[ACS]

Once again a trend from the open. In my opinion the best trade was on the third bar. ES opened gap down and formed a bull trend bar. The second bar went below the first and below the low of the prior day then reversed up forming a bull bar and likely trapping bears. Entry was at 894.50 and quickly gave a scalper's profit. Those lucky enough to trade multiple contracts could have just let the swing portion go all day although getting out between 911 and 912 was not a bad strategy when the market went below the 911.50 swing low. Next best trade was at 897.00 when the market dipped below a small bear bar and reversed up also likely trapping bears. H2s after the next two bigger pullbacks came in barb wire and the two that worked were H3s at 903.25 and 912.75 likely leaving behind those waiting for the H4. The afternoon was a mess although the bull trendline was broken by the selloff from the highs and the late rally could have been a test of the extreme. That at least is how I'm marking my charts.

[szubaark]

We already had a test of extreme from Long after EMA Gap. Then spike down and another run up. So we went Twice below EMA Gap. The second downspike was just a Flush (Stop Run) U had a lot of people going Short thinking Reversal, then they took it up. Too many games for me.

[forrestang]

PC crashed, so I was on my backup.

......................... ......

[szubaark]

6/26

Today is a good example that you need more then just seups to be Profitible.

We had 7pt Range. Below the EMA we had good seups for Double Bottom Bullflag H2&H3's and EMA GAP. THEY ALL WERE FAILURES. Entry candles were taken out immediately following Entry. Average Stop -2. Also If you Reversed for Reversal Failure Failure you would be also Stopped on next candle.
I took 7 Stops in a row for Over -10 Points (1 contract) Day like today could easily wipe out all your Weeks (months) Profits.
And please dont say YOU WERE TRADING Barbwire, because we had good momentum Since OPen, 2 Legs down. You anticipate most bardwire around lunch or around EMA, Price was well below the EMA (momentum was strong)

[forrestang]

Originally Posted by szubaark »

6/26

Today is a good example that you need more then just seups to be Profitible.

We had 7pt Range. Below the EMA we had good seups for Double Bottom Bullflag H2&H3's and EMA GAP. THEY ALL WERE FAILURES. Entry candles were taken out immediately following Entry. Average Stop -2. Also If you Reversed for Reversal Failure Failure you would be also Stopped on next candle.
I took 7 Stops in a row for Over -10 Points (1 contract) Day like today could easily wipe out all your Weeks (months) Profits.
And please dont say YOU WERE TRADING Barbwire, because we had good momentum Since OPen, 2 Legs down. You anticipate most bardwire around lunch or around EMA, Price was well below the EMA (momentum was strong)

Thanks for sharing!

I honestly didn't have such a good read on the day either. If you were looking to try to swing any position seems like you'd be in trouble. One had to be quick to take profits at prior resistance levels. Had trouble seeing second entries. Thieving bastards

Morning started off with a good Bull Flag setup that would have yielded slightly more than a scalper's profit to pretty much fill the open gap to the tick before selling off.

Next we had a move up to the Down Trend line, but the entry was guarded by BW, so not a great setup. Price then Broke the TL with ok momentum (making me think we'd have a good move up after the test), before coming back to form a HL. Not much follow through at all.

Next we had a few hours of sideways price hovering around a flatlining EMA. We had an H2 out of it, but nobody is counting at this point and waiting for further price action.

Finally we had a good move up, then a retracement that gave us a H1 followed by H2 at the EMA for entry, which IMO was the best trade of the day. You had to be quick to snatch profits at yesterday's high.

[Gabe2004]

Originally Posted by szubaark »

6/26

Today is a good example that you need more then just seups to be Profitible.

We had 7pt Range. Below the EMA we had good seups for Double Bottom Bullflag H2&H3's and EMA GAP. THEY ALL WERE FAILURES. Entry candles were taken out immediately following Entry. Average Stop -2. Also If you Reversed for Reversal Failure Failure you would be also Stopped on next candle.
I took 7 Stops in a row for Over -10 Points (1 contract) Day like today could easily wipe out all your Weeks (months) Profits.
And please dont say YOU WERE TRADING Barbwire, because we had good momentum Since OPen, 2 Legs down. You anticipate most bardwire around lunch or around EMA, Price was well below the EMA (momentum was strong)

Why not call it a day after 3 losses in a row? or whatever number you like.
I call it GOING NUTS when I have one failure after another but i still hope that the the next one IS THE ONE.
There are many good days with clear setups that materialize.
On days that I get whacked time after time, I look back at those days and I realize that i was revenge/hope trading and that is a NO NO.

[djohnsonhot]

This is my first take on Al Brooks, in this forum, since I read all of his articles and saw the slide show (.mov file I downloaded from the Sanuk forum, which is all about price action).

First, let me say that I am trading only two set-ups, based on the same ingredients (long a short):

1. I look for the predominant trend that I can determine at the time of the trade and based upon the previous 30 minutes to 1.5 hours of trading, depending on the time of day. I do trade pre-hours, but have lost money more times than I made money doing so.

2. So, for example we have a topping situation, where a double top (DT) has occurred and I am convinced we are rolling over......since I use volume and other indicators ON TOP of price action (PA), then I have to be very convinced that we have now gone into a short trend for the time being.

Also, bear in mind that I TRY to trade Elliott patterns. I say try, because there are so many ways to identify an Elliott wave. For those of you who understand that WAVE 3 is the "meat wave", then you will understand as well that I am looking for a short downturn wave from the top (zero point) and I am convinced that the first wave (point 1) has been achieved.....I will know that because I will see a pull-back to point 1. Then, I see the PA takes us into Wave 3.

With that, here is my set-up.

3. I look for Doji to form and place my short trade one tick below the low of that signal bar. These Doji bars (hesitation bars, better if they are Doji Stars) give me pause to wait and see a new lower OR EQUAL open in relation to the Signal bar. That opening PA, with momentum, and I will wait at times for the typical counter move a tick or two, is that I enter with that one tick of continuation into the next bar. I immediately place my stop at one tick above the signal bar.

4. My order is placed with an ATM strategy in Ninja. The strategy is I enter with 10 contracts, or 6 contracts in two entries (I often scale IN, not out) and take 1/2 off once my initial six ticks are achieved at +3 ticks past my entry. I often CANCEL my ATM's if I see a swing trade occur on a single DOWNWARD candle bar, that confirms my entry was a good one.

=====I hope I am not confusing you all...but, let me say that I often scale in on GREAT entries and double down at twice the contracts (simply by pushing the MARKET entry button in Ninja)....this is contrary to a lot of thinking out there.....I also am very reluctant on a GREAT entry to let the BE+3/ 6 ticks of profit ATM go if I see that I have good swing. I am fast to cancel ATM's in that way===

Now, I begin to move my stop order down (to exit) once I see plus 8 ticks fo profit...this is my average exit, should I have scaled in OR canceled my automatic trade stop and target.

5. Now, I wait until the next pull-back LONG in this short trend and re-enter for WAVE 4 to 5 in Elliott terms.

I only take one of these a day. I will wait all the way thru lunch and if I do not see a perfect topping, as we did on Friday, then I will not trade.

I also have a PLT trading auto-signal NinjaScript loaded, with very tight restrictions (Meaning, I want more bars to print to give me long or short signals).

My hard and fast rules: NO counter trades, only in the direction of the trend - - which again is a trend I know with great authority is actualized. I will never ever counter trade into pullbacks. I look for DT's and DB's.

Finally, I trade H pattern entries. These develop all day long. I also trade inverted H patterns. These are based DB's and DT's and are easy for me to find as I have been trading those for over 2 years. Brook's video touches upon H patterns but he does not call it such. Instead, look for long runs upward or downward, and then look for the second LL (or HH) to be a few ticks beyond the first low or high....then enter a trade long or short and stay in the trade until they exhaust themselves into a Doji, or a top, and then do the same with your pullback entries....

I hope this all makes sense.

[djohnsonhot]

I made a mistake: I look for Elliott pullback into the POINT 2 and trade in the direction of the trend into WAVE 3.

Also, my Signal candles are Brooks' signals (on a short, a pullback to a failure to go long or a HH failure in that pullback).

In essence: look for failed reversals (which are range-limited pullbacks) against the true trend (long or short)...these failed reversals are in Elliott parlance 1 to 2's and 3 to 4's....the meat waves in Elliott terms are 2 to 3 and 4 to 5 waves. I ignore the shorter runs, the A-B-C patterns and the 1 to 2's and 3 to 4's because these are all pullbacks or LIMITED RANGE entries.

The predominant rule is that I do not trade anything but meaty trend trades and all you need is one a day to make money or easily off-set the small loser trades.....the better the trader, the more limited your losses are because you are hopefully taking losses on failed entries which are limited...if I take a loss and then the trade WAS OK (good entry after all), then I just simply say that another trade will occur.

Finally: never trade Triple witching, and beware expiration days and Bernanke hours or Obama hours, and be careful on Mondays and Fridays...all you need are two to three profitable days in a week and six figures is easily achievable.