StepBoxStep

Using levels determined from PreMarket (8am to 9:30am) price action can be helpful in following the market during the Regular Trading Hours (RTH).

Some Observed Behaviors

1. As the RTH opens, when the market immediately breaks past the PreMarket Level Top (LT) or PreMarket Level Bottom (LB) and retreats, it has a greater chance to continue in that direction or trying a second and third attempt to continue in that direction.

2. On some days, like today-Sep 7, 2023, the market will oscillate between the LT and LB. So, it's best to lighten up on longs at the LT and shorts on LB. See chart attached.

3. When working with the ES and NQ, it's best to see them both extend past the PreMarket Leve

Identify these three states during the trading session: Happening, Not Happening, Wanting Something to Happen.

1. Happening - your setups are appearing - take the money-managed trade.
2. Not Happening - your setups are not appearing - wait and do nothing.
3. Wanting Something to Happen - you introduce emotions - you take an inappropriate trade, lose and then try to dig out of the hole.

Check your daily journal for "Average Total Efficiency" and see how many times your Efficiency<0 when you have been wanting something to happen.

When you can recognize when your mind is generating the emotion that is wanting something to happen, and then take a step back, you have put yourself in a position

If you have moved from consistently profitable scalping to all-or-none trading: (1) How did you do it? (2) How long did it take you? (3) Are you happy with the switch? (4) Do you use both methods now or just the one or the other? Cheers.

To help me wait for opportunities to roll around and practice some patience, of which I am sorely in need, I started ticking a box at the end of each 5minute bar to record whether there was a clear opportunity according to my method or not.

So, a "Y" if there was a successful opportunity that in retrospect worked out, or a "YF" for an opportunity that presented itself but failed quickly. So, my edge generated about a 60% win rate over this period of time with 82 opportunities. This was not "curve fitted" but was noted real-time as the market unfolded. The goal is to recognize these ops as they occur and take them without hesitation and rely on the probabilities and proper R:R.

One has to

Notes from my Trading Journal where I keep a list of My Fatal Mistakes when trading the NQ and ES. My notation of Mistakes starts with "K". This list may not reflect your own mistakes but I've certainly earned sufficient merit badges with these. From Reminisces: "A man can excuse his mistakes only by capitalizing them to his subsequent profit". The cartoon shows how we too often think ourselves in a distorted manner which leads to mistakes.

https://preview.redd.it/z0c89jy1ksz91.png?width=932&format=png&auto=webp&s=7487ab291fd0b8f806b2d5a840b09c6e30ee4161

K-Visualize - It is a mistake to play in your head a market move that you think, feel or even "know" is going to happen. You

I keep a list of Fatal Mistakes when trading the NQ and ES. My notation of Mistakes starts with "K".

K-Visualize - It is a mistake to play in your head a market move that you think, feel or even "know" is going to happen. You run the risk of going into a trance that fighter pilots call target lock and fly right into the target.

K- Firmly Choose - It is a mistake to artificially take one side of the market. You might be prone do this after reading a news article about what something else thinks is going to happen, or use a macroeconomic viewpoint to trade.

K-Drift - It is a mistake to play in the "Box" when the market is moving in consolidation. This could even be in the middle of a gi

A place for members of r/NQTrading to chat with each other

A place for members of r/NQ_ES_Trading to chat with each other