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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #1481 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
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KJAVED View Post
But your favourit instrument CL performing very well today. As you have experteise in CL, so I think there is no need to look for other instruments. Overall you technique for CL perform well as compared to other instruments, as it needs volitility. That CL have.

I'm not sure if you're talking to me or not. I trade ES + CL + 6E. This lets me be very selective and only take the best setups. On most days I will do very well on one market and lose on another. Today I did well on CL, yesterday Euro. Just depends on which market is "behaving".

I decided to not do the ES ORB trade. Too much risk. I really need a R:R of at least 1:1. Since I already have that, the ORB trade isn't interesting. I guess I was attracted to it as a novelty.

Trading is boring if you stick to the same setup and markets and do the same thing every day. the ORB is like having a mistress. Short-term excitement at the expensive of the long-term.

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  #1482 (permalink)
Elite Member
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Futures Experience: Intermediate
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cunparis View Post
the ORB is like having a mistress. Short-term excitement at the expensive of the long-term.

Great analogy, Cunparis. Did the ORB for realz this morning, and you're right. Only got +1.50 out of it. Sure, a winning trade, but the risk was higher. You are correct.

H

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  #1483 (permalink)
Trade with the flow
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Hapster View Post
Great analogy, Cunparis. Did the ORB for realz this morning, and you're right. Only got +1.50 out of it. Sure, a winning trade, but the risk was higher. You are correct.

H

My experience is that when a pattern becomes obvious is about the time it stops working. Like the big H&S on the ES daily chart. EVERYONE saw it. Didn't work.

Good job on your trade just be careful. 1 losing trade will wipe out 3 days of profits, and murphy's law dictates that it will occur the day you increase your size and wipe out 6 days of profit (happened to me).

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  #1484 (permalink)
Elite Member
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cunparis View Post
My experience is that when a pattern becomes obvious is about the time it stops working. Like the big H&S on the ES daily chart. EVERYONE saw it. Didn't work.

Good job on your trade just be careful. 1 losing trade will wipe out 3 days of profits, and murphy's law dictates that it will occur the day you increase your size and wipe out 6 days of profit (happened to me).

Oh, yeah!! Can't agree with you more.... so far 3/3 today, but I'm not about to give any back. Time to go to the gym LOL....

Cheers... H

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  #1485 (permalink)
Trade with the flow
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Hapster View Post
Oh, yeah!! Can't agree with you more.... so far 3/3 today, but I'm not about to give any back. Time to go to the gym LOL....

Cheers... H

Exactly. The power of quitting! I got +28 ticks on 1 trade on CL and I'm on sim for the rest of the day. Not taking any chance of losing that and being depressed all weekend.

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  #1486 (permalink)
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5 minute ORB

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Today's ORB good for 2.75 points on the ES.

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  #1487 (permalink)
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I had the ORB first 5-min bar with a high of 5925 and a low of 5675 so sold it 1 tick below the low,which was 5650 on a stop. That's the right way to do the ORB; right? Or are you guys using the actual LOW of that first bar as an entry as opposed to one tick below it? I got out of 1/2 with a +1.50 and stopped at B/E on the remainder. Didn't wait for +2.75 and I'm not sure that one could have actually gotten that in that short timeframe (without some heat, of course). Like Cunparis said, the R/R not that favorable on it this AM.

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  #1488 (permalink)
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ORB

Hey Hapster,

Good trade this morning!!

The "right" way to do an opening range break is subject to interpertation. For instance yesterday....Cunparis got stopped out both directions, but I put my stop at the recent swing high and it was a winner. Of course I believe Cunparis is right....I took too much risk and very well could have been stopped out.....only worse for giving it more room.

The opening range break is not the kind of trade that everyone gets "hip" to then stops working. The opening range play is very dangerous, however it has a very high win %.

Anyone who wants to attempt this trade should make their own observations about risk/reward and trade accordingly.

As far as how far the price went this morning...I simply wanted to point out the amount it went. Knowing this could be useful in deciding what a target should be.

Jeff

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  #1489 (permalink)
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HalfHourly

Jeff,

What is the proper setup to take the trades, I am also testing a bit the TRO Half Hourly trades....
Do we take the trades at the arrow (first break of low/high)

Can you help me a bit out here?
I have finally managed to brought up a decent chart.

Thanks, Jojo

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  #1490 (permalink)
Elite Member
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Half Hourly


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You can not take the break of the high/low first 5 minutes every half hour without regard to what kind of day it is.....compare your chart to the one I made for you. Clearly it is a down day as indicated by the Triple EMA (5)...note the breaks of the swing high/lows and indicated by the swing high/low indicator (this indicator does not catch all the swing high/lows...you'll have to draw a few yourself) then slap on a paintbar study try the zeller Sharkfin....see how price always moves back to the EMA then eithers tests previous highs or lows or breaks them. If you sell the pullback to the EMA or the break out from previous swing high/low....either is ok. The paintbar study helps with this. See how the EMA is maroon, so you are thinking short.....paintbars turn red go short or......paintbars turn red and price breaks the previous swing low....go short.

Hope this helps. All the indicators on this chart are readily available and free !!! You can also use EMA 50 also for general direction. Play with the settings and see what you like best.

Jeff

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