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Scalping ES, need help


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Scalping ES, need help

  #51 (permalink)
 Trambo 
Glasgow, Lanarkshire Scotland
 
Experience: Intermediate
Platform: Jigsaw Daytradr
Broker: Working my way around them all
Trading: ZN, ES
Posts: 56 since Apr 2016
Thanks Given: 59
Thanks Received: 46


MichaelFlowTrader View Post
You said that you want 1 tick in ES, yet most of the vids and advice, save for The Getting Started in Scalping vid, isn't really scalping advice. If you want to learn how to scalp scalp scalp and want mentors, you either go to Norden or maybe Scalping Education who was a Norden student. Scalping Education doesn't scalp for 1 tick in the ES, he scalps for 3. He only scalps for 1 tick in ZB.

What I've learned from obsessing over Norden, market making, real scalping (not that BS that most ppl call scalping) is that you have to take their principles and carve out your own niche. You might find yourself doing things a bit differently, but as long as your winrate is over 80% and you are making money--- you are doing well.

When it comes to correlation, perhaps use more than just YM. Have YM, NQ, RYT, UB, ZB, ZN up. In certain moments they work off each other. The last 2 weeks you could use NQ/YM/ES as an inverse correlation for UB/ZB picking off a tick or 2. The problem is that correlations often breakdown.

I'm no longer playing the correlations, I'm hunting retailers and other screen watchers at their local watering hole.... That is why I reintroduced a chart, so that I can pick them off. Using the orderbook and T/S to let me know when it is safe to attack them, who else is hunting, what type of games are being played in the book, where is the manipulation, when can I even use orderbook spoofing to my advantage when I observe it.

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Michael,

Really interesting reading this - I've a ton of questions about this whole hunting retailers thing, but as that's your specific edge I don't expect you to explain it all. out of interest though is this trading education guy someone you've received training from? I haven't heard of him before and on checking him out it kind of appears he's potentially just selling on Gary's teachings, not sure how he'd feel about that if that's the case? Just wondered.

Cheers,
Trambo.

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  #52 (permalink)
MichaelFlowTrader
Atlanta
 
Posts: 152 since Jan 2017
Thanks Given: 43
Thanks Received: 120


Trambo View Post
Michael,

Really interesting reading this - I've a ton of questions about this whole hunting retailers thing, but as that's your specific edge I don't expect you to explain it all. out of interest though is this trading education guy someone you've received training from? I haven't heard of him before and on checking him out it kind of appears he's potentially just selling on Gary's teachings, not sure how he'd feel about that if that's the case? Just wondered.

Cheers,
Trambo.

I haven't traded or learned from the trading education guy yet. He does answer emails and will have a conversation with you. And from everything that he's told me, he isn't really just copying Gary Norden's style. He has a lot of his own ideas and he suggests that no matter who you learn from that you develop your own style from them.

On hunting retail, I came up with that idea after looking at charts and the Dom, seeing where chart watchers will get stuck, or where the herd will give you a bit of a push.

Today, I closed the charts and just traded ES with RTY, NQ, YM up as what I tee'd off of for direction. I had a pretty good run at it before things broke down. One obstacle I had was that I was away from my computer and was stuck using the silly Tradovate app. It was lagging and it made it hard to scratch trades in time, and jump in. When it worked, I was in and out under 25 seconds.

My chart + Dom trading was most successful today trading ZB and UB. I made 5 trades and won all of them. When things picked up I couldn't get filled where I wanted to so I quit and went back to ES. I am seriously thinking about only trading bonds for their consistency. Boring, kinda but I want to protect my PnL.

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  #53 (permalink)
 
CannonTrading's Avatar
 CannonTrading   is a Vendor
 
Posts: 216 since Mar 2013
Thanks Given: 77
Thanks Received: 183



MichaelFlowTrader View Post
I haven't traded or learned from the trading education guy yet. He does answer emails and will have a conversation with you. And from everything that he's told me, he isn't really just copying Gary Norden's style. He has a lot of his own ideas and he suggests that no matter who you learn from that you develop your own style from them.

On hunting retail, I came up with that idea after looking at charts and the Dom, seeing where chart watchers will get stuck, or where the herd will give you a bit of a push.

Today, I closed the charts and just traded ES with RTY, NQ, YM up as what I tee'd off of for direction. I had a pretty good run at it before things broke down. One obstacle I had was that I was away from and was stuck using the silly Tradovate app. It was lagging and it made it hard to scratch trades in time, and jump in. When it worked, I was in and out withing under 25 seconds.

My chart + Dom trading was most successful today trading ZB and UB. I made 5 trades and won all of them. When things picked up I couldn't get filled where I wanted to so I quit and went back to ES? I seriously thinking about only trading bonds for their consistency. Boring, kinda but I want to protect my PnL.

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I think the bonds are a great market for day-trading.

I love 4 main factors as both someone who trades and as a broker:

large tick size @ $31.50 per tick
low margins and daytrading margins
lower cost as the exchange fees are $0.80 round turn cheaper the ES
different personality and trading behavior.

PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #54 (permalink)
MichaelFlowTrader
Atlanta
 
Posts: 152 since Jan 2017
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CannonTrading View Post
I think the bonds are a great market for day-trading.

I love 4 main factors as both someone who trades and as a broker:

large tick size @ $31.50 per tick
low margins and daytrading margins
lower cost as the exchange fees are $0.80 round turn cheaper the ES
different personality and trading behavior.

I think that bonds are a good product, but for a lot of ppl they aren't sexy enough. The risk factor of not getting chewed up isn't there! The controlled movement, most times of the month, makes them seem flat. I learned a term from reading market making white papers, non-directional volatility. Bonds have a lot of that. At times, it appears that price will sit at a level and flip back and forth for 20 mins. If you can get good queue position, I think that would be prime scalping time. Alternatively, simply watching a chart, entering in on continuation bars, even when they are slow to make progress gives an opportunity to scalp a tick. I think if OP wants to successfully scalp only 1 tick at a time for a living, UB and ZB might be his new home. I'm also thinking about moving in the same neighborhood.

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  #55 (permalink)
trade5000
Atlanta GA
 
Posts: 18 since Oct 2019
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Personally I think it is better to look for the larger moves on ES based on opportunities that present themselves on the larger time frames (1 hour, 4 hour and daily) as well as daily, weekly and monthly pivots

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  #56 (permalink)
 
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trade5000 View Post
Personally I think it is better to look for the larger moves on ES based on opportunities that present themselves on the larger time frames (1 hour, 4 hour and daily) as well as daily, weekly and monthly pivots

I fully agree! I can share that statistically from observations I have, traders who trade the larger time frames have better chances than those trying to scalp 2-3 ticks. There are always exceptions but this is what i have seen from the sidelines over many years and also my experience when designing trading systems etc.

PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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