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I have been almost too busy to trade, also I was turned onto a new UniRenko bar that has a thread on futures.io (formerly BMT)....I love this bar and the way it works with what I have already been doing....THANKS MONPERE....awesome stuff! I have been in a state of confusion all week as to what chart I liked the best and found myself "watching too much" to react fast enough to scalp just a few ticks and ended up not hitting DG most days. Thats OK, I was real busy and I learned a lot watching this bar type all week.
I am just posting pictures of the chart I think I am going to be watching/trading with along with the 40t better line break chart I like... I also watch a chart 2 times this size as a trend reference.....no indicators on it just bar structure....
This friday ended up being a good friday for me, I think I have narrowed my charts down so I can start trading again. Today I missed several great trades by not taking the early entry location like I know I should, still a little fear in order placement and the additional risk I might have to take with that entry. I plan on a lot of market replay this weekend to get better at my order placement, only problem I have with that is when I go back to real "time", it seems like some trades can take forever.....
Today I ran my automation strategy for the first time live, as you can see from the charts I posted I am basically watching the exact same things just on different chart types, each chart gives me a different view of what the market is telling me. Having the same colors and indicators on each chart keeps it simple for me to keep my trading entry rules the same over all the different chart types.
Each chart has its good and bad points so I still dont know what chart I favor, I think manually entered trades the 578 tick chart still rules, I know when the bar will close so that helps in knowing when to place the order but sometimes the extra bars it plots can look like chop and get confusing, the BetterLineBreak chart is a little smother and shows chop well, but can get you into a trade late sometimes giving you more risk. The UniRenko is a smooth looking, easy to watch chart, but I cant always get a fill by the nature of how the bars print.
So now I am just watching each chart for something a little different, trying to put into perspective the good points each chart has to offer...but they all sorta look the same so I can still see my setup and react in a timely manor. Mondays and Fridays seem to be my harder days to show a profit, I am happy with todays results and also in the performance of the strategy, I know if I had taken that short trade manually I would have gotten stopped out for my standard 6 ticks, with the strategy running on the smoother UniRenko chart it did its job and found the next setup faster than I could have and reacted MUCH fasert than I could have with that break up move in regards to exiting the prior short trade!
Today I only got 2 trades placed/entered in the market for a +1 tick to cover costs...BE, better than a few losses. Overall I'm not happy with my performance today, I turned off the auto entry that would have gotten me into that great long trade, again I guess I was trying to predict what might happen today instead of reacting to what is happening.... This might be part of trying to read price action at the moment and combine that with pretty well defined entry rules, it can bite me some days.
For some reason the market seemed real slow to me, I got up about 3 min before the open so I wasnt really with it 100% while trading. By looking back at the charts I have a different view of what I shoulda/coulda done.....and I did go back to sleep to soon...
Thursday was contract roll over)) and was also my travel day back home so no trades for me, I did have some on wednesday, I will try and post them this weekend, if I can find the time.
Today I ran the strategy on the better line break chart, to see if the fills would be better than the Unirenko, as you can see from the chart it was 3-0 for the trades I caught and would have been 6-0 if I was able to stick around and did not turn it off. Finished +9 ticks today another good friday for me.
I will try and get the little logic error fixed from having to take a trade in each direction when set to 1, to having a valid setup in the opposite direction (even if not filled, for when I turn it off and on and missed limit fills) before taking another trade in the same direction....should be easy fix.
Have a good weekend, I get to see my college girl this weekend and for the holidays....she might get board at home but we will enjoy having her here! I hope to get the time to teach her to trade, at least a start....
I thought I might post the UniRenko chart real quick for a comparison... It looks like I could have had the same results just a bar or two later....limit fills I have not checked yet, I will have to go back to a tick chart to try and find out...
Monday morning trades....as you can see I turned on the auto trader right at the open and it sold the low tick....mistake on my part some what...then when I got long I moved PT to 6 ticks to get to BE +1....then it was a long wait for the short but got +3 there....done trading for the morning, with what seems to be real low volume. I might not trade after tuesday if it feels the same.
As you can see I was trading the BLB chart today. The first trade was going real good, I set PT at 10 ticks thinking we could get a better break lower, it turned and hit my 6 tick trail stop so BE on that trade. Next was a long that I wanted to get 6 ticks out of, I dropped it back to 3 after I saw only a 1 tick break up of the high, of course I did that just a moment to soon and should have had 6 ticks. Next trade was the short and ended up only +1, after hitting +3 ticks and and then the trail stop almost being hit I moved the PT to +1 to cover costs, I also had to run the kids to school....again just a moment to soon.
I finished only +4 today in this 4 point range...not bad I guess but I should/could be up +6,+6,+3....so not great trade management on my part, but real time trading is what it is....You can see if I had been trading the 578 today performance could have been a little better.
If I trade real money between now and new years I will post but I will probably just watch a little each day and not trade....enjoy the Holidays and New year!
I wrote my version, I believe this is exactly what you want. Maybe we can compare results with Mike.
Doesn't look profitable. I don't use multiple targets. If it doesn't work trying each target individually, then it won't work when …
His entry rules were that if in a downtrend (price below 21 DC) and it reverse (price travels 8 ticks above the DC mean), send a buy limit order 1 tick above the DC mean and wait for a fill. Update the limit order price as the DC mean changes, keeping it 1 tick above the DC mean. Vice versa for short entries.
