Hi Guy's,
I've received a few PM's asking how I trade the YM ..so here goes ..
I am a short term scalper
My chart is a 10 tick range bar chart
When I pull up the chart in the morning , I have 3 questions :
1. What is the direction
2. What is the entry
3. What is the exit
I have used every indy in the book to determine direction (bias )
but I have always come back to the MACD , and it has served well
for 5+ years .
So.. looking only at the macd histo , I can tell if I am looking for a
Long or a Short immediately . i.e. if the macd is above the
zero-line , I am waiting for a Long ..and visa-versa for a Short .
Simple as 1-2-3
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OK , now that I have the direction answered , I need to know where to
enter . Again I use the MACD ..but in a little different way .
I am going to enter as the macd lines cross . Very similar to a
"hopper trade " . However I am going to put the cross on the price
chart , rather than below the chart . This makes it easier for me to
set the entry . I am using a 26 simple MA as the trigger line .
I will enter when price hits that line .
enter . Again I use the MACD ..but in a little different way .
I am going to enter as the macd lines cross . Very similar to a
"hopper trade " . However I am going to put the cross on the price
chart , rather than below the chart . This makes it easier for me to
set the entry . I am using a 26 simple MA as the trigger line .
I will enter when price hits that line .
- Attachments
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- entry.JPG (111.22 KiB) Viewed 4691 times
OK , Direction has been determined ,
I have entered when price crossed the trigger line ...
Now , where to exit ?? This is the easy part , as I have have entered
with a pre-set bracket ..10 tick SL and 10 tick TP .
Nothing to do now except manage the trade and wait for price to give
the result .
For management I move my stop aggressively . At +5 I take off 1/2
risk , and trail to BE as price goes in favor .
If/When the 10 tick target is hit . I usually just wait for a new cross,
or , if there is a strong move I may enter on the next hook .
My daily goal is 20 ticks , so I don,t need to go after every trade .
Of course I will leave a lot on the table ( YM is moving 100-200
points lately ). But I have learned to take the $ and walk away .
P.S. I also try to notice any 1-2-3 's in the picture .........
Hope this helps ...energy is coming back into the markets ...
It should be a GOOD YEAR !!!!!!!!!!!!!!
I have entered when price crossed the trigger line ...
Now , where to exit ?? This is the easy part , as I have have entered
with a pre-set bracket ..10 tick SL and 10 tick TP .
Nothing to do now except manage the trade and wait for price to give
the result .
For management I move my stop aggressively . At +5 I take off 1/2
risk , and trail to BE as price goes in favor .
If/When the 10 tick target is hit . I usually just wait for a new cross,
or , if there is a strong move I may enter on the next hook .
My daily goal is 20 ticks , so I don,t need to go after every trade .
Of course I will leave a lot on the table ( YM is moving 100-200
points lately ). But I have learned to take the $ and walk away .
P.S. I also try to notice any 1-2-3 's in the picture .........
Hope this helps ...energy is coming back into the markets ...
It should be a GOOD YEAR !!!!!!!!!!!!!!
- dojirock
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Great to see you posting DC,
I just got Trade Station. Dont have a clue to how to use it yet...lol
Can you share your workspace template? PM me if you can....
Thanks
I just got Trade Station. Dont have a clue to how to use it yet...lol
Can you share your workspace template? PM me if you can....
Thanks
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"
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Thank you for your support.
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btw ..I've learned a lot about management from this guy ....
http://www.youtube.com/watch?v=gG3XtUX3JjI
http://www.youtube.com/watch?v=gG3XtUX3JjI
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Thank you for your support.
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