Patuca

That sounds better. Thank you sir. :missy:

The concepts you mentioned are too simple. Therefore folks overlook them or don't grasp them. No response from anyone eh? Tape reading is about anticipation of what is going to print.

What about forwards and backwards? Fast/slow?? What about down when I need it to go up and up when I need it to go down?Just kidding!

Haw, Cante waste nape ciyuzapo.

Scalped/daytraded ES today. Gross Profit $1400.00 Contracts traded: Bought 125 and sold 125 Trades 35 trades Winners 31 Losers 4 Win Rate 89% Average loss: $100.00 Average win: $45.6 Commisions $625.00 NET PROFIT $775.00 I decided to trade some in 10 lots. usually would take 1 to 3 tick profits. Among other things I also use fib levels. I trade on an hourly chart but I look at the 3 fib levels on the previous day chart. Also on the precious 1 hour bar. Also on the intraday 1 hour bar in which I am trading. When fibs line line up in all the price frames and price trades close to one of the fib levels and just hangs there I will scalp multiple times until it breaks thru the level or drops back off. That is one of the techniques I use. I can sometimes get 1/2 point over and over until price breaks down or breaks out. When the intraday trend is down on 1min,5min,15min,30min and one hour chart I will short retracements back up to one of the fibs if price hold there for a while. Especially, if it is a fib line that shows up close in all three chart. Present 1 hour. Previous 1 hour and previous days chart. What is still hitting hard is the commissions. Does anyone have any idea what price range I should try to negociate? Figuring trading 60 to 80 contracts RT a day??? Also when scalping the ES I am learning that if I want to capture 1/2 point I have to go for 1 pt and allow 1 tick for entry and one tick for exit...slippage.... etc. The ES moves fast. The ES is new to me. That is, scapling the ES. I have scalped stocks and swingtraded stocks for years but am trying my methodolgy on the ES. Next will be NQ and YM. I want to try and figure how to trade 2 or 3 instruments. I get tired of the analysis of multiple stocks...etc. Trying to simplifiy things. One thing I don't like is the commissions when scalping. It irks me. I know it is a cost of business but I didn't realize just how costly it is when scalping ES. It runs up real fast. If anyone knows a broker that gives better deal on say 80 cars RT day let me know. I pay 2.50 each way per contract. Is that a bad price? Have a happy New Year everyone!

Today I took scalped/daytrade 37 trades. They ranged from 1 to 5 contracts each trade. I traded a total of 80 RT ES contracts. Gross Profit $862.50 Total winners 34. Losers 3 .....Win/loss ratio 92% Average win $25.37 Average Loss $100.00 Commissions RT $400.00 Net Profit $462.50 The win/loss ratio is still good. I took two fairly good size losses ($100.00 and $150.00 and one small loss of $50.00) that really skewed the average loss figures. I just judged the direction wrong and bit the bullet when I had to. Average win figure about the same as yesterday. What is killing me is the brokerage commisions. It costs me 2.50 each way. I have never approached a brokerage about getting a good rate for scalping purpose. Today I traded 160 contracts. That is I bought 80 and sold 80. The 5.00 RT makes the commissions 400.00. Makes one feel like they are working for the broker. Not so sure I like this method. Does anyone know about what I should be paying for commissions trading this way. Lets say I buy on average 60 contracts and sell 60 per day. What kind of commission rates should I be talking to my broker about?? Thanks

Thanks for the link. I couldn't read the articles..i suppose because I wasn't registered there but i did register and awaiting confirmation of the registration. From the book title looks like it is about some classical tape reading skills???

Are you saying that most scalpers don't last? If so, why do you think that they don't last? It would seem to me that one is only at risk when in the market. Therefore, if ones time frame is very short term then there is less risk????? Providing one is disciplined and uses stops fanatically and takes the blows when they come, moving stops only when a trade is moving in ones favor or volatility necesitates a moving of the stop. Of course, it seems to me that such a system would by nature require a very high win rate???? Most traders probally bite the dust in the end because of not preserving their capitol by taking stop losses when they ought to take them. Most people can't stay in this game/war ,,whatever..and be undisciplined in that area. In this short term system my ultimate hard stop is 4 points. That is, I am out of the market at this point no matter what. However, that isn't the working stop I use. The working stop is discretionary..looks at volatility and can be anywhere from .50 to 1.50. But if I make a wrong decision in the heat the ultimate stop is non negotiable ..it can't be changed. I am not allowed to move it. It is fixed. I will allow a max drawdown of 4 points per contract on the ES. Is it unfeasible to think that such a strategy will work over the long haul?? I don't want to be just another short-term trader that bites the dust. My limit for any daily loss on the ES is 800.00. That is if I am trading 4 cars and I loses the max allowed I am finished for the day. I have just started using this system trading the ES so I am still refining it. I have used it for quite some time with stocks swingtrading, mostly, with a mixture of some daytrading.

I am not sure either. I considered it scalping because of the small amount of profit per trade. I look at different frame charts 1 hr, 30,15, 5,1 min. to get a sense of intraday trend. My setups are on the 1 hour chart because of the nature of the system however most trades last 5 minutes or less. Many last less than 1 minute. I take entry based on 5 minute and 1 min charts but as long as they agree with some things I look for in the 1 hour chart. So I don't know whether it is scalping or daytrading???? Since market opened this morning I have made 3 trades taking 1.5 pts out of the ES. The 3 trades lasted 14 min, 7 min, 6 min. All winners and all to the short side and all made in second hour of the open. These were holding longer than normal as that second hour it was range bound between1252.75 and 1254.75 on a 1 hour chart. Maybe this is day trading???? Anyway, whatever it is I suppose really doesn't matter but what about the reward/risk ratio in these type of trades? I can't seem to find a way to trade this way and have a decent reward/risk ratio. If I shorten the stop I will get stopped out to often. If I go for bigger profits on a 1 hour chart the chances of getting them are slim unless it is trending. Basically I try to capture 1/4 to 3/4 of the movement made on a 1 hour chart. That is I get a slice out of that hours movement. In the example above the movement was 2 points. I got 1.5 points of that but using 3 trades.

I recently started scalping the ES. Today I took 20 trades. They varied from 1 contract to 3 contracts. Stop loss was discretionary and varied from .50 to 1.50 depending if I was directly trading with the very immediate trend or contrarian to the very immediate trend. When I say immediate trend I mean on a 1 min, 5 min, and 15 min chart. I also look at 30 min and 1 hour and daily charts for a view towards the longer trend. Here is what happened on the trades. Total profit gross: $412.50 1) 18 winners. 2 losers ...89% win rate. 2) Average win $24.31 3) Average loss $25.00 I had 29 RT so I traded 58 contracts over these 20 trades. Comm 145.00 Net 267.50. I have some questions: 1) Is the reward to risk ratio as important to maintain at least a 2:1 ratio when scalping ES? 2) How do you maintain a 2:1 ratio scalping when the system I use takes 1 to 6 ticks as its profit target. Usually .50 to .75 pts is more the norm. It is hard to have a 2:1 Ratio when going for such small targets. I can't make my stoploss less or I will get stopped out too much? 3) Those of you that scalp the ES what is your average stoploss and average profit? 4) I actually scalp off the 1 hour chart but use the 30 min, 15 min, 5 min, and 1 min, for trend confirmation. But my setups are on the 1 hour chart. Those of you who scalp the ES what chart you use? I know..the brokers like this sort of trading...but I consider simply a business expense. The only way I could lower the comm would be to make less trades and go for bigger profits but the system seems to work best taking ,50 to .75 pts profit each time and an occasional 1 to 2 pt profit. Any ideas anyone or suggestions to me? Patuca

hello gary please send me some info on point and figure

Whats that trader IQ stuff about? how comes i get stuck with 5% and others have high numbers??? is there a moderator around here that can change that? maybe i'll just leave this site..

the guy must be dead for crying outloud. besides he must have traded when there were no computers. how could that apply in todays world?

When I go to see who is online I see all these yahoo slurp spiders. What is that and why are there so many??? Sometimes I se other spiders there too??

dogpile what in the dickens is a pinball buy???????

Ravin, WHY? where you guys from? i am from the USA. have yu been trading long like this taylor dude? is his sytem pretty good? sound complicated to me by the posts????????????????

Hey WHY? Dogpile and the rest. Who is Taylor? Hey dogpile how did you pick such a name? Where you from I am from the USA.