PaxTrader777๐บ๐ธ
@paxtrader777
29 yr trader of ES, NQ, USA(ZB)Gold. Happily married-father of 5. Trad-Catholic. I have made every mistake so you donโt have to. Live in Faith, Hope and Love.
691 Following 83.3K Followers
Every trade I take I assume will be an expense and I am prepared to cover for a scratch or small expense. When the market moves in the direction of the trade I have on, I put in a scratch stop. My next thought is where will I take partial profit AND where will I add..........
Keeping my stops tight and taking scratches allows me to size up when the market moves!
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I would rather miss a move than to lose money.
To take that a step further, I would rather scratch a trade than to lose money.
Gold stopped right at 4493 again. Use the same levels on the way down, 4447 short to 4422, take profit and add under to last weeks low of 4365. Add under there to flatten when the swing completes at 4325.
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As long we 4491-93 holds the trade in Gold is short at 4490, take profit at 4447. Add under it to take proof at 4422 while maintaining the cote position from 4490 and 4447. Under 4422 look for the swing to complete at 4325. All the while your stops are at entry.
If we get abovr 4492 i will wait for confirmation above 4502(200 day sma). Gold always respects the 200 day. Use an active daily continuation chart if you use CQG.
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the pit version of the micro contracts were at the Mid Am Commodity Exchange. A lot of great traders got started there. If I were a young trader now, I would learn all about the history of our business. This is part of it.
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Are you a subscriber to my Substack yet? If you enjoy my Fibonacci analysis, Iโd love for you to join us!
As a paid subscriber, you can request a chart and Iโll run the analysis for you. Iโm also always happy to answer your questions and help you make sense of the charts.
Weโre building an awesome community, and Iโd love to have you be part of it. Come join us!๐ฅ
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I either hated or loved when his brokers would come into the NQ. Rich did HUGE size throughout the day. He would do 5-10k big NQ, not minis in a day. He gave up the edge to get filled, he did not want to hurt us and some of us(lol) made sure he got a fair price. Every futures traders should learn all they can about him including โThe Complete Turtleโ by Michael Covel.
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Had the pleasure of lunching w/ legendary commodity trader Richard Dennis today in Chicago. A Leopold Aschenbrenner of his day, Dennis was nicknamed "the Prince of the Pit." Dennis chased trends, making $50m three times in his career (in the '70s that could buy u something). At 26, he purchased 3% of the White Sox for $300k, selling the stake over the years for $20m.
Was leverage where Aschenbrenner went wrong? No, says, Dennis--he didn't focus on liquidity and avoiding becoming a target of shorts. By more actively trading his positions, he could have avoided the front runners.
"He needed to be more Livermore and less Einstein," Dennis says. "He was a whale who stopped swimming."
What does the 77-old Dennis do all day today? Trade--what did you think? His average holding period? Five days, like most of his career.
"I'm a degenerate trader," he told me, "I'll be out of my positions by the time" you read this.
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NQ failed again at the quarterly pivot 30263. Go White Sox.
The quarterly pivot hasnt changed in either ES Or NQ.
7508 in ES and 30263 in NQ. ES is 3.8% over it and NQ Is right at it. Interesting board. The only price I would reverse at is the first time the QP like today in NQ.
I posted about it earlier and the whole quarter.
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"vanity of vanities, all is vanity"
Ecclesiastes 1:2
Lets go!!!
๐ซต Prep first, trade later.
The Sunday Open kicks off at 6 PM ET with top setups for the week ahead
Special guest @Dentoshi is on The Crypto Closeout at 7 PM ET
Watch live โ
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The Sunday Open feat. @ces921 โข @TradeSniperSara โข @paxtrader777 โข @PharmD_KS
The Crypto Closeout feat. @Tradermayne โข @buyerofponzi
While the macro calendar is light, options expiry week likes to bring some unexpected action.
Plus the bond market is on the move and starting to create some angst for traders.
Come join us for "The Sunday Open" on @NTLiveMedia at 6pm est tonight when @TradeSniperSara @PharmD_KS and @paxtrader777 will breakdown everything you need to know of the week ahead.
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Hail Mary, full of grace, the Lord is with you.
Luke 1:28
Sveta Marijo, Majko Boลพja, moli za nas grijeลกnike"
There are a lot of good people on this app!!! God is good always!!!
This is Velika Gospa or Moji feast in the Bridgeport neighborhood from a couple years ago. Fr Joe was my Maโs spiritual director and he buried her when she passed. He went back to Croatia after she died. This was the first time I saw him since he left.
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It was funny to watch the Nuns at Mother McAuley or Queen of Peace HSโs go crazy when this song played at dances.
Only Generation X could get a song banned at dances and school functions. So yes, ban the song if you must. But good luck getting Generation X to stop singing it ๐
We all remember the words
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Perspective!๐๐๐
This is worth a listen!
to be clear, it is starting to look unbullish because bonds are quietly selling off after a bad auction yesterday and a highest yield issuance since 2001 in the 30 yr and 2007 in the 10 yr. AND the NQ failed again at the quarterly pivot. It does'nt mean the ES will break but it does mean the ES will not make a new high today unless something happens. It is Capital Preservation Friday, do NOOOOOOT over trade today. Keep your dough!
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this is 'starting' to look "unbullsih" @chigrl..............
this is 'starting' to look "unbullsih" @chigrl..............
The quarterly pivot hasnt changed in either ES Or NQ.
7508 in ES and 30263 in NQ. ES is 3.8% over it and NQ Is right at it. Interesting board. The only price I would reverse at is the first time the QP like today in NQ.
I posted about it earlier and the whole quarter.
Show more
As long we 4491-93 holds the trade in Gold is short at 4490, take profit at 4447. Add under it to take proof at 4422 while maintaining the cote position from 4490 and 4447. Under 4422 look for the swing to complete at 4325. All the while your stops are at entry.
If we get abovr 4492 i will wait for confirmation above 4502(200 day sma). Gold always respects the 200 day. Use an active daily continuation chart if you use CQG.
Show more
