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Trading fast markets
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Trading fast markets

  #701 (permalink)
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  #702 (permalink)
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Hey guys, I would appreciate any comments on the strategy chosen, your opinion about due course of trading and chances of making it in the combine. I know I trade this combine at best as 100k and if it would be 100k I would be well on my way to the profit target, but 150k gives more leeway and that was a reason again, since I use it for responsible training and trialing my system.

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  #703 (permalink)
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xelaar View Post
Here are the considerations I will be applying to trading from tomorrow based on my current discoveries:
1. Look for a trading zone as per original plan
2. A small range or double top/double bottom has formed
3. Wait till it is broken by 1-2 ticks with no continuation, fade the breakout
4. Target 20-25 ticks on first target and 40-80 on second target, 6 ticks stop, no break even
5. Stop trading for the day after getting one runner under the belt, keep trading until getting one runner in, don't take small winners at all

/

xelaar View Post
Hey guys, I would appreciate any comments on the strategy chosen, your opinion about due course of trading and chances of making it in the combine. I know I trade this combine at best as 100k and if it would be 100k I would be well on my way to the profit target, but 150k gives more leeway and that was a reason again, since I use it for responsible training and trialing my system.

I trade a similar strategy where I wait till a previous price level is broken and enter in the other direction after price has come back by 2+ ticks with a closed bar. The reason I do this is because sometimes price will continue after it breaks and the only indication of price coming back is a closed bar in my direction. This helps me filter out trades where price breaks a level and continues 5-6+ ticks and stops me out just to have it come back in my direction to produce a good trade. You know that fast markets, especially gold, can break a level and just keep going without the range bars even over-lapping, but when it finally does overlap and a range bar closes back in my direction it's a good sign of a definitive reversal.

Another reason I do this is because I can trail a stop limit order 2 - 3 ticks behind price so when price finally does come back in my direction and I get filled I don't get slipped with having to rely on a market order.

I wish there was some sort of function with the dom where I can set a trailing stop limit order behind price for when it reverses, but I've only heard about such trailing with stops so I have to do this manually.


Last edited by Itchymoku; October 3rd, 2013 at 08:07 AM. Reason: specified order type
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  #704 (permalink)
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Looks good to me

I trade similar setup.
Be careful when not to trade. As such setup's LURE you quite often.



xelaar View Post
Here are the considerations I will be applying to trading from tomorrow based on my current discoveries:
1. Look for a trading zone as per original plan
2. A small range or double top/double bottom has formed
3. Wait till it is broken by 1-2 ticks with no continuation, fade the breakout
4. Target 20-25 ticks on first target and 40-80 on second target, 6 ticks stop, no break even
5. Stop trading for the day after getting one runner under the belt, keep trading until getting one runner in, don't take small winners at all

The reason is there will always be a winner if you take all setups consistently, and one winner will take you back above and beyond. Currently I keep cutting runners short (even though I have improved a lot) and take more trades, more losers in, and then get a runner that I don't exploit fully. Ideally I will be looking to get onto the freight train that will take me far. That would allow to overcome possible bad day when I might get out of ammo before hitting a jack pot. But this plan should allow me to trade less and exploit good trades at best.


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  #705 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
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Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
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In CTS T4 you can set up trailing order with any type of order. I guess what you are looking for is not limit order but stop limit order. Real limit order will get filled instantly.


Itchymoku View Post
/


I trade a similar strategy where I wait till a previous price level is broken and enter in the other direction after price has come back by 2+ ticks with a closed bar. The reason I do this is because sometimes price will continue after it breaks and the only indication of price coming back is a closed bar in my direction. This helps me filter out trades where price breaks a level and continues 5-6+ ticks and stops me out just to have it come back in my direction to produce a good trade. You know that fast markets, especially gold, can break a level and just keep going without the range bars even over-lapping, but when it finally does overlap and a range bar closes back in my direction it's a good sign of a definitive reversal.

Another reason I do this is because I can trail a limit order 2 - 3 ticks behind price so when price finally does come back in my direction and I get filled I don't get slipped with having to rely on a market order.

I wish there was some sort of function with the dom where I can set a trailing limit order behind price for when it reverses, but I've only heard about such trailing with stops so I have to do this manually.


Trade to live. Not live to trade.
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  #706 (permalink)
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Futures Experience: Intermediate
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Favorite Futures: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
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tinkug112 View Post
I trade similar setup.
Be careful when not to trade. As such setup's LURE you quite often.

Indeed. Setup = Direction+Location+Entry.

Trade to live. Not live to trade.
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  #707 (permalink)
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Futures Experience: Intermediate
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Crude today

Finished early as per new rule - one runner a day.

Tough start, I have got 4 losers under the belt until I got onto the runner. It was not easy as it nearly reversed on me too as I wanted pretty high results even for target 1.

I missed one good trade, even if not a runner, I was at +16 and it came back and hit SL. It was all before session open and after the news. So I will look not to trade near market open.

Anyway, here are the shots.

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My biggest runner to the date: +27 on target 1 and +38 on target 2. 20 and 21 minutes trade time.

Here is the new rule I plan to use: protect the trade as it moves some 6-8 ticks into a profit to entry, as it hits target 1 at 15-20 ticks, move break even back to original stop to give trade extra breathing room, as I have already booked some profit I can afford to lose 6 ticks on second half. That principle would have helped me in most occasions. I need to work to reduce losers.

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  #708 (permalink)
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I will look to modify my trade profile tomorrow a bit, since I reckoned best trades come not after a level stop run, but after actual level confirmation, like small scale double top or double bottom. So essentially I will look for a level, price reversal there, retest with a double top/bottom, entry once it fails to breach it. I will try to use smaller stop 4 ticks, as in this case essential is a first pullback and price failing to break the level, so I can place my trade immediately. If it works it will help me to raise size to 10 lots per trade.

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  #709 (permalink)
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Combine stats

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  #710 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received



xelaar View Post
I will look to modify my trade profile tomorrow a bit, since I reckoned best trades come not after a level stop run, but after actual level confirmation, like small scale double top or double bottom. So essentially I will look for a level, price reversal there, retest with a double top/bottom, entry once it fails to breach it. I will try to use smaller stop 4 ticks, as in this case essential is a first pullback and price failing to break the level, so I can place my trade immediately. If it works it will help me to raise size to 10 lots per trade.

To elaborate a little bit, I will not seek to trade with a smaller initial stop, if I see price confirming the level without breaking it, I will try to enter earlier and if I get a better fill, I will move stop to 1 tick behind the level. I reckon to be able to get filled in 3-5 ticks range from the level. Currently I place my entry at fixed 5 tick from the level distance.

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