No Indicators

[stoploss please]

I am waiting for a signal because I have studied Price within a Charting set up. From my observations, I have written a Trading Plan. Done my best to take out any bias or opinion from my plan.

When he signal happens, I go by the plan not an opinion and as far giving back Ticks , unfortunately that is the busniness we are in. Constant re-evaluation. do too much of that.

We respect to the Pivots, you must have an idea where Mr Jo Public sees Support and Resistance.

Actually, the way you trade sounds rather interesting and less complicated. Just got rid of my indicators. Getting rid of the Chart. Well, lets say small, quick steps.

Andy

 

[SFL Trader]

I have an idea of where Joe Public sees support and resistance but Joe Public doesn't move the market. A guy who trades big size is not going to buy or sell just because it's a number on a chart. If he is already short or long, then yes, he may lighten his position at this spot and scale out of some it but in terms of entering a trade, he's more interested in how the market reached the level. Did it grind there? Did it spike there? Levels break just as often as they hold so you need something more than a number. You need to be able to read the action. It's still a bit of a guessing game. It always is because you are trying to anticipate what the big players are going to do next but quite often you can see the market has run out of steam or is gaining steam and it's at those points that the big guys hammer it.

You should always be biased and always have an opinion and your plan should be in sand because I can tell you that big players (big players who are day traders) are looking for whatever they can get. This is why you will see a market break 8 points and then retrace 8 points. They are not holding for 20 tick winners. So if someone who is short 3,000 is now covering his position, most likely his buying will drive the market back up a few ticks. Why would you want to sell into that or hold a position if you know it's going to pop. This is day trading. Not position trading. You're not trying to predict tomorrow's price. You're trying to predict the next several ticks.

 

[new_trader]

A Real Trader!

I have an idea of where Joe Public sees support and resistance but Joe Public doesn't move the market. A guy who trades big size is not going to buy or sell just because it's a number on a chart. If he is already short or long, then yes, he may lighten his position at this spot and scale out of some it but in terms of entering a trade, he's more interested in how the market reached the level. Did it grind there? Did it spike there? Levels break just as often as they hold so you need something more than a number. You need to be able to read the action. It's still a bit of a guessing game. It always is because you are trying to anticipate what the big players are going to do next but quite often you can see the market has run out of steam or is gaining steam and it's at those points that the big guys hammer it.

You should always be biased and always have an opinion and your plan should be in sand because I can tell you that big players (big players who are day traders) are looking for whatever they can get. This is why you will see a market break 8 points and then retrace 8 points. They are not holding for 20 tick winners. So if someone who is short 3,000 is now covering his position, most likely his buying will drive the market back up a few ticks. Why would you want to sell into that or hold a position if you know it's going to pop. This is day trading. Not position trading. You're not trying to predict tomorrow's price. You're trying to predict the next several ticks.

An excellent post but it isn't the full picture. Once you begin to recognise intent you can forecast from what you see now, what is likely to happen in the future. Everything is known in advance....everything!

 

[stoploss please]

SFL, I visited your website. Interesting stuff and sure it works for you.

The way I see it, there is more than one way to skin a cat and if we are succeful in our own different ways, does not make either of us wrong. The bottom line is the money.

As for wasting thousands of pounds and dollars on courses, books and unworkable systems, my view is, you need to make your own mistakes before you actually understand what is going on. It is all part of the journey.

I spent a lot of time looking at indicators and yes they do work if you know how to use them but I have realised that there is a simpler way and that is by using Price and Volume.

I attempted to go down this route a few years back and there are many threads where I attempted to get to grips with it. However back them, my knowledge and confidence was limited. Only now, do I feel ready to throw off the shackles.

Will I ever totally get rid of my indicators. Probably not as I find them useful. My reliance on them will dimish. Actually feel that this is already happening.

To close, I would like to say that if something works for you and your are comfortable and more importantly succesful with it, that is all that matters.

Attached is this mornings two emini trades. One off the VWAP and one off the Weekly Pivot.

 

[stoploss please]

Failed Long at S1

Took a long, the signal being

A close above the High of the Low Bar
A close above S1
Volume Expansion.

Glad I use Stops. 🙁

A short came along soon after.

We are now bouncing off Weekly S1. Volume tailing off. 😴Lets see if we can hold this level.:|

 

[stoploss please]

Bounce off S1

Bounce off Weekly S1

 

[stoploss please]

Yawn

Bounce around weekly S1 for a lot of the afternoon session.

Had two Momentum/Volume Signals but nothing to write home about.

 

[stoploss please]

How do you avoid the rectangles

Got a bit whipped up today.

I was looking for a sign of reversal or continuation off R1 and R2. Was hard work on what should have been an easy day.

I really hate waiting for break outs. Prefer to get in early and allow my stop to take the stress.

Today there was too much stress.

Has anyone got some good ideas on playing congestion around Pivots.

 

[options]

Only patience.

 

[Trader333]

I really hate waiting for break outs

So the market is not behaving in the way that you want it to. Well it is just an inconsiderate b*****d then 🙂


Paul

 

[stoploss please]

Yep, all best prepared plans have a habit of going pear shaped.

Did some more work on the Pivot strategy. The main thing I have added is a 1 point zone either side of the Pivot. This has assisted in trade entry.

Must admit, getting use to living without indicators and the entries are better.