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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #1981 (permalink)
Elite Member
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Futures Experience: Intermediate
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Disclaimer

A few more thoughts about the previously posted trades. You'll notice that these trades occured right around the release of news. I usually like to NOT trade 15 minutes before and after a news release. The first trade entry was right around that 15 minute mark (6:46 AM PST).....I thought that I had enough time to pull off the trade before the news came out.....I was wrong. The trade kicked around before the news and luckily went my way. I could have just as easily been taken out for a loss. So.....needless to say I would not recommend this as good trading practice. However, it still is a good example of the 1-2-3 set up that I am so fond of.

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  #1982 (permalink)
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Two great trades


papa14 View Post
Thanks for the clarification....I was looking too hard and missed the obvious.

I love the KISS principle and your techniques are prime examples of doing exactly that.

I am currently looking at the ORB on the CL, then either ES or TF, and then ZC. Different markets, different openings, but the principle holds......


You know the old saying......."Amateurs open the market, professionals close the market"

I think that we can take advantage of both the amateurs and the professionals !!

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  #1983 (permalink)
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On more thing


Just thought of one more thing that I wanted to share. Keep in mind that all the trades shown are confirmed by multiple time frames. That is to say......if I post a 20 range bar chart.....remember I am also looking at a 10 and 30 range bar also. In addition, I always keep and eye on a minute chart. I toggle between a 5 and 30 minute. So if you get the idea that you will simply trade the break of a recent swing....make sure that your other timeframes are in agreement.

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  #1984 (permalink)
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cory View Post
slap Richard's virtual 30m bar on your 5m chart then you don't have to switch.

OK....I get it now. This is cool. I can see everything just fine. Thanks.

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  #1985 (permalink)
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Where can I get the "virtual 30 minute bar"? Does it work for range bars?

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  #1986 (permalink)
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https://futures.io/programmers-paradise/1286-richards-virtualbars.html

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  #1987 (permalink)
Just a boy
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Jeff Castille View Post
OK Papa,

Here's my favorite set up. I've zoomed in on my first two trades of today. Watch for a swing high or low then put a buy or sell stop in 1 tick below/above it. That's it. I have a target of +10 because I'm focusing on scalping right now. Keep in mind that these two trades are counter trend trades and by definition more dangerous than trades with the trend. Stop placement is up to you ......either swing high/low or perhaps a faster time frame swing high/low or some level of market defined volatility. No sense in having a stop that is too close and not giving the market a little breathing room. Give it a chance to work....just not too big a chance. Of course keep in mind good r/r etc.

Hope that helps a little,Jeff
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Hi Jeff, so you enter without waiting for the bar to close - just as long as it beeches swing hi/lo by 1 tick you will enter mid bar - even if the bar could close in the wrong direction?

On your first trade shown, why did you not enter on the first bar (one with red dot above) that went under the swing low by 1 tick, was it because you did not get filled at that point?

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  #1988 (permalink)
Just a boy
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Swing Hi/Lo indicator

Hi Jeff, are you still using the NT standard Swing (High/Low) indicator.

What was your setting on the 20R chart from yesterday (1 Dec), because I can get the bars to agree to mine, but I get different hi/lo points. Are you using 2 or 3 bars for the setting (either way I still get different answers).

On my chart ( see attached) my hi/lo indicator dots stop as soon as that level is penetrated - yours carry on for another bar?

Attached Thumbnails
All you need-cl-01-10-2_12_2009-20-range-jeff.jpg  
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  #1989 (permalink)
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Drawing lines


steve2222 View Post
Hi Jeff, are you still using the NT standard Swing (High/Low) indicator.

What was your setting on the 20R chart from yesterday (1 Dec), because I can get the bars to agree to mine, but I get different hi/lo points. Are you using 2 or 3 bars for the setting (either way I still get different answers).

On my chart ( see attached) my hi/lo indicator dots stop as soon as that level is penetrated - yours carry on for another bar?

Hi Steve,

I don't use the NT Swing high/low any more. The reason mine extends beyond where yours stops is because mine is drawn manually. I find that the indicator doesn't always catch the 1-2-3 trade the way I like it so I dumped it. Plus, I find drawing the lines keeps me engaged. It's also a good way to catch an A_B_C complex pullback.

Jeff

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  #1990 (permalink)
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Posts: 2,119 since Jun 2009
Thanks: 1,785 given, 3,279 received

Bar close?



steve2222 View Post
Hi Jeff, so you enter without waiting for the bar to close - just as long as it beeches swing hi/lo by 1 tick you will enter mid bar - even if the bar could close in the wrong direction?

On your first trade shown, why did you not enter on the first bar (one with red dot above) that went under the swing low by 1 tick, was it because you did not get filled at that point?

Hi Steve,

You are correct on the first trade....that was just a wacky fill. You are also correct about NOT waiting for the entry bar to close. This is sometimes a two edged sword. On the one hand....if you wait for the bar to close.....by then the trade could be over (you missed it). On the other hand the breech of the swing could be a fake out. I find that if the chart is set at what I would think of as a medium setting.....not too fast not too slow that your identification of meaningful swings is easier and the swing high/low is therefore more meaningful. These intra-day swings are the basis of all my trading.

I'm sure there are many successful traders who wait for bar close to enter trades......I'm just not one of them. I would like to hear a bar close trader weigh in on why he or she prefers that method and what the benefits are.

Jeff

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