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Trading fast markets


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Trading fast markets

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  #951 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
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This is it for today. High volatility prevented me from trading low time frame thanks to my volatility-geared model. However there were trades on higher time frame, that I took on demo. Execution of exit was shaky, though. It looks like the model is working very well. So I will be taking these trades live in future.




PS another important observation turned rule: don't trade volatility decrease, only increase. I.e. you can switch up the time frame on rising volatility, but don't switch down from higher time frame to lower time frame. Because when volatility decreases there most likely will be a total chop on a lower time frame. You need some market reset event, a new trading session, a news spike, etc. to restart the market and then assess the volatility afresh.

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  #952 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
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If one would be looking at market from 30s chart today, a picture would be very messy. Even though, my filters would let most losers out and few that still remained would be offset by an odd winner so slightly positive. But if one looks at 3m time frame as I mentioned in the morning (no gear down, only gear up), it looks much better actually despite the big mess..


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  #953 (permalink)
Wrocław, Poland
 
Experience: Intermediate
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@xelaar,

If it is not a problem for you, since you are using only a snapshot of part of your chart, it would be helpful for us to see on the chart which timeframe you are currently using... or using your terminology which gear have you switched to

Some time ago I did some minor upgrade to existing ChartName indicator for myself, the attached indicator includes also bar type/period with more control over what is displayed - feel free to use it if it won't distract you too much.

Attached Files
Register to download File Type: zip ChartNameAndPeriod.zip (3.3 KB, 18 views)
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  #954 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
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Trading: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
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gregid View Post
@xelaar,

If it is not a problem for you, since you are using only a snapshot of part of your chart, it would be helpful for us to see on the chart which timeframe you are currently using... or using your terminology which gear have you switched to

Some time ago I did some minor upgrade to existing ChartName indicator for myself, the attached indicator includes also bar type/period with more control over what is displayed - feel free to use it if it won't distract you too much.

Black is 30s , white is 3m 😁

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  #955 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
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Another carbon copy day. Some decent pre-market low TF trades (not taken!) and then big moves, whipsaw. Not likely to have any high TF trades either as trending move is likely over and delta is not really positive.


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  #956 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
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And again

Today we did not have any decent entries with a STF (short time frame - 30s for me, black chart), there was some chop but no system entries. Then we had got the move after 9, and there was a very tempting system entry on HTF (high time frame - 3m for me, white chart), and I nearly took it live but hesitated at the last second. It was a great trade that went past its second target. Trading plan-wise, I should have exited at upper bollinger that was descending.

Then another trade on HTF, I took it on demo, as I did not want to trade live selectively (after missing trade 1). Very clean and nice entry but somewhat messy exit around target 1. I let it work to target 1 and have my take profit order at target 2 as upper bollinger was rising and trending move was progressing. However market made two strong down moves with next two 3m bars that reversed up though, but after the delta printed a very strong bearish bar I called it to exit at a very good price, literally target 1. That was good for 19.5 points.



Overall potential profits were 45 points today risking 7 points twice.

Even though I still have difficulties to apply it to live trading after so many rounds of trading hell, I am getting there. I am ready to trade LTF live, but need to psyche myself to take 3m signals too. Very soon.

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  #957 (permalink)
Bamberg, Germany
 
Experience: Beginner
Platform: Sierra Chart
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Trading: MES, FDXM
 
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Thanks @xelaar, it seems that no movement beyond IB as of now with relatively low volume shows that the day traders are in control pushing the price around the VWAP...perhaps OTFs waiting for 1330 news from US.

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  #958 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
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JohnS View Post
Thanks @xelaar, it seems that no movement beyond IB as of now with relatively low volume shows that the day traders are in control pushing the price around the VWAP...perhaps OTFs waiting for 1330 news from US.

Maybe yes, maybe no. One of the things I had to learn and be reminded of recently is that there is no need to explain the market moves, nor to be a market commentator. Leave it to CNBC as they know nothing else.

In my experience trying to frame the market into some preconceived ideas or scenarios will lead to fixation and possible loss of opportunities. I am certainly talking about day trading only. So the only working idea for me is to trade what I see, not what I think.



Here is another illustration of it. We had a serious support level, there was a HTF trade into it, price just slowed down so I exited around target 1 and bollinger. In 5 seconds price broke is and went to target 2, which according to rules I had to hold for, as it was a trend trade, bollinger opened down and all looked bearish. 4 to 1 trade was there.

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  #959 (permalink)
Bamberg, Germany
 
Experience: Beginner
Platform: Sierra Chart
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Trading: MES, FDXM
 
Posts: 1,088 since Oct 2014
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xelaar View Post
Maybe yes, maybe no. One of the things I had to learn and be reminded of recently is that there is no need to explain the market moves, nor to be a market commentator. Leave it to CNBC as they know nothing else.

In my experience trying to frame the market into some preconceived ideas or scenarios will lead to fixation and possible loss of opportunities. I am certainly talking about day trading only. So the only working idea for me is to trade what I see, not what I think.



Here is another illustration of it. We had a serious support level, there was a HTF trade into it, price just slowed down so I exited around target 1 and bollinger. In 5 seconds price broke is and went to target 2, which according to rules I had to hold for, as it was a trend trade, bollinger opened down and all looked bearish. 4 to 1 trade was there.

Hi @xelaar,
Thank you for your information but I'm not really sure I understand you. Your comment suggests that I am not looking at the market or not trading the market and that I am some how merely commenting like a talking head on CNBC?

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  #960 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,565 received



JohnS View Post
Hi @xelaar,
Thank you for your information but I'm not really sure I understand you. Your comment suggests that I am not looking at the market or not trading the market and that I am some how merely commenting like a talking head on CNBC?

I wasn't referring to your comment or trading, sorry if it sounded like that. What I am talking about is a mouse-trap I had been forcing myself into on many occasions previously. I goes like that for example: yesterday we had a trend up and it is in line with a general trend up so I plan to trade longs today, there are level of support and resistance, I have a scenario for price to test them and reverse, in this case I trade like that, I will wait for initial balance to form and trade breaks of that keeping in mind a general trend.

Sometimes it works, but many times doesn't. You expect trend to continue, but you may catch a stop run for counter-trend traders and instead of continuation get a range play, you may want to trade a deep pullback and expect market to run stops first but instead if will drop like a rock without any attempts to move higher first and you miss a huge day. The variations are countless. And then it is all too easy to look at market in a hindsight glass and explain it like talking heads do. It's comfortable for anyone, as you still can be smart and be right, but unless someone pays you for it like CNBC does for talking heads, there is no point in doing it. I had been guilty of it way too often.

Structure based approach is very important for swing trading. In my opinion you only should consult much higher time frames for very strong levels of S/R that you will treat like zone on your trading time frame and this is it pretty much. If you operate small intra-day stops and targets, there is no point to take into account high time frame constructions. What can be a nice bread-and-butter trend on your trading time frame can be just a blip on a high time frame.

In my case, we have a consolidation on daily and range on 30 minutes, what many would regard as a complete chop. But this chop generates beautiful trading opportunities day in and day out.

Just my personal reflections.

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