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The Crude Dude Oil Trading System


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The Crude Dude Oil Trading System

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  #901 (permalink)
 lancelottrader 
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tabrun View Post
always appreciate your posts and videos. which news feed do you use
thanks

I use something called Livesquawk. I just use the free version which is print headlines. It's pretty up to date. I did a free trial of the paid audio version, but I wasn't impressed. Every couple of minutes you would hear a few brief seconds of some garbled announcement.

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  #902 (permalink)
 tabrun 
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Thank you Lance

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  #903 (permalink)
 wshi88 
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Hello Lance,

For Livesquawk, where can I sign up for the free version?

Thanks!

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  #904 (permalink)
miktrading
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michaelleemoore View Post
It's interesting to hear your comments about crude and the indexes. I have moved to YM, and my trades are based on ES reactions to S/R levels, along with VWAPs and OHLC areas. Crude just doesn't have the movement it used to, and the indexes are still on fire. Also, like you, I have moved away from FIO, though I still stop in from time to time. Good to see you back, and good to see someone I respect making a similar decision about trading instruments. Good fortune, my friend!

mlm

It's nice to hear both views from two successful traders. How else would you differ crude oil from the indexes? Some argue that crude offers cleaner moves, while the indexes chop more on an intraday basis. I can understand how this "chop" would just be called an intraday rotational market that offers many swings.

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  #905 (permalink)
 noobforlyfe 
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taylo88885 View Post
Take a peek at Futures$ync website

Please don't pollute a very good quality thread with links selling trading system / strategies to only "first 250 people, because any more than that would dilute the effectiveness of the strategy". That line in of itself from the FAQ tells you how bogus it is. Even if a million people knew the same trading strategy and used that, it's not going to dilute your results (which from my understanding of such sites, is in the negatives).

Please don't promote vendors and in fact you should start on page 1 of this thread, Lance has done some exceptional journaling so that newcomers can get a sense of what it takes and the journey. It's not about some system where you pay a monthly subscription and get signals and trade those blind signals.

I don't want to speak for Lance, but I believe he put his journal out in the non-elite section so even non-elite members can learn from his learnings. Not for other members to come and post non-quality posts.

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  #906 (permalink)
 bobwest 
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noobforlyfe View Post
Please don't pollute a very good quality thread with links selling trading system / strategies to only "first 250 people, because any more than that would dilute the effectiveness of the strategy". That line in of itself from the FAQ tells you how bogus it is. Even if a million people knew the same trading strategy and used that, it's not going to dilute your results (which from my understanding of such sites, is in the negatives).

Please don't promote vendors and in fact you should start on page 1 of this thread, Lance has done some exceptional journaling so that newcomers can get a sense of what it takes and the journey. It's not about some system where you pay a monthly subscription and get signals and trade those blind signals.

I don't want to speak for Lance, but I believe he put his journal out in the non-elite section so even non-elite members can learn from his learnings. Not for other members to come and post non-quality posts.

Don't worry, he'll be banned and all his posts will be deleted as soon as @sam028 or @Big Mike take a look. They're good at it. These types of posts are made and deleted almost every day.

To do something about it, you could click on the little triangle in the upper right corner of every post and report it as vendor spam. Not really necessary, but it might speed things along.

Bob.

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  #907 (permalink)
 noobforlyfe 
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bobwest View Post
Don't worry, he'll be banned and all his posts will be deleted as soon as @sam028 or @Big Mike take a look. They're good at it. These types of posts are made and deleted almost every day.

To do something about it, you could click on the little triangle in the upper right corner of every post and report it as vendor spam. Not really necessary, but it might speed things along.

Bob.

Thanks bob, already have reported it, but you know how it is, can't get enough of people like this in this business. I may have gone off maybe a bit lol but polluting a good thread like this with garbage like this, ugh one of my pet peeves.

I think Big Mike should do a stat on how much garbage he and Sam has deleted and add it to the stats email he sent out today.. might be in line with attachments downloaded

Cheers,

John

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  #908 (permalink)
 lancelottrader 
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Here's a video I did on using a technique I call the "Swing Runner". This is one method of managing a trade in order to catch a bigger move.

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  #909 (permalink)
 mcjackson 
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lancelottrader View Post
Here's a video I did on using a technique I call the "Swing Runner". This is one method of managing a trade in order to catch a bigger move.

Nice to see another CL trader adapt and gravitate towards NQ.

I'm going to sound like an echo, but I think you're covering a super important topic I think most traders don't work on enough.

Learning to hold for bigger winners does some pretty powerful things for your stats. And if you're trading the right contract at the right time, you can really do some good stuff.

So for any other traders reading this journal and you haven't watched this video....watch!

Thanks for putting it together @lancelottrader, looking forward to more!

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  #910 (permalink)
 lancelottrader 
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mcjackson View Post
Nice to see another CL trader adapt and gravitate towards NQ.

I'm going to sound like an echo, but I think you're covering a super important topic I think most traders don't work on enough.

Learning to hold for bigger winners does some pretty powerful things for your stats. And if you're trading the right contract at the right time, you can really do some good stuff.

So for any other traders reading this journal and you haven't watched this video....watch!

Thanks for putting it together @lancelottrader, looking forward to more!

Thank you for your comments. I consider myself a good scalper. A lot of that comes from screen time and watching price move on similar chart setups for many, many years. However, the math just never really added up for me, especially on an instrument like NQ. IF you keep your stops tight, you will lose so much that it becomes a zero sum game. The only solution I saw to taking things to another level ,is to manage trades to have some bigger winners.
It's hard when you are used to taking profit at 20 ticks on NQ..but so many moves can easily go 40-80 ticks or more.
Also, small stops on Nq..anything less than 20 ticks will kill you. I am finding 30 tick stops to be better, which works out to about $150 per contract.
Thanks again for watching the video and your comments.

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  #911 (permalink)
 TradingOgre 
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lancelottrader View Post
Thank you for your comments. I consider myself a good scalper. A lot of that comes from screen time and watching price move on similar chart setups for many, many years. However, the math just never really added up for me, especially on an instrument like NQ. IF you keep your stops tight, you will lose so much that it becomes a zero sum game. The only solution I saw to taking things to another level ,is to manage trades to have some bigger winners.
It's hard when you are used to taking profit at 20 ticks on NQ..but so many moves can easily go 40-80 ticks or more.
Also, small stops on Nq..anything less than 20 ticks will kill you. I am finding 30 tick stops to be better, which works out to about $150 per contract.
Thanks again for watching the video and your comments.

I have my initial stop set at 40 ticks on NQ. Like you said, the swings it does on normal days will kill a small stop. Days like today are a really good example. Several good moves that didn't need a big stop but many moves that did. I let ninjatrader set the initial stop then I move it to where it really needs to go. Much faster than adding a stop later.

Great video, BTW. A 2 range bar on NQ makes for some rapid chart movement. Have you done any testing with larger ranges?

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  #912 (permalink)
 lancelottrader 
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TradingOgre View Post
I have my initial stop set at 40 ticks on NQ. Like you said, the swings it does on normal days will kill a small stop. Days like today are a really good example. Several good moves that didn't need a big stop but many moves that did. I let ninjatrader set the initial stop then I move it to where it really needs to go. Much faster than adding a stop later.

Great video, BTW. A 2 range bar on NQ makes for some rapid chart movement. Have you done any testing with larger ranges?

Good ideas on the stop.. Yes, I use the 2 range mainly for timing entries while also watching higher timeframes. The 2 range chart with the Logical Forex indicators is just something I have watched for about 7 years and it really let's me process the immediate market conditions. I have used larger range charts such as 4 or 6 range, but they don't work as well for that particular chart I use. As much as I generally use higher timeframes for confirmation, sometimes they will lag when a new sudden explosive move shows up. So sometimes I will trade a fresh move before a higher timeframe gives a signal. It just comes down to what I think is happening in "real time."
Of course, on NQ, it's easy to get the direction wrong and the swings can be murderous.
40 ticks is a good initial stop..and then..as you say, you can quickly reduce that according to market structure.

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  #913 (permalink)
 MiniP 
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TradingOgre View Post
I have my initial stop set at 40 ticks on NQ. Like you said, the swings it does on normal days will kill a small stop. Days like today are a really good example. Several good moves that didn't need a big stop but many moves that did. I let ninjatrader set the initial stop then I move it to where it really needs to go. Much faster than adding a stop later.

Great video, BTW. A 2 range bar on NQ makes for some rapid chart movement. Have you done any testing with larger ranges?

I've recently changed my average t/p to 40 ticks and it seems like a reasonable s/l is 2 ticks below the signal bar ( average signal bar is 6-12 ticks ) I know today I ended up leaving two trades at the ATM of 9 ticks and got stopped out only to have the market move up 40+ ticks. Still experimenting with this but today up until about 11 if you bought every pull back and put the s/l below the signal bar ( bullish engulfing/dominate bull bar ect) you would of only had 1 losing trade and that was during the 1030 ish chop area.


my 0.02


-P

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 TradingOgre 
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MiniP View Post
I've recently changed my average t/p to 40 ticks and it seems like a reasonable s/l is 2 ticks below the signal bar ( average signal bar is 6-12 ticks ) I know today I ended up leaving two trades at the ATM of 9 ticks and got stopped out only to have the market move up 40+ ticks. Still experimenting with this but today up until about 11 if you bought every pull back and put the s/l below the signal bar ( bullish engulfing/dominate bull bar ect) you would of only had 1 losing trade and that was during the 1030 ish chop area.


my 0.02


-P

Definitely some good shots just after the open today. Unfortunately I loaded blanks into the gun today (Sim trading). Trying to cure a bad case of stupid. LOL!

I usually don't set a target. I keep moving the stop and let the market show me where to get out. About the only time I will use a target is when I am scalping.

Hope everyone has a great weekend.

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  #915 (permalink)
 lancelottrader 
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MiniP View Post
I've recently changed my average t/p to 40 ticks and it seems like a reasonable s/l is 2 ticks below the signal bar ( average signal bar is 6-12 ticks ) I know today I ended up leaving two trades at the ATM of 9 ticks and got stopped out only to have the market move up 40+ ticks. Still experimenting with this but today up until about 11 if you bought every pull back and put the s/l below the signal bar ( bullish engulfing/dominate bull bar ect) you would of only had 1 losing trade and that was during the 1030 ish chop area.


my 0.02


-P

There are always days and situations where if one had impeccable timing and the market was moving a certain way..14 tick stops would work. However, I highly doubt that virtually anyone could consistently and successfully Live trade NQ using less than 20 tick stops. I base that on my experiences and observations with NQ over several years.

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  #916 (permalink)
 MiniP 
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lancelottrader View Post
There are always days and situations where if one had impeccable timing and the market was moving a certain way..14 tick stops would work. However, I highly doubt that virtually anyone could consistently and successfully Live trade NQ using less than 20 tick stops. I base that on my experiences and observations with NQ over several years.

I agree but a lot of what I am looking for are momentum plays with the trend and if we retrace 5 pts for the entry then it seems like a decent amount of time we go into a draw down period/range before moving up. Now is this the case every time nope.. but it seems like it is a lot of the time and if I have to have a 1:1 R:R I could probably have entered at a better spot so my s/l isn't so big. Trying to keep losses at a minimum to protect my capital and my mental capital. Mentally I can deal with 10 9 tick stops but 1 90 tick stop messes with me a little bit.


-P

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 lancelottrader 
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MiniP View Post
I agree but a lot of what I am looking for are momentum plays with the trend and if we retrace 5 pts for the entry then it seems like a decent amount of time we go into a draw down period/range before moving up. Now is this the case every time nope.. but it seems like it is a lot of the time and if I have to have a 1:1 R:R I could probably have entered at a better spot so my s/l isn't so big. Trying to keep losses at a minimum to protect my capital and my mental capital. Mentally I can deal with 10 9 tick stops but 1 90 tick stop messes with me a little bit.


-P

I understand your point, but 10 tick stops on NQ are extremely tight. Even in strong momentum moves Nq can move backwards 10 ticks in less than a few seconds. 20 tick stops are $100, due to the $5 per tick value. That is similar to a 10 tick stopout on Crude Oil .
If you can trade NQ live successfully over time with a 10 tick stop, then you have tremendous skills. I happen to think 10 tick stop losses on NQ would be account suicide in the long run.

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  #918 (permalink)
 MiniP 
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lancelottrader View Post
I understand your point, but 10 tick stops on NQ are extremely tight. Even in strong momentum moves Nq can move backwards 10 ticks in less than a few seconds. 20 tick stops are $100, due to the $5 per tick value. That is similar to a 10 tick stopout on Crude Oil .
If you can trade NQ live successfully over time with a 10 tick stop, then you have tremendous skills. I happen to think 10 tick stop losses on NQ would be account suicide in the long run.

What I posted was I normally put my s/l under the signal candle which for me is normally 6-12 ticks on average. have there been times when I move my stop loss to 20 + ticks.. of course but for me it seems like most trades/entries respect having the s/l under the signal candle. I don't enter off S/R levels only I need to see something happen first and this seems to help with getting faked out and having a 20 tick s/l. Now I do normally miss out on a pt or two but I am looking for a chunk in the middle.. calling tops and bottoms is not something I have been able to do successfully over time.


but I do agree with you sometimes the market pulls back 5pts before moving up and if it does then I'd just re-enter.


what works for me might not work for everyone else

-P

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 lancelottrader 
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Here is a video that outlines four major changes I have implemented in recent months. I believe this has really helped me take things to a new level.


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  #920 (permalink)
 CinderellaMan 
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lancelottrader View Post
Here is a video that outlines four major changes I have implemented in recent months. I believe this has really helped me take things to a new level.


Thank you for the video Lance. You pretty much described everything I do. Switching back and forth, letting myself get distracted when things are slow ect...

Very grateful for all that I've learned from you throughout the years. You are my first teacher. Good luck tomorrow and sleep well.

-OneUpTrader
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 lancelottrader 
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CinderellaMan View Post
Thank you for the video Lance. You pretty much described everything I do. Switching back and forth, letting myself get distracted when things are slow ect...

Very grateful for all that I've learned from you throughout the years. You are my first teacher. Good luck tomorrow and sleep well.

Thank you! I really appreciate your comment. I guess I'm not the only one having these issues.

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  #922 (permalink)
 avall38486 
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Hi Lance,
Thank you for the video.
It takes a lot of courage to do what you do, first of all, and more courage to say that after 8 years you are still working to improve more. Keep up the good work. Thank you for sharing.
Amin

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 lancelottrader 
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avall38486 View Post
Hi Lance,
Thank you for the video.
It takes a lot of courage to do what you do, first of all, and more courage to say that after 8 years you are still working to improve more. Keep up the good work. Thank you for sharing.
Amin

Thank you very much.

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  #924 (permalink)
 Blue Eagle 
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@lancelottrader, I've watched some of your videos and read a lot of the thread and I might have read the answer to my question in there somewhere but I can't recall at this point. I've been playing around with watching NQ and trading it a little (with mixed results)... mostly trading Cl (with mixed results ) .
When I do trade NQ I tend to watch if it coincides with levels on ES and Ym as they move thru or bounce off levels and if all are breaking out, for example, I'm more likely to take the trade. Do you watch the other indexes? Or 100% focus on NQ?
Really enjoyed the thread and videos, especially the last one. You wrote about staying in trades longer and I had the thought "I can often get into decent trades and since I never REALLY know if this is gonna be the one that goes for a serious move I SHOULD make the most out of EVERY trade". It was a new perspective at some level.
I tend to have 2 different methods. One is a shot at the long trades (1 or 2 contracts, bigger stop and target) and then sometimes I try for a scalp and am in and out pretty quick (10 tick stop and 20 tick target on CL). I need to start noting when I do scalp what would have happened if I had stayed in the trade longer because as I said, I never really know which one is going all the way.
Anyway, just wanted to pick your brain a little as NQ is a market of interest to me.
Thanks, Craig

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 lancelottrader 
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Blue Eagle View Post
@lancelottrader, I've watched some of your videos and read a lot of the thread and I might have read the answer to my question in there somewhere but I can't recall at this point. I've been playing around with watching NQ and trading it a little (with mixed results)... mostly trading Cl (with mixed results ) .
When I do trade NQ I tend to watch if it coincides with levels on ES and Ym as they move thru or bounce off levels and if all are breaking out, for example, I'm more likely to take the trade. Do you watch the other indexes? Or 100% focus on NQ?
Really enjoyed the thread and videos, especially the last one. You wrote about staying in trades longer and I had the thought "I can often get into decent trades and since I never REALLY know if this is gonna be the one that goes for a serious move I SHOULD make the most out of EVERY trade". It was a new perspective at some level.
I tend to have 2 different methods. One is a shot at the long trades (1 or 2 contracts, bigger stop and target) and then sometimes I try for a scalp and am in and out pretty quick (10 tick stop and 20 tick target on CL). I need to start noting when I do scalp what would have happened if I had stayed in the trade longer because as I said, I never really know which one is going all the way.
Anyway, just wanted to pick your brain a little as NQ is a market of interest to me.
Thanks, Craig

Hi Craig. Thanks for your comment. Yes, I watch YM at the same time as NQ, but I don't generally watch ES. I find that although YM and NQ move in a similar direction most of the time, that's not always the case. In recent weeks, we have had days where YM was moving up sharply and NQ was literally crashing..due to some things happening in Tech stocks. So, although I monitor YM, I try not to let it unduly influence my NQ trades.
As far as staying in runners, there are many factors to consider. Sometimes, extreme order flow becomes obvious and it's a matter of timing an entry. The more momentum I see, the more I know it can smash through minor pockets of support and resistance and keep going.
Another factor is when you find these areas where there is basically no obstacles in the way for a long time. In other words, there is virtually no support or resistance for a large number of ticks. I am much more likely to hold for more points in that type of scenario.
I still don't mind a 20 tick scalp or so on NQ..if I feel that's as far as it will go..but I am trying to hold for bigger winners if the conditions merit it.
I find CL a little hard to figure out lately. It can do very little for long periods of time and the suddenly surge strongly. One thing I've noticed is that these CL surges tend to happen the most around 11:00 to 11:30 est.

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 lancelottrader 
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I thought I should mention that I had a very rough time with my trading this week. After several months of being very consistent and profitable, I got beat up pretty good by NQ .
I hit my max daily drawdown on Monday, Wednesday and Thursday. Not good. I had a small winning day on Tuesday and a decent session today. A big winner on CL, today, when it nosedived at around 10:50 am est saved me from a truly horrible week.
So, what happened? How does someone who's been doing pretty well with NQ suddenly go "Full retard?" One main problem is I allowed the feeling of missing The Big Move adversely affect me. For several days in the last few weeks, I have seen NQ launch off the opening 5 minutes with a huge move. Generally I don't like to trade anything in the opening five, sometimes 10 minutes. But after seeing all these fast big moves right at the open, I think subconsciously I wanted to catch these moves instead of sitting on the sidelines. Huge mistake. My system is not supposed to be about "catching moves"...It's about waiting for the best possible, high probability setups and timing a great entry.
But lately, I've been feeling the euphoria of finally riding out some bigger winners..and I felt I should be more bold and jump into some of these opening bell explosive moves.
Well, I got totally whipsawed and found myself chasing price. I have watched my recorded sessions and it looks like a freakin' Chimp took over my PC. Actually, that's an insult to a Chimp..He probably wouldn't have taken some of my trades.
Anyhow, the lesson I learned was I must never worry if I'm not on board a massive move, if the setup doesn't fit my criteria. Plus..I was basically right to usually stay out of the opening 5 to 10 minutes of NQ..even if I miss a 200 tick move.

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 DavidHP 
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lancelottrader View Post
Anyhow, the lesson I learned was I must never worry if I'm not on board a massive move, if the setup doesn't fit my criteria. Plus..I was basically right to usually stay out of the opening 5 to 10 minutes of NQ..even if I miss a 200 tick move.

I wise trader once told me:
"It is far better to be out of the market and wish you were in...
Than to be IN the market wishing you were out."

Also, a drill instructor at the marine base trains a motorcycle group.
When he sees the group getting too confident in their ability to control the bike he sends them into a sand pit.
After a few minutes trying to control the bike there, they lean how little skill at controlling the bike they actually have.

Now that you have gone into the sand pit, get back out there and kick butt.

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 lancelottrader 
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DavidHP View Post
I wise trader once told me:
"It is far better to be out of the market and wish you were in...
Than to be IN the market wishing you were out."

Also, a drill instructor at the marine base trains a motorcycle group.
When he sees the group getting too confident in their ability to control the bike he sends them into a sand pit.
After a few minutes trying to control the bike there, they lean how little skill at controlling the bike they actually have.

Now that you have gone into the sand pit, get back out there and kick butt.

Very good points! Thank you. This week was definitely a humbling "sand pit" experience.

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 britkid99 
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Hi Lance,

I have recently gone through this entire thread with great interest as a lot of your futures trading rings true with me.
I would love to watch your videos but all I get is a black screen. Are they anywhere else ie U tube or can anyone else suggest why I can't view the videos.

Brit

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 lancelottrader 
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britkid99 View Post
Hi Lance,

I have recently gone through this entire thread with great interest as a lot of your futures trading rings true with me.
I would love to watch your videos but all I get is a black screen. Are they anywhere else ie U tube or can anyone else suggest why I can't view the videos.

Brit

Thank you for the nice words. I'm sorry you aren't able to view the videos. I'm not sure why. I haven't heard of anyone else having that problem. If several other people find that they can no longer view them, then I'll have to see if my youtube account has issues.

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 DavidHP 
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britkid99 View Post
Hi Lance,

I have recently gone through this entire thread with great interest as a lot of your futures trading rings true with me.
I would love to watch your videos but all I get is a black screen. Are they anywhere else ie U tube or can anyone else suggest why I can't view the videos.

Brit

Try the Youtube channel direct link.

If that does not work, try a different browser, you may need a plug-in that has been disabled by your OS.

[yt]https://www.youtube.com/user/lancelot2462/videos[/yt]

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 cory 
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britkid99 View Post
Hi Lance,

I have recently gone through this entire thread with great interest as a lot of your futures trading rings true with me.
I would love to watch your videos but all I get is a black screen. Are they anywhere else ie U tube or can anyone else suggest why I can't view the videos.

Brit

also google disable hardware graphics acceleration, some youtube don't play any more until i disable/uncheck acceleration.

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 lancelottrader 
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Here's a video showing today's recorded session. Caught some of the CL move after the Inventory report. Also some nice scalps on NQ.


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 noobforlyfe 
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lancelottrader View Post
Here's a video showing today's recorded session. Caught some of the CL move after the Inventory report. Also some nice scalps on NQ.

Solid work Lance, looking forward to future videos.

John

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 lancelottrader 
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Solid work Lance, looking forward to future videos.

John

Thank you, John. Hope everything is great with you. I am probably going to be more consistent with the videos. Just watching them kind of activates the Pattern recognition aspect of my brain, so it really helps me. I am getting where I can process the setup, market conditions and momentum almost automatically. I am getting where I can enter trades without thinking too much and just react.

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 britkid99 
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DavidHP View Post
Try the Youtube channel direct link.

If that does not work, try a different browser, you may need a plug-in that has been disabled by your OS.

[yt]https://www.youtube.com/user/lancelot2462/videos[/yt]

David, Thanks for the link, that works fine.

Brit

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 lancelottrader 
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Here is today's session. Great market conditions for my system.


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 lancelottrader 
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Here are trades from today's recorded session. The Nonfarm payroll really created some great volatility which I took full advantage of. I made this video shorter and will probably limit the length of future ones to 5 or 6 minutes. I think a lot of people don't want to sit through 10 to 15 minute ones ..so I will try to explain my setups etc..in a more concise way.

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 josh 
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It's great how you emphasize that you don't have to sit all day to make money. Whether a person is long term trading over many days, or very short term trading, life is too short to sit there all day. If you have something that moves and can take advantage of it, it's a great way to play it. Congrats, I enjoyed watching that video!

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 lancelottrader 
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josh View Post
It's great how you emphasize that you don't have to sit all day to make money. Whether a person is long term trading over many days, or very short term trading, life is too short to sit there all day. If you have something that moves and can take advantage of it, it's a great way to play it. Congrats, I enjoyed watching that video!

Thank you. I've read a lot of your posts and I appreciate your comments.

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 Rrrracer 
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Congrats on your day, Lance... I really appreciate your videos, you show a lot of decisiveness in your trading and the commentary is quite helpful.

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 lancelottrader 
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Rrrracer View Post
Congrats on your day, Lance... I really appreciate your videos, you show a lot of decisiveness in your trading and the commentary is quite helpful.

Thank you. I appreciate that very much. Watching my recorded sessions back has been a big help to me. I see that : Market conditions + price action pattern+ momentum= High probability setups.
I'm trying to get to that level of "unconscious competence"..somewhat akin to high performance driving . Reacting without having to over analyze.
This is a vast departure from my old methods where I verbally announce the setup, checklist for adverse conditions..process everything and then agonize over taking a trade. Lately, my brain just sees it and says Go.

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 Rrrracer 
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Good stuff. What screen recording software do you use?

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 TradingOgre 
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lancelottrader View Post
Here are trades from today's recorded session. The Nonfarm payroll really created some great volatility which I took full advantage of. I made this video shorter and will probably limit the length of future ones to 5 or 6 minutes. I think a lot of people don't want to sit through 10 to 15 minute ones ..so I will try to explain my setups etc..in a more concise way.

Good stuff. I appreciate you taking the time to post this. The last two days have been fun for trading. Let's hope it continues next week and beyond.

Have a great weekend.

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 lancelottrader 
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Rrrracer View Post
Good stuff. What screen recording software do you use?

It's called Screen Movie Studio..It's nothing elaborate. There's probably better programs out there now, I just haven't researched it.

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 lancelottrader 
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TradingOgre View Post
Good stuff. I appreciate you taking the time to post this. The last two days have been fun for trading. Let's hope it continues next week and beyond.

Have a great weekend.

Exactly. That's why I can't let myself get too euphoric over my results the last few days. The markets don't move like this all the time..It's easy to have a couple of good sessions and think, "Wow, I've finally got this sh.t figured out!"

Then I think back to a week or so ago when I hit max daily drawdown three times in one week. What it's taught me is I need to wait for the ideal conditions that work for my system and not trade until they show up. If that means not trading two or three days in a row because the conditions suck, so be it.
Having said that, I see a lot of improvement in how I am entering my trades without fear or hesitation. So I am happy about that.

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 lancelottrader 
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Here are today's trades. Thought markets were closed today..so tuned in a bit late. Did pretty well, though.


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 lancelottrader 
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Here are today's trades. Again the market provided huge volatility which worked well for my system.


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 noobforlyfe 
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lancelottrader View Post
Here are today's trades. Again the market provided huge volatility which worked well for my system.

Solid work Lance, you make it seem so easy! Flawless, mate.

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 lancelottrader 
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Solid work Lance, you make it seem so easy! Flawless, mate.

Thank you. Some days are easier than others. Unlike in the past where I posted mainly only my winning days..I am going to try and keep a real journal now..and post every day. So I am sure there will be some losing days. But for now, these market conditions are tailor made for me.

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 josh 
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For those looking to glean something useful from these videos to apply, two things that lancelot does very well is that he (1) does not try to pick tops and bottoms, but goes WITH momentum (which works well when there's momentum; one must be extra careful on range bound, rotational days to not fall into this trap), and he (2) flips quite easily (that is, he will be short, sees momentum turning up, scratches or takes a small loss, looks for the market to confirm the long side, and then gets long). Flipping is one of the hardest things to do, because it requires the ability to let go of something, and take an exact opposite position--something humans are notoriously bad at.

It's very easy to mess these up, and get cut to pieces on rotational, non-momentum days, but lancelot does these very well.

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 lancelottrader 
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josh View Post
For those looking to glean something useful from these videos to apply, two things that lancelot does very well is that he (1) does not try to pick tops and bottoms, but goes WITH momentum (which works well when there's momentum; one must be extra careful on range bound, rotational days to not fall into this trap), and he (2) flips quite easily (that is, he will be short, sees momentum turning up, scratches or takes a small loss, looks for the market to confirm the long side, and then gets long). Flipping is one of the hardest things to do, because it requires the ability to let go of something, and take an exact opposite position--something humans are notoriously bad at.

It's very easy to mess these up, and get cut to pieces on rotational, non-momentum days, but lancelot does these very well.

Good points. The problem with those range bound, rotational days you mentioned is that sometimes you can't always recognize them initially. Sometimes there can be a big fast move which tricks you into thinking you're going to have more of the same. Then, you find out none of the next moves have the same follow through and you end up getting chopped.
I'm getting a little better at seeing this, but it's not something you can always figure out.

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 lancelottrader 
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Global markets in turmoil caused some very chaotic moves on NQ today. Very dangerous to trade with a small stop.
After some losses early on, I recovered and had a good day.


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 lancelottrader 
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Had set a little price alert at YM at 26000..just caught a nice 40 tick move as it broke down through that price.

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 lancelottrader 
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If anyone is trading NQ right now..use extreme caution.....Moving crazy fast.

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 britkid99 
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lancelottrader View Post
If anyone is trading NQ right now..use extreme caution.....Moving crazy fast.

I love sell-offs. 300 ticks up in last hour and a half. Only trading with the tickstrike.

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 lancelottrader 
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Today's trades. Ridiculous volatility caused ,I suspect, by Algos running amuck.
I show several trades in real time so check out the speed NQ moves at. Crazy! Nutty of me to even try and trade it. lol


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 lancelottrader 
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I had a video that I was posting to youtube of today's session, but had some technical issues with it. Anyhow I ended up losing about $475 for the day. I had forgotten about the Fed guy Evans talking and went into some trades that were moving erratically. I also traded too soon after 10 am news.. Decided to quit early since I felt I was a bit off.

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 lancelottrader 
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Generally on weekends, I do a little practice. I am a great believer in screen time, repetition, and developing the ability to instantly recognize patterns.
I like to do some speeded up replay sessions. I pick days where I don't recall what happened ..so as to not be able to predict the price movement. I will have it at about 5X normal speed untill I see something setting up..Then I slow it down to real time and decide to either take the trade or not. This type of practice really has sharpened my skills.
I also will pick random weeks and just manually scroll through charts and when I see a setup, I will ask myself whether I would take it or not. Then I scroll to see if I was right. I will also mark the charts with arrows and exits and save them onto a flash drive. I have a collection of 1000's of charts showing entries and exits. I then will often pull them up and stare at them.
This allows my brain to process what everything on the chart looks like at the moment of a high probability setup.

All of this has been helping me to act..almost on autopilot while I am trading. It's no longer about trying to predict what price will do..nor relying on any lagging indicator. It's about my brain recognizing a pattern that I have seen frequently through live trading, SIM trading, replay trading, chart studying..etc..and acting on it... without hesitation.

What I don't do is constantly change my chart setup, indicators, and bar types. I have watched price action on virtually the same chart configurations (except a few minor changes) for several years in a row. This has given me a consistent frame of reference instead of having to process the market with an unending set of experimental variables. Yes, in a trader's early stages, experimentation and finding the chart setups and bar types that resonate with them is important. But once you find something that is effective, it is best not to end up in an interminable search for that "Holy Grail."

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 Rrrracer 
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Is this one way you have managed to overcome the fear in live trading vs sim?

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 lancelottrader 
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Rrrracer View Post
Is this one way you have managed to overcome the fear in live trading vs sim?

Yes, in a way. The additional practice and honing of skills gives more confidence . That decreases fear somewhat. However, the dynamic of live trading is always going to have a different psychological component than SIM.
For example, you can go to a shooting range and get pretty good at simulated tactical shooting. You could end up blowing away all these simulated hostile targets with some great maneuvers. But then, you could end up in a real gunfight and find that you don't act the same as you did on the range. That's an extreme example, of course, but illustrates that things are much harder when they Count.

One has to trade live for a period of time to feel somewhat comfortable. The problem is..it's also easy to keep blowing out accounts.
What makes me nervous is when there is too much uncertainty. I found I was most uncertain and nervous in trades that required a great deal of prediction and speculation. On SIM, that uncertainty is easy to deal with. What I mean is certain setups..where you are thinking, "This seems oversold..this is probably going to reverse at this price." Or.."this is a head and shoulder pattern..maybe I should take that setup." Those type of trades are just educated guesses. Maybe they workout..maybe they don't.
I have tried to remove all setups, as of late, that I don't have a huge amount of certainty in. There are moves, where it is obvious to me, that the orderflow, momentum, market conditions and price action..for a few brief moments has very good odds that it will move explosively through an area..and at least hit a 20 tick target on something like NQ. I know, if I can be patient, and wait for those moves, then I have a much better chance than being in a speculative setup where I am guessing what will happen next.
Another thing is that I have tried to release all the psychological baggage that has hindered me. I was at a point, not long ago, where I felt tremendous pressure to succeed. After failing so many times..and after committing over 10 years of my life to this..each new losing day took on a very painful sensation. The dominating thought was that I had taken myself out of the job market for many years and now if I failed at trading, what else was I going to do?

I went through a pattern of failing at live trading, then switching back to SIM for a few months until I felt like I was ready. Then back to live only to fail again. Each time with more urgency and fear of failure. Finally, I pretty much gave up. I relinquished the dream of being a trader able to support myself from this. I comforted myself in the belief that hardly anyone else out there was making it as a retail trader, either. Then I had a day on my live account where I was down past my daily max loss..and I just said "F..k it! I'm not stopping. I hope I lose enough where I just convince myself to stop this idiotic endeavor." I sabotaged myself and lost several thousand taking pathetic trades. I didn't care and pretty much lost on purpose that day. It was truly horrible, especially after all the years of time, money and effort.

Strangely enough, after that incident, I took a few live trades a few weeks later. This time I had no fear or pressure..since I had mentally already given up. I just took those immediate momentum scalps like you see on my new videos. All of sudden, I started winning live, virtually every day. I decided not to go back to that pressure feeling anymore. I'll just scalp these setups and if I lose..so what? Except now I'm doing better than ever before.

I know this was rambling and maybe incoherent, but I hope I got my points across.

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 Tap In 
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What I don't do is constantly change my chart setup, indicators, and bar types. I have watched price action on virtually the same chart configurations (except a few minor changes) for several years in a row. This has given me a consistent frame of reference instead of having to process the market with an unending set of experimental variables. Yes, in a trader's early stages, experimentation and finding the chart setups and bar types that resonate with them is important. But once you find something that is effective, it is best not to end up in an interminable search for that "Holy Grail."

This is exactly right. However, the process of finding the right chart configurations to match up with personality, goals and risk tolerance can take a while. I have changed my charts countless times trying to find the right mix. I never thought I would end up with 10 and 30 second charts, but that's where I am.

I have also been experimenting with your 2 range line chart. It's really useful to see small pullbacks in a volatile market.

Thanks for the videos!

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 DavidHP 
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lancelottrader View Post
For example, you can go to a shooting range and get pretty good at simulated tactical shooting. You could end up blowing away all these simulated hostile targets with some great maneuvers. But then, you could end up in a real gunfight and find that you don't act the same as you did on the range. That's an extreme example, of course, but illustrates that things are much harder when they Count.

Great example


lancelottrader View Post
Strangely enough, after that incident, I took a few live trades a few weeks later. This time I had no fear or pressure..since I had mentally already given up. I just took those immediate momentum scalps like you see on my new videos. All of sudden, I started winning live, virtually every day. I decided not to go back to that pressure feeling anymore. I'll just scalp these setups and if I lose..so what? Except now I'm doing better than ever before.

I know what you mean. Once losing is not a problem, things fall into place.

It reminds me of when I was attempting to roller blade.
I purchased the skates, pads, and shin guards etc. and went to the sidewalk to skate.
Fall after fall and shaky attempts ended up with only a few new scrapes and bruises.

However, I went back to the store and purchased a helmet.
When I went back out I felt invincible. I was a wild man on blades.
I did jumps, rails, with no fear.
Sure, I fell and had bruises but I was invincible and never even noticed them.
My son watched with his mouth open and could not believe the monster I had become.

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I know this was rambling and maybe incoherent, but I hope I got my points across.


Not in the slightest Lance, much appreciation for delving into all of it. I'm very much at the stage where you were earlier on and I know I have to find my own way... however it's extremely encouraging to hear what has helped others get through to the other side. Thanks man.


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 lancelottrader 
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Today's trades. Market wasn't as crazy as last week. Did pretty well.


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 lancelottrader 
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Very poor session. Probably shouldn't have traded today. Felt poorly from food poisoning.


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LOL good call on walking away... I'm successful at this about 50% of the time, and when I'm not it always seems to take a losing day and turn it into an exceptionally big losing day

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 lancelottrader 
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LOL good call on walking away... I'm successful at this about 50% of the time, and when I'm not it always seems to take a losing day and turn it into an exceptionally big losing day

It was tough to walk away. I felt if I waited for some good market conditions, I could most likely get back to even. But I also knew I was off and couldn't trust myself to perceive the market objectively. The lack of sleep and extreme nausea wasn't helping, of course.

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 lancelottrader 
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Short video of today's trades. May take a break from posting for a bit. These might be getting monotonous.


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lancelottrader View Post
Short video of today's trades. May take a break from posting for a bit. These might be getting monotonous.

I'm not tired of them but do what is best for you.

Thanks for the ones you have posted.

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Short video of today's trades. May take a break from posting for a bit. These might be getting monotonous.

I actually look forward to them everyday. Not getting monotonous at all. Even though I don't trade exactly the way as you do or with similar charts, what i get from it is how you deal with the trade and your thoughts esp since I am doing short term scalping.

Talks on trade management and your thought process is what i get from the videos. If you can continue posting whenever you can, i'd appreciate it.

As I'm sure others are as well who also look forward to your journal updates.

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 Scalpingtrader 
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Keep em coming - if they are of benefit for you!

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 lancelottrader 
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Just wanted to say I sincerely appreciate all the Thanks on my posts and all the nice comments . Thank you very much.

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 Blue Eagle 
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I too am liking the videos... trying to learn NQ action and this crazy trading thing in general. Anyone showing consistent results/improvement brings hope that other might do it to...and as the commercials say, that's priceless.

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 britkid99 
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More nice sell offs today.

Question: Does anyone know what the 'Fair Value is for RTY Russell 2000? Or where it might be available. It is easy to find ES or NQ

I am working on something which shows promise but a source would be good for confirmation.
My guess would be around +1.45

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 lancelottrader 
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Ok..Decided to post another one. Here's a quick video of today's session.


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 lancelottrader 
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It can be frustrating to some, to see these strong moves down in NQ.. and know there is ample opportunity to extract profits from the big moves. It can be tempting to jump in..only to find at that exact moment..price bounces 30 ticks or more .
This video shows how to map out levels and take advantage of the strong momentum while keeping your risk low.


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 britkid99 
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It can be frustrating to some, to see these strong moves down in NQ.. and know there is ample opportunity to extract profits from the big moves. It can be tempting to jump in..only to find at that exact moment..price bounces 30 ticks or more .
This video shows how to map out levels and take advantage of the strong momentum while keeping your risk low.


Inspired by your video I've put the zones on for the last few days and I have a big zone from 7168-7178 which has been like a magnet today.

Anyone not using Tickstrike can get the ES simplified free version at Financialjuice.com which is also run by the owner Aamar.

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 lancelottrader 
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britkid99 View Post
Inspired by your video I've put the zones on for the last few days and I have a big zone from 7168-7178 which has been like a magnet today.

Anyone not using Tickstrike can get the ES simplified free version at Financialjuice.com which is also run by the owner Aamar.

That's great. Glad you found some good zones. Thanks for your comment.

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 lancelottrader 
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Good day. Held one trade longer than usual.


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 lancelottrader 
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Some wild price movement in NQ! Did pretty well but it was very nerve wracking. I show most of the trades in real time so everyone can see what I mean. lol This felt more like a videogame than trading. Good thing I used to play a lot of Unreal Tournament.


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Good thing I used to play a lot of Unreal Tournament.

Glad to find a fellow videogamer on FIO. UT was great.

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 britkid99 
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Lance, Have you ever used the Nasdaq Tick in relation to the NQ? I find it quite useful for finding tops with Tick divergence (advance warning trend COULD be weakening) and also for Tick Zero Line Reject, where a shallow pullback results in Tick stopping around the Zero line and then both Price and Tick turning. Both of which are reinforced with audible order flow.

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 lancelottrader 
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britkid99 View Post
Lance, Have you ever used the Nasdaq Tick in relation to the NQ? I find it quite useful for finding tops with Tick divergence (advance warning trend COULD be weakening) and also for Tick Zero Line Reject, where a shallow pullback results in Tick stopping around the Zero line and then both Price and Tick turning. Both of which are reinforced with audible order flow.

Thanks for your post. No, I have never used that. It looks pretty interesting. I appreciate the charts too.
I may look into that, but right now I'm trying not to change any components of what I'm doing.

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 lancelottrader 
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Lots of setups today during the market turmoil. Not thrilled for my longer term funds, but had a great day with my personal trading. I didn't do hardly any commentary on this one. Just showed the trades quickly since I took quite a few.


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 lancelottrader 
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I hadn't planned on trading today since yesterday I exceeded my weekly objective by a good amount. Plus, I wanted to give my nerves a bit of a break, but I guess I couldn't help myself. It turned out well. I can honestly say I am happy with my progress in the last month or so. I'm feeling my skills have really sharpened.


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 lancelottrader 
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As I previously mentioned, I like to practice trading at high speeds on Ninja Market replay. I find it helpful training, especially when dealing in live fast moving markets. This is a short 90 second video of some of today's replay practice. I am on 50X normal speed...which is pretty fast...especially on NQ. I find random days that I don't really remember..and just turn it on.


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 britkid99 
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As I am based in the UK I only get to trade the closing 1-2 hours of the session.
Today had my best day ever (462 ticks) and best single trade of 32 points, not ticks but points.
Left the same amount on the table in the short covering bounce in the final 15 minutes.

Brit

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One rule I generally adhere to is to stay out of the opening 10 or 15 minutes of the equity session. It's generally too erratic and filled with whipsaws. Today, NQ began moving strongly before the open. I won a few trades before 9:30 est.) Right at the open there was a fast, strong push up and I decided to jump in a few.
This video is under two minutes and shows some trades I took right at the open. They are all in real time. This has not been speeded up at all.


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 Tap In 
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lancelottrader View Post
One rule I generally adhere to is to stay out of the opening 10 or 15 minutes of the equity session. It's generally too erratic and filled with whipsaws. Today, NQ began moving strongly before the open. I won a few trades before 9:30 est.) Right at the open there was a fast, strong push up and I decided to jump in a few.
This video is under two minutes and shows some trades I took right at the open. They are all in real time. This has not been speeded up at all.

Nice!

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 lancelottrader 
Legendary Market Wizard
west palm beach florida usa
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
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Nice!

Thank you.

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 Rrrracer 
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Roamin' the countryside
 
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Impressive, both your trading and the speed of the market. You are certainly familiar with it lol. Nice job Lance.

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 lancelottrader 
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This video shows today's trades with more of an emphasis on the effects of price swings and minor pockets of support and resistance. One thing I have learned is that these price levels, usually not noticed by most traders, can cause big bounces when hit..especially in NQ.


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lancelottrader View Post
This video shows today's trades with more of an emphasis on the effects of price swings and minor pockets of support and resistance. One thing I have learned is that these price levels, usually not noticed by most traders, can cause big bounces when hit..especially in NQ.

Love your trading style. Quick hits, high win rate. No need to endure large draw downs waiting for the big winner to save the day.

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 lancelottrader 
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Love your trading style. Quick hits, high win rate. No need to endure large draw downs waiting for the big winner to save the day.

Thank you. When we see some of these instruments move up hundreds of points and then minutes later totally reverse..I don't see how you can hold trades for too long if you aren't position trading. I try not to get too mentally attached to any price direction since they can be so mercurial lately.

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 FlyingMonkey 
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Very graceful trading, thanks for posting these. Even though I doubt I could ever mimic your approach, I find it very helpful seeing your thought process navigating a day like this. Seeing where you see momentum vs chop, translating that to my own approach, etc. Great stuff.

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 lancelottrader 
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Very graceful trading, thanks for posting these. Even though I doubt I could ever mimic your approach, I find it very helpful seeing your thought process navigating a day like this. Seeing where you see momentum vs chop, translating that to my own approach, etc. Great stuff.

Thank you. I appreciate that and glad it is a little helpful.

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 lancelottrader 
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I am kind of proud of my trading today. I got in a few very uncomfortable trades and instead of panicking, I held through it, instead. Sometimes you have to make friends with uncertainty and discomfort to progress to the next level.


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 TradingOgre 
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lancelottrader View Post
Sometimes you have to make friends with uncertainty and discomfort to progress to the next level.

Love this! Now I just need to implement it. LOL!

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