NQ running again

Discussion in 'Index Futures' started by mikeriley, Aug 11, 2022.

  1. Overnight


    *chokes* 100 ticks?!? That's 25 points! On an instrument that is ranging 200 points (800 ticks) per day on average?!? ACK!
    #11     Aug 11, 2022
  2. mikeriley


    Hi there Overnight,

    I also use that same method for 5am to 5pm
    Presently have a short at 13284.75
    Looking at todays move there's a strong
    chance it may hit that level.
    Expecting 100 ticks if it does.
    #12     Aug 11, 2022
  3. maxinger


    on 11 Aug,

    NQ ran up.
    Then it ran down.
    what a great day for day trading.

    and for the High-frequency traders, they'd say NQ ran

    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and
    up and down and ....
    Last edited: Aug 11, 2022
    #13     Aug 11, 2022
  4. Overnight


    Damn, that is the exact bottom, to the tick, of the current range from midnight until now.


    You must have a wide stop. Trade frosty my friend.
    #14     Aug 11, 2022
  5. Hello mikeriley

    Thank you very much for strategy and write up.

    Questions please:

    1. Why do you like the 30 minute bars so much? I usually trade lower time frame like 1 or 5 minute bars. I do agree the noise is less on 30 minute

    2. 1 trade per day with the 30 minute bars does avoid over trading and increases patience. Is this your purpose of 1 trade per day?

    2. See my comments and questions in red.
    #15     Aug 11, 2022
  6. mikeriley


    I've used 1, 2, 5, 7, 10 and 15 minutes in the past.
    Excluding a time series strategy that I use for stocks.
    For me, it never gave me enough time to THINK.
    Some, if not most trades need sufficient time
    to develop to determine if it might have a
    high chance of winning.

    That's hard to do when the price is moving
    fast. Also, it kept me on 'edge", when
    I really needed to be relaxed. I also had a
    tendency to race after trades, because
    physical/mental movement by default
    will make you react faster.

    I was taught using small time frames
    are for very experienced traders (5+ years)
    Not sure how new traders can expect to
    last when they've yet to develop the
    mindset/skills to trade that fast.

    I was taught to use the 30 minute chart by
    a close friend and mentor. That Trading is not
    a race, but a slow process, allowing price
    to come to your level of analysis.

    Yes, the 1 trade/day does exactly what you've
    mentioned. I presently use a 3-6 ratio method.
    I never trade over 3 wins, or 6 losses.
    Before I was taught following a strict STOP
    trading rule, I lost profits hundreds of times.

    You can have a phenomenal strategy for making
    profits, but at the end of the day, if you can't
    keep it..all your work is for nothing. The accumulated
    psychological pressure of that scenario is called
    burn out.

    The real issue is, I would continue trading
    when I was already burned out. I use to do it,
    and could never reach the next level.

    Win or lose, knowing when to stop is the #1 issue for me.
    Last edited: Aug 12, 2022
    #16     Aug 12, 2022
    SimpleMeLike and Laissez Faire like this.
  7. bears suck
    #17     Aug 12, 2022
  8. Hello mikeriley,

    Thank you for responding. I respond in red above.

    Today I traded the 30 minute chart in SIM and made $800 in 1 hour. I was aiming at 1 trade, but kept on practicing.
    #18     Aug 13, 2022
  9. Do you Understand why....you made that $800 in 1 hour? Or, was it totally random, blind, luck of the draw,

    The key, the Holy Grail, is knowing the future and why things are generally expected to happen. And being able to do that same feat daily, more or less, to turn $800....into 8,000.....80,000.....800,000,
    #19     Aug 13, 2022
    SimpleMeLike likes this.
  10. Hello MacBookProHo,

    I was following @mikeriley advice of trading 30 minute bars.

    I guess it was luck, who cares. I do not care, just care about making money consistently.
    #20     Aug 13, 2022