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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #1541 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386

Trades for today.

Failure is not an option
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  #1542 (permalink)
 joe s 
sacramento ca us
 
Experience: Intermediate
Platform: Ninja Trader,Trade Station
Trading: es
Posts: 163 since Aug 2015
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Thanks Received: 105

thanks for the video

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  #1543 (permalink)
 JJFinancial 
Temecula CA USA
 
Experience: Advanced
Platform: Sierra Chart
Broker: AMP Futures/CQG
Trading: NQ
Posts: 18 since Aug 2017
Thanks Given: 63
Thanks Received: 36



lancelottrader View Post
Trades for today.

Hey Lance....haven't heard anything in awhile. I know the market's Price Action isn't quite what it was....ie the 100 ticks moves are a lot fewer & far between.

So wondering if you're still shooting for those...or if you're back to shorter, more Scalp type targets or 40 or even 25 ticks.

Hope you're doing well....regardless of what it is you're doing....miss you're commentary!

All the best! :-)

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  #1544 (permalink)
redbarntrades
Kalispell=Mt./USA
 
Posts: 213 since Sep 2019
Thanks Given: 354
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josh View Post
It's a tough balance and almost a conundrum: it's helpful to be able to zoom out and see the big picture (seeing the forest, rather than only the trees), but also necessary to not focus too much on the past (what's to the left on the chart, because, that's already over and done with), and to be totally present in the moment and objective about what's happening right now. A tricky balance indeed!

Revenge trading, like most trading no-no's, is rooted in ego. Revenge trading is payback for what the market did to me. It's ironic, like that old song, "you're so vain, you probably think this song is about you..." as of course the market has no more personal vendetta against me or even a way to know who I am, any more than I know who's out there trading. And that's another tricky balance. We have to walk a fine line between being cognizant of our mental state and knowing how we are doing, and at the same time completely ignoring everything about us that affects our decisions, like our P&L, our egos, and anything else that might interfere with peak performance.

Greetings Josh,

Just a thought in regards to "but also necessary to not focus too much on the past (what's to the left on the chart, because, that's already over and done with"

In regards to the past price action, I just started this habit:

At the close, I use the volume profile drawing tool and plot out the current day (RTH). Then put a gold horizontal line (locked) at the POC that continues to extend to the right. Then remove the Volume Profile so as to keep the chart cleaner.
These POC's will not disappear day after day as they are locked.

I find it very informative how many reversals happen the following days at those previous POC's. This is just a little add-on to Lance's "zones" that he places throughout the day.

Maybe some will find this helpful depending on their strategy.

Cheers!

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  #1545 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


JJFinancial View Post
Hey Lance....haven't heard anything in awhile. I know the market's Price Action isn't quite what it was....ie the 100 ticks moves are a lot fewer & far between.

So wondering if you're still shooting for those...or if you're back to shorter, more Scalp type targets or 40 or even 25 ticks.

Hope you're doing well....regardless of what it is you're doing....miss you're commentary!

All the best! :-)

Hi there. Sorry for the late reply. Been doing a bit of traveling and working on a few projects. Still trading but I'm not spending much time right now making videos and going online. I am still doing the 100 tick target/50 tick stoploss trades for the most part. I have been gathering statistics for that method for several months now. So far, the data has been very encouraging and the trading itself is less stressful. In another couple of months, if things are still going well, I make increase my contract size a bit since I will have built up some positive expectancy from this system.

Failure is not an option
Started this thread Reply With Quote
  #1546 (permalink)
 JJFinancial 
Temecula CA USA
 
Experience: Advanced
Platform: Sierra Chart
Broker: AMP Futures/CQG
Trading: NQ
Posts: 18 since Aug 2017
Thanks Given: 63
Thanks Received: 36


lancelottrader View Post
Hi there. Sorry for the late reply. Been doing a bit of traveling and working on a few projects. Still trading but I'm not spending much time right now making videos and going online. I am still doing the 100 tick target/50 tick stoploss trades for the most part. I have been gathering statistics for that method for several months now. So far, the data has been very encouraging and the trading itself is less stressful. In another couple of months, if things are still going well, I make increase my contract size a bit since I will have built up some positive expectancy from this system.

Thanks Lance....glad to hear you're doing well!

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  #1547 (permalink)
 joe s 
sacramento ca us
 
Experience: Intermediate
Platform: Ninja Trader,Trade Station
Trading: es
Posts: 163 since Aug 2015
Thanks Given: 133
Thanks Received: 105

look forward to new post thanks

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  #1548 (permalink)
 JJFinancial 
Temecula CA USA
 
Experience: Advanced
Platform: Sierra Chart
Broker: AMP Futures/CQG
Trading: NQ
Posts: 18 since Aug 2017
Thanks Given: 63
Thanks Received: 36


lancelottrader View Post
Hi there. Sorry for the late reply. Been doing a bit of traveling and working on a few projects. Still trading but I'm not spending much time right now making videos and going online. I am still doing the 100 tick target/50 tick stoploss trades for the most part. I have been gathering statistics for that method for several months now. So far, the data has been very encouraging and the trading itself is less stressful. In another couple of months, if things are still going well, I make increase my contract size a bit since I will have built up some positive expectancy from this system.

Hey Lance...hope all is well. I was just curious how you made out or are making out with the combine? Those seem realllly tough to me based on what I believe is an unrealistic allowable Drawdown/Trailing Drawdown. I'm guessing the folks that pass it are few and far between.
Just curious what your thoughts are since you've tried it.

Thanks!
John

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  #1549 (permalink)
 PkZ78 
Georgia
 
Experience: Intermediate
Platform: Sierra Chart, IB
Trading: Emini ES
Posts: 5 since Apr 2019
Thanks Given: 5
Thanks Received: 2


lancelottrader View Post
Hi there. Sorry for the late reply. Been doing a bit of traveling and working on a few projects. Still trading but I'm not spending much time right now making videos and going online. I am still doing the 100 tick target/50 tick stoploss trades for the most part. I have been gathering statistics for that method for several months now. So far, the data has been very encouraging and the trading itself is less stressful. In another couple of months, if things are still going well, I make increase my contract size a bit since I will have built up some positive expectancy from this system.

Hi Lance! I've been watching and re-watching your videos and they are very useful!

I've been trading ES so far and wanted to have some exposure to other markets as well so I'm starting to trade MNQ for a few months based on what I've learned from your videos.

Thank you very much for sharing them and I wish you success with your new system and hope you see your videos again!

--------------------------------

One question I have is, I've noticed that reaching a 100-tick target is sometimes a bit farfetched compared to the intraday ATR of say, the 1 or even the 5-min chart where the ATR barely reaches 10-15. What do you do on days like this? Do you switch back to 1:1 system?

Have you compared the % of the times you hit your 100-tick target w.r.t the ATR intraday? Would it be better if you would adjust your 1:2 ratio based on % of the ATR?

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  #1550 (permalink)
redbarntrades
Kalispell=Mt./USA
 
Posts: 213 since Sep 2019
Thanks Given: 354
Thanks Received: 426


Hi Lance and followers,

This is an offshoot from Lance's TrendGraber.
I used the TrendGraber with the 5 range , only to find that I seemed to work better with a time based chart. After watching a recent Al Brooks Scalping video (trading the 15 sec), I considered the TG with the 15 second chart. I personally don't care for the band that comes with the indicator so I hid those 3 lines and replaced with colored EMA's. The chart below reflects what is easier for me to interpret.

I set up the chart this way:
15sec. NT8, MNQ/NQ
50 levels
Previous POC's of RTH (plotted pre-market each day and locked)
Previous days HLC.
20 and 200 colored EMA's
TrendGraber set to 20 EMA, changed both "above bars" to green and both "down bars" to red and both "between bars" to yellow.
jprMoving Average Crossover BC (futursesio) set to 8/13 EMA.

The latter provides the EMA cross as a background instead of the lines as there are enough lines on the chart.

This has helped me stay true to the trend and stop looking constantly for a reversal. When the EMA's are flat (ish), I box that area out and look for a breakout/breakdown. Sloping MA's are key to staying out of the chop.
I am just playing a color game as you can see in the chart. Green- longs and Red-shorts.

In this case, the WaveTrend actually does make a difference and can provide great information as in divergence and follow through. Of course, many don't use oscillators which is fine.
Primary focus is trade with the 20/200.
I am forcing myself not to take contrary trend trades unless price is far from 20 and 200. S&R's (sometimes), but since there are so many trades available, I want to wait for close above/below 20 and have the colors line up. Of course, the trades are scalps of varying profit targets. But I am finding very little draw down. Stops can be fairly tight (for a change).

Thanks Lance, your information is always appreciated!

Chart is from Friday 7/23/21




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Last Updated on April 11, 2023


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