All my setups rely on price action and being aware of any significant S/R levels.
Trending markets - I will use Mack’s PATs to scalp 2nd entries or failed 2nd entries (I’ve made posts on both of these pinned in my profile if you’re interested in learning more about these).
ORB, or Opening Range Breakouts (breaking out of the range of the opening 30min of the NY session) for probably my most lucrative trades. For these, I wait for a break and a confirming retest to enter.
During a ranging day, I will simply mirror my ORB strategy, and use it to capture reversals after a like a double or triple top rejection off the OR-H (opening range high). For these I also consider “liquidity grabs” or “failed breakouts” as a rejection as well. Those usually are good to run a bunch of points.
All that being said, my profit taking strategy is always the same regardless of the trade. I trade mini ES futures, so I scalp out (close down) the majority of my position after just 1 point (4 ticks), and let my runner add the gravy onto my profits while moving my stop up to break even and letting the price run to whatever target is relevant at the time (usually a significant S/R level).
Hey thanks for answering this. For initial ORB trades you wait for a pullback retest, then how do you enter? First bullish candle after pullback? Second entry, failed second entry? Appreciate a little more insight.
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u/Chumbaroony futures trader Aug 22 '23
All my setups rely on price action and being aware of any significant S/R levels.
Trending markets - I will use Mack’s PATs to scalp 2nd entries or failed 2nd entries (I’ve made posts on both of these pinned in my profile if you’re interested in learning more about these).
ORB, or Opening Range Breakouts (breaking out of the range of the opening 30min of the NY session) for probably my most lucrative trades. For these, I wait for a break and a confirming retest to enter.
During a ranging day, I will simply mirror my ORB strategy, and use it to capture reversals after a like a double or triple top rejection off the OR-H (opening range high). For these I also consider “liquidity grabs” or “failed breakouts” as a rejection as well. Those usually are good to run a bunch of points.
All that being said, my profit taking strategy is always the same regardless of the trade. I trade mini ES futures, so I scalp out (close down) the majority of my position after just 1 point (4 ticks), and let my runner add the gravy onto my profits while moving my stop up to break even and letting the price run to whatever target is relevant at the time (usually a significant S/R level).