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The Italian Job
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Created: by redratsal Attachments:31

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The Italian Job

  #1 (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

The Italian Job



Last edited by redratsal; June 1st, 2011 at 03:10 AM.
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  #2 (permalink)
Quick Summary
Quick Summary Post

Setups Rules:

1) Set one contract Limit Order on the 2nd Vwap Standard Deviation:
a. Enter Short if the price hits the upper band
b. Enter Long if the price hits the lower band
2) Management Stop Loss is set to Max 5000 USD
3) Stop Loss is set by default to 100 ticks but moved according to PA
4) Targets are set according to PA and S/R
5) Scale in 1 contract near Resistance or Support see post #498 https://futures.io/traders-hideout/11184-italian-job-50.html#post159850 (Stop Loss moved accordingly to rule 2)
6) Position discretionary closed or reversed according to PA

Charts

- 60 minutes chart to check main supports and resistances
- 5 minutes chart with Vwap and SD for entry
- 6 Range and 12 Range for trade management

Indicators

- Fibonacci Zones (not on futures.io (formerly BMT), send a PM to Fat Tails)
- Price Swing Action https://futures.io/ninjatrader/1272-priceactionswing-discussion.html
- Auction bars (not on futures.io (formerly BMT), send a PM to Fat Tails)
- Vwap https://futures.io/download/ninjatrader-7/indicators/674-download.html
- GomCD https://futures.io/elite-circle/6802-gomrecorder-2-a.html

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10 reasons for not trading this method:

1) If you don’t have time to read it
2) If you don’t have time to test it
3) If you are looking for a one button mechanical system
4) If you are not patient
5) If you are looking for the holy grail
6) If you think it’s easy
7) If you are under capitalized
8) If you are not strongly convinced
9) If you think it can solve your problems
10) If you can not handle stress

Trades are taken real time on Sim Account, timing is based on Central European Time, to convert:
PDT -9
CDT -7
EDT -6
British Summer Time +1

This method is not fitted for novice traders, a good understanding of PA and its mechanics is highly recommended, minimum start up capital should be at least 50K, scaling in against the trade without knowing its consequences and without a proper trade management can lead to a rapid ruin of the trading account. The intent of this thread is not to show how profitable can be the method but rather to encourage any trader that with a correct approach and with simple but strict rules and a strong motivation intraday trading can be successful in different ways, this is one attempt.

Added NoiseBands indicator https://futures.io/download/?catid=19&filter=&sort=r&page=1&pp=10&keyid=631 as a filter to reduce risk on trending days post #632 https://futures.io/traders-hideout/11184-italian-job-64.html


Last edited by redratsal; March 7th, 2012 at 05:23 AM.
 
  #3 (permalink)
Elite Member
Dallas, TX
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: Zen-Fire
Favorite Futures: ZN, 6E
 
gulabv's Avatar
 
Posts: 284 since May 2010
Thanks: 159 given, 155 received

Love the title for your thread!


Awesome job redratsal! Can't wait for part II !!

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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,171 received

Nice job

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #5 (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


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  #6 (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


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  #7 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,171 received

I saw where you mentioned your max stop loss and scaling in, but I did not see where you talked about your profit targets. ?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #8 (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


Big Mike View Post
I saw where you mentioned your max stop loss and scaling in, but I did not see where you talked about your profit targets. ?

Mike

The default Target (set by ATM) is 30 ticks, nevertheless profit targets are not fixed, I set them once I have entered the trade and move them according to PA and S/R levels. I will comment with screen shots each and every trade, it will be easier to understand my target setup.

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The following user says Thank You to redratsal for this post:
 
  #9 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received

Wow, a lot of time spent on those videos!

Someone wants an prize! Good for you and a great amount of detail!

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The following user says Thank You to bluemele for this post:
 
  #10 (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 trades in the last 90 minutes:

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