[wjrusnak]

Originally Posted by DbPhoenix »

Don't forget that tomorrow is Veterans' Day. You may just want to take the day off.

Hm. But I have nothing else to do I'll let the volume at open allow me to decide what I should do. Who knows, maybe I'll stare at the screen for an hour.

[pinetree]

Originally Posted by DbPhoenix »

For posterity:

Here price finds resistance at 37, breaks away from it, then retraces to 37. Later it pulls away from 40, then retraces to 41, where it makes a double bottom. The only question remaining is how to enter.

I'm struggling a bit with entries. I know it comes down to how agressive your style is, but how should one go about developing an entry that one feels comfortable with? If price reach a level that I've observed as potential support I need to be looking for something and not just enter because price is there. I.e entering at support, entering on a breach of a bar high, entering when price have risen a certain distance etc etc?

[NAVEEVIa]

Originally Posted by pinetree »

I'm struggling a bit with entries. I know it comes down to how agressive your style is, but how should one go about developing an entry that one feels comfortable with? If price reach a level that I've observed as potential support I need to be looking for something and not just enter because price is there. I.e entering at support, entering on a breach of a bar high, entering when price have risen a certain distance etc etc?

I fully agree with what you are saying, buying/selling because price is at potential S/R does not appeal to me though one can do that with a tight stop. I am watching a 10 tick chart & price bars to see rejection or confirmation of price.

[wjrusnak]

Originally Posted by pinetree »

I'm struggling a bit with entries. I know it comes down to how agressive your style is, but how should one go about developing an entry that one feels comfortable with? If price reach a level that I've observed as potential support I need to be looking for something and not just enter because price is there. I.e entering at support, entering on a breach of a bar high, entering when price have risen a certain distance etc etc?

Sometimes a signal might be a simple double top or double bottom on a 1m chart (or smaller). A lot of times, I allow price to zig zag on a 1 tick chart and place a stop above or below it (usually about a point and a half), preceding a reversal, then allowing it to tell me what to do. Combining all of this with the TICKQ divergences just allows for more confirmation. Anyway, just keep it simple. Stick to double tops and bottoms at first if you want.... or lower highs/higher lows. Find something that occurs often, repeats itself, and is profitable.

[wjrusnak]

Well, I waited very patiently and got what I could out of this very slow day.

• 80 was my level of support
• lower volume on the test
• put my stop at 1781.75 to precede the reversal with a safe distance
• even though it was a V bottom on 1 tick, I was ready with the long stop to catch it

This is a prime example of what I mentioned to pinetree above. Did it meet all of my criteria? No. There was no struggle (zig zag) on the 1 tick and there was not too much of a TICKQ divergence. But there were other, and what I feel just as important signals, that I mentioned above, which compelled me to take the long.

[pinetree]

Originally Posted by wjrusnak »

This is a prime example of what I mentioned to pinetree above. Did it meet all of my criteria? No. There was no struggle (zig zag) on the 1 tick and there was not too much of a TICKQ divergence. But there were other, and what I feel just as important signals, that I mentioned above, which compelled me to take the long.

Great stuff. Thanks. I think part of my problem is that I want to trade all potential setups (rejections of support/resistance etc). However, defining an entry I'm comfortable with that catches them all will probably not be possible. Better to keep it simple and accept that I will miss a few trades.

[wjrusnak]

Originally Posted by pinetree »

Great stuff. Thanks. I think part of my problem is that I want to trade all potential setups (rejections of support/resistance etc). However, defining an entry I'm comfortable with that catches them all will probably not be possible. Better to keep it simple and accept that I will miss a few trades.

I had issues with this at first as well. Just accept that you aren't going to catch all the moves, but make sure you trade the ones you know to be good set ups. One step at a time. Otherwise you'll take way too many trades and lose any confidence you would have in any of one of the setups.

[jack411]

Originally Posted by wjrusnak »

I had issues with this at first as well. Just accept that you aren't going to catch all the moves, but make sure you trade the ones you know to be good set ups. One step at a time. Otherwise you'll take way too many trades and lose any confidence you would have in any of one of the setups.

This is very very good advice.