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Trading The Ross Hook
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Created: by Blz17 Attachments:45

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Trading The Ross Hook

  #41 (permalink)
Trade with the flow
Paris, France
 
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cunparis's Avatar
 
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breakeven on this one. There was strong resistance and the low volume bar made me cautious.

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  #42 (permalink)
Trade with the flow
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Days like this make the RH look easy. It's not. It's very subjective and difficult to do real time. I consider it a framework. it's not a complete system. You have to make that yourself and it is very time-consuming.

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My exit at breakeven turned out to be, as I previously discussed in the previous posts, a bit premature. But there was news coming up at 4:30 so I thought it was best to not take any more risk.

Notice how the RH are closer and closer together. Joe says that's the sign of the end. That's a good thing to know.

I would like for some others to give it a try and share your charts. Don't be afraid, do it in hindsight, real time, whatever you can do. Plan on spending 100+ hours on this. I traded a method very very similar for an entire month, that's 4 hours * 21 = 81 hours and that doesn't include all the time I spent reading and doing research on it. And even after 100+ hours, it's still not easy. So I just want to let you know what you're in for if you decide to pursue this. It's not easy but in my opinion it's well worth it.

Here's a CL chart from September. I'm using a very similar method.

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And another:

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Once you learn this, you can trade any market any timeframe.

The only reason I stopped is I wanted to pursue some other ideas and try to reduce risk. The way I traded it before I often had a $300 stop on CL. The TTE & Slaughterhouse early entries are what I needed and that's what I'm working on now.

Ok your turn to post.

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  #43 (permalink)
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Okay my turn......

I slept last night. I'm still hashing out how I want to filter some things but I agree with cunparis 100%. This style can be traded on any time frame with any instrument. The only variables will be your stop size, profit target, money management and how/if any filters you apply.

I attached a chart of 6B from last night noting all the triggers that I would've gotten. I shouldn't have slept, but oh well. I'm not throwing real loot at this until I'm comfortable with it and I'm still figuring out a few of my rules.

My exits and number of contracts are based on some money management rules that I'm still finalizing. They are pretty close to being finalized but not quite there. Once they are completely hashed out I'll post them as well.

Blz

P.S. Don't ask what the indicators are in panels 2 and 3. I'm still working on this idea and until proven otherwise I'm going to assume they're crap and don't work. For that reason I don't want to put a bunch of people on a wild goose chase for the holy grail. If they do prove useful I'll gladly share and it will hopefully help others make some money.

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  #44 (permalink)
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Hey Blz,
Where exactly did you put the sell stop on the second trade? I look for that trade all the time.

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  #45 (permalink)
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hey cunparis!

on your 21-9-2009 chart, why didnt you got long at 71? on the breakout...

Why were you waiting only for a short breakout?

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  #46 (permalink)
Trade with the flow
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FredyMegaG View Post
hey cunparis!

on your 21-9-2009 chart, why didnt you got long at 71? on the breakout...

Why were you waiting only for a short breakout?

Very good question. Good job spotting it. It is, IMO, a very good setup.

I didn't take it because I wasn't trading at that time. That's 1pm here and I'm using taking my lunch break. I start trading Euro again around 1:30 here (7:30 NY).

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  #47 (permalink)
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Combining Brooks and Hookers

This was all in hindsight but I pulled up a chart of CL (I don't trade CL right now) and there was a killer move with great chances to join the ride today using some Brooks knowledge and Ross knowledge.

Blz

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  #48 (permalink)
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Has a conclusion been reached about this method? No posts since the 8th, got me curious...

Mike

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  #49 (permalink)
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Big Mike View Post
Has a conclusion been reached about this method? No posts since the 8th, got me curious...

It's a very good method. I have some doubts about the TTE, I think that works if you use his trade management style which I'm not 100% convinced on that (cost covering). I'm not sure it applies to current market costs (low) and volatility (high). But the idea of taking breakouts.. that's a good method. Similar to what Jeff does in AYN thread.

I'm currently working on volume & order flow at the moment, the week I did RH I had on average $200/day. It's so relaxed (on the 5min) that it's easy to do while doing other things. Keep in my this was during the london session, I think the euro moves better during london session. Once the US markets open things get more volatile and choppy. Other currency traders have told me the same and they stop trading the euro at 11am. so if you're in the US the euro may not be the best market.

I've also traded it on CL using 3min bars. That usually enables me to get a risk of 10-15 ticks with a profit target of 20.

I plan to come back to it once I finish my volume work.

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  #50 (permalink)
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Big Mike View Post
Has a conclusion been reached about this method? No posts since the 8th, got me curious...

Mike

I'm not convinced yet if the Ross hook can or can not be traded as a system on it's own. However, I do think the information derived from the book will be incredibly helpful. As cunparis has discussed the scope of the futures markets has changed since the book was written so you have to adapt the strategy. I am inclined to believe the strategy can be traded successfully, but, as with all strategies it requires much patience and subjective input.

Blz

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