NexusFi: Find Your Edge


Home Menu

 





THREE SET UPS


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Jeff Castille with 215 posts (430 thanks)
    2. looks_two cunparis with 146 posts (154 thanks)
    3. looks_3 shodson with 125 posts (211 thanks)
    4. looks_4 Fat Tails with 73 posts (189 thanks)
      Best Posters
    1. looks_one Fat Tails with 2.6 thanks per post
    2. looks_two Jeff Castille with 2 thanks per post
    3. looks_3 shodson with 1.7 thanks per post
    4. looks_4 cunparis with 1.1 thanks per post
    1. trending_up 252,656 views
    2. thumb_up 1,369 thanks given
    3. group 124 followers
    1. forum 1,073 posts
    2. attach_file 239 attachments




 
Search this Thread

THREE SET UPS

  #651 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
Experience: None
Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
Thanks Given: 5,139
Thanks Received: 11,527

just a thought.

one of the most important rules of the original setup is to go short after a big move up. of course the other setups are volume and inside, outside and reversal bars.

but a big move will most likely bring the price outside the keltner channel.

today was a good example.

Attached Thumbnails
Click image for larger version

Name:	CL 08-10  7_19_2010 (15 Min).jpg
Views:	227
Size:	122.2 KB
ID:	17224  
Reply With Quote

Can you help answer these questions
from other members on NexusFi?
ZombieSqueeze
Platforms and Indicators
Ninja Mobile Trader VPS (ninjamobiletrader.com)
Trading Reviews and Vendors
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Online prop firm The Funded Trader (TFT) going under?
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #652 (permalink)
 
Jeff Castille's Avatar
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
Posts: 2,109 since Jun 2009
Thanks Given: 1,783
Thanks Received: 3,303

This is all very interesting......but........have you been able to document if there is a higher failure rate for "bad" inside bars?????

Follow me on Twitter Started this thread Reply With Quote
  #653 (permalink)
 
shodson's Avatar
 shodson 
OC, California, USA
Quantoholic
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
Posts: 1,976 since Jun 2009
Thanks Given: 533
Thanks Received: 3,709



Silvester17 View Post
just a thought.

one of the most important rules of the original setup is to go short after a big move up. of course the other setups are volume and inside, outside and reversal bars.

but a big move will most likely bring the price outside the keltner channel.

today was a good example.

Yes...and no. Maybe most of the time, maybe not. I guess it depends on how you define a big move. Probably a bar whose range is > some large multiple of ATR.


Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #654 (permalink)
 
shodson's Avatar
 shodson 
OC, California, USA
Quantoholic
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
Posts: 1,976 since Jun 2009
Thanks Given: 533
Thanks Received: 3,709


Jeff Castille View Post
This is all very interesting......but........have you been able to document if there is a higher failure rate for "bad" inside bars?????

Not yet, just making eye candy for now My brain is fried from other coding projects, making candy seems funner for now.

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #655 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
Experience: None
Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
Thanks Given: 5,139
Thanks Received: 11,527


shodson View Post
Yes...and no. Maybe most of the time, maybe not. I guess it depends on how you define a big move. Probably a bar whose range is > some large multiple of ATR.


yes good point. I don't know since I'm not trading CL.

with ES I would like to see at least a 5 point move from last swing high/low before taking a reversal trade.

Reply With Quote
  #656 (permalink)
 
Fat Tails's Avatar
 Fat Tails 
Berlin, Europe
Market Wizard
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
Posts: 9,888 since Mar 2010
Thanks Given: 4,242
Thanks Received: 27,102

The question here is a question of time. If there is an inside bar directly after a big move up, which lead outside all channels, there are three possibilities

(1) continued move up
(2) consolidation
(3) reversal

(1) is unlikely, and if you look at shodson's examples, the upmove was followed by a consolidtation back into the Keltner Channel 3 out of 4 times. So you would not trade a breakout to the upside, unless the consolidation has taken place.

(2) is the most likely outcome

(3) is the most likely outcome after a new release, because price needs a neutral evaulation of the longer term impact of the news, after the news traders have had their game.





Silvester17 View Post
yes good point. I don't know since I'm not trading CL.

with ES I would like to see at least a 5 point move from last swing high/low before taking a reversal trade.


Reply With Quote
  #657 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Zen-Fire
Trading: 6E
Posts: 1,778 since Dec 2009
Thanks Given: 1,258
Thanks Received: 1,203


shodson View Post
I created an IB indicator that paints the bar black if it's a "good" IB and orange if it's a "bad" IB

A good IB is

- inside a Keltner
- NR4
- the range is < ATR(14)

We can debate or modify what we think a good IB is or not, but this is a start.

Hi Shodson

Thanks for the indicator. I just took an Inside Bar trade and it's my first 2-contract one because it's good black IB!!

Guess the conservative traders can just trade the black IBs and not all though most IBs (even the orange ones) have been profitable.

I am going to see if I may be able to include the suggested code to my strategies and check their performance against the general ones.

My trillion thanks again Shodson. You have made my day!

Beth (grateful)

Visit my NexusFi Trade Journal Reply With Quote
  #658 (permalink)
 
cunparis's Avatar
 cunparis 
Paris, France
 
Experience: Advanced
Platform: Market Delta & Ninjatrader
Trading: ES
Posts: 2,565 since Jun 2009
Thanks Given: 1,162
Thanks Received: 2,093

+11 & +15. I was a bit worried on that last one. I almost didn't take it. ES was in a trading range and was really choppy. But I told myself to trade it like a robot. I did put my buy stop 2 ticks above because the previous bar's high was 1 tick above and I wanted it to clear both.

It triggered and then I took a lot of heat. Then Crude broke out so fast my head spun. ES followed slowly like a turtle.

My ES trading sucked so it was nice to score two winners on crude.


Follow me on Twitter Reply With Quote
Thanked by:
  #659 (permalink)
 
Jeff Castille's Avatar
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
Posts: 2,109 since Jun 2009
Thanks Given: 1,783
Thanks Received: 3,303


cunparis View Post
+11 & +15. I was a bit worried on that last one. I almost didn't take it. ES was in a trading range and was really choppy. But I told myself to trade it like a robot. I did put my buy stop 2 ticks above because the previous bar's high was 1 tick above and I wanted it to clear both.

It triggered and then I took a lot of heat. Then Crude broke out so fast my head spun. ES followed slowly like a turtle.

My ES trading sucked so it was nice to score two winners on crude.


Excellent discretion !!!!! I put my buy stop at 31.

Follow me on Twitter Started this thread Reply With Quote
  #660 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Zen-Fire
Trading: 6E
Posts: 1,778 since Dec 2009
Thanks Given: 1,258
Thanks Received: 1,203



Jeff Castille View Post
Excellent discretion !!!!! I put my buy stop at 31.

Instead of a Buy Stop, I placed a Sell Stop at 94. Waiting for it to become an Outside Bar LOL!

Beth

Visit my NexusFi Trade Journal Reply With Quote




Last Updated on May 15, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts