market just is not rational right now. mkt is NOT factoring in the bad news. mkt is only focusing on the bailout/stimulus plan.
yes. i look at support/resistance and probability. I'm a systems trader that uses discretionary plays as well. Again, these are not normal markets so you have to think outside the box.
I was j/w b/c it looks like your reward is 5.25 pts and your risking 13.75 pts......or am i doing something wrong?
I agree that dismissing indicators as useless is highly dangerous. It is just as dangerous as relying on indicators. I tried to go the pure price action road but met with disaster. Each trader thinks and processes information differently. Using indicators to assist in understanding price action can work. Just my opinion.
I think part of the problem here is that nobody is distinguishing between trend and counter-trend indicators. Trend indicators tend to have a positive expectancy and countertrend indicators generally do not. Thats not to say you can't make money using countertrend indicators (I do) but if you are going to use something like an oscillator you better have something to use in addition to it.
I'll say this. I don't look at it the same way that you do. r/r does not work and does not exist. there is no such thing as saying "I'm risking such and such to earn such and such". In other words your risk is unlimited when trading futures as is your reward. you can't guarantee profits or losses. the tighter the stop, the higher the probability of a stop out. the wider the stop, the higher the probability of riding out short term price swings. I'm not saying that i don't get stopped out sometimes. what i am saying is that i win more trades than i lose. I've been trading for almost 10 years now. I've traded all kinds of systems and strategies in real time in real markets with real money. i could write a biography but i digress.
Just eyeballing the macd on daily ES/NQ and it looks easy to go up/hard to go down from here with a clear triangle on the NQ and a fuzzy one on the ES.
yup. looks like its just trying to shake out the weak hands first. this rally could be very explosive to the upside.