If you are referring to post #72, its an indicator not a strategy.
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The following user says Thank You to Big Mike for this post:
Yes Cory. You got the first part right, ie I turned it into a strategy BECAUSE I cannot find yours when I tried to activate it on a chart LOL! I was under the illusion that yours was a strategy and NJ gave me Compile Successful message when I had your indicator in the Strategy folder. Too bad that indicators and strategies have the same "cs" extension.
Thanks again for sharing your indicator alert with me. It definitely works well for me .. haha ..
Firstly, you're doing well in a short time, especially in examining your trades and method adjusting and learning. I looked at the 'wizard's' chart setup from your link and noted that he trades the TF, which I think is difficult to equate to the YM; it's thinner and more volatile and might have a $1000 range on a given day, or did, and can be hinkey to use a little known technical term (at least out-pacing most commonly traded emini instruments). I would personally triple the time frame chart that you use for YM market direction and double the short term. I don't mean that you should just go and do that because someone who likes to give advice says so, someone whom you don't know from a hole in the wall. I just think that you are limiting the potential of your trades. To make money you would really have to up your size and reduce commissions by half. Mike would know better, but I found Renko charts consumed a lot of processing potential and if you trade on the same machine it could reduce your edge greatly when trying to hit a price with a limit order.
Scalping can happen on 5 or 15 min charts if you know the structure of the market and some other components of market development. I use Market Profile essentially. It doesn't mean that I am an MP Trader per say. I use volume, and other things such as the Dollar Index and other instruments for reference. I do like reading the journals here and still use NinjaTrader along with MarketDelta.
That aside I see that you like to trade the open and whatever follows out of that, which is great. If you can get yourself in at the right time. Often, say 3 days a week, you can get 3 or so handles depending on volatility. You might have to enter a second time but that's fine. I want to say again that you're doing well. Women, so I've read recently in articles about brain research, are wired to be more analytical and discerning. Sometimes aggressiveness counts but you're probably better off leaning the other way. That said I always liked tough who aren't afraid drive fast and straight into the oncoming headlights! I'll save that story for another blog ~(:
If you pay attention to the news then pay attention Mon, April 5th, the cash market was closed today and there is likely to be a delayed reaction when it reopens.
Best of Luck!
The following user says Thank You to tomasito for this post:
Thanks T for your kind encouragement and suggestion!I can assure you that you are NOT someone from a hole in the wall. I appreciate very much your time and efforts in sharing your experiences with me (us)!
When I used the Chaos (up/down fractal breakout), I had several minute-charts in front of me incl a 15-min one for trending (+ hourly) and a 5-min one for entry (+ 1-min and 133-tick). Using The Wizard's set-up, I used 4- and 6-MedianRenko charts. Now I know I should consider triple and double them to enhance their effectiveness. Thank you.
Between ES and YM, I prefer ES because of its volume + seemed not as easily manipulated like YM. There're times that YM could be up and down substantially within milliseconds. I was trapped there a few times. Having said that, seemed The Wizard's systems work better for YM and not ES. Maybe if I explore more on adjusting the timeframes, they will work well for ES too.
Have resumed manual sim-trade last week (after weeks of automation). I am now using 7500 and 3350 volume charts - based on KP which is a 70% profitable system. After months of learning/research, I would like to focus on practice now esp money management and taming my emotion!
I'm not sure if I'm analytical and/or aggressive. Some opine that I am both because I'm extremely organized and swift. I personally don't think I'm analytical and have to admit that patience has not been in my system until my relocation to this small city.
The first few weeks were very challenging. Struggled literally with the Internet everyday and still do though have adjusted myself. What's the point of frustration when it's simply not working?! I was trying to create a simple on-line store for my organic stocks since last week. It took me 6-8 hours everyday just to upload 1 page successfully and sometimes not even one. After days/nights of labor, I finally completed it last night (still with some font bugs to be fixed).
Back to trading, I'm definitely trained to be more patient now. Yet I couldn't help feeling a little sad and helpless when future looked a little dim.
I want you to know: Your post has LIFTED me up substantially! I will continue my quest of excellence in developing a Successful Life-time Trading Career!
ES is 'manipulated' and it is important to know that. It's used more often by institutions and SP pit traders, or big money--take a trial with Trader's Audio or other 'Live from the Pits' service, and they will often point out what's going on and why. Also, watch for anomalies--like long and short squeezes; increasing prices as breadth is moving lower; TF, YM, NQ not staying in line, etc. There are other 'tells' that can give you a heads up. I also trade other markets such as gold, euro (6E), etc. The markets will change over time so you will also. The 30 yr bonds weren't shy on Friday following the number, moving a full handle--part of that was cleaning house or clearing stops. Some traders had a great day and others not so good. There are various ways of keeping track of volatility which might help you (see Dr. Brett's blog or twitter feed). It can help you adjust your expectations. If our average daily range (10 day ATR is one example) starts moving up you can expand your expectations for holding your runners.
Sorry if I make it seem overwhelming. You can't learn everything at once therefor must proceed in a straight forward logical fashion.
It's all good. t
The following 2 users say Thank You to tomasito for this post:
ES Sim Trade Result on 5 April 2010: -$15 after commission
BE this morning and gave $15 commission to my broker!
1. More willing to close a trade when it did not look positive with warning signals. My exit alerts (such as d9 crossover 0 and door bell sound) are great as they continue "bugging" me.
2. No Over-trade. When it's getting close to the 10:00 am announcements, I left my trading station and did juicing .. haha .. I mentally reminded myself a few times SOH and bear the overall UP trend in mind. After reviewing today's trades, I might have made a counter-trend trade (the 3rd Short trade) even all indicators were red?!!