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If we assume that we have a way of identyfying pro's vs amateur selling how would you interpret a Blue ( pro) or yellow( amateur) bar after trend ..... both tend to indicate a reversal ..... then what is the need to distinguish them ????????"?
You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
Good question. I enjoy your questions. Sometimes I think you're the only one who actually thinks about what I write. I'm going to start writing some nonsense in my posts just to see if anyone is paying attention.
You're right they both indicate a potential reversal but for different reasons. I particularly like to see pros active leading up to a turning point and then see amateurs on the wrong side at the turning point. That is like a double confirmation and makes it a higher probability.
Yellow bars are mainly interesting when they make a new high. Sometimes you get yellow in the middle and that's ok. I want to know when amateurs buy the high.
I was totally off yet still made money. My main problem is being early. Market always goes a little further than I expect. if I can get that under control I could easily make double.
what if u enter your first contract at your price and the second some ticks below.....if both get hit great, keep your plan....if the second one is not hit u may extend the target of the first one to "compensate" part of the missing profits of the one not filled....
One thing I do is if I'm early and then I see the "correct" entry, I will trade it and then get out of my first entry at breakeven. But that's pretty advanced and once in a while it backfires and gives a big loss.
No the real solution is for me to work on my entries. I think trade location has a lot to do with it. Sometimes I enter in a high volume area for example, I did that today. Best to wait for price to go away from value if fading a move.
I also have to work on taking more "go with" entries.
My day trading is not even close to where I want it to be but I think I'm making progress and getting closer.
Here's today's real money trades:
TS had a serious data problem so i couldn't trade after my first trade. At first I thought there was something serious going on then I realized it was just on my TS charts. Here's what I saw:
it really sucked because I like to enter around the blue pro bars and on the highest timeframe (left chart) there is a bearish sine cross and blue pro bars! I had my dom ready to enter there around 80.50. And when I saw the data problem I stopped. And well you know what happened next! 80.50 -> 69!
Fortunately my swing trading continues to do well. I took out $1100 in swing trading profits today:
So one project I'm working is combining the swing trading & day trading. In the past i've been going for small scalps in day trading. 1-3 pts in ES. Sometimes I only get a few ticks due to a bad entry or timing or other problems. If I went for bigger daytrades and tried to hold them longer possibly turning them into swing trading I think it would be more productive.
Hey , what is your stop for overnight trades? All your swing trading is based on your cycles oscilators right ?
You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
I don't use stops on swing trades. I try get out when I believe I'm wrong. This is tricky as one can be right long term but wrong short term. Then one has to decide to hold it out or stop out and try again.
The trades are based on cycle setups but very discretionary. I also use the pro bars & momentum divergences, breadth data, market profile, s/r, and everything else. I don't always take a cycle setup and I will enter without a cycle setup. The cycles just help to see what ES is doing from different distances (close up or far away).
