Thanks for sharing your trade set-up. I am beginning to use for volume with price for trading ES and have not found any suitable volume indicator/information. I am using 1min/512Tick chart on Ninjatrader and TOS charts.
Please tell me where to get the volume indicator, Volume_Avg_MFS(1) on TOS platform. Thanks in advance.
Just like your set-up. It is simple concept.
1. What do you think of using 1min ES? Would there be more trade opportunities cause I trade only morning session.
I will be doing back testing (practice) for both 512Ticks & 1min charts.
2. When all 3 conditions line up, how do you make your entry?
Hello! I won't say whether or not 1 min charts are better than tick based charts. What I will say is pick one and stick with it. Each chart has it's own patterns, and as long as you don't keep changing what you stare at, you will eventually see things that repeat. What I recommend is mark charts up at the end of every day and take screencaps. I did this for about 8 months, and I separated the charts up into day "types" as well as pattern "types". After that I looked at every pattern and then also analyzed everything I could about it. Time of day, volume conditions, TICK conditions, you name it! From there I was able to nail down what happened more often than not, and put together a plan.
As far as opportunities go, I recommend nailing the 1-3 setups that appear in the morning and leave it at that. The one thing that killed me in the beginning was that I was constantly giving back profits that I had made in the morning. To be 100% honest I don't trade for a living because mentally I don't do well when I up size, but I see how my strategy can be scaled up, and I prefer only trading the morning and then walking away.
After my "setup" criteria is met, I have other criteria for a "pullback" and I enter on that pullback. It's usually about 3-5 minutes after my setup is triggered.
My stop is usually 6 ticks on the ES, and never more than 7.
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I noted that it is difficult to draw Volume trendline especially with 512Tick chart. Tick chart volume shows less variations. May be Tick chart is plotted with 512 contracts done and volume is time related.
1min chart volume has more variations but for the required set-up to appear it can take very long time.
I noted that there can be short-term trend and intermediate-term trend plays.
I am comparing both charts as I go along.
My normal morning session is from 10am to 12pm. During this session I hope to get the 1-3 set-ups if possible.
If you have more screen shots showing set-up please post them.
Patience is the name of the game! That can be a tough nut to crack. I still find myself falling victim to bored trades, although I'm getting better as I go.. That's one thing that the CL helps with, since there is rarely a dull moment on that contract
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