potential BO below 990. I still see 990 as S even though price probed below it last time.

Have to take care of some other business today, i'll only be around until 10:30EST. Sim short from 15.25 is still alive, targeting a lower low at 1002.5.

No trades today. Having some major tech issues. Cant even load a chart right now. I adjusted my R up to 15.75 this AM and I see that price has made it back up there. All I can really do is make a mental trade of it lol, which is ok as these first test trades are sim anyway. My stop is usually 1.5ES and targets usually around 10ES so I think I'll be able to get an idea of what would have happened if I had the placed the short.

Haha, a classic one

Thanks MK. The bends/probes do happen often, but IMO they aren't a certainty. Even looking at the most recent chart above for example. Those lines were adjusted (the top R level at 1007.5 was moved down 2 ticks and the bottom S level at 90 was moved down 1.5ES I think) after the first tests. So omitting those (as real time they don't count) we have some good action. Price touches 90 again and holds to the tick before taking off back to 1007.5. That R level is breached by only one tick before sending price down 7.5 ES. When 1007.5 is taken price does so with force (BO). It then falls and breaches 1007.5 again, but only to come back and retest for the flip which only bends the level by 1 tick before falling 9ES or so. Then price comes back and probes above it during globex (wiped out my short). After the probe price retreats dramatically all the way to 90 which is LOD to the tick. So not counting the probe or the first 2 tests which were used to adjust the S/R line we saw 4 near perfect tests of S/R in the last 5 trading days. 940 and 955 were even better. So IMHO price usually tests S/R well, sometimes probes and sometimes flips. Of course nailing the trades is the hard part!

Btw I was out BE bc price was moving like a train to my stop. I have since gotten back in with a short at the same area.

what a lame BO (if you can even call it that). Not much to do but wait to see if it makes it down to 990 again. I've been talking about taking standard sell R, buy S trades for months now. I;m going to start tomorrow. Though I'll be doing THOSE trades sim and keep my live setups as they are. If the first test trades go well this month, I will start taking them live next month.

W Follow-up

I should note that despite finishing today in the red, I consider it a success. I think these trades had at least a 33% chance at being successful. They just weren't this time.

I find multiple time frames incredibly useful. I think of it as a forrest-through-the-trees kind of thing. I don't know what ratio is useful, but here are mine: daily 150k vol 30k vol 10k vol 5 sec

In the past few weeks I have decided that price action is the same regardless of whether it RTH or not. With that in mind I decided to wake up early today because of the employment data and the NFP data (6E). I could care less what the news is, but since I'm watching for potential BO's on both instruments I should be around when BO causing news is announced. ES has been bouncing off of 990 all night and I can't sleep knowing it could BO below it, so here I sit. Anyways the data for both is being released at 8:30 eastern so i'll be watching both and potentially trading both.

Just to answer the question that I know will come, yes I wanted to buy ES at support, but thats not a part of my setups now. It will be soon though!

Remember the failure of this pattern (like the DT failure above) is just as important and the confirmation of it (though I don't see this one as important as that last one).