[thalestrader]

Originally Posted by forrestang »

Does this question make sense?

I think so.

Stocks - trail behind natural stops (swing points)

Futures - Move to BE as soon as reasonable, and then wait for PT1 ot BE. If you look back through this thread, I have very few times posted a trade where I say "I got it with 6 ticks." Maybe once or twice, but even that would surprise me. I get to break even, and then it is PT1 or bust. How many times have I posted this: "A break even effort." Many, many times.

Now, if I am taking a continuation trade in the middle of a range, e.g. suppose I took a long near the low of the day, and I made it to my PT1 but the second half was stoped out. Now, suppose further that we are only halfway between today's low and yesterday's high. Well, I might take another long trade after some consolidation. If so, I may very well move my stop to say, BE +2 to +4, because buying in the middle of the range is not a very favorable play compared to buying near the prior day's low, right? So, if ever I do say, I was stopped out for +2 or + 4 or even +6, that usually will be a trade that was initiated from a level that is not, in my opinion, as favorable to my position as would like. The only other time will be if price came within a whisper of my PT1, I will start to shout my stop loss closer and closer. I do not want to risk +30 ticks because I stubbornly wanted 31.

I hope that helps.

Best Wishes,

Thales

[patrader]

Originally Posted by jonbig04 »

Hmm, to be honest I don't follow the logic, but I appreciate the clarification!

I find value in the high/low of bars and the open/close(candlestick body only) of bars for reading charts.I find myself switching back and forth for clarification depending on the type of price action present.For example,during overlapping bar price action(sideways) i switch to candlestick body only bars which many times helps me read the market easier.Most of the time i use candlestick bars and draw my tl's and tcl's off their high/lows to spot wedges but sometimes it works better for me using candlestick body only(open/close)bars.i will sometimes do the same thing for S/R levels(like on the chart i posted). The main thing i am looking for is three push wedges on the 15m charts where the third push either touches or overshoots the tcl and at the same time is at/or near a previous R/S level.In the chart i posted price had touched the tcl and was near a previous support level which had previously DB.I had switched to candlestick body only bars a couple of times during the wedge formation because of the overlapping two sided price action that was going on especially at the top and bottom of the wedge.When price finally broke out of the sideways action at the bottom i switched back to candlestick bars to see price come down and touch the tcl and then reverse. I saw that touch and reverse as a possible wedge completion and DB pullback test.HTH

[forrestang]

Originally Posted by thalestrader »

Now, if I am taking a continuation trade in the middle of a range, e.g. suppose I took a long near the low of the day, and I made it to my PT1 but the second half was stoped out. Now, suppose further that we are only halfway between today's low and yesterday's high. Well, I might take another long trade after some consolidation. If so, I may very well move my stop to say, BE +2 to +4, because buying in the middle of the range is not a very favorable play compared to buying near the prior day's low, right? So, if ever I do say, I was stopped out for +2 or + 4 or even +6, that usually will be a trade that was initiated from a level that is not, in my opinion, as favorable to my position as would like. The only other time will be if price came within a whisper of my PT1, I will start to shout my stop loss closer and closer. I do not want to risk +30 ticks because I stubbornly wanted 31.

It does help Thales.

Your P2, how do you manage that? Let's say you hit your P1, how do you go about managing your P2? Always via swing points? Or is P2 a BE or bust?

[thalestrader]

Originally Posted by forrestang »

It does help Thales.

Your P2, how do you manage that? Let's say you hit your P1, how do you go about managing your P2? Always via swing points? Or is P2 a BE or bust?

Sorry for the delay, Forrest, I ran over to my daughter's elementary school to watch her perform in an assembly.

I'll trail via swing points, with the objective to get my SL to PT1's level as quickly as possible. Once I get to PT1 for a stop loss, then It is usually PT2 or bust, unless there is a stop and reverse situation.

Best Wishes,

Thales

[thalestrader]

Here is how the ES looks over the last hour or so ...






You can make it difficult, or you can make it easy. I prefer easy.


Best Wishes,

Thales

[forrestang]

Originally Posted by thalestrader »

Here is how the ES looks over the last hour or so ...
You can make it difficult, or you can make it easy. I prefer easy.

Very similar situation on NQ on my last trade. Although I was taken out on this one to the tic literally. The first chart is the big picture.


Second chart is a look inside the trade. This was a scenario when price stopped me in the the tic before immediately moving against me. At this point I'm looking for an excuse to exit(because price didn't move in my direction at all initially). On the small range chart, you can see the high print. At this point, price makes a small move down, and at this point a move up would be the break of a HL, and I would exit.


Well this happened and stopped me out to the tic.

[TradeRunner]

1 Trade: BE

Even though I'm trading on replay and could trade the full 24hrs I have stopped taking any trades before 6:00GMT because I would never be awake at that time if I was trading real time.

[thalestrader]

Originally Posted by thalestrader »

Here is how the ES looks over the last hour or so ...

You can make it difficult, or you can make it easy. I prefer easy.

A very easy and forgiving way to trade, right?





Best Wishes,

Thales