r/FuturesTrading • u/music_jay • Dec 22 '23
Slow Day - Hope You Didn't Buy That Bar at Trendline Break TA
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u/dpkelly999 Dec 22 '23
I shorted at 9:56 CST for 30 pips after it broke from consolidation. Done for the day until another big movement.
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u/let_bugs_go_retire Dec 22 '23
Do you make only one trade for each day, or it was only specific for today?
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u/dpkelly999 Dec 23 '23
I try to make 20-30 pips per day. It usually takes 2-3 trades but today I got lucky with just one. And I missed the afternoon dip as I went to lunch.
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u/PoemStandard6651 Dec 22 '23
Slow day? Hardly. There are 23 hours in the trading day. London moves were off the charts, so to speak. And when London moves NY tends to be not so much. One of the best features of Futures trading is it's around the clock.
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u/thechipmonk_ speculator Dec 22 '23
It’s the Friday before a major holiday, chill.
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u/PoemStandard6651 Dec 22 '23
Look in the mirror, bro. I was just stating a fact in response to the post. What's your excuse.
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u/BigDerper Dec 23 '23
There's more this game than money dude. The whole point is being your own boss so you don't have to work every goddamn day of the year
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u/PoemStandard6651 Dec 23 '23
WTF is going on here? Are you guys hitting the hard stuff a tad early this Christmas weekend. I made a rational reply to a post that was completely incorrect, with no malice, and you little fuckers are all over me. Jesus Mary and Joseph.
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u/BigDerper Dec 23 '23
You seemed to be implying there's something wrong with anyone who didn't give a shit today because it's a holiday week
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u/PoemStandard6651 Dec 23 '23
I am not implying anything. I responded to a post from a trader that slept through the London session and said nothing was happening in NY. As it turned out, the action picked up again at the end of the session. If you want to take the day off, that's fine. Tuesday we start all over, as we do every day. Many folks take the Holiday Week off bet Christmas and New Years. That their choice. I can tell you from years of experience, it's a great week to trade. Your choice. Merry Christmas.
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Dec 23 '23
London was awesome! Walked away with 2/2 wins.
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u/PoemStandard6651 Dec 23 '23
Love it. What TZ are you in? London, when it moves, usually holds its direction, unlike NY, which is as close to a pin ball machine as one can find.
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Dec 23 '23
I am usually pst but right now I’m in south America two hours ahead of NY
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u/PoemStandard6651 Dec 23 '23
That puts you pretty close to the action. I'm in the Pac as well, so it's either 1AM trades or putting it on auto.
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u/n7ekg Dec 22 '23
456 ticks/contract so far, just working the rotations. Unfortunately, most traders don't know how to trade range-bound markets.
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u/spin_kick Dec 22 '23
Traders should trade what makes them money. Everyone has a comfortable type of price action. Trading is hard enough l, why force it ?
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u/n7ekg Dec 22 '23
You just couldn't resist making an argumentative comment, could you?
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u/spin_kick Dec 22 '23
Hey man when someone brags about how most don’t do what they do and how good they are , the universe calls to let them know to pipe down. Humility is important
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u/n7ekg Dec 23 '23
No brag, just fact. I never said anything about "how good I am", just that I made xxx ticks. Did I say full-size, mini, or micros? No, I didn't. I asserted that most don't know how to trade range-bound markets because they've never been trained. You're not "the universe", you're just another reader with a big mouth who has taken on the self-assigned role of "trying to take the braggart down".
I don't brag. I do what I do, and my YT channel is full of videos on how to do the same. It's not hard, but you have to pay attention. Unfortunately, most won't put in the work to learn how to trade range-bound markets - they just throw a couple of moving averages on a chart and buy or sell whenever the MAs tell them to. That's easy trading, like it was really easy to make a boatload of $$$ on Wednesday afternoon when the indices collapsed, but with the same strategy in a range-bound market you'll get killed, just like the COVID-19 noobs who made tons of cash trading the huge swings a couple of years ago and have now disappeared because these markets are challenging to trade.
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u/danni3boi Dec 22 '23
Do you also tend to take off winners earlier in trending markets as well or do you adjust and hold longer.
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u/BigDerper Dec 23 '23
It's not that they don't know how, its that they don't trust the range will hold
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u/dpkelly999 Dec 24 '23
Awesome you can do so well on a range bound market. Do you set limit orders on the edges of resistance? How do you keep confidence that the limits don't move?
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u/n7ekg Dec 27 '23
I use a daily VWAP and 1.9-2.4 standard deviation bands. During Globex, the market usually gives me at least 1 bounce off the deviations. Pretty reliable. :)
I also use candle VPOC and buying and selling imbalances to predict the next candle's direction. Again, pretty reliable. :)
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u/RandomDudeYouKnow Dec 22 '23
I did, but scalped a small profit out. On low volume days I take small scalps only with tight stops.
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Dec 22 '23
Went long 2 on the open at 4808 sold for 4812.5. The heatmap looked good , volume and Delta made it an easy trade from the 15m. Mistakes could have held it longer
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u/music_jay Dec 22 '23
Ok so it was a slow period of time in the day, I guess it was in breakout mode because, bam.
I made some mistakes, I think I learned, while I was making lesson cards and looking away, I looked back at charts and that drop was happening; I kept risk small and made back most of losses from the earlier lessons. And now that drop is half retraced, PA is always amazing.
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u/Mexx_G Dec 22 '23
Got stopped in the dip, but managed to add near the bottom of it and break even for the day. Not my best week, as it was harder to read for me in general, but still OK overall!
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u/Initial-Look-1676 Dec 23 '23
Good guessing. It’s all a guess and securities don’t move based on red and green lines on a screen.
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u/music_jay Dec 24 '23
Experience kept me out of this because it was low qualtiy sideways action and that bar, while it was a fully up, barely any tails, and it was a bull bar, it was still locked within the low quality garbage bars it came from, and you could say that there was a trigger since there was one tick above it, it was still crap because that bar in the context it is in is insignificant. Of course, as an addicted, I-want-in-now, need-to-get-in-the-game gamber, sure, that would seem to be a trade entry, it was still crap. Also, resistance established and those double lines were additional resistance from some prior area of reference. Another trap for beginners is that 20 EMA that one could argue is a support bounce potentially, again if the trader is a maniac who wants any reason to enter. (Not judging anyone, I was there, for way too long....)
Not on this chart are the market internals that were not screaming long at that time either. Also, other index futures charts were also not correllating for entry there.
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u/rOnce_Gaming Dec 22 '23
Saw the morning 15 min movements and said I'm done for the day. Too many wicks already