Lessons from the ER

#1

No better on the job training than when live in the ER. From my notes I’ll post in here anything that wasn’t really clear to me going into a session or gold nuggets from Darrell, Lori, and others. Please feel free to post similar from your experience too.

#2

These first three charts define a way to determine trend for sniper scalping using DR as discussed by Darrell. Simply, green is long, red is short and using common sense (higher highs, lower lows etc) you get a good idea of trend for scalping.

#3

When not to trade is paramount. In addition to chop determination using adjacent clusters, “ick” as defined by Lori is also a warning, as shown below:

#4

Excellent can you edit and click on long link and post them for pictures as they will then show in forum. Great post thank you

#5

You’re welcome Darrell. Links changed.

#6

When similar setups form in close proximity you need to pay attention. This is likely especially true for rejections off levels etc. but the setups should still have room to move. This example explained by Lori in the ER where a valid xbox setup formed within a few bars of a no-trade xbox setup.

#7

Very useful tip from Lori/Darrell is you can create room to profit 10 ticks by waiting for a retrace in a range trade. For example, the xbox short in the image had a mm in the way but upon retrace to the cluster level a short entry could be taken for 9 to 10 ticks profit before the mm obstruction. Brilliant!!

#8

Good examples to consider and evaluate. Thanks!

#9

Learning Lori’s Tricks Nice!

#10

This one not from the ER but from a review of Darrell’s “Avoiding Obstructions” video in the sniper bootcamp. Always find it useful to understand higher probability trades and as mentioned, an xbox t/o setup with a paw off a level will often go for at least 20 ticks. In this case it was a paw level.

#11

Useful tip from Lori is that the powerful xbox t/o setups with MM often can break big levels, however, beware of stacked levels as in the example below of a trade to avoid.

#12

As discussed by Darrell in the room, range trading can be rewarding but beware of more than 2 attempts to break level as subsequent setups will have lower probability. Attached is good example of range giving two good trades and the level being broken on the third attempt.

#13

Settlement is not an obstacle for enhanced trades after settlement has been breached in the session. Example below shows trapped xbox with MM on a ZOI heading into settlement that has already been hit. These are ok to take. However, “naked” Tx trades have lower probabilities of breaching settlement (even after settlement hit in session) to take profit so avoid those.

#14

Two situations to be aware of while trading is decent probability of price returning to: (1) bars with high volume scores

and (2) price returning to levels defined by double clusters

#15

Setup 5’s (Star/LVS on crash) will often result in big moves as shown below. No obstacles (including settlement) but potential targets are stacked levels or walls. If your psychology is advanced perhaps trail OP after the initial moves.