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Trading The Setup


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Updated by Charley
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Trading The Setup

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  #1 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received

This trading journal will be to help me in my trading journey and to hold me accountable for the trades I take. I plan to post screen shots of trades I take - trades I missed or trades I see that fit the setup when looking back.

I want to thank Vance (Vince Virgil) and his CL Journal, along with the Panda Warrior and, Bacon and of course Big Mike. I have read a lot of their threads and it has motivated me to get started.

My Goal is to trade the setup that presents itself on the charts and take my head out of it. If there is a setup that meets my criteria I want to be able to take it with out over thinking it. I use a few indicators, Manual support and resistance lines, Trend lines and HH/HL's. Most of my decisions are based on price action but I use the indicators and lines to help make the decision to enter and also use them for targets.

I mainly trade Crude (CL).

As of now I only trade 1 Contract

My main trading chart is an 800 tick chart

Hours I trade
550am PST to 11am PST

Platform I use is TradeStation SierraCharts through InfinityFutures

Indicators I use

1. 2 MACD's with different settings ( A Faster and a slower setting)
2. MOving Averages
-Double Weighted MA
-200 EMA
-21 EMA , 21EMA high, 21EMA Low
-Sharky Scalp indicator for Sierra - dont recall who posted that indicator but will find out and give credit
3. 4/8 EMA cross over indicator
-8 EMA (H+L+C)/3
-4 EMA (H+L+C)/3
4. Slow Stocastics for 800 tick chart and overlay from 1600tick chart to help look for good pull backs

I look for 5 Main patterns
1. Pull Back to MA in Trend
2. Reversal Bar and Doji Bar at Key support resistance areas
3. Combination of 1 and 2 are my favorite - pull back with reversal bar at MA band
4. 3 Bar Reversal at a trend line or MA
5. Break Down and Break above AH
6. 2nd Entries (dont use this much)


Risk Reward is 1:1 - Max risk is 17 ticks per trade - if price action stop is too far away I wont take trade - Generally looking for 15 tick risk to reward.

updated as of Nov 2014-
Instead of fixed risk reward - Im looking to trail the stop now - risk remains as it is - generally stop above below the entry bar - and Im trying to trail up profits below the low of each bar that closes in my direction. If the bar is a larger bar (bigger than the avg just by looking at the chart) I will trail that half way up and will tighten if price is getting close to support resistance levels.

One problem I have been having is that I trail my stop too quick and stop myself out early and then price moves to target - I have to stop doing this - or I will never profit and I will continue to lose more on my losses than I make on my wins.

More Charts that show my entries patterns and more info to come - I just wanted to get this out there to get it started.

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  #3 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received


No Trades today

There was one potential short trade where the pattern looked good but I saw too much resistance below when looking to the left plus a rising longer term MA so I passed on the trade - ofcourse it triggered and would have achieved the target.

Screenshots of thoughts before trade and after:

Before:


After:

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  #4 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received

Two trades today - 2 losers -

1st was a price action trade - went short below AL - reversed right after entry for full stop -15.

2nd was a 2nd Entry combined with my 4-8 EMA cross and break above 21 EMA after double bottom - had a little move up and moved up stop just a bit - price reversed and stopped me out for -11.




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  #5 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received

1 trade 1 winner today - full target of 15 ticks hit - no other trades jumped out at me today after move up in the morning it was fairly range bound (30-40 tick range).


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  #6 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received

Another day with only 1 trade - and Im ok with just one trade. Im really only looking to take 1-4 trades per day. The one trade was a quick 15 tick winner - which is my favorite kind. I prefer to be out of a trade looking for one than in a trade waiting.

There was a nice move down to previous day lows followed by a nice move up (V Pattern) to just above yesterday highs - followed by some consolidation and some attempts to go higher before eventually coming down again and closing on the day just below the open for a doji candle on the daily.

Missed 1 trade and debated on a couple others that I didn't take which are highlighted on the chart.



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  #7 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received

After some time off over the holidays I am back and will be posting again - Today was my first day of trading in the new year.

I will be mainly focusing on the 4/8 EMA cross over trades - I am looking for the cross and then a pause in action before entering the trade.
I wont be taking the cross trade blindly - Many times this will also be a 2nd Entry trade. I have circled the trade setups for today.

1st and 3rd trades were ideal - with some consolidation after the cross with room to move before resistance areas -

2nd was a bit more risky with the Active High half way to the target/


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  #8 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received


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  #9 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received

Took one trade on 1/13/14 - which was a loser - was ticked in - then quick stop out at the 15 ticks - then right back to where I was looking for it to go. The second possible trade I didnt take but criteria was valid and it would have been a loser like the first - quick stop out but then back in the expected direction.


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  #10 (permalink)
San Diego CA USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TradeStation / InfinityFutures
Trading: ES,CL
 
Posts: 70 since Jun 2012
Thanks: 116 given, 76 received


Took two trades today - broke the rules on the first and trailed down stop after up +10 going for 15 ticks - and of course I was stopped out at break even right before price went back down to the target. Second trade on EMA cross going up was a winner.

Same thing happened last week where I took profits early and target was eventually hit. I am getting better at not doing this but its still an issue. But finished in the positive today.

Im starting to look at double bottom and double top reversals - which I have highlighted in as 2. in the image - 2 attempts lower - its likely to move in the opposite direction as Mack and Vance say and Im sure others as well. Just observing and tracking as of now but not taking that trade.


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