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I have tried trading taking off contracts, but I have proven to do better going all in or all out. Some trades , depending on how strong the momentum is, lend themselves to a bigger target. But honestly, I don't always know initially , which is why I evaluate when it gets to 10 ticks whether I will hold for more or not. If I set a fixed 10 tick target each time, that is all I will get. If I set a bigger target and decide I am only going to take 10, then I have that option. It also depends on how many obstacles are in the way of a bigger target.
I don't use an ATM to trail the black spine. I bought something called Profit manager a few years back, that has a trailing stop that you can program a variety of ways. You can have it trail through an EMA or SMA, Percentage, Parabolic SAR ,Bollinger, Swing/high or low, Supertrend and a few more. I got it through Indicator Warehouse , but it was around $700. They don't make it anymore. I tinkered with it until I got a decent approximation of the spine.
Here's a video on it I made a few years ago, if you want to see it in action.
In NinjaTrader 8, there is a new feature where you can attach any open order directly to an indicator via Chart Trader. So you can simply have your ATM Strategy put a fixed stop on the chart for you at say 20 ticks or whatever fixed value you like, then you click on the order and attach it directly to your spine (with an offset if you like) and the ATM will then move the order with the spine over time. No programming required, it's all done on the chart with your mouse.
Here is a tutorial on how do use this feature of NT8...
I have to thank you again for suggesting I look into NQ again. It's made a big difference in my trading. My system requires instruments that move with momentum . Cl seems to have lost a lot of it's volatility these days.
I have looked at charts of FDAX over the years and it looked like something I would do well with. However, my broker's clearing didn't have FDAX in the past. I might check into it again, sometime. I would like it better if I was up during the European session. I think it moves smoother in the first few hours of it's open.
Hi there. Thanks for asking. Things have been going very well. Still trading pretty much the same system with some minor adjustments. I moved more away from Crude since it doesn't seem to have the same volatility it used to. I mainly trade NQ now, since it provides way more opportunities. The problem though is that it can be very dangerous to trade with a relatively small stop..unless you have the right market conditions and you are very precise with your entries.
I usually use a 20 tick stop and about a 20 tick target. These targets are very easy to reach..Sometimes I even get 40 tick targets.
I pretty much only trade 1 setup these days since it is the one I have had the most consistency with. A while back, a good friend of mine since I was a kid, asked me to trade his account and split profits. That arrangement has been working out very well and has made things much less stressful to me, since I am not risking my savings and stuff like that.
I will try to post some videos of trades again if anyone feels it would be of use.
Thanks for saying hi.
