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

  #31 (permalink)
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  #32 (permalink)
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I read through your thread today and watched a couple of your videos as well.

I've never traded the YM and have been looking for a method to use to trade it. Looks like you have a nice method that is profitable for you, I will try to learn it and hopefully make it my own and add it to my trading arsenal.

I have a couple of questions that hopefully you can help me with.

You draw lines at these levels:

10 day H, L
Previous Week's H, L
Previous day's HL (including overnight session)
Overnight O, H, L
RTH O

Most of these lines need to be checked every morning before the market opens. I would think the only one that does not change during the week is the previous week's H, L, or do you adjust to the current week's H and L as the week progresses? In your YMM1 05252011 video where you are analyzing a Wednesday's price action, you move the weekly low line to the new low for the current week, as opposed to leaving it at the previous week's low, that is why I ask.

For entries, you have so far used:

1. Candlestick patterns (tweezers top/bottom, engulfing patterns, hammers) for most of your entries in areas close to the lines.
2. Candlestick patterns with break of a consolidation area after bounce from line.
3. Break of a line(s) (post # 30)

That is how I understand your system so far.

In one of your videos (post #24) you took a trade on all 4 emini contracts based off a hammer formation in YM, ES, NQ, but the hammer did not take place near any of the lines. My question is, how do you trade these patterns that don't appear close to the lines? What led you to take that trade?

One more questions...do you use the EMAs on your chart to influence your trading decisions? and if so, how?

Thanks for sharing this method with us.



Last edited by Lmess; July 5th, 2011 at 04:50 PM.
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  #33 (permalink)
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Close enough


Good morning, Lmess

You asked "In one of your videos (post #24) you took a trade on all 4 emini contracts based off a hammer formation in YM, ES, NQ, but the hammer did not take place near any of the lines. My question is, how do you trade these patterns that don't appear close to the lines? What led you to take that trade?"

Post 21 show this same trade as the video in post 24. Look at this photo of the YM. Drawing the Opening line is a simple gauge to see if the YM is trading to or away from the Open. It helps give an indication of the daily trend. The YM found Support @ the Overnight low and traded higher off the Open. It suggested the YM will trade higher. I missed the first pullback at about 9:50 or so. The second pullback happen at 10:20 and the hammers formed for the YM, ES and NQ trigger the Buy Signal. I used the fact that the YM traded higher off the Open to determine the morning trend was Bullish then waited for a pullback to enter. I was correct that day.

Gotta go..the market is about to open.

Trade well today.

Bronco

Attached Thumbnails
Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymm1-06032011-1020.jpg  
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  #34 (permalink)
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The Important of drawing Support/Resistance Lines!

Good morning Traders!

I can not emphasize enough the importance of drawing Support and Resistance Line of the past few days
within your trading time-frame. I draw S/R line within the past ten days but place more importance of the lines of the past day or two. I know it seems simple enough but I'm amazed at the number of traders that don't.

The first photo is the setup from Tuesday's Chart for Wednesday's trading. The white ovals clearly show where traders rejected lower prices in the 12490 to 12475 area of the YMU1 including the overnight session.

2nd Photo: After the 10:00 number cause the YM to trade lower, I waited to see what the reaction of traders would be at this previous Support area. The 10:16 512 bar spiked into Support, stalled and traded sideways. The ES, TF and NQ gave a strong confirmation that Support is holding, so I when Long on all four indexes.
Fill Long @ 12500 (white rectangle) on the YMU1. Cover 1st Target at 12510 and went flat at 12570

I entered these trades using nothing more than the Support area of the day before and market internals. No indicators, pivot points or Fibonacci lines. Just the reaction of traders at this Support area.

Attached Thumbnails
Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymu1-07062011-support.jpg   Time Bandits. A Simple Trading Plan for the E mini Dow YM-ymu1-07062011-support-trade.jpg  

Last edited by BroncoSlade; July 7th, 2011 at 11:45 AM.
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  #35 (permalink)
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I drew the lines and tried to paper trade yesterday based on my understanding of your method. However, I had a couple losing trades . Hopefuly I'll get a better handle on your method after further study. Here are my charts with explanations.

Thick red line is 10 day High
Not so thick red line is Previous Week's High
Blue line is ON Open
Gray lines are ON H, L
Thicker gray lines are previous day's H and L
Orange line is RTH Open based on a time chart, not this 512 tick chart.

I did now see those 4 bounces off yesterday's low.

Attached Thumbnails
Time Bandits. A Simple Trading Plan for the E mini Dow YM-0706.jpg  
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  #36 (permalink)
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Friday Morning 7/08

Hey, Lmess

I've tried to figure out what time frame you used. Came close but can not match the candlestick formation.
What time frame did you use. Works well with 2 and 3 minute bars but 512 tick bars work the best for me.

I will go thru and post the set up for Friday 07/08 before the YM opens at 9:30 est. We can use the Trading Forum Chatbox on Big Mike's, Yahoo IM or any other IM that works for you.

What I would like for you to do before then is draw dotted Green lines for Support and dotted Red line for Resistance for yesterday. It really is easy, just look at the chart and see where trader rejected higher and lower prices.

Gotta go

Bronco

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  #37 (permalink)
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The Setup for Friday July the 8th YMU1

I apologize for the poor quality of the video but I used the old program for expedience. I'm learning CamStudio but the file takes an hour or more to upload and doesn't look that much better. Looks great on the computer but not so much on youtube. I'm working on it!

Trade Well today and have a great weekend.

Bronco


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  #38 (permalink)
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It is a 512 tick chart for Tuesday.

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