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Ready Aim Fire Bullseye
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Created: by HighRise1202 Attachments:28

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Ready Aim Fire Bullseye

  #291 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

- .7 April 3 2012

Thought there was double top early in trading period. There was, but not before a spike up to trap my bear foot...by 2 ticks.


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  #292 (permalink)
Trading Apprentice
USA
 
Futures Experience: Intermediate
Platform: Ninja-TS-MT4
Favorite Futures: CL, TF, 6E
 
Posts: 7 since Jul 2010
Thanks: 33 given, 4 received

Orin,
Since everyone else seems to be on vacation right now, thought I'd chime in about your comments in the 4/3 video about not using stops.

In my opinion, that would be a bad idea - even though it's working for the trader you met, a stoploss has to be congruent with the method used. I believe this technique works primarily because of using small stops (and of course letting the profits run). In fact, even using your 7 tick boundary may be too much if you dont tighten it up when you have the room to do so... but the most important thing is that you set it having a TECHNICAL reason for where you put it - like a tick above the high/low of a potential pivot, in which case you can use an even larger or smaller boundary as needed.

If you can minimize it though, you can take several trades without suffering or losing your mindset. For example, with your entry at 838.4, you could have been stopped out with only 3 or 4 ticks instead of 7 and you may then have been more comfortable jumping back in at that double top. Since you've gone live, it looks like you're looking for the one silver bullet trade, but I'd suggest trying to tighten up your stops and not being too reluctant to pull the trigger more than once.

Just my opinion

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  #293 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

Stops



DCFX View Post
Orin,
Since everyone else seems to be on vacation right now, thought I'd chime in about your comments in the 4/3 video about not using stops.

In my opinion, that would be a bad idea - even though it's working for the trader you met, a stoploss has to be congruent with the method used. I believe this technique works primarily because of using small stops (and of course letting the profits run). In fact, even using your 7 tick boundary may be too much if you dont tighten it up when you have the room to do so... but the most important thing is that you set it having a TECHNICAL reason for where you put it - like a tick above the high/low of a potential pivot, in which case you can use an even larger or smaller boundary as needed.

If you can minimize it though, you can take several trades without suffering or losing your mindset. For example, with your entry at 838.4, you could have been stopped out with only 3 or 4 ticks instead of 7 and you may then have been more comfortable jumping back in at that double top. Since you've gone live, it looks like you're looking for the one silver bullet trade, but I'd suggest trying to tighten up your stops and not being too reluctant to pull the trigger more than once.

Just my opinion

Yep, I know not using stops is foolish. But that other guy does it...

Will try the "tighten up" and appreciate your advice!

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  #294 (permalink)
Elite Member
london/england
 
Futures Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker/Data: CQG, AMP, VK, Kinetick
Favorite Futures: CL/6E/TF/ES
 
Posts: 952 since Sep 2011
Thanks: 562 given, 1,267 received

Hey Orin, hows it going

We never got to catch up on Skype

Hows trading been going...???

Have been away from big mikes for a while now, been working hard trading and on a new web site

Hope all is well

regards

Ryan

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  #295 (permalink)
Trading for Fun
GrandRapids, Michigan
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Futures
 
Billbb's Avatar
 
Posts: 152 since Mar 2011
Thanks: 220 given, 72 received


HighRise1202 View Post
Thanks, Oztrader25, yes I need simplification.
Today my first 6 trades were losers. With the help of your comment I knew I was trying to watch too much and look for too many setups. I narrowed my setups to two and started to make some points. I'll stick with that tomorrow and report. (Problem; when I turn off Textandmarker on a Ninja chart and try to change back, they don't reappear.)

I havent looked at ur charts or anything but I spent probably a yr or more just going from tick, min, range, volume, and second for crying out loud! And indicators too, in that mode we tend to go back to varify that we dont like something just to be sure..am I right?

Its a process we all have to take, it comes down to sayen enough already! Stick w/ the one thing long enough to know it inside & out. If I give any advice Id say check this out. Price structure.

These were the build up to the purchase of Bear market Bulldgo which I eventually bought. 95% of the material is in these free promo's.


Video 1 - Renegade Trader
Video 2 - Renegade Trader BMB Video 2
Video 3 - Renegade Trader BMB Video 3
Video 4 - Renegade Trader BMB Video 4
Video 5 - Renegade Trader BMB Video 4

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  #296 (permalink)
Elite Member
Colorado
 
Futures Experience: Advanced
Platform: MultiCharts
Broker/Data: IB & Iqfeed
Favorite Futures: ES , CL
 
sptrader's Avatar
 
Posts: 533 since Apr 2010
Thanks: 1,080 given, 668 received


HighRise1202 View Post
Yep, I know not using stops is foolish. But that other guy does it...

Will try the "tighten up" and appreciate your advice!

****************************************************************************************
** I've come to recognize that it's NOT a good idea to show stops either. I used to get stopped out in stocks as well (many years ago) by one or two ticks numerous times per day- it drove me crazy..
But what do you do if you have NO stop and you're in a position and you lose your internet connection ????? My solution was to use a LARGE resting emergency stop at the broker(maybe 2x-3x your "real" stop) and a much smaller "real" stop, that I put on the chart as a horizontal line, that when breached by price action (alert goes off) and I close the trade.. you MUST be disciplined to do it this way, but it solved the problem for me.
Also you might find it handy to start with a little bigger stop initially and shorten it up as the trade goes in your favor.

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  #297 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

-2.3 TF April 10 2012

Blueline said “dive dive” and turned out to be correct. Used 9/30 method; first trade good, second trade indie worked but I flubbed the entry , third indie failed by a tick. Fourth 9/30 went well but I bailed on a small pullback. Next trade was at SR line. Went 7 ticks and I should have gotten out from it’s long grind with some profit but instead watched it go to stop. OK, I’m trying to watch too many indies. Paying attention to my primary indies, I might have picked up on the strong V down on MACD 4181 at 9 AM Central and gotten 10 points. I did have "dive dive" short in mind...or did I forget?


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  #298 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

+ 1.5 TF April 11 2012

Two 9/30 trades today. Both worked out. Again, I missed a sharp V MACD 610 move up at 9 Central. The 75 K had a nice head and shoulders forming which played out, moving up.


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  #299 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

+ 10.8 TF April 19 2012

Wouldn't it be nice to have days like this more often?

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Ryan in London suggested I limit the indies I've gathered to study. Too many, yes, I guess. Can't help it, though.


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  #300 (permalink)
Elite Member
london/england
 
Futures Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker/Data: CQG, AMP, VK, Kinetick
Favorite Futures: CL/6E/TF/ES
 
Posts: 952 since Sep 2011
Thanks: 562 given, 1,267 received



HighRise1202 View Post
Wouldn't it be nice to have days like this more often?

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Ryan in London suggested I limit the indies I've gathered to study. Too many, yes, I guess. Can't help it, though.

Keep up the good work Orin

"Ones mission is not to fail, but to recognise improve and move foreword"


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