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I bought bar 2 today thinking (strong bull close above a bunch of bars with higher time frame juice, and i exited on a MM of Bar 1. I would later re-enter around 11:45 because it was a wedge bull flag on the 5min and about a touch of the MA on the 15 minute (at work on my cell). I just put in a bracket order to exit at 2X risk and went back to what I was doing at the worksite. IDk, I'm kinda sick of staring at charts waiting for my 1-trick pony setup to come my way (probably just not good enough to recognize them yet). Patience is cool and all, but damn, I need some sort of reward to maintain the motivation to keep on keeping on. My life is a dull thud at best, and I'm frothing at the mouth for a little something to workout. "I just want a sip bro."
We are told it's best to pick a setup and stick to it, but because I work a full time, it feels like I always miss MTRs and that the only way to trade is off BPA principles when I can recognize an ok trade. I do alright; I make enough for snack every month but definitely not killing it.
However, I think it would be wonderful to have a bread and butter move and a trading identity beyond just getting what I can get. Trying to make a dollar out of 15 cents...
It is important to focus on one setup because, if done correctly, that one setup can lead to several trades.
For example, it is important to understand breakout and 2nd legs. This is because almost all breakouts get some form of a 2nd leg. Now, we must have a way to define the strength needed for a breakout. Once we have that, we add some filers, leg count, Trend vs TR, etc. If done correctly, a trader can find 6-8 trades trading breakouts and 2nd legs on a given day. I hope this helps.
- Brad
Nice! Thank you!
Hey Marcus,
Those are two pretty good trades imo, especially if you are viewing charts at work.
If you had to label these two trades as a setup, what would you call them? Breakout trade at the open? A bull reversal at midday?
Try to spend more time focusing on charts if possible. Learn to love watching the unfolding price action bar by bar. The more time you spend watching the charts, the more setups you'll eventually learn.
Yea, that sounds like solid advice. Thank you:)
It's been pretty chippy, I've seen 1 tick traps, etc. Actually, yesterday I went always in long at close of bar 2, but my stop was way down around 2:30 bar day before, then I checked back around 3:30 and sold around 3:45. Right now I just try to decide always in long or short with a deep stop, small position. Also trading the daily chart.
Are you more of a "Walmart" style trader?
No, golfer. I've noticed lately the trends are cleaner in the longer time frames, 15 minute for intraday, daily or weekly for longer term, same trend as the 5 minute but 5 seems to bounce around a lot. BTW that trade yesterday I only made 1/3 x risk.
I'm struggling to pick a trading setup as well. I've been studying BPA for about 3.5 years now, and trading for about 4. I personally believe it's a lot of trial and error. I know a lot of traders say to be successful you need to focus on one setup and get good at it. The problem is i feel like if you've conditioned yourself to only look for one setup in particular, you're going to miss out on learning price action at a really high level. I can't seem to bring myself to just stick with one setup, but i also know if i try and trade too many different types of ways it hurts me as well, so i seem to have to stick within a basket of setups that over 4 years i've determined that i'm better at.
I trade spy 0DTE most of the time, and it's just an entirely different beast. I'd probably be 10 times further along in my progression had i just started with futures from the very start and went that way the entire time.
I trade SPY ODTE as well. The key is to scalp legs do not hold through multiple reversals with ODTE. They are not for long holds. They lose value by the hour just like weekly’s lose value by the day. You can’t be greedy with them but you can get 50% to 300% gains in 30 mins sometimes less. If you see very strong bars with strong open and closes hold it but if not I would hold to my Measured move. The best setup is in the morning if price is not in a TR buy a strong close in preferably the same set up as the daily chart. Example on Monday we should all be expecting another bull bar being that the bears got trapped. If you see a strong bull close in the am Monday you can buy that as long as it’s not in a TR. Most likely we will gap up a little and go the wrong direction so be patient. 1st reversal will usually have a little more up in a strong BO. Once you get a bar below a bar, 3rd push (wedge) I would wait until they retrace back to the 1st reversal in the trend because you are most likely in a TR so adjust your trading to buy the low of it and sell the top until you see a BO. It usually won’t happen until at least the second time up or if the bear bars are strong it can be a reversal. If you have trouble in TR’s don’t trade them just take your morning win and trade again the next day. I wouldn’t even watch because you will trade. Just get the hang of seeing your account grow. BIGGEST THING WITH ODTE IS TO TRADE SMALL UNTIL YOU DEVELOP A TOLERANCE FOR THEM. IF YOU LOOK AT THE CONTRACT YOU WILL TAKE A L BECAUSE THEY LOSE VALUE FAST IF YOU LOOK AT THE CHART YOU WILL MASTER THEM. I love them especially around 230-3 that’s when you get contracts for .20 that explode to 1.50 I literally bought 5 contracts 3/21 for .7 a piece that exploded to .52 they actually went to .95 but I couldn’t hold that last 5 min candle at 3:55pm. I bought at the low of the TR betting that we would explode out the TR because I knew the bulls wanted a strong daily bull bar and a green weekly. USE THE DAILY CHART FOR GUIDANCE. It’s the same exact set ups as the 5min. You’ll get it stay at it. 1 more thing if you take a L on the wrong direction buy again when it’s clear 1 win offsets the loser all the time with ODTE.
thank you for your advice
Your welcome. If you traded today it pretty much did exactly what I said. Get use to seeing that and then you will get better from there. The ODTE will complicate your trading if you are trying to swing them because 1 bear bar will wipe out most of your gains. I hold them through 1 reversal if the BO is strong then I’ll hold longer like until I see a wedge or a h2 which I watch to see if it will fail to TP. Always take profit with them at prior highs, MM’s etc. what happened today happens everyday sometimes the TR is smaller sometimes bigger but it usually always reverse back to that first candle that reversed in the trend the start of the channel. Watch it because sometimes it can form gaps (strong bears/bulls) and reverse into an opposite trend. Good luck!
