Purpose of this Thread: Hopefully find other traders that are trading similar to what I do—and will share the tools they (we) are using to improve our trading skills.
What I do: Backtesting--Scalp Trade the Futures TF Mini (Russell)-target $100 profit, $100 Stop. Use Renko, 5 minute, one minute, 35 tick, 38 tick charts. I use many indicators. Most trades are Trend pullbacks. Basically enter on the Minute chart Pivot turns if setups so indicate.
Success: I get 20-30 setups per day with excellent win/loss ratio
Problem: Many of the bad setups that I avoid in back testing are based on abstract/subjective decisions and not on measurable/tangible indicators. During real trading I can’t depend on this "abstract/subjective" mindset to make decisions. Need to find Indicators that may very well eliminate 2/3 of all setups—but will provide a more robust strategy not dependent on abstract/subjective thinking. Currently, I’m trying to use the Renko chart as a filtering tool.
Indicators used: 17/50/200 ema’s –all charts, 7ema (used with Function from Jurik Math) used as my pivot line on all charts, Volume indicator-ema (3/17/200)
If there is anyone out there that is interested in what I’m doing and searching for—please respond—then I’d be happy to post the exact setups I’m using—and hopefully we can help each other.
The following 2 users say Thank You to cap01 for this post:
I'd like to see how ur trading the TF also. Mayby it would work with the ES or CL. I've been trading ES for the past year and found my own verision of scapling using a variable of Stochastics/RSI over a 10min 5min 3min 1min time frames. So far its a winner; however, I would like to add more opportunities.