Maelstrom

...on YM at 12408, stop at 12386. M

Attached with notes M

Jon, Great questions. I guess I would start by saying I trade 24 hours a day, 5 days a week. I know that sounds a little crazy, and I guess it is, but it's not quite as bad as it sounds... I have a lot of alert conditions set up for my setups. For example, 3 consecutive bars up or down, and I get an alert. I also set up alerts for price extensions and/or when price gets near a stop level. I have a laptop that I keep on the nightstand overnight, and when an alert goes off, I check to see what is happening, and decide whether it is something to watch or to setup another alert. Yes, it sucks a lot of times being woken up several times a night, but as I have mentioned before, there is nothing I hate more than waking up and having seen a great move that began in the AH session and left nothing but chop to try and trade during the day. With that being said, certainly not a trading style for everyone. And apologize for the delay in posting a chart on the trade..... been playing with my new charts a bit to see if I can get alerts set up the way I need them, but I will get that up here in just a few mins. If you can, post your chart also....I would like to see how this trade worked out for you. M

That's right JEH.... got in on that one, then set some alarms and went back to sleep, so apologies to anyone tracking these that I didn't make any updates. I will post a chart a little later with the complete trade. Also, been working on something else..... maybe TTS 2.0 lol. Will continue to develop it and maybe post some information once I confirm a few things. M

Evening everyone..... Changed my charts over to Ninjatrader over the weekend - so far, so good. Possible short setting up here.... M

Out at 12626, my entry was at 12565, so +61 on that one. Exit was simply due to 5 mins to close on a Friday, but I will take it and be happy. Have a great weekend everyone. M

at 12612 if it reaches it in time. M

Thanks Ziebarf - great observation on the TL. Things like that have always been a reason I have been unable to believe the random walk theorists - there is usually some kind of structure, we just may not always be able to see it. M

Indeed - a MFE of 67 points, and an exit on the reversal for a whopping......hold on, drum roll please..... 8 points. :crap: Actually, it's perfectly ok with me. This is an excellent example of how sometimes, with my methods at least, when a market meanders, especially after a violent move like this morning, it will just languish and you can give up a lot. But, the runner trades more than make up for these, and I believe in giving a trade room instead of choking it out too soon. Remember, for the risk-adverse.... a 1:2 R:R ratio is perfectly doable with a method like this, and would have served a trader well today. And you are correct - long entry on the first green bar around 1:31 cst. Short week, less than two hours to close on a weekend, definitely a judgement call for most on whether to take on a new trade here. M

Small adjustment to 12587/ M

...if I don't get stopped out on this move

Chart attached

NFP news absolutely awful. That probably means the market will rally for 800 pts now :rofl: M

That is correct Jeh.....

at 12577. Doesn't look like a great trade, let's see

JEH, I am looking for a bar close below the entire formation (yellow box), a pullback (one or more green bars), then an entry at the close of a bar moving down (red bar). Be very careful here, news coming out soon.... M

Absolutely - extremes are framed by the days activity. Thanks Tim! As a side note, I want to say thank you to everyone who has contributed ideas and methods. I was very hesitant to start a thread anywhere, having been a long time reader of many other sites that were nothing more than venues for braggarts and jerks. I have been very pleasantly surprised by the response and contributions here. As I mentioned at the beginning of the thread, it is about helping others who may be struggling. Any of the ideas presented here may cause the "spark" in someone that turns their trading around completely. So, thanks again to everyone :applaud:

Welcome Tim - thanks for the post. Would you mind posting a chart highlighting how you use the NYSE tick chart? I remember using this some time ago, but it has been so long I am not as familiar with it as I should be. Thanks M

Phil, Steve, Outstanding posts and excellent information! I appreciate, and I am sure I speak for others reading this thread, the information and knowledge you two have presented. You both have given me a new perspective on a few things, and please, continue to post as often as you like - no worries about hijacking anything. Thanks again

Looking for close below yellow box, pullback, then entry - lots of news coming out, so lets see what happens here. M

Phantom, Informative post - it appears you are one of those traders I have referenced who trade well with indicators, though from reading your thread previously, you certainly have a good understanding of price action. Consolidation, decisive movement in a direction, confirmation, entry - I actually see a lot of similarities in the way we trade. Different tools, but (hopefully) same results. M

Not my cup of tea, but this is the logical place to do it. M

Thanks Steve - no, my data provider was someone that I think was fairly new.... that should have been my first clue. I won't name names because I don't like promoting or bad-mouthing everyone, but I think I have things set up reliably now. M

JP, Yes, slower charts have allowed me to "see" patterns that I couldn't before. One of the downsides of course is like the past two days - no trades. But, I will take no trades over a bunch of losses any day! Can be hard sometimes though - find myself peeking at faster charts and getting that familiar itchy finger feeling And agree with you on indicators. They can be helpful for showing some kind of structure, but I also found myself getting conflicting signals and trying to curve fit them endlessly when market conditions changed. But, some people have them down pat, and trade very well with them, and I have a lot of respect for those traders. Thanks for the comment on the presentation - sometimes I struggle with trying to explain what I am doing, so I am glad to hear it is coming across pretty well. Feel free to post some charts or methods if you like, other markets are fine too - and this goes to everyone else out there that may be reading this. I am a perpetual student of the markets, and "met" several traders already through this thread that have a lot of knowledge and skill in their trading. Different methods, different markets, same goals - taking some $$ out of the markets and keeping as much of it as possible. M

...but I am not convinced on the upside right here. Could be wrong, but I am smelling a fake out. M