Time Bandits. A Simple Trading Plan for the E mini Dow YM - Emini Index Futures Trading | futures io social day trading
futures io futures trading


Time Bandits. A Simple Trading Plan for the E mini Dow YM
Updated: Views / Replies:11,825 / 37
Created: by BroncoSlade Attachments:22

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 22  
 
Thread Tools Search this Thread
 

Time Bandits. A Simple Trading Plan for the E mini Dow YM

  #11 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

YMM1 for today.

Sorry about all these posts but I'm testing how distracting this will be.

Going flat @ 12440 is we get there. NQ is strong and should drag the YM higher if it continues.

This is a very lean holiday market. I'm out of here after this trade. James Taylor in concert tonight.

moved pstop to 12420

Reply With Quote
 
  #12 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

YMM1 for today.

just stopped out for -20

Total for today 0

No harm....no foul!

I'll start adding my system this weekend.

Trade Well and have a Great Weekend!

Reply With Quote
 
  #13 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,223 received


The number of posts isn't a problem, its your journal - do what helps you. You might consider a daily recap though so you can collect your thoughts and review the posts/trades you made throughout the day.

Have a good weekend.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #14 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

The week of 5/23 to 5/27 trading

Here is my YouTube site for the videos for last weeks trading.

YouTube - ‪BigALCarroll's Channel‬‏

I don't know what happened but the quality is horrible. I've made several other with much better results.

Just uploaded the last video for today and it looks a lot better than the other 2. I'll try to get Friday's trading up on Tuesday morning.
I'm going to vary the format from videos to pics and posts. Soon I'll have a pdf file of the whole system available for download.


I'll start breaking down the Daily Set Up on Tuesday. The videos cover the daily set up as well.

Be patience! I'll get better with experience.

Thanks, BroncoSlade

Reply With Quote
 
  #15 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

The Set Up

The Set Up
Determining the Short Term Trend


I'm looking for 10 ticks for the 1 Target (half of the position) and 20 – 50 ticks (what the market will give)
on the 2nd Target.


On Monday (beginning on the week)
I draw a trading range from the high and the low of the past 10 trading days.
I use thickest Red for the High and thickest Green for the low.
Count the up and down days. Where are we in relation to the high and low?
Up 2, dn 3 and up 5 with large candlestick body on the 10th day.
YMM1: We are still inside the 10 day range but trading at the high of the range.


Draw the high and low for the previous week. I use thin red and green bars. Use what works for you.
The previous weeks high often acts as support and the low as resistance for the first few days of trading
in the new week. Remove the line once they are no longer useful.


Daily: draw the open, high, and low of the overnight session. Blue for the Open and thin gray for the high and low.
The Open is my overnight line in the sand.


Look at the overnight session for the YMM1 on 6/1/2011. The short term trend is away from the open but is still higher than the low on Tuesday 5/31.
Draw a trend line from the low of Mondays overnight session to Tuesday's low and extend to this mornings overnight low.
The YM has consolidated at the trend line suggesting it might reverse after some profit taking here.
Watch the opening closely for early indication of a short term direction.


Daily: draw the previous days high and low. Thicker gray line.
Daily: draw the (RTH) day sessions Open. Choose any color. I use yellow.


Where is Price in relationship to the Weekly Open, the Daily Open and the Overnight Open?


I draw a thinner Red line at the opening for the week. This is my line in the sand for the week.
Where is the YM trading in relationship to the Weekly Open? Trading away is short term trending.
Trading that creates a even pattern of returning to the Weekly Open is generally trading sideways.
Sideways action where the YM trades in a range is where I make the highest percentage of successful trades.


More to follow. Trade Well!

Attached Thumbnails
Time Bandits. A Simple Trading Plan for the E mini Dow YM-10-day-range.jpg   Time Bandits. A Simple Trading Plan for the E mini Dow YM-ym-bounce-pw-high.jpg   Time Bandits. A Simple Trading Plan for the E mini Dow YM-ym-trendline.jpg  
Reply With Quote
The following user says Thank You to BroncoSlade for this post:
 
  #16 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

The Trade

The Trade
Price, Time and Volume


Price in relationship to the Weekly Open, the Daily Open and the Overnight Open?


Wednesday's (06/01/11) YM trading was a classic example of using price and it's relationship to Weekly, Overnight and Daily open to determine the Daily trend. The Overnight Open was 12573 followed by the Weekly Open of 12544 and the Daily Open at 12520. All three were clustered in a 50 tick range near the 10 Day high. The Overnight High was just off the ON Open and traded under the Weekly Open into the Daily Open. The trend line from Tuesday's ON low through Tuesday's low extending into Wednesday's ON consolidation just before the Daily Open suggested the market might reverse the downward trend at the Open. But the YM started trading lower from the open and the ISM Manufacturing number was out at 10, so we needed to wait. Bad ISM number took the Indexes lower.


Price: I use candlestick formations and patterns to identify successful trades.


Every morning at 10:00 I look at the 30 minute bar (mb) for the YM, ES, TF and NQ to help determine the Daily Trend. My best trading happens when the markets are trading sideways. This offers me several opportunities to trade. The 30mb were clearly heading lower. YM, ES and TF all formed large body down bars (mb) and the NQ made a Tombstone Doji. See the second photo.


Now I needed to fine the best place to enter this market short. The 78% Fibonacci provided a perfect entry. I was going to introduce how I use Fibonacci Retracements (FR) much later in this thread but the market is making this happen sooner. I'm not much of a Fibonacci guy, although I look at the numbers daily. It's more for general reference and confirming previous support/resistance levels and pivot points. What I do know is this. Once the 78% Fibonacci Support or Resistance is broken, the markets will trade to the 127% Fibonacci number 75 to 85% of the time.
78% 12440 to 127% 12355. This signal is so reliable it is time to “load up the boat”. Trade Large.


At 10:22 place a Sell order @ 12440. Filled at 10:26. 1st Target @ 12430 (10 ticks) filled at 10:29
2nd Target covered @ 12405 (35 tick from entry)
At 11:34 filled Short @ 12410. 1st Target 10 ticks lower at 12400. 2nd Target 12370 for 40 ticks.


Trade Well!


BroncoSlade

Attached Thumbnails
Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymm1-06012011-1st.jpg   Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymm1-06012011-big-4.jpg   Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymm1-06012011-2nd.jpg  
Reply With Quote
The following 2 users say Thank You to BroncoSlade for this post:
 
  #17 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,223 received

Tip


This thread is part of our June iPad 2 contest!

For all the details on the contest, visit this link:
https://futures.io/feedback-announcements/10976-big-mike-challenge-2-win-ipad-2-a.html

futures.io (formerly BMT) members will vote for the winner at the end of June.

Thanks for participating, @BroncoSlade!




Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #18 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

6/02/11 YMM1

Here is the Classic Tweezer Bottom off the 10 Day Low
The YM traded lower to the 10 Day low at 12225
at 9:49 on higher volume. The Buy Signal was formed on the 9:49 512 bar @ 12240
Good trade but I was later to the game and did not get home in time for the 1st Time Zone

The Classic Double Top
Here the YM traded off the 10 Day Low back to the Overnight Open and this morning's Open in the 2nd Time Zone
of 10:00 to 10:30. The Signal came at the second attempt higher at the ON and Daily Open with the large Bearish engulfing 512 bar. At 10:43 placed Sell @ 12265 and filled at 10:50

I use Candlestick formation to exit my trades as well.
Cover my 2nd position @ 12200 for 65 tick on the formation
of the 11:39 512 bar.

1600 tick chart (not shown) formed a better candlestick formation
then the 11:49 and 11:51 bar did on 512 bars.
Long @ 12200 1st Target @ 12210 10 ticks 2nd Target covered 12240 for 40 tick
The 12:36 and 12:42 512 bar confirmed the YM higher.

Trade Well!

BroncoSlade

Attached Thumbnails
Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymm1-06022011.jpg  
Reply With Quote
 
  #19 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Advanced
Platform: tos
Favorite Futures: ES,YM,TF, NQ
 
Posts: 34 since Apr 2011
Thanks: 1 given, 39 received

trading for 6/02/2011

Here is the YouTube video of Thursday's June 2nd YM trading.


Trade Well and have a Great Weekend!


Reply With Quote
The following 5 users say Thank You to BroncoSlade for this post:
 
  #20 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,223 received




Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

Reply



futures io > > > > Time Bandits. A Simple Trading Plan for the E mini Dow YM

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Austerity Isn't Working; It's Time for a Plan B Quick Summary News and Current Events 0 June 6th, 2011 07:40 AM
Want YM value area data for each trading morning daveste99 NinjaTrader 5 March 30th, 2011 02:27 PM
Automated day trading E-Mini mihabibi Trading Reviews and Vendors 4 October 1st, 2010 09:12 AM
Simple Trading Plan wh Psychology and Money Management 10 September 6th, 2009 01:32 PM


All times are GMT -4. The time now is 06:59 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.13 seconds with 20 queries on phoenix via your IP 54.90.92.204