Platform: market delta, multicharts, no matter how hard i try not too, i still use ninjatrader
Favorite Futures: cl,6e,nq,tf
Posts: 128 since Oct 2009
Thanks: 268 given,
Ah yes Jeff I did thanks!!! - Was wondering how you approach your trades. You have a trailing stop etc... what is your initial profit target... etc.. Thanks again... Seen to be working very well. - spx
Right now I am focused on two profit objectives on my trades. I take profits at +7 and at +14. The stop on the ATM is set at -14 which I adjust immediately upon entering a trade based on market volitility. ( swing high/low) You should know where you are going to put your stop before you enter the trade.....once it's placed that's it.....no moving it again. Often after my first objective(+7) has been achieved I move the stop up to -7 or breakeven +1 depending on how the market has been moving. Today you can see that the first objective was often reached but the second was not. So.....I'm glad I moved the stop the breakeven +1 after the first objective was achieved.
The way the market is moving the last several weeks has forced me to pull in my profit objectives. I'm sure this slow grind higher in the idexes accounts for this.
Hope this helps, Jeff
You'll notice on my second trade today that my second objective would have been met but........I thought we were going to get a gap fill and I moved the target to yesterdays close. So instead of ending up with +14 on my second objective I settled for +7. Guess I shouldn't have gotten greedy.
Last edited by Jeff Castille; March 24th, 2010 at 06:33 PM.
The following 3 users say Thank You to Jeff Castille for this post:
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
Today on the YM there was a total movement of 58 points (high to low) during the regular trading hours (RTH) Using the ADX on a 5 minute chart helps identify when there is no trend.
I've taken a regular ADX and colored the line up/down.....up = trend......down= not so trendy any more. The added the cumparis ADX which colors the line yellow below an assignable threshold (I like 15 on a 5 min chart)
This is handy on non trending days........yellow line= no trading.......it's the first thing you look at.
What would be cool......is if a brilliant programmer type would take these two ADX's and make them one super ADX !! I'll post them in the elite area on a thread. (Jeffs ADX)
The following 2 users say Thank You to Jeff Castille for this post: