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The Italian Job
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Created: by redratsal Attachments:31

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The Italian Job

  #101 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
Posts: 1,653 since Oct 2010
Thanks: 1,217 given, 2,067 received

At 9.00 AM CET CL started a very fast down move. At that time I was not at my computer desk and I did not hear the entry alert. CL went down 160 pips in about 13 minutes. This is very unusual for the UK session but not surprising as oil has been very volatile in the last days. I checked with my chart and this would have been definetely a stop management. Although I did not trade it, I decided to take this stop into my account and I generated purposely a loss of 5000 USD in the profit and loss. When this happens I stop trading for the day and this is what I am going to do.
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Last edited by redratsal; June 17th, 2011 at 01:02 PM.
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  #102 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
Posts: 1,653 since Oct 2010
Thanks: 1,217 given, 2,067 received


redratsal View Post
At 9.00 AM CET CL started a very fast down move. At that time I was not at my computer desk and I did not hear the entry alert. CL went down 160 pips in about 13 minutes. This is very unusual for the UK session but not surprising as oil has been very volatile in the last days. I checked with my chart and this would have been definetely a stop management. I decided to take this stop into my account and I generated purposely a loss of 5000 USD in the profit and loss. When this happens I stop trading for the day and this is what I am going to do.

This is a 6X replay of what happened this early morning:


No chance to reverse as the volume was quite low and the timing quite fast (reverse signal at 10'000 contracts)

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  #103 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
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Posts: 1,653 since Oct 2010
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First trade of the day 6E 2 contracts, target between R and Vwap +457 USD
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  #104 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
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Posts: 1,653 since Oct 2010
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Second trade CL 1 contract, target on the S +436 USD
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  #105 (permalink)
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España
 
Futures Experience: None
Platform: NT
Favorite Futures: 6E
 
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Posts: 131 since Jun 2010
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well i'm following you and i have to say that i'm really impressed by the results you are getting...really a good (italian)job ....
i was a bit scared at teh beginning, like trendisyourfriend said, about the approach but i have to change my mind...of course only time will decide about the success but for now the results are extremely good...

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  #106 (permalink)
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redegenerated View Post
of course only time will decide about the success but for now the results are extremely good...

Consider that 1 or 2 stop managements can take away all the cumulated profits, beeing a descretionary system, money and trade management are key issues. Scaling is a double side coin, it can really heart but like in many trades it gives me a second and third opportunity to stick to my plan; from a psychological point of view it is a great advantage, at least for my trading personality. Adding to a loosing trade, like many honorable members would argue, IMO is not always a mistake but rather a question of timing, at least if you are convinced that your plan is correct and you are sticking to your rules. The trick is to identify and accept the losses and its consequences and look forward to the next trade. All the written rules are made from traders who have "been there and done that", nevetheless the market doesn't care if you blow an account in one way or the other or if you are succesful, there are millions of ways to go from A to B.

Like any unconventional system it needs time, conviction and dedication and these are the points I would like to further explore with this method.

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  #107 (permalink)
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Posts: 1,653 since Oct 2010
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  #108 (permalink)
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Futures Experience: Intermediate
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redratsal View Post
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LOL!!

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  #109 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
Posts: 1,653 since Oct 2010
Thanks: 1,217 given, 2,067 received

My 3rd trade CL 5 contracts +599 USD
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  #110 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
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Posts: 3,697 since Oct 2009
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redratsal,

Good day, i see you show some Fibonacci levels on your chart but you don't seem to be using them, am i correct in my perception ?

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