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scalp the ES mini using fibonacci tool on ninja trader

  #3 (permalink)

charlotte nc
 
Trading Experience: Master
Platform: ninjatrader
Broker/Data: NinjaTrader
Favorite Futures: Emini (ES, YM, NQ, ect.)
 
Posts: 379 since Jan 2015
Thanks: 69 given, 919 received

A few thoughts...


I can give some insight into scalping the ES generically, this is the space that I play in. If you are talking about scalping, then you are ultimately talking about using limit orders. Limit orders are commonly thought of as a way to protect your price position and break even on your entry, (So your not immediately down 1 tick or more). But the problem is that limit orders will more times than not only fill you if the price moves passed your position (Toxic Fill).

So one area of research that you may need to add to your training would be optimizing your limit order fills, so you are not immediately down 1 tick on the entry of every trade. Being down 1 tick immediately in and of itself may not be detrimental, but often times the very force that fills you also drags you down 2 - 3 ticks straight to your stop loss.

A lot of people have theories about which way the market will move..... T.A, Order Flow, Level 2 predictions, etc. Are any of these able to predict the market? Who is to say.... But even if they were good for 1 to 2 ticks and could be beat the betting line, if you start every trade with a toxic fill then your best case scenario will most likely be just to break even after paying commissions even with making 1 to 2 ticks on your directional prediction.

The point is, that there is quite a bit more to scalping than just predicting price movement. You will need to optimize your order position as well.

I can't offer you much in the way of education / mentoring, but I can share this as a starting point just to get you thinking.

Algo trading also helps, and co-locating also helps as well. In the scalping space these are the tools that you really need in my opinion. If you are going for 5 to 10 ticks, then you can likely trade manually, but if you are trying to capture the spread and do this manually..... This will be quite difficult. Maybe some others that do this manually could point you in the right direction, but I can't conceive of being fast enough myself personally to scalp the ES manually.

Best of luck!

Ian


broken8 View Post
would like to learn how to scalp the ES mini using the Fibonacci retracement tool on my ninja trader. Any thoughts as to who educates , who mentors , who has experience would be appreciated . Thank you .


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