First time trying to teach the way I trade the ES. I have been trading the ES for almost 10 years now, full time from 02-07, then started another business and then traded it part time up to now. Years ago I could hardly see the price bars under all the indicators "I had to have to trade", needless to say I never really made a lot of money that way. I have tried almost everything under the sun to make money, now this is my opinion but price rules and anything you look at should only help you confirm what you SEE on your chart already.
Scalping the ES can be fast and deadly if you don't already know what you need to do, before price gets to you! Nothing can help you more than knowing how the ES moves, and the only thing that can teach you that is TIME watching and SIM trading. Over the next few weeks I will attempt to show, educate, and teach how I scalp the ES for 2 points a day. Anything I say is just my opinion, right or wrong, not trying to get anyone upset.
For my set up, I tend to FAVOR the FIRST pullback after a TREND CHANGE. Depending on how the day is shaping up helps me decide if I will take the 2nd or 3rd set up in that trend. Please REMEMBER when I am Scalping, a TREND might last only 5 minutes, so don't get married to any 1 trade.
Money management: I hate to teach this, that is up to you, I will give you the guide lines that I tend to follow. I like to get in and out fast, I like to take money off the table when I have profit. I tend to exit 2/3 to 3/4 of my trade at 2-3 ticks, hold the rest for 6 ticks after a BE stop....That's me, as you get a feel for this you need to see what works for you.
Charts: "Trend Chart", I use a Renko 2 tick size box
"Trading/Entry Chart", I like the 350 Tick
Trend: If the Renko Bars are Above the the Dark Brown 21 Donchian Channel "Mean" line = UP TREND
If the Renko Bars are Below the the Dark Brown 21 Donchian Channel "Mean" line = DN TREND
You should be able to "SEE" this, when bars are trading around the line, be careful, just wait, the trade WILL come!
Pull Back = Renko price bars are trading back near the orange 10 DC Mean line and the 21 Mean line
Long Entry = When the Renko chart breaks out from below the line to above the line, then shows a pullback to towards the lines look at your 350 tick chart......IF the upper Donchian Channel (DC) has moved up, AND you can SEE SPACE between the price bars and the DC mean line then enter your trade entry at or a tick above the 21 Mean line for your entry. Picture are worth 100 words so I will try and teach off the charts.
Short Entry = When the Renko chart breaks out from above the line to below the line, then shows a pullback to towards the lines look at your 350 tick chart......IF the lower Donchian Channel (DC) has moved down, AND you can SEE SPACE between the price bars and the DC mean line then enter your trade entry at or a tick below the 21 Mean line for your entry.
Thanks
Jeff Dixon
You can post questions/charts here and I will do my best to answer them for you, I work from about 4 in the morning to 4 in the afternoon, and I trade off my iPad during the day, but I will get to you.
I will attempt to attach a workspace or at least the two chart templates for your ease.
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Here are the morning setups for friday, even the "slow" days work well. also will atempt to attach a sample workspace that will set up your charts, down load the TimeZoneColors indicator if you want that....
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Ok, I did another example of the morning secession for Friday. I tried to go into more detail as to what I look for. The "space" I look for between the price bars and the mean line is one of those hard things to put rules on. By watching the ES over time you get a feel for what you need, also looking back for back testing the setups it is hard becouse you don't get a feel for how fast the bars were plotting. Remember the ES likes to trap traders by fast moves in one direction and then retracing to stop them out, the "space is created by this faster move and then retraces 50% back to the mean line to stop the week money out....THAT IS WHERE WE WANT IN!!
Stops: I have not talked much about the stops but on my DOM I have it set to 6 ticks and will change that if I need to after I am in. I like to keep it outside the opposite outer 21 DC line if possible.
If you have any comments or questions please ask, I will try and give a detailed chart every day
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Tuesday Morning trades, if you look at my charts you will see the one loss is due to me tapping my iPad wrong and entering me, shouldn't be in so I just exited at market, the others are my trades for the morning, you will see that on the second short after not getting filled about 6 bars earlier I was getting worried it might turn and exited before my regular profit targets, again thinking too much....
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OK if anyone is reading this, here is the first example in the afternoon time zone, also this has the first example that shows why you wait for the DC channel to move up and then get the pull back. I missed this trade, kids last day of school today and was away....OK I made my money in the morning....
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looks interesting. I do something similar on the ES with a small target small stop on a 1000 tick chart. Low stoch and high stoch trades, but same mentality on moving stops, etc.
I'm not really sure if that really is the template file....I tried.
The charts are not to involved, I like to see the price bars and not a lot of fluff....tried that, information overload and I couldn't make up my mind on what to do, something was always in conflict.
Just set the DC channels to colors that work for you with your background, then if you need help with the time of day...( I DO)....add the TimeZoneColors indicator, which you can download from the forum, and you are set....
Good luck and just remember screen time with any market is the key to learning how it moves...
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nice strategy.
im into renko charts as well
i keep one at 2 and other at 4 opened , the 4 renko helps me confirm some signals for the 2 renko, and vice versa.. sometimes when market is faster, i focus on renko 2 solely.
i use linereg and hh/ll as entry points + the d3spotter indicator of the forum for divergences to confirm my entries.
pretty much it.
i will start a journal too, maybe some people have some insights..
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OK, here or the morning trades for Wednesday. Shortly after I posted yesterday my computer bit the dust and I spent last night and this morning getting things up and going again so I did not get any personal trades off today. By looking at price action I know how I would have done, I would have tried to take trades 1 and 2, and passed on trade 3 for the morning. I should have made my 2+ points, then at lunch I would be kicking myself for not getting 10 points. I always seem to feel that way on trend days, I know in the past I tried to make 4-7 point (and I could) in the mornings then I would give it and more back after lunch, so now I need to stop and walk away after I get some profit. But on days like today I cant help but feel, why couldn't I get more of the move.....
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Ok the Renko chart shows the two trades, then I posted two 350 tick charts for detail, I did miss several other trades while working and driving, but that's the way it goes, I did have orders waiting but they did not get filled. The nice thing about the ES is you don't have to watch it all night and day to get your trades, if you have 20-30 minuets you can usually get a trade off.....
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As you can see I have added the IchiCloud indicator to both charts now, I have been following the 6E thread and I really like how this indicator works on the ES also, still testing it but visually I like it a lot!
Thanks cjbooth!!!!!
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Here are the two fills I got today, I did have other orders placed but not filled. After missing so many in the morning I was a little more aggressive in the afternoon, which worked out because I only took 1 tick of heat which means I got filled! I will try and post some of my trading thoughts over the weekend, I want to go enjoy friday with the kids!
I didnt take the time to mark all the morning trades, my guess is by now if you are following you should be able to see the entries, KEEP IT SIMPLE, and then it is SIMPLE to know when to trade....
I did take a 1 contract trade pre-market for a win also, I dont do that much any more....also I only took 1 loss this week and that was only a 1 contract trade that was a mistake on my part, tapping the iPad wrong. and no trades on Monday or Wednesday due to "Tech" problems.....
any questions feel free to ask, have a great weekend!
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Here are some of my thoughts on trading, this is from experience (some costly, “tuition” of learning to trade).
A little history on my trading, about 15 years ago I started with commodities trading off charts that came to me in the mail on Mondays, no online trading then. My best trade was a single coffee contract long ($750 margin) off a daily 1,2,3 bottom…..3 days later it was worth 19k, called the broker to sell it for me and the guy that took it to the other desk scalped me for 4K, needless to say I wasn’t happy. I was told, that was how it “worked”. This started me in the direction of day trading, I want to know right now where I am in the trade, I like getting in and out when and where I want! It took a few years for on line trading to make it possible for me to trade from home, but it is great, now I can do it from anywhere…..
Then came the education everyone talks about, I spent over 30K on everything you can think of to learn how to trade, some stuff OK, most you can get free if you know how to look or ASK. Also with the “training” came all the losses with me trying to follow someone else and all the ”fluff” on the charts. After a while I turned it all off, I mean all of it, people, rooms, indicators……and just watched the market.
If you get to the point where you are tired of losing and paying everyone else to learn to trade, that is when (I think) you become open to the thought that you CAN and WILL do it on your own, perhaps a few good ideas from others, a few tricks or things that WORK for you and your trading style. This took me a while to figure out on my own, that is the main reason I wanted to start this thread, perhaps I can give just one idea or trick or just save one person a few $$$$ in the process.
If I had to say the one thing that changed it for me it would be, KEEP IT SIMPLE. I know we have all heard it, but we don’t do it! We keep looking for the next indicator that will filter out that one loss a week….hehehe……I know because I did it for years, just look at your current chart, look at charts posted everywhere on the internet…..so much stuff you can’t see the price bars, not to mention you have to process 10-12 things before you make a trade, after you go down the 5 item check list and “rate” each indicator before you place that trade, but don’t forget you also have to know your exits and your profit targets..….by then…….YOU MISSED THE TRADE, if you are a “Day Trader”. I might be getting a little carried away but everyone knows what I mean, some of that is needed, but not most of it.
1 Screen time with the market you want to trade is most critical, you also need to figure out the time frame you like ( watching all day or make your money in 1-2 hours) and watch charts with that in mind so you get the feel for that market.
2 Next you need to find the time of day that works for you, I used to sit from pre market to well after the close watching 4 monitors, 3-4 markets, 50 indicators trying to "find" a trade when they were everywhere, I just could not see them, winning some, then giving it ALL and then some back by the end of the day, DON’T DO THAT, if you Win “call it” before you can give it back, if you LOOSE stop so you can trade the next day.
If you watch my trading for vary long you will find I tend to exit early way too often, that comes from losing too much money in the past and then when I get into a winning trade all I want is to get out because it is a profit. That is not really the best way to trade but that is my baggage and I am trying to work on it, you need to know your strengths and any baggage you have and work with them in your trading, if you try to change too much too fast you will lose, that is the biggest reason I like the ES, I can have 3-4 trades in 1-2 hours. I also trade the spot Forex and it kills me sometimes “watching” the bars build over what seems like hours to just get 5-10 pips sometimes. That is me, and I have had to learn to live with that, now I just fight the markets instead of the markets and ME…..sorry about some of the rambling and miss spellings,
That’s some of my story and I’m sticking to it…..
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I want to give some credit to cjbooth for a great thread on trading the 6E, he started his awhile before the official start , I started following him and really liked how he uses the indicators on his charts. His thread prompted me to see if I could teach a little of what I have learned. He also uses 2 “time frames” to determine when to trade. I think you will find the people that make money trade that way, at least you are tipping the scale in your direction if you can make some rules and stick to it. He also has minimal indicators, they just SHOW him what he really already SEE’S, it also makes it easy to set exact rules for entering trades……his post on page5, #49 on the cloud indicator I think is great, as you know I have added it to my charts also for the time being. If you look at my charts with it added, you will see it shows you already what the 21 DC mean line has been already doing for me, it just gives a range for me to watch. If neither of these really work for you, find something that does but don’t keep adding and adding things to keep track of…..
I looked for a long time trying to find the right charts, for my trend chart I wanted it with as FEW bars as possible to do what I want….FIND A TREND….that way any indicator I do look at does not get skewed from extra noise (extra un-needed bars). I was also looking for charts that perhaps not every other trader was looking at, I want out with my profit when they are looking to get in…they can become my order flow….. ie: 5 min with the 21, 50, 100 EMA cross to find a trend. Last I needed to find a trend chart that fit MY trading style….fairly fast, scalping in nature, several opportunities for my trading hours…….
I tried them all, range tick, Renko, time, P&F and others, I think they all have something to offer, everyone just needs to find what fits them. The charts I use are not the end all, they just work for me now with current volatility…..I may have to scale them up or down in the future. This does not mean I will need to find the next SYSTEM to make money. When you know how a market moves, as things change a little ( which they always do), you can see/feel it, so you can just adjust your charts a little and you can VISUALLY SEE…. by looking back if they will work using YOUR trading rules that you ALREADY KNOW. I don’t think you need to pay a programmer good money to build your system and back test every input to the 10th degree to see if it will work, by that time the markets have changed just enough that now they don’t work. Remember the SCREEN TIME you put in can be the most important thing for SEEING if the slight changes will work for you and when you need to make slight adjustments. (Side note, I noticed another thread on setting up your different tick charts and I plan on seeing what he has to say to see if something can help me…)
That’s it for now, I will try to keep rambling to the weekend posts so you can skip them if you want. If something else comes to mind later I will post it….
Thanks
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My goal with starting this thread is not to make 10-20 copy cat traders where we are all looking to get in and out at the same price point (I don’t want the competition). I want to just get across the point that you can take a few simple things, put them together in a way that you can make some money. I don’t care if it’s the DC channels, the cloud, or the red/green line with dots that plot when the whatever goes above/below whatever…..
I have been following about 5 of these contest threads, there seem to be some great traders with lots of good things to offer. I guess you just need to find something that works with you, save that $3-5 k you would have spent on some fancy system, take your family on vacation, come back with a clear mind and just do it for YOU. You won’t only have saved yourself some money in the long run, but your family will enjoy it more.
I like AZTrader’s thread on trading the CL, now I have not watched or traded the CL in real time in 4-5 years. Second I was curious if I could take my chart templates and put them on the CL….I did, it took 2 tries to find a trend chart and the first try I got OK/good results for my trading chart. REMEMBER those slight adjustments I was talking about earlier, the only thing I changed for this quick and dirty example was on the tick trading chart I increased the DC channels to 40 and 20 I think…….I did not need to go BUY some CL trading system, I did not need to learn 10 NEW RULES, I don’t need to add 3-5 additional indicators to weed out the bad trades……WHAT I need to do is watch in real time, perhaps another fine tune on the charts, find the Time of day to trade and trade the rules I ALREADY KNOW….If I was not careful I someone could switch up my charts, and on the iPad I might not even know the difference. I don’t want this to sound over simplified but don’t make trading harder than it needs to be, sorry if you are one of those people that make money selling and teaching, but I couldn’t “Sell” my system, It’s not complicated enough to keep you coming back for more training…lol….been there and done that, I KNOW!
Now don’t take these CL charts and start trading them on Monday, I have not taken the time to do the fine tuning that is needed for any market or time frame you want you to trade, this is just a fast example to show you what is possible, if a market is liquid, they should move with about the same “Herd” mentality. You want to get in before the herd does and be looking to get out when they are all trying to get in….. you should be able to take your rules (The ones you ALREADY KNOW) and apply them to anything and make money, it doesn’t matter if its Apple, goog, gold, silver, soy beans, ES, eur or the yen…..Does anyone need to trade that many markets? I would guess most could not do it vary well, but anyone can find 1-2 markets that “FIT” them and make a living, with a little work, not months or years and thousands of dollars…..
Don’t be afraid to ask the people that that you relate to method wise for advice or help but please fine tune and test to make your rules, that way you know them (the rules) and you are not trying to be like someone you are not.
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Now this will be the last post this weekend, I want to read some others and I do need to get away from the screens a little…lol
I am no expert in this matter, I bet almost anyone is more qualified than me to try and teach this subject. I will just say this is where I carry my baggage….I have lost so much money in the past that now I am so risk adverse that sometimes I cant even get into my own trades…..always looking to get the best fill possible that I don’t get filled. I have learned for me that I need to exit a majority of my position with some profit when I get it so I can relax a little and enjoy the trade. I have traveled to a traders house and watched his as he was short over 100 ER contracts (back in the day) almost all day, he could add to his position exit some and get right back in with more and be calm as the lake at midnight…that was him, not me. I will probably never have as much money as him because of this, I am trying to work on it, I think this month long exercise will be good for me because I want to show you the trades and I should be able to at least follow the simple money management rules I do have.
What you see me trading is just what I have come to find fits in my comfort zone. I’m sure I could make more money changing things a little but then I find I cant take the trade. About the only real advice I can give on this LARGE subject is find someone that is good at it and learn from them, but at the same time you have to be comfortable with whatever you end up doing. I tried to follow some ones system, and because I paid for it I felt the need to do it, ended up with some losses that were way too big for my bank roll and only added to my current problem with letting the winners run…..
Hope my posts can help someone, if nothing else it is helping me….HAVE A GREAT WEEKEND, post Monday afternoon….
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Just back from running the business, taking the oldest girl to the airport so she can go see a "Boy" for a week.....am I in trouble????? Will post a chart late afternoon and I am working on getting sound onto video, I am loving watching the videos on other threads and I should get to it soon, easier and more info....
Thanks for the comments will get to those also
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OK....That seemed to work, sound is a little low but you can hear something....I think I am limited to 5 min. videos with jing so I will try and do 1 a day. If you have any trade set up questions that you want me to try and address, post it and I will do my best.
I was asked what I use for my money management...... not much, about 5 years ago I made a word doc, to help motivate me to stop trading when I got to 2 points and this is what I came up with. I have it printed in color, right in front of me, all day and night, I can't miss it, so it gets drilled in to my little brain. I am a creature of habit, and I have not really increased my contract size according to what I wrote up, but right now with all the distractions I am comfortable with trying to make 2 points a day. The main thing for me is not to take many losses, so I sometimes miss trades (like today) but its better for me to miss a trade than just jump in and take a loss. Last week was only half of what the "GOAL" is but didn't get trades off 2 of those days.
I just watched the video. It was good. I really like your method. It's simple and easy to follow. Would it be possible to post your chart template for the renko and the tick charts please? I tried downloading it from Post #2 but it didn't work. Plus you've added the Ichi Cloud now.
OK....here are the two templates that I work off of, if the cloud indicator in not on the chart I am just using the default setting, I add it and take it off during the day if I am at the desktop, I am starting to like the range it gives me....
I am using 7......5 so I hope this might help...
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I know this thread is for the ES but I want to see if I can use your method to trade the 6E during the Asian session. Here is a pic of the trade I just took. Short at 1.4573, with a 6 tick stop. First scale at 1.4570, second scale at 1.4567. The 6E trends pretty good so I'm thinking I could go for a larger target on the second trade.
I hope you don't mind me posting this trade.
rptrader
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I do trade the 6e, i have been following cjbooths thread so i have been watching his charts as of late. I think this can work on any liquid market, you just need to find the right charts....
This document assumes 2 points per contract. When trading 2 contracts with scaling out you need 2 successful trades to hit the goal, instead of just one trade with a 6 tick stop and one target of 8 ticks, or 9 to also cover commissions. Is that what you meant or are you going to switch to a one exit target method?
thanks I did not know they offered it.......I have been using Jump Desktop......$20........and I trade off my desktop at home from the iPad, about 1 sec delay but great battery life and the desktop does all the work, also I dont have to set up different charts.....infact did this from the iPad at dinner....hehehe
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Hey rptrader, dont mind at all....here are the two charts I have been playing with, Im sure you could find better. The thing I am always looking for the charts where I dont have to change my rules.....that way it does not mater what I am looking at, if I SEE IT, I CAN TRADE IT, less thinking.....good luck. Let me know what charts you end up watching.
RP, when I did that I was still on the quest for 2 points a day, actually I was trading the russel more than the ES, but you are right, I want to just net about $100/day, how every many trades it takes, thats why sometimes I need to trade in the afternoon, I dont always hit exactly 2 points but thats my goal. Hope that helps
Also where I tend to exit too early, others might not have that problem....boils down to comfort and what profit you think you can pull out on the average trade...
OK here are two screen shots during my morning trade. I will go over my thinking for the entry in the video I will post later. You will see I moved PT2 up quite a bit trying to catch a runner, I almost hit the close button when I saw 2.5 points but I resisted.....just moved my stop up to 6 ticks......
I have some run around, lunch with kids, and then I will get to the video.....do you think they are worth the effort? Anything to make them better?
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Thanks for the post. I definitely think the videos are worth it if they don't take up too much of your time. I think that's the only way to get your full thought process. It's too hard via text unless you want to write a book for every entry.
Here is the morning trade I got off, I need to set a timer so I know when to stop the video....lost about the last 3 min.....but this works.
Also when I get back I am going to post a video of my 6E charts and go over them a little for rptrader, just to show that you should be able to find a combination of charts to trade about anything....
OK here is a video for you to look at , this is only showing the possibilities for trading other markets with rules close to what I use for the ES. I don't want this to really become a 6E thread at this point, I want to focus on the ES......but.....with some time on your part, I believe you can find charts for any liquid market. Remember screen time, and time of day will be important for any market you want to trade....
But any questions yo have for finding charts for any market are welcome, but trading advice for those markets would be limited on my part....
I have a few points of confusion? Are there essentially two scenarios we look for?
The first scenario being that we observe a trend change, and we are looking to get in right as the trend change occurs, within a few bars on the long term chart. In this case we look to get in at the midDonch channel on the 350tic chart.
The second scenario being that we observe a trend change, and price moves "Too Far, Too Fast"...... at this point, we no longer look at the mid channel of the 350 tic chart. But the bigger PB of the midDonch on the LT chart.
Good question, Yes.....From the videos I am trying to show you my line of thinking, and you are correct.....I guess it is really 2 enries but they are both based on the price action at the time you are looking at an entry.....hope that helps.....
Looking at that word doc you posted, do you still recommend looking for a 3 tic profit target trading the 1 contract set? And the goal is to have several trades on the day equaling 2ES points per day? Would you find it difficult to hit 2 points using 3 tic targets daily on that one lot?
If one were trading two lots, you would want to have 2 points per contract still correct?
Thats a hard question for me to answer with any authority.....as you can see from my charts and videos, that is where I carry my baggage in trading. I have found over time that for me....I like to exit most of my position where I think I can get get filled at on every trade.
If you look at the Renko chart I use for my trend chart....and look to see where I like to try and enter....all my little blue boxes....then look after your entry point, to the right....to get filled on a 3 tick profit you need at least 3 bars in your direction......
That adds up to about 6 ticks on the renko, maybe 1-2 more ....if you get a great fill and take 1 tick heat and need 3 ticks, it has to move another 1 tick....min 5 ticks movement......@ 3 bars on the Renko......if your fill was just a little early (more heat) you now need 4 bars in your direction to get filled on a 3 tick profit.....
So what it comes down to is, how many bars does the market move in your direction after you would have been filled.....Most if not All the time.....I think that is why I usually take 3 ticks for most of my trades, then I can relax and enjoy the trade, If I were better, catch a runner once in a while.
Nothing really tested more than my visual back test and time trading this market, with this SCALPING set up. So what I hope for is that the 6 tick runner gets filled, average about 4 ticks on that trade......wait, watch, strike and get 1 more win for my 2 points. Easier said then done, as of late for me, but when I can focus for even 1-2 hours....EVERY DAY its possible to get your goal, but when I fall short, its OK, when you get to the point that you know you can make money every day, its not as big a deal to me as it was before I came to that knowledge, if that make since?
WOW that was vary confusing...... and YES I try for 2 points per contract, close is good, I wont risk losing it all after being "up" any more, like today, take a loss, focus, the market JUST TOLD you something, and then just do what the market is telling you to do now.....
hope that helps
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Specifically though, would you advise someone trading 2 contracts to trade them the same as they were trading 1 contract? Would you even recommend just trading 1 lot and looking for those 3 tics? Or would you think 2 lots would be the minimum to trade so that each one could be managed differently?
I would start with 1 until you feel comfortable with the setups......Next the biggest % jump in risk to your account is going from 1 to 2 contracts....so even with 2 contracts I think "I" would exit with 3 ticks, because the odds are in my favor for getting filled.....then at 3 contracts you are only adding 50% additional risk, so that is where I think it is easier to carry the "runner" contract. That's why I tend to exit .66 to .75 % of my contracts at only 3 ticks.
Please just dont let my whimpy method of trading force you to think you have to do it also......many others are better than me for holding trades...
Also I think if you look back.....you can see that "my best" trade that comes just about 30 min. after the open, almost every day, is the one that true runners will work the best, and also the trades after the too far too fast moves also runners would be the best if you can carry them....
Quick question. From the charts you posted on 2June, just in fine tuning 'the eye,' to see these things..... Would you say the move up could be considered "Too Far, Too Fast?"
I don't know, but I think if I were watching that real-time, I might think of it the way you did, which was that it was NOT "Too Far Too Fast."
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NICE....really looks like your seeing the trades I would take!....Sorry I did not trade today, crazy with my business, friday and role over, just passed on trading. I will try and make a video later today or sat...
Thanks for posting the trades, stinks on that stop out just to see it come back up for a retest, but nice trading!!!
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I feel for you, the ES seems to know how to do that, today was "slow" in the morning it felt to me, and after my loss I switched it up a little, basically trading with the trend chart trades but I wanted to enter at around the cloud/mean line for just lower target scalps because of how slow the 350 tick bars seemed to be plotting. ( there I was thinking again....)
Trading for me over the next 2 weeks will be slower, I have decided to close the business down, I cant seem to get on the same page as the other owner (that lives 2000 miles away), so that will be a lot of work getting my clients taken care of and all the legal franchise stuff taken care of, good news is I should be able to start trading full time again soon from a full size screen.....wow what a concept.
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I was able to trade for about an hour this morning,
first picture is after I got filled on first leg and you can see I moved second pt way up ...
Second picture is of my "add-on", only 2 contracts......as you will see in picture 3 I got stopped on runner, then I exited at market on the 2 contract trade, and waited to see what I thought would be a bottom and entered again after it looked like it would move back up. After that got filled I again tried to get back in one more time, didnt happen. Only about half the daily goal but not bad overall...
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Sorry to hear about your business. I know how that feels.
One day one of my old managers came up to me when we were re-running payrolls and he says...."There is a beginning, a middle and an end. You sir are in the middle." He meant that even though I was up to my ears in shit at the moment - eventually things would get better. Gee thanks boss.
Putting that aside for the moment, you have to do what your gut tells you in business or it just isn't worth the aggravation. You need to be able to sleep at night.
The following user says Thank You to mmaker for this post:
Here is the screen shot for my morning trades.....all were full boat trades for me. I only had about 40 min in front of the screen to trade but got DG pretty easy. I will admit after the gap down I was "off" as to what to do, but I did try and not think too much and just trade what I was seeing right then. I was/am trying to be a little more aggressive in my entry placement so I can quit missing so many trades....worked a little today.
Any questions just ask, I plan on buying more download memory today so everyone can still watch the posted videos , then I plan on switching over to you tube ( when I get that figured out).
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when i first saw your topic, i commented but didnt follow it..
so today i got in here and started reading from page 1 to 7.. and along the reading i started to see so many things in common,
- the renko charts (okay, thats just the obvious one)
- the 2-3 ticks exit
- the lack or few money management
- the amazing ability to miss big runs in trends (whether they are up or down)
i have also realized some differences, like your story through trading, and the way you usually get out of a trade, by allowing one one final contract to keep running .. i dont. i just buy all them at once and sell all of them at once.
however, the similarities are much stronger, so lets focus on them..
so right after finishing reading i decided to plot your setup in my 2 renko chart
guess what i found ?
your 10 and 21 doch, match exactly my 10 sma and 60 linear regression lines i use.
we basically get the same entries and exits, not to mention our 2-3 ticks out
the only difference is you use another criteria to get in, something to do with spaces, as far as i have understood
go ahead and try plotting a 10 sma at your chart and a 10 dochanian and you will see how it perfectly matches, they are almost the same thing.
now put a 60 linear regression, thats where difference kicks in, in some cases your 21 doch manage to get a reverse faster than my 60 linreg , some other times i manage to get the reverse before you do.
interesting, isnt it ?
i guess a picture worths a thousand words..
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Here are today's trades....3 in all, the news made me wait for awhile, then it wouldn't let me in until I stopped moving the order and actually got filled 15 min later for the final win for 2+ points today, back to work.....
The following 2 users say Thank You to jwdixon for this post:
I was reading your thread........................ JW, you have a nice simple trading strategy.
I was playing with your templates and I bought the break out of a shallow pullback after I started watching the price action. I think maybe.....................
Keep up the good work.
Tiberius.......former business owner of several businesses
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could you pl explain why is there no arrow at 10.12 and 12.54 in this chart, when DC went below and over like you said the rules. appreciate your response,. thks
Both are valid set-ups, the first is just outside "my" normal trading time, that is about NY lunch. The second is also a good set-up I just did not make the afternoon set-ups. I like the afternoon secession if I have not gotten close to my DG and I find the time to trade. I hate giving any money back so I will usually pass on the afternoon if I get close to DG in the AM secession.
Thanks good question, also I have never tried to teach how I trade, so this first post and several after I'm sure are confusing and missing things....
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Vote now for who should win the contest! Vote for the thread and author who you believe has created the best thread in the spirit of the contest, with emphasis on the thread which has educated you or helped you the most with your …
JW-
Great thread. Where on the thread do you show how to setup charts without a template. You have 2 DCs on each chart. Are you turning some lines off?
Thanks
Somethings you might consider for joining and staying with trend (saw your video):
1. MACD BBs Join trend when BB dots move past upper Bollinger band on the indicator
2. Jeffs CCI When 34 CCI is staying above 0 line wait for 6CCI to go below 0 then back up through it. Indicator prints a dot.
Will try to attach.
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Thanks, I think I tried posting the templates in some post....but you are right on the renko chart I turn off the outer lines (make the color so they fad into the back ground). I do this just to clean up the charts, after you watch then awhile you find you dont need those lines to know we are making new highs/lows.....the mean/center line moves in the other direction, I try to make my charts as clean as possible so I have less conflicting things to deal with. On the tick charts I tend to leave them on to see how close we are to getting a change, and I also use them when I am trying to "think" to take other trade set-ups....not always smart but its in a traders nature to always be looking....hehe.
Thanks for every ones input and questions, this was a vary cool thing Big Mike did last month, I hope I helped someone out there and it certainly helped me. I plan on adding to this thread as long as there is an interest. It actually helps me more than those reading because it keeps me true to my set-ups as I am accountable to everyone reading....I should be trading again every day after next week, business things almost done, sold my oil (45K pounds at 37.5 cent/lb) and started my new business without a partner last week. Less stress already.....
This is my first look in a week at this thread, sorry I was gone but anything I can help with just ask....Thanks Again!
The following user says Thank You to jwdixon for this post:
I think I have got it. On your 350 tick there are 2 DCs (10 and )with all lines on. On your first post are the entries on the 21 or the 10 mean lines? Cannot tell if arrows are entries or ellipses are entries as you have them marked on the 350. Maybe both?
Great thread JW,
Thanks for the videos and charts. The ES is a fractal environment, what works on 2 renko and 350tick also works on much larger scales. I attached a 100,000 tick chart for comparison.
How is your technique working out over the last few months?
I tried to install all components of this strategy on metatrader4
I opened a 2renko chart with a script,
The 10 med line donchian is represented by the BIG orange line
The 21 med line donchian is represented by the BIG navy line
Can you said me if that correspond to your ninjatrader software please ?
And on metatrader is not possible to have a 350 ticks chart,
You will advise me renko (or timeframe) alternative ?
(note : I have 6 hours jet lag with the US on the chart)
Wow I have not been here in a long time, sorry I cant help you too much with meta trader charts and what might work. I have tried to simplify my trading even further now that I am using a small laptop...I am posting a few pictures so you can get an idea of what I am doing, so you can look for indicators that will work on your charts. Like I said before (I think) you just need to find what works for you, time frames and chart patterns with simple indicators that you can use to "see with" and get the confidence to trade with.....
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I think I am going to try and post charts of my trades as it will help me and perhaps others including my 2 oldest girls with their trading....this indicator is still in the works so take things for what they are....hope this might give people a few ideas for their own trading......
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Great plan thinking forward for your girls, I have a 11 yr old. I looked at your chart but couldnt see your exact entries(boxes is this where u traded), I see the indicator counter on DC but dont understand if its part of your trade setup etc. I was a bollinger fan for years, so I understand DC too. Can you share with me your entry setup and exit. Mine is simple I look for confluences now. Your 2 pts a day caught my eye which is very do able if one is a Advanced trader
Thx in Advance for sharing
R
The following user says Thank You to Rad4633 for this post:
I looked your method and I think understanding this one,
but for the moment I'm always on metatrader and so, I don't have access to some indicators, ...
So currently, I stay with your old method and I study it with the tools which I have for the moment
TY
The following user says Thank You to Neal Caffrey for this post:
Those numbers are just for the length of the move or the breakout......I like to see a 5-6 tick move if possible to see if we are starting going into a trading range, I am also using those in hopes of finding additional trade set ups and "to far to fast moves"
As for my trade setups I enter on a price breakout, the ADXVMA line I use to determine if I am going to trade at all and if so what entry dot will be used for order placement.....
The next version of the indicator will show the background color of the breakout bar according to the trend and my entry rules so all I will need to do is click on the correct box for order placement and then move my stops and targets as I wish.....as I post more charts I think things will become more clear.
I am showing the entries as those blue and red(loss) boxes in the charts so you can see them easier....
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Monday morning trades, again I proved to myself that mondays are not some of my best days. I did make several mistakes which I pointed out, I guess after looking at my charts all weekend all I wanted to do is try the "new" set ups live without trading them simm for a few days....
Over all not as bad as it could have been had I gotten to scared to take my real trad set-ups, and if I had not made the mistakes would have been able to stop trading a lot earlier.....must learn to stick with what I know....
At least by posting I am drilling this into my head, seems to help things stick a little better...
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Ok here are the potential trades for the rest of the day, I wont do this every day, but I thought this might help me and some of you to see what is or is not possible by having a total mechanical entry system. I do try and watch price formations such as double tops and bottoms, low and high of day BO's etc. and these will influence my decession to trade or not to trade. In real time I dont always see them and I still seem to "filter" information that is "painful" as Mark Douglas talks about, but I am getting better at not "Having to Know" what will happen next as I know I have an edge as I perceive it....lol, so I just try and trade what I see at the time...
Good Luck in your trading!
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Tuesday proved to be better for me....stopping for now, lots to do....When I look back at my entries and then where I almost always get out I do kick myself for not having the confidence to hold trades longer. I see that it hits 7 ticks soooo many times but I just cant seem to hold out for it, someday!
Wednesday morning 2 trades, I have to leave for a few hours....I was able to hold this second trade for a full 8 ticks....I am hoping to get better at this....If you have questions feel free to ask, and if you see something I can make better please let me know....Thanks
Im going to down load a spread sheet I made up to give me an idea of what is possible, if I was able to trade consistently with an average tick daily gain....
You can change any of the 4 purple boxes to any input you want, note I usually make the the two on the left match so I would always start at 1 contract and build from that point. If what ever system I start trading if I cant do it with one I cant do it with 10 no matter how big my account is, second thing is if I waited until I made $3500 to increase contracts it would seem like a life time so I try and make that where if I prove to myself I can make "x" ticks per day for a few weeks then it might be time to increase.....
I locked the spread sheet so I wouldnt change boxes on accident.....the unlock code is "emini", I did this myself and I know some things might be off but its a start if you know what your doing to change things around.....
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Thursday, started off in simm mode by accident after re-loading NT...then I did switch to real after I got finished with the school run....finished with 3 ticks real and 3 ticks simm....I'm OK with that, still proving to myself that I can do 4-6 ticks a day, and if I can do at least 60-70% of what I am showing on my spread sheet Im good with that for now, considering I only trade for about 30-45 minuets a day....
Here are my sad but true Friday trades, after a few losses in a row and down @7-9 ticks.....(I try and not look), I switched to a different template to get bigger targets and a little less chop. I might have to move to this full time or stop trading real money on Mondays and Fridays.....
I get the updated indicator later today so I see myself playing all weekend with it, I hope I can come up with a trading plan for monday so I am not just swinging at everything.....Good trading to you and enjoy the weekend
I have down loaded the Basic Indicator you see on my charts in the Elite section. I have down loaded several indicators from there and I am glad to be able to give a little back. I did not do the programing but I think everything is working just fine in that version....A BIG Thanks to Mike and this Forum, and the ability we have to interact with other traders. I think posting my trades helps me more than anyone!
Any questions feel free to ask here or post if you would like, I will try and help if I can.
Good luck in your trading and don't think this will only work on the ES, it should work on any market or chart...
I don't know how to create a direct link to the indicator so you can search for it by name....
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