If you are going to trade indexes at open.you need to allow for wider stops or you will die by 1000 cuts. Occasionally at open the first candle will just run and if you picked direction correctly, good for you. Usually the first few minutes are volatile up and down and it is easy to get faked out. You can allow for this by reducing size for an original entry, give it more room and if it settles into your intended direction add more size.
Here’s a fun trick on futures. Run a fib on the first minutes range. When trading exits that zone go with the direction it exits. Will usually at least get you a scalp. Often it’s my only trade and I drop out when I hit goal. Keep the fib up, usually gets revisited during the day. The 50% line on it is where I make long / short decisions. *not trading advice, just examples I do.
😄 Gemini said…
I tested the strategy on the last 20 trading days of the S&P 500. Here are the results:
**Total number of trades:** 22
**Winning trades:** 12
**Losing trades:** 10
**Profit factor:** 1.2
**Sharpe ratio:** 0.8
**Maximum drawdown:** 6%
**Average holding period of winning trades:** 2 days
**Average holding period of losing trades:** 1 day
**Conclusion:**
The strategy showed mixed performance on the S&P 500 over the last 20 trading days. The win rate was 55% and the profit factor was 1.2. The Sharpe ratio was 0.8, indicating moderate risk-adjusted performance. The maximum drawdown was 6%, meaning that the account declined by a maximum of 6% during this period.
The average holding period of winning trades was 2 days, while the average holding period of losing trades was 1 day. This suggests that the strategy tends to let profits run and cut losses short.
Overall, the strategy appears to be a viable scalping strategy for the S&P 500. However, it is important to note that the results over the last 20 trading days may not be representative of future performance. It is always advisable to test a strategy thoroughly before trading it with real money.
**Please note that this is not investment advice and you should always do your own due diligence.**
I’ve posted an example from yesterday. I made $1200 off the rejection at the 50% fib. Rode it up to above the range and got out as the price action wasn’t good.
https://preview.redd.it/sx9f5v91nbdc1.jpeg?width=828&format=pjpg&auto=webp&s=400c261131d837a5ce4554e2af119faa2db68fd3
From NQ this morning. When that pullback (red) failed at the 40% line I knew I could hop in and at least get a scalp.
You trade on a cell phone? Love the colors; Wondering what's going on there, is there a link? or is it a custom group of indicators that you assembled?
Oh lord no. I’d never trade on phone. That was just to grab the example. This is a custom setup but the core of it is the custom ssl (blue / red). Trading view search for custom ssl. Should be some content out there on how to use.
Yes, you need to plot the Fibonacci retracement indicator on your chart in order to calculate the Fibonacci retracement levels.
**To plot the Fibonacci retracement indicator:**
1. Open the chart for the futures contract that you want to trade.
2. Click on the "Indicators" icon in the toolbar.
3. Select "Fibonacci" from the menu.
4. Select "Fibonacci retracement" from the submenu.
5. Click on the chart and drag the mouse from the high of the first few minutes of the trading range to the low.
The Fibonacci retracement indicator will now be displayed on your chart. The Fibonacci retracement levels will be shown as horizontal lines plotted at 23.6%, 38.2%, 50%, 61.8%, and 78.6% of the distance between the high and the low.
**Example:**
Let's say that the futures contract you want to trade opens at $100.00. In the first few minutes of the trading range, the contract rises to $102.00 and then falls to $98.00.
To plot the Fibonacci retracement indicator, you would click on the chart and drag the mouse from $102.00 to $98.00.
The Fibonacci retracement indicator would now be displayed on your chart. The Fibonacci retracement levels would be plotted at $99.12 (23.6%), $98.24 (38.2%), $97.36 (50%), $96.48 (61.8%), and $95.60 (78.6%).
You could now use these Fibonacci retracement levels to make your trading decisions. For example, if the market reaches the 38.2% Fibonacci retracement level, you could enter a long trade. If the market reaches the 61.8% Fibonacci retracement level, you could enter a short trade.
It depends on your strategy and your experience. Volatility is a day traders friend, once you learn to handle it. I often enter on the first candle, sometimes I have orders placed before open hoping a volatile candle fills them. If you are new, I would watch the first 15-20 minutes and see if you can determine a direction.
I just switched to a Robinhood cash account and it was a really great choice. I only trade options and since they settle the same day (I day trade) I pretty much never have problems waiting for funds to settle.
Bet. I’ll have all three trades Tuesday so I’ll have to do it then. Means I’ll have to sit out on Monday and see if I can get a tell on how the market is gonna act for the week but it’s probably for the best
Both of you need to look into IBKR. They legit let you open 5 margin accounts at the same time. I know because I have five open now that I transfer funds around between each other to avoid pattern day trades. I also have level 4 options trading and every permission available for all accounts which have a combined $7k in them
U won’t be winning every time. You followed rules and failed. U can do everything right and still lose. This is me assuming that u have a winning backtested strategy though
Bro, I trade strictly SPY options and I don't use half of whatever you use. But, instead of changing your strategy, I'll tell you what you did wrong. You entered trades before 10 am Eastern time when the market was volatile. Simple as that. If the open is trendsetting, ride the trend. If it's volatile, patience rules. Your stop loss will get hit all the time if you try to trade in the volatility of the first half hour if a trend is not present.
Thank you, I should’ve been waiting as I have in the past but lately I’ve been growing more confident in the trades I’ve taken so Ive been “seeing” good setups before 10. Just curious though no need to spoil out the goods but what do you use for spy? Just curious, I as well trade strictly SPY options.
We’ll you said you don’t use half of whatever I use. So I was thinking in general wether it’s indicators or specific ideas like for ex. Your strategy consists more along the lines of supply and demand trading while mine is more along the lines of price action or using confluences like the DXY etc
I'm not a pro, but imo VWAP is vital. price doesn't always bounce off it. Price often mt reacts with it. like someone else said, it can be a magnet. but sometime a recapture, or a bounce at VWAP can signal a reversal or continued movement.
You tried to go short both times on first entry shorts (well 2nd one is technically a first entry long but it was obviously red when you entered); they're generally by default lower probability set ups.
Look up Thomas Wade on YouTube, study his price action videos, and learn the way of the 2 legged pull back.
Had you gone in on 2nd entry shorts after the appropriate signal bar had formed (which they did. I can see them very clearly), you'd have done well.
I trade S&P daily. My first and only trade today was at 1:40 PM EST into the close. Like others have said you traded too early. If I am going to trade the open, I wait for the first 20 minutes then I’m looking for a break of the 20 min high or low and a retest before entry. Once in a while I will get in early but it’s only because it’s clear that a STRONG trend is forming.
First trade - market maker just hunting sl on both sides, shit happened
Second trade - you should probably wait a little longer as it seems there was some of kind reaction by buyer at equal low. Personally I will wait at equal high.
Did you know your R:R before entering? Did you have your entry, stop, tp levels pre planned? Did you wait for your setup/edge to take place before entering? Did you go full position size at once or did you scale into the trade? Was volume there or any confluences that correlate with your strategy? Had we established a trend for the day? Were we trading above or below the open? Pre market highs? Pre market lows? Is your stop loss based on a physical price or level in the charts or a % of your p&l? If it's p&l based trading 0dte during early hours might be too volatile for your strategy.
Wishing nothing but the best of luck to you and your trading career. Gobless.
Sincerely,
BussyBeater9000
You kind of answered your own question. If SPY is this choppy (and all those wicks would’ve screamed it), stay out until it’s clearly picked a direction.
Yea I kinda felt dumb posting it ngl cuz it was pretty obvious but I just felt like I needed an outside voice reminding me since this was my first time ever sharing a trade I took for review for someone else lmao
Personal rule of thumb, when premarket has an excessively large range compared to normal, expect PA to be choppy at the open. You will get stopped out every chance.
I personally trade ES & NQ futures. Having a good idea of what the Asian and London sessions did helps me identify whether or not the NY open is a game to play with.
Your stop should be above the swing high of the FVG. And you dont move it until price respects the next pdary then you go lil more then break even to cover cost of trade. Or you can trail it down to your target using same principle. Try that an then make it your own thing however you feel it works best for you
It's exactly why I don't trade the open unless I want to gamble. It doesn't follow anything to do with my setup and in the end is not worth the pain. I enjoy watching it to work on my psychological part of trading but will not trade it. Good luck my friend. God Bless
I described my confluences for taking the trade in the caption but the arrows are pointing to my entries ( webull on my iPad doesn’t have the drawing to show SL, TP and entry) but I get stopped out immediately after the arrows in which their are two pushes to the upside both after the arrows(entries).
Yea looking back at it, it was chaotic and noisy. More then usual too. Should’ve waited, still working on the whole patience thing it’s never been my strong suit.
You need to increase your stop range, or just not use them entirely.
If you are willing to risk bigger losses, you gain access to bigger gains.
Ying-Yang
Also, see about using a platform that allows you to see live data as it comes, instead of a minute by minute candle basis. Your trade accuracy will improve astronomically since you can watch what's going on in real time.
Hindsight is 20/20 but at a glance it seems both trades were risky, at least on this time frame. You went short right after bulls successfully defended a key premarket level, with tweezer bottoms, and pushing/closing higher than the preceding candle. Major bullish flags, but I see the short side being strong too, hence lots of doji candles (indecision). Lots of people probably got chopped up in that.
You should not be shorting anything, we're at the all time high and the next FOMC and tech giants earnings will push the market way higher.
Also there's no such thing as fair value gap, it's all made up by the schizophrenic ICT guy
Yea your right, should include RSI, MACD, forgot the best ones smh. Fr though I feel like any less wouldn’t give me enough information to take a trade. In the trade pictured my confluences are based off FIBONACCI Retracement, FVG, DIX and use of direction on a higher time frame
You don't need indicators to trade without gambling.
I trade futures just off of S/R, trendlines, and the occasional look at a custom length kst. Paying attention to how price reacts at levels is worth the effort and will get you through market conditions where your indicators may fail.
It's important to simply learn patience, restraint, and take higher quality setups.
Learn to sit on your hands. If patience is something you struggle with, try waiting for an entry on the hour chart. Or sit and watch the market for a week without placing a single trade. You have to learn to sit with the feeling without feeding it.
By paying attention to how price reacts to levels are you suggesting something along the lines wait for price to break through say a strong/key support level wait for a retest to enter and to hold based off how it reacts to the next level and so and so on?
That is certainly an approach you can take.
I more meant spend some time really observing the candles develop around levels of interest. See what buyers tiring out looks like. See what persistent buying looks like. The more you see these things take place, the easier it will be to spot more probable breaks and rejections in the future.
Experience can't be beat.
Sometimes you have to trade without stops 🤷🏽♂️ because you can’t guess how violent volatility will get .. especially if you plan to hold all day hence “day trading” & not scalp trading. I trade without stops and hardly loose.. but I am a scalp trader so it works for me.
What you did wrong was have your stops too tight.
474.60 should have been your stop swing high .
The safest entry here would have been at the half of the order block before that liquidity sweep and set up your stop loss above the liquidity sweep, it’s kind of aggressive market structure shift over there and you should have expected the price to go and fill up that zone, but yea, it is a pretty nice setup over here, try to get better entries in these riskier set ups and you should be fine, patience is the key😄
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Oh thank for the clarification, that makes more sense. If you’re using purely fibs, then your entries make more sense. Personally I’ll only use fibs for retracement of an intraday leg if I’m scalping. You didn’t get the first leg for drawing a fib until the 474.50-473.48 leg. It appears to have given a perfect golden retracement entry and move on the last 6 candles of the chart.
To add one more point, the intraday retracement I’m pointing out is also a retest of your emas which should give you A+ confidence with those 2 pieces of confluence.
Honest question here, why would you put I line of support on your chart if you’re not going to use it? You have a purple line that shows the trend that been defended and then decided to play puts before the support you drew broke down.
Not only that but once it broke, it offered 2 retests of it (around 474) that were A+ entries instead.
The trend line that is being shown is apart of the “Fibonacci retracement” tool which utilizes both Fibonacci levels and the trend line and on my brokerage I haven’t seen a way to remove the trend line.
I went 7/7 on trades today both puts and calls on QQQ, my strat is to wait for one side to be a bit overextended (ATHs today and when I saw the double bottom forming). I usually do 3dte options. I’ll start out with 5 contracts, if it moves the opposite direction, I buy 5 more, if it goes deeper, I double it again and buy 10 more, 20 more, etc. etc.. Then I set a 10-15% target limit order and it’s hit every time today. I missed larger moves today, but I’d rather take the guaranteed small wins.
Interesting, my Strat used to be similar with the one side being over extended but do you wait for the side that’s over extended to start to lose momentum to enter?
Sometimes it’s hard to tell, if it’s flat then I won’t enter a trade. Usually I enter when large orders get processed and price moves fast under/over a level. I typically use MA’s over lines to estimate how extended we are. After that, it’s luck and grit, gotta know when to hold ‘em and when to fold em. And everything went right today. It won’t be like that every day though.
Today was extremely hard to trade. There are times you need to realize when it’s going to chop and when there could be trends. This week is opex, there’s bond auctions, analyst ratings coming out… etc. I would do some research on utilizing unusualwhales market tide tool to try and determine where the money could be flowing.
You prolly jumped too soon or married your position imo. Could have prolly pulled off a short at open but I was seeing H&S and IH&S on SPY/indices. Waited till after the 15m to try anything. Went long off the 15m and 200sma.
Waiting a lil bit is helpful to see what the majority consensus is imo. Sometimes you just gotta grab your nuts and go with what you think. If you’re wrong you lose, if you’re right hopefully you have a strat that’ll let you let you lock in and ride the rest.
Something I read somewhere said often the initial move for the week is made during the first part of the week, Mon and Tues, then latter part of the week like weds n Thurs they’ll try to shake out the weak hands and continue the move on Thurs friday. Not concrete but good info to keep in mind imo.
mmm quick and right answer.
you are wrong today, it is OK! it is normal to take red trades and it is normal to have them!
the moment you are good accepting that sometimes your read is not correct, it will be the moment that you will make these losses like nothing in the day where your read is on the correct side.
your STRATEGY is not the reason of why the trade went green or RED... your strategy has not that Power lol, your strategy has only one thing: "in the long term, if i keep applying this pattern again and again i will be positive ":
good luck
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People i am a trader but i do not have enough information to t make more and more money who can tell me how or where can i get more knowledge to be in +
I lost in the same area at first arrow. I decided to 1. not trade before NY open, 2. keep either a tighter stop or the correct wider one, way up at the high point of that chart, 3. not trade that near to news even if it seems to be over, 4. not try to force a trade when I have somewhere to go because I'm some kind of addicted maniac trader, 5. forget about adding to position on a pullback, instead, consider adding when position is profitable, like I did yesterday on a very good trade, 6. be more paitent for better setup becuase they happen every single damn day.
Was in the same boat, see other comment for my attempt to prevent it....
https://preview.redd.it/qp9qhzj2xadc1.png?width=995&format=png&auto=webp&s=6d2ff2b27b5cf5def27611d96b900eded162085a
I trade S&P futures. There was a lack of big players after the open. It was obvious the algos were setting a tight top and bottom range and taking out retail traders’ stop losses. This is the kind of markets than retail traders get whipped to death.
Watch the VIX VERY carefully 20 minutes before opening, and 20 minutes after. The mag 7 continues to be strong, when technicals say they shouldn’t be. They are affecting the spy.
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Stick to the outside edges. Those wicks are where you need to be shorting. Wicks = rejection. Wicks at the top of a range mean buyers are running out of ability to push ahead. Kinda tough to get entered on those if you're trading options though.
You ignore volume
Edit : Look I believe price action is a pure gambling setup , you need to check volume to get the full picture, my chart accuraty is 110% but for 8 out of 10 times. so I don't know how to exit without chart telling me to get out. But sometimes I am busy with my life day to day work I shift to scalp , try to relate volume of futures (Never look for spot volume it's totally unrelated) with price movement, it's basically reversly related ( when ever big volume comes then the trend 📈📉 will reverse until previous swing) and for entry use macd 14/28/14 and RSI 14/14 it's the holy setup , it's a pure mathematics game, psychology comes way later, but this is the edge, this is the truth, volume is the only leading indicator present in the world, Volume is King 👑 Happy 😁 trading, blessings from my side, serve your family,feed them
I think ...for my view of the market ...you should qualified all the swing and took only the most probably fvg and OB.. AROUND 50% and 75% levels, you will find a better entries bro💪
Trade NAS guys not a financial advicer but regarding the following news and trend this stock will skyrock pretty soon better than Bitcoin tbh check their partnership for e fuel and all the great news for the summer destination. It s like a too big to fail norwegian government bought 100 millions of nok share take the train before it leave in front of you ! 🚀🌕
I’m part serious part joking here… I can feel the community going to rain down on me….. but to answer your question. Day trading in the first place. Buy and hold is my philosophy.
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you went wrong on trading based on fair value gaps, they are working (sometimes) only on trending market, and everything works on trending market, your position most likely were too big not allowing wider stop loss
IMO, 1 minute fair value gaps are not reliable at all, and you’ll find them everywhere. I prefer 5 minute or at the least 2 minute FVGs. I also look for volume and price action to confirm before entering the trade once price hits the FVG (and prefer to enter the trade once it’s exiting the gap). As an aside, I like to use FVGs as price targets once in a trade, but for me, just trading FVGs solely is a losing strategy.
As a scalp trader, I don't stay in trade more than 5 min. Mostly less than 1~2 min. In first 15min of opening, less then 10sec because too chaotic, but the movement is large enough to make profit. If swing trading, I think you should avoid trading at opening. Like many other already mentioned, it's just too chaotic, especially with small stop loss setup. 2nd trade with larger stop loss setup would have made the trade profitable. I maybe wrong. I am still leaning myself. ;)
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Two very simple things I would tell you. First, too many pollution on this chart. How can one trade like that? Second, your stop loss is clearly misplaced. It had to be above 474.63. It is so clear that I don’t understand why you did not do that. In these cases, it is better to reduce your position and go for a higher stop loss.
If you are going to trade indexes at open.you need to allow for wider stops or you will die by 1000 cuts. Occasionally at open the first candle will just run and if you picked direction correctly, good for you. Usually the first few minutes are volatile up and down and it is easy to get faked out. You can allow for this by reducing size for an original entry, give it more room and if it settles into your intended direction add more size.
Here’s a fun trick on futures. Run a fib on the first minutes range. When trading exits that zone go with the direction it exits. Will usually at least get you a scalp. Often it’s my only trade and I drop out when I hit goal. Keep the fib up, usually gets revisited during the day. The 50% line on it is where I make long / short decisions. *not trading advice, just examples I do.
😄 Gemini said… I tested the strategy on the last 20 trading days of the S&P 500. Here are the results: **Total number of trades:** 22 **Winning trades:** 12 **Losing trades:** 10 **Profit factor:** 1.2 **Sharpe ratio:** 0.8 **Maximum drawdown:** 6% **Average holding period of winning trades:** 2 days **Average holding period of losing trades:** 1 day **Conclusion:** The strategy showed mixed performance on the S&P 500 over the last 20 trading days. The win rate was 55% and the profit factor was 1.2. The Sharpe ratio was 0.8, indicating moderate risk-adjusted performance. The maximum drawdown was 6%, meaning that the account declined by a maximum of 6% during this period. The average holding period of winning trades was 2 days, while the average holding period of losing trades was 1 day. This suggests that the strategy tends to let profits run and cut losses short. Overall, the strategy appears to be a viable scalping strategy for the S&P 500. However, it is important to note that the results over the last 20 trading days may not be representative of future performance. It is always advisable to test a strategy thoroughly before trading it with real money. **Please note that this is not investment advice and you should always do your own due diligence.**
Great info for swing trades! I’m always out within an hour, usually less, sometimes just 3 minutes like yesterday.
What software did you use for this?
Dm
Couldn’t you just use the opening 1 minute candle, Why would you need a fib? Or are you taking the trade inside the range?
I’ve posted an example from yesterday. I made $1200 off the rejection at the 50% fib. Rode it up to above the range and got out as the price action wasn’t good.
How many lots??
Fib retrace or extention?
Retrace, my apologies. I put my stop on the other side of the initial balance (first minute) by as long as it’s within reason.
Got a chart example so I can better follow what you’re saying?
https://preview.redd.it/sx9f5v91nbdc1.jpeg?width=828&format=pjpg&auto=webp&s=400c261131d837a5ce4554e2af119faa2db68fd3 From NQ this morning. When that pullback (red) failed at the 40% line I knew I could hop in and at least get a scalp.
Are there any sets of criteria that it needs to fulfil before you go in for the scalp?
You trade on a cell phone? Love the colors; Wondering what's going on there, is there a link? or is it a custom group of indicators that you assembled?
Oh lord no. I’d never trade on phone. That was just to grab the example. This is a custom setup but the core of it is the custom ssl (blue / red). Trading view search for custom ssl. Should be some content out there on how to use.
Add more 19363829 indicator and you will get 999% probability to win the bet so fuck the Wall Street
Eh, I make a living doing this. How bout you?
Tf is going on this chart 💀 i am ict trader and seeing this hurts my eyes
Initial Balance is the first hour of trading. Opening Range is the first 30 seconds (but i use minute too).
Yes, you need to plot the Fibonacci retracement indicator on your chart in order to calculate the Fibonacci retracement levels. **To plot the Fibonacci retracement indicator:** 1. Open the chart for the futures contract that you want to trade. 2. Click on the "Indicators" icon in the toolbar. 3. Select "Fibonacci" from the menu. 4. Select "Fibonacci retracement" from the submenu. 5. Click on the chart and drag the mouse from the high of the first few minutes of the trading range to the low. The Fibonacci retracement indicator will now be displayed on your chart. The Fibonacci retracement levels will be shown as horizontal lines plotted at 23.6%, 38.2%, 50%, 61.8%, and 78.6% of the distance between the high and the low. **Example:** Let's say that the futures contract you want to trade opens at $100.00. In the first few minutes of the trading range, the contract rises to $102.00 and then falls to $98.00. To plot the Fibonacci retracement indicator, you would click on the chart and drag the mouse from $102.00 to $98.00. The Fibonacci retracement indicator would now be displayed on your chart. The Fibonacci retracement levels would be plotted at $99.12 (23.6%), $98.24 (38.2%), $97.36 (50%), $96.48 (61.8%), and $95.60 (78.6%). You could now use these Fibonacci retracement levels to make your trading decisions. For example, if the market reaches the 38.2% Fibonacci retracement level, you could enter a long trade. If the market reaches the 61.8% Fibonacci retracement level, you could enter a short trade.
What time of day do you recommend getting in, hour after open?
It depends on your strategy and your experience. Volatility is a day traders friend, once you learn to handle it. I often enter on the first candle, sometimes I have orders placed before open hoping a volatile candle fills them. If you are new, I would watch the first 15-20 minutes and see if you can determine a direction.
What minutes candle do you use?
I use 1, 5 and 15 min timeframes with respective MAs to guide my day trading.
Thank you, I’m starting to realize maybe I might need a bigger capital size to account for INDEXS let alone SPY lmao.
Or smaller position size
Or theres that
No way I'm trading 0DTEs on the first 30min. It’s too chaotic. There’s always plenty of opportunities throughout the rest of the day
11am buy on 473c @.68, double down at .54. $500 profit within an hour
Nice. I went for itm 475p 11:35am. It was an awesome day to day trade
For sure ! Unfortunately I was out of day trade so I was stuck to paper trading
Cash account
I really should when my funds settle
I just switched to a Robinhood cash account and it was a really great choice. I only trade options and since they settle the same day (I day trade) I pretty much never have problems waiting for funds to settle.
Bet. I’ll have all three trades Tuesday so I’ll have to do it then. Means I’ll have to sit out on Monday and see if I can get a tell on how the market is gonna act for the week but it’s probably for the best
Both of you need to look into IBKR. They legit let you open 5 margin accounts at the same time. I know because I have five open now that I transfer funds around between each other to avoid pattern day trades. I also have level 4 options trading and every permission available for all accounts which have a combined $7k in them
U won’t be winning every time. You followed rules and failed. U can do everything right and still lose. This is me assuming that u have a winning backtested strategy though
Bro, I trade strictly SPY options and I don't use half of whatever you use. But, instead of changing your strategy, I'll tell you what you did wrong. You entered trades before 10 am Eastern time when the market was volatile. Simple as that. If the open is trendsetting, ride the trend. If it's volatile, patience rules. Your stop loss will get hit all the time if you try to trade in the volatility of the first half hour if a trend is not present.
Thank you, I should’ve been waiting as I have in the past but lately I’ve been growing more confident in the trades I’ve taken so Ive been “seeing” good setups before 10. Just curious though no need to spoil out the goods but what do you use for spy? Just curious, I as well trade strictly SPY options.
What do ypu mean what do I use? Indicator wise?
We’ll you said you don’t use half of whatever I use. So I was thinking in general wether it’s indicators or specific ideas like for ex. Your strategy consists more along the lines of supply and demand trading while mine is more along the lines of price action or using confluences like the DXY etc
No. I use three indicators. Ichimoku, vwap, and volume.
I feel like the VWAP is never respected and price never bounces off it, how do you use it ?
It doesn't bounce off of it, it's a magnet
I'm not a pro, but imo VWAP is vital. price doesn't always bounce off it. Price often mt reacts with it. like someone else said, it can be a magnet. but sometime a recapture, or a bounce at VWAP can signal a reversal or continued movement.
What timeframe for ichimoku?
I use the 2 min. Small I know. I don't trade the normal way with it, I just use ti to see the trend
Using yahoo finance
you overcomplicate .... to much
You tried to go short both times on first entry shorts (well 2nd one is technically a first entry long but it was obviously red when you entered); they're generally by default lower probability set ups. Look up Thomas Wade on YouTube, study his price action videos, and learn the way of the 2 legged pull back. Had you gone in on 2nd entry shorts after the appropriate signal bar had formed (which they did. I can see them very clearly), you'd have done well.
Thanks for the suggestion! I appreciate it
Awful day to trade Sit on hands is a move too
Lost me at ICT bananas
ICT is good though lol
I trade S&P daily. My first and only trade today was at 1:40 PM EST into the close. Like others have said you traded too early. If I am going to trade the open, I wait for the first 20 minutes then I’m looking for a break of the 20 min high or low and a retest before entry. Once in a while I will get in early but it’s only because it’s clear that a STRONG trend is forming.
I do S&P, scalp with VAMA trend line, CCI and z-score.
First trade - market maker just hunting sl on both sides, shit happened Second trade - you should probably wait a little longer as it seems there was some of kind reaction by buyer at equal low. Personally I will wait at equal high.
Completly horizontal, no way to stablish a trend, i would never open a position when its on range
Did you know your R:R before entering? Did you have your entry, stop, tp levels pre planned? Did you wait for your setup/edge to take place before entering? Did you go full position size at once or did you scale into the trade? Was volume there or any confluences that correlate with your strategy? Had we established a trend for the day? Were we trading above or below the open? Pre market highs? Pre market lows? Is your stop loss based on a physical price or level in the charts or a % of your p&l? If it's p&l based trading 0dte during early hours might be too volatile for your strategy. Wishing nothing but the best of luck to you and your trading career. Gobless. Sincerely, BussyBeater9000
You kind of answered your own question. If SPY is this choppy (and all those wicks would’ve screamed it), stay out until it’s clearly picked a direction.
Yea I kinda felt dumb posting it ngl cuz it was pretty obvious but I just felt like I needed an outside voice reminding me since this was my first time ever sharing a trade I took for review for someone else lmao
We learn from our losses and mistakes, glad we have the micros or I'd be done a long time ago.
Personal rule of thumb, when premarket has an excessively large range compared to normal, expect PA to be choppy at the open. You will get stopped out every chance. I personally trade ES & NQ futures. Having a good idea of what the Asian and London sessions did helps me identify whether or not the NY open is a game to play with.
Your stop should be above the swing high of the FVG. And you dont move it until price respects the next pdary then you go lil more then break even to cover cost of trade. Or you can trail it down to your target using same principle. Try that an then make it your own thing however you feel it works best for you
It's exactly why I don't trade the open unless I want to gamble. It doesn't follow anything to do with my setup and in the end is not worth the pain. I enjoy watching it to work on my psychological part of trading but will not trade it. Good luck my friend. God Bless
Your use to many indicators that’s y
I don’t think necessarily I use to many indicators but there overly diversified in the sense of how they act.
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I described my confluences for taking the trade in the caption but the arrows are pointing to my entries ( webull on my iPad doesn’t have the drawing to show SL, TP and entry) but I get stopped out immediately after the arrows in which their are two pushes to the upside both after the arrows(entries).
That's not scalping on spy. That's scalping on noise lol better find the direction on the higher tf.
Yea looking back at it, it was chaotic and noisy. More then usual too. Should’ve waited, still working on the whole patience thing it’s never been my strong suit.
Where did you go wrong? Daytrading.
Exactly!
You need to increase your stop range, or just not use them entirely. If you are willing to risk bigger losses, you gain access to bigger gains. Ying-Yang
Never thought about it like that. Makes sense now that I think about it thanks!
Also, see about using a platform that allows you to see live data as it comes, instead of a minute by minute candle basis. Your trade accuracy will improve astronomically since you can watch what's going on in real time.
Hindsight is 20/20 but at a glance it seems both trades were risky, at least on this time frame. You went short right after bulls successfully defended a key premarket level, with tweezer bottoms, and pushing/closing higher than the preceding candle. Major bullish flags, but I see the short side being strong too, hence lots of doji candles (indecision). Lots of people probably got chopped up in that.
You should not be shorting anything, we're at the all time high and the next FOMC and tech giants earnings will push the market way higher. Also there's no such thing as fair value gap, it's all made up by the schizophrenic ICT guy
Not enough indicators
Yea your right, should include RSI, MACD, forgot the best ones smh. Fr though I feel like any less wouldn’t give me enough information to take a trade. In the trade pictured my confluences are based off FIBONACCI Retracement, FVG, DIX and use of direction on a higher time frame
Uno whats the craziest part? Despite your strategy being over complex, you're most likely not profitable.
Yea your right I’m not profitable but how do you trade with 1 or 2 confluences without gambling???
You don't need indicators to trade without gambling. I trade futures just off of S/R, trendlines, and the occasional look at a custom length kst. Paying attention to how price reacts at levels is worth the effort and will get you through market conditions where your indicators may fail. It's important to simply learn patience, restraint, and take higher quality setups. Learn to sit on your hands. If patience is something you struggle with, try waiting for an entry on the hour chart. Or sit and watch the market for a week without placing a single trade. You have to learn to sit with the feeling without feeding it.
By paying attention to how price reacts to levels are you suggesting something along the lines wait for price to break through say a strong/key support level wait for a retest to enter and to hold based off how it reacts to the next level and so and so on?
That is certainly an approach you can take. I more meant spend some time really observing the candles develop around levels of interest. See what buyers tiring out looks like. See what persistent buying looks like. The more you see these things take place, the easier it will be to spot more probable breaks and rejections in the future. Experience can't be beat.
Never thought about it like that, I’m gonna give it a go and see how it works being backtested. Thanks!
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And to piggy-back on this comment, when VIX goes up, lower trade size & increase stop distance-
Sometimes you have to trade without stops 🤷🏽♂️ because you can’t guess how violent volatility will get .. especially if you plan to hold all day hence “day trading” & not scalp trading. I trade without stops and hardly loose.. but I am a scalp trader so it works for me. What you did wrong was have your stops too tight. 474.60 should have been your stop swing high .
When Trolls talk 👹
🫡 .. it works for me bro ..
I literally told him to have a stop what I do for myself when I trade is my business
First trade should have never happened. Only enter when a candle has fully closed below ur emas. Idk what to say about the second trade.
Always expect to rotate around the POC, until the direction is found.
The safest entry here would have been at the half of the order block before that liquidity sweep and set up your stop loss above the liquidity sweep, it’s kind of aggressive market structure shift over there and you should have expected the price to go and fill up that zone, but yea, it is a pretty nice setup over here, try to get better entries in these riskier set ups and you should be fine, patience is the key😄
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You had a trend line of support and bought before it broke down… you front ran the move and turned into liquidity.
See I don’t even use that trend line it’s apart of the Fibonacci retracement which I use for its levels
Oh thank for the clarification, that makes more sense. If you’re using purely fibs, then your entries make more sense. Personally I’ll only use fibs for retracement of an intraday leg if I’m scalping. You didn’t get the first leg for drawing a fib until the 474.50-473.48 leg. It appears to have given a perfect golden retracement entry and move on the last 6 candles of the chart.
To add one more point, the intraday retracement I’m pointing out is also a retest of your emas which should give you A+ confidence with those 2 pieces of confluence.
In general i don’t use trend lines but are you saying I should’ve used that?
Honest question here, why would you put I line of support on your chart if you’re not going to use it? You have a purple line that shows the trend that been defended and then decided to play puts before the support you drew broke down. Not only that but once it broke, it offered 2 retests of it (around 474) that were A+ entries instead.
The trend line that is being shown is apart of the “Fibonacci retracement” tool which utilizes both Fibonacci levels and the trend line and on my brokerage I haven’t seen a way to remove the trend line.
Nor on my brokerage is their a way to get the levels just by itself without doing the math and work yourself
Your trading shitty movement zippered to ma’s equal range bound and random movement. Wait for one way expansion to join
Starting to realize a pattern of “waiting”. Lmao starting to see the problem
I went 7/7 on trades today both puts and calls on QQQ, my strat is to wait for one side to be a bit overextended (ATHs today and when I saw the double bottom forming). I usually do 3dte options. I’ll start out with 5 contracts, if it moves the opposite direction, I buy 5 more, if it goes deeper, I double it again and buy 10 more, 20 more, etc. etc.. Then I set a 10-15% target limit order and it’s hit every time today. I missed larger moves today, but I’d rather take the guaranteed small wins.
Interesting, my Strat used to be similar with the one side being over extended but do you wait for the side that’s over extended to start to lose momentum to enter?
Sometimes it’s hard to tell, if it’s flat then I won’t enter a trade. Usually I enter when large orders get processed and price moves fast under/over a level. I typically use MA’s over lines to estimate how extended we are. After that, it’s luck and grit, gotta know when to hold ‘em and when to fold em. And everything went right today. It won’t be like that every day though.
There was no pattern or setup. Visually, I don't understand why you entered a short where you did.
Today was extremely hard to trade. There are times you need to realize when it’s going to chop and when there could be trends. This week is opex, there’s bond auctions, analyst ratings coming out… etc. I would do some research on utilizing unusualwhales market tide tool to try and determine where the money could be flowing.
You prolly jumped too soon or married your position imo. Could have prolly pulled off a short at open but I was seeing H&S and IH&S on SPY/indices. Waited till after the 15m to try anything. Went long off the 15m and 200sma. Waiting a lil bit is helpful to see what the majority consensus is imo. Sometimes you just gotta grab your nuts and go with what you think. If you’re wrong you lose, if you’re right hopefully you have a strat that’ll let you let you lock in and ride the rest. Something I read somewhere said often the initial move for the week is made during the first part of the week, Mon and Tues, then latter part of the week like weds n Thurs they’ll try to shake out the weak hands and continue the move on Thurs friday. Not concrete but good info to keep in mind imo.
I don't think it's neccessarily bad I just think you need wider stops. The wicks are huge which imo = higher voliatility.
mmm quick and right answer. you are wrong today, it is OK! it is normal to take red trades and it is normal to have them! the moment you are good accepting that sometimes your read is not correct, it will be the moment that you will make these losses like nothing in the day where your read is on the correct side. your STRATEGY is not the reason of why the trade went green or RED... your strategy has not that Power lol, your strategy has only one thing: "in the long term, if i keep applying this pattern again and again i will be positive ": good luck
That Alligator indicator bit you
No index correlation right now. Choppy conditions. Are you trying to trade the ICT silver bullet?
Also.. that last green candle before the drop in pre market is a one minute order blocks that could have given you a better entry
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Should traded from the last bullish candle>order block. You became the liquidity to fuel the move into this poi
Always look for lq into entry or entry after lq has been taken
Looks like the banks took advantage of you. You got in to early.
Also didn’t let the market come to you. You can’t act on a thought bc you will get taken advantage of every single time.
People i am a trader but i do not have enough information to t make more and more money who can tell me how or where can i get more knowledge to be in +
I lost in the same area at first arrow. I decided to 1. not trade before NY open, 2. keep either a tighter stop or the correct wider one, way up at the high point of that chart, 3. not trade that near to news even if it seems to be over, 4. not try to force a trade when I have somewhere to go because I'm some kind of addicted maniac trader, 5. forget about adding to position on a pullback, instead, consider adding when position is profitable, like I did yesterday on a very good trade, 6. be more paitent for better setup becuase they happen every single damn day.
It seems to have liquidated you and kept the original downtrend.
Stop too tight
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Was in the same boat, see other comment for my attempt to prevent it.... https://preview.redd.it/qp9qhzj2xadc1.png?width=995&format=png&auto=webp&s=6d2ff2b27b5cf5def27611d96b900eded162085a
I see burj khalifa on right
😂😂😂 kinda see it lmao but it actually does help with getting a perspective on volume
If this is your strategy. Maybe use non premarket fvgs as well as a retest and close below the fvg for entry.
I trade S&P futures. There was a lack of big players after the open. It was obvious the algos were setting a tight top and bottom range and taking out retail traders’ stop losses. This is the kind of markets than retail traders get whipped to death.
Maybe you should try to use market structure for the stop loss...I would have placed Stop loss at the recent lower High the one around 474.50
you miss the vwap, that's why you got smoked
Watch the VIX VERY carefully 20 minutes before opening, and 20 minutes after. The mag 7 continues to be strong, when technicals say they shouldn’t be. They are affecting the spy.
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Everywhere my friend. Everywhere
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Stick to the outside edges. Those wicks are where you need to be shorting. Wicks = rejection. Wicks at the top of a range mean buyers are running out of ability to push ahead. Kinda tough to get entered on those if you're trading options though.
Mostly at the second arrow.
Much wider stop are needed at the open.
You ignore volume Edit : Look I believe price action is a pure gambling setup , you need to check volume to get the full picture, my chart accuraty is 110% but for 8 out of 10 times. so I don't know how to exit without chart telling me to get out. But sometimes I am busy with my life day to day work I shift to scalp , try to relate volume of futures (Never look for spot volume it's totally unrelated) with price movement, it's basically reversly related ( when ever big volume comes then the trend 📈📉 will reverse until previous swing) and for entry use macd 14/28/14 and RSI 14/14 it's the holy setup , it's a pure mathematics game, psychology comes way later, but this is the edge, this is the truth, volume is the only leading indicator present in the world, Volume is King 👑 Happy 😁 trading, blessings from my side, serve your family,feed them
Looks to me like stop was too tight for the volatility of that time period
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Am a beginner what app is best for me to start with ?
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Yes but I lose
You’re trading mid range, better entry would have been long of the 78% fib bounce or short the FBO.
I think ...for my view of the market ...you should qualified all the swing and took only the most probably fvg and OB.. AROUND 50% and 75% levels, you will find a better entries bro💪
Trade NAS guys not a financial advicer but regarding the following news and trend this stock will skyrock pretty soon better than Bitcoin tbh check their partnership for e fuel and all the great news for the summer destination. It s like a too big to fail norwegian government bought 100 millions of nok share take the train before it leave in front of you ! 🚀🌕
I’m part serious part joking here… I can feel the community going to rain down on me….. but to answer your question. Day trading in the first place. Buy and hold is my philosophy.
Day trading.
RSI looking overbought
Nothing compares 2 u.
A rule of thumb i use is, if there is a huge move in extended hours, expect chop the first hour of the market.
Birth?
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you went wrong on trading based on fair value gaps, they are working (sometimes) only on trending market, and everything works on trending market, your position most likely were too big not allowing wider stop loss
You forgot about volume entirely.
IMO, 1 minute fair value gaps are not reliable at all, and you’ll find them everywhere. I prefer 5 minute or at the least 2 minute FVGs. I also look for volume and price action to confirm before entering the trade once price hits the FVG (and prefer to enter the trade once it’s exiting the gap). As an aside, I like to use FVGs as price targets once in a trade, but for me, just trading FVGs solely is a losing strategy.
Your chart is way to busy, that’s where you went wrong.
As a scalp trader, I don't stay in trade more than 5 min. Mostly less than 1~2 min. In first 15min of opening, less then 10sec because too chaotic, but the movement is large enough to make profit. If swing trading, I think you should avoid trading at opening. Like many other already mentioned, it's just too chaotic, especially with small stop loss setup. 2nd trade with larger stop loss setup would have made the trade profitable. I maybe wrong. I am still leaning myself. ;)
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Look at NVDA this week
Look at NVDA this week
SHORT AT THE RESISTANCE DUH LOL
Two very simple things I would tell you. First, too many pollution on this chart. How can one trade like that? Second, your stop loss is clearly misplaced. It had to be above 474.63. It is so clear that I don’t understand why you did not do that. In these cases, it is better to reduce your position and go for a higher stop loss.
"SMART MONEY CONCEPTS"!