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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

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  #1551 (permalink)
 lancelottrader 
Legendary Market Wizard
west palm beach florida usa
 
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JJFinancial View Post
Hey Lance...hope all is well. I was just curious how you made out or are making out with the combine? Those seem realllly tough to me based on what I believe is an unrealistic allowable Drawdown/Trailing Drawdown. I'm guessing the folks that pass it are few and far between.
Just curious what your thoughts are since you've tried it.

Thanks!
John

I didn't pass. I think had I traded from the start with my old style of 40 tick target and stop, I may have fared better. I tried at the beginning to apply my larger target method and took a few losses. On my own account, it is no big deal..since the 100 tick wins easily make up for the losses. So then, I tried switching to my old system and doing more scalping and it was a bit late . I feel I probably could pass if I tried a few more times but I am not interested. It was just a little experiment. I am quite happy with my own trading and plan to go even bigger than the two contracts I've been trading.

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  #1552 (permalink)
 lancelottrader 
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PkZ78 View Post
Hi Lance! I've been watching and re-watching your videos and they are very useful!

I've been trading ES so far and wanted to have some exposure to other markets as well so I'm starting to trade MNQ for a few months based on what I've learned from your videos.

Thank you very much for sharing them and I wish you success with your new system and hope you see your videos again!

--------------------------------

One question I have is, I've noticed that reaching a 100-tick target is sometimes a bit farfetched compared to the intraday ATR of say, the 1 or even the 5-min chart where the ATR barely reaches 10-15. What do you do on days like this? Do you switch back to 1:1 system?

Have you compared the % of the times you hit your 100-tick target w.r.t the ATR intraday? Would it be better if you would adjust your 1:2 ratio based on % of the ATR?

Thank you for your nice comments. I have found from watching NQ for many years..that on most days the 100 tick targets are very realistic. And often it can move in one direction 100-200 ticks and then reverse 100 ticks the opposite way. It is a way different animal than ES or even YM. When the market opens for the US session at 9:30 est, you can't really judge what will happen by the overnight ATR. Sometimes it might not move much until the 10 am news.
Now there are other days when the futures may be down 500 points before the open...Then you know you will usually have some big moves. Some days I can get 100 ticks in less than 5 or 10 minutes and on other days, it could take an hour.
If there is strong support or resistance at only 50 ticks away and that looks like the only good setup, then I will have a 50 tick target instead of assuming it will breakout. So targets are usually in a spot that doesn't have to break through a strong area.
I haven't really been watching the markets the last few weeks so maybe NQ isn't moving much, but over the last several years it averages easily those 100 tick moves. I was doing well with my 40 tick target and stop loss method and I can usually be profitable with it. I just wanted to see how the 100 tick target and 50 tick stop loss system would compare with it. It is a less stressful way to trade. I don't mind losing a few trades in a row since one win puts me right back in the game. My win rate has been good but even if I only won 40% of my trades, I would still be profitable.

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  #1553 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
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Howdy all,

Since it's quiet right on Lance's thread right now, I thought I would post this chart from 8/6/21 Friday.

It's in regards to one of the things that has caught my over the last months. I previously saw a lot of action around the 50 dollar levels. But recently, I have divided my chart into 25 dollar increments and have noticed a lot of reaction around those areas.

Also, at the end of each day, I use the Volume Profile tool tool chart out the just finished day. I snap a locked gold line at the POC. Then remove the Volume Profile. The POC's are brought forward each day. I have started to look at these 25 levels and the previous POC's as possible support, resistance and targets.

I have boxed out numerous places where there was a reaction at these various levels. If you look even closer, there are spots that I did not box out.

Perhaps some may find this interesting.

Happy trading!

Ps. Lance, I'm sure others and I are looking forward to your future posts. Enjoy those summer days down there in Florida. It's beautiful up here in the Flathead!

Pss. please disregard the dash dot dot line at 15092 as that is just the current price when I did the snapshot

25 levels

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  #1554 (permalink)
 tvaughan4 
Los Angeles CA
 
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redbarntrades View Post
Howdy all,


Also, at the end of each day, I use the Volume Profile tool tool chart out the just finished day. I snap a locked gold line at the POC. Then remove the Volume Profile. The POC's are brought forward each day.

This is really interesting. What time range do you use for your day when you put on your volume profile at the end of the day? RTH? ETH? Previous days close?
Thanks.

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  #1555 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
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tvaughan4 View Post
This is really interesting. What time range do you use for your day when you put on your volume profile at the end of the day? RTH? ETH? Previous days close?
Thanks.

Hi, I use the 5 minute chart. I posted a 2 minute chart as Lance uses a 1 and 2 minute chart and I wanted to stay in line with his approach.

At the day's end, I use the RTH chart. I drag the tool from the open until 4 pm.

The 5 minute chart is my anchor chart, then I use a 1 minute chart to enter my trades.

I also highlight the last hours high, low and close. So the next morning, I use that as a zone (sort of a no go zone). Often there is a lot of chop if price opens in that zone.

Also, I set the VP tool up on that same 5 minute chart and drag it from the open to the close and leave it running all day long. However, I remove everything from the tool except the POC. I am not interested in the rest.

Hope this clarifies your question,

Thanks!

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  #1556 (permalink)
 tvaughan4 
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redbarntrades View Post
Hi, I use the 5 minute chart. I posted a 2 minute chart as Lance uses a 1 and 2 minute chart and I wanted to stay in line with his approach.

At the day's end, I use the RTH chart. I drag the tool from the open until 4 pm.

The 5 minute chart is my anchor chart, then I use a 1 minute chart to enter my trades.

I also highlight the last hours high, low and close. So the next morning, I use that as a zone (sort of a no go zone). Often there is a lot of chop if price opens in that zone.

Also, I set the VP tool up on that same 5 minute chart and drag it from the open to the close and leave it running all day long. However, I remove everything from the tool except the POC. I am not interested in the rest.

Hope this clarifies your question,

Thanks!

Yep. Thanks. I do something similar with VP but its from overnight and I leave it running all day on my 2 minute chart, which is my execution chart. I have used it for volume levels, never thought of this angle before. I have noticed the POC being a pretty responsive area, so this gives me the kick to try it out. And never thought of keeping them on from previous days. Im just going to see how the POC compares from full day to RTH for my style. Going to try, very interesting, thanks for help.

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  #1557 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
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tvaughan4 View Post
Yep. Thanks. I do something similar with VP but its from overnight and I leave it running all day on my 2 minute chart, which is my execution chart. I have used it for volume levels, never thought of this angle before. I have noticed the POC being a pretty responsive area, so this gives me the kick to try it out. And never thought of keeping them on from previous days. Im just going to see how the POC compares from full day to RTH for my style. Going to try, very interesting, thanks for help.

Good thought about the overnight session. I keep the ETH chart running on a separate tab, but now I will add my VP to it also. Thanks for that!

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  #1558 (permalink)
 JJFinancial 
Temecula CA USA
 
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lancelottrader View Post
I didn't pass. I think had I traded from the start with my old style of 40 tick target and stop, I may have fared better. I tried at the beginning to apply my larger target method and took a few losses. On my own account, it is no big deal..since the 100 tick wins easily make up for the losses. So then, I tried switching to my old system and doing more scalping and it was a bit late . I feel I probably could pass if I tried a few more times but I am not interested. It was just a little experiment. I am quite happy with my own trading and plan to go even bigger than the two contracts I've been trading.

Hey Lance,

Long time no see. I sure hope you're doing well in your personal & trading life. I really DO miss your commentary & insights, and just the comradery. I"m sure there are lots of other who were following you that feel the same.

Please feel free to check in with us!

All the best,

John

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  #1559 (permalink)
 joe s 
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I miss lance's video reports

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  #1560 (permalink)
redbarntrades
Kalispell=Mt./USA
 
 
Posts: 159 since Sep 2019
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This is the trader's dilemma. Finding good trading friends is difficult. Who doesn't love to see Lance's videos and trading? Reminds me of the old saying "Birds of a feather flock together". Since Lance is located 2864 miles from my Montana home and I can't take him out for coffee and talk trading, we rely on his posts for comradery. Of course no pressure intended to twist his arm to post more content. But they are always enjoyed.

Perhaps the followers on this thread would like to share some of their own screenshots and trading procedures that have been inspired by Lance???

I have in the past after asking Lance if it would not be invasive to him.

Fortunately, for me, my wife is just as taken with trading the Nasdaq as I am and therefore I have built in comradery here at home!

Cheers!


joe s View Post
I miss lance's video reports


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