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Mike Sullivan Trading Journal
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Mike Sullivan Trading Journal

  #141 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Trade etups for 4/4/2014...

Greetings

2 for 2 finally.
But cut my second trade to 2 tix for it initially went 5 and didn't cash me out.
Didn't want to take a stop out so I adjusted down and banked 2tix.
Plus not to mention ending week on winning note and Friday being funky at imes...
$300 Net after commissions

7:59am... GC +5 Power above Green 15/50MA's
8:58am... CL +2 ABC above Green 15/50MA's


Mike S

Attached Thumbnails
Mike Sullivan Trading Journal-01_gc_040414.png   Mike Sullivan Trading Journal-02_cl_040414.png  
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  #142 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Trade setups 4/7/2014...

Greetings

1 for 3 today down -10tix

Took SIM ledge trade which I'm looking at for incorporate into my trading
thanks to Welly192 on futures.io (formerly BMT)...

9:11am... CL -8 MOM / ABC below Red 15/50MA's
9:23am... GC -7 3LB below Red 15/50MA's
9:33am... CL +5 3LB above Green 15/50MA's
9:54am... CL +5 Ledge SR Long


Mike S.

Added another Ledge S trade on GC....

Attached Thumbnails
Mike Sullivan Trading Journal-01_cl_040714.png   Mike Sullivan Trading Journal-02_gc_040714.png   Mike Sullivan Trading Journal-03_cl_040714.png   Mike Sullivan Trading Journal-04_gc_040714.png  

Last edited by msull35706; April 7th, 2014 at 11:43 AM.
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  #143 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Tradesetups for 4/8/2014...


3 for 3 today

Trade setups today much better in relation to the MA's

When there's too much space/gap from setup candle to closest MA is key
Yesterday had 2 losses with space over 5tix.
Today every setup candle was tied to an MA!!!

Always learning and improving...

7:07am... CL +5 Candle cross above Green 15/50MA's
7:52am... CL +5 Power above Green 15/50MA's
8:21am... GC +5 Candle above Green 15/50MA's

Mike S.

Attached Thumbnails
Mike Sullivan Trading Journal-01_cl_040814.png   Mike Sullivan Trading Journal-02_cl_040814.png   Mike Sullivan Trading Journal-03_gc_040814.png  

Last edited by msull35706; April 8th, 2014 at 10:31 AM.
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  #144 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Trade setups for 4/9/2014

0 for 3 today
FOMC Minutes might be the culprit here!!!
Be careful everyone!!!

8:16am... GC -10 3LB above Green 15/50MA's
9:03am... CL -10 Candle cross Green 15/50MA's
9:30am... CL -6 3LB above Green 15/50MA's


Mike S

Attached Thumbnails
Mike Sullivan Trading Journal-01_gc_040914.png   Mike Sullivan Trading Journal-02_cl_040914.png   Mike Sullivan Trading Journal-03_cl_040914.png   Mike Sullivan Trading Journal-04_cl_040914.png  

Last edited by msull35706; April 9th, 2014 at 11:42 AM.
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  #145 (permalink)
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Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Ledge follow up...

Took Ledge Long on GC.
Again been looking to implement this into my trading plan...

Took snapshot of ledge earlier in session before I started trading
to reinforce the 'look'...

Mike S.

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Mike Sullivan Trading Journal-04_cl_040914.png   Mike Sullivan Trading Journal-05_cl_040914.png  
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  #146 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Trade setups for 4/11/2014...

Greetings

3 for 4 today

3 ledge trades and 1 PB to 15MA trade today...

6:52am... CL +5 Ledge Long
7:06am... CL -7 Ledge Long - -7 for it went 3tix into profit
8:46am... GC +5 PWR/PB to 15MA. Strong rejection candle. FULL body
8:59am... CL +5 Ledge long

Net 8tix or $160 on 3 contracts


Mike S.

FYI: There appeared to be a tix data issue today. Look for price gaps early on.
I leave my system on 24/7 thru week for tix data...

Attached Thumbnails
Mike Sullivan Trading Journal-01_cl_041114.png   Mike Sullivan Trading Journal-02_gc_041114.png  
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  #147 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Another Ledge Short example on GC...

This is as clear of a ledge setup I can show....
ABC setup, might have gone in or not....
When price returned to ABC entry area again, the trade was still in tact
and definitely tradable!!!
The MA's stayed matching RED!!!

This should have been 2 trades, but luv'd how price returned again to go short @ ABC location...

You see these more than you know when you start training your eyes....

MS

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  #148 (permalink)
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Dallas
 
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Posts: 13 since Feb 2014
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Mike, I was able to be in the trading room four days this week and it was a very good week for Mark. The ABC patterns seem very consistent and common if you are patient for those setups. That pattern and maybe one more, say the Momentum Entry, may be sufficient to apply to the 3 markets he watches in order to do very well. Patience in waiting for the ideal, high probability setups seems to be his goal and strength.
The challenge I have wrapping my head around is the risk:reward ratios. At present, there are basically three outcomes for his four contract strategy:
Risk 40 ticks and lose 40 ticks - when the trade fails
Risk 40 ticks to make 10 ticks - when only profit target one is reached.
Risk 40 ticks to make 30 - when profit target two is reached
This obviously requires a higher win percentage, which he tends to achieve.
Unfortunately, needing a higher win percentage will exaggerate the loss outcome for someone new to his strategy that makes mistakes in execution.
Is there any discussion or assistance to adjust the risk:reward parameters for the markets he trades?
I know he uses smaller range charts for ES and the grains, but I would guess the reward is also proportionately reduced and the same issue exists.
I am trying to honestly evaluate his strategy. He seems to have a very reasonable structure from which to evaluate trade setups, and he is always looking to improve and simplify.
Thank you for any assistance.

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  #149 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Risk : Reward


laenxin View Post
Mike, I was able to be in the trading room four days this week and it was a very good week for Mark. The ABC patterns seem very consistent and common if you are patient for those setups. That pattern and maybe one more, say the Momentum Entry, may be sufficient to apply to the 3 markets he watches in order to do very well. Patience in waiting for the ideal, high probability setups seems to be his goal and strength.
The challenge I have wrapping my head around is the risk:reward ratios. At present, there are basically three outcomes for his four contract strategy:
Risk 40 ticks and lose 40 ticks - when the trade fails
Risk 40 ticks to make 10 ticks - when only profit target one is reached.
Risk 40 ticks to make 30 - when profit target two is reached
This obviously requires a higher win percentage, which he tends to achieve.
Unfortunately, needing a higher win percentage will exaggerate the loss outcome for someone new to his strategy that makes mistakes in execution.
Is there any discussion or assistance to adjust the risk:reward parameters for the markets he trades?
I know he uses smaller range charts for ES and the grains, but I would guess the reward is also proportionately reduced and the same issue exists.
I am trying to honestly evaluate his strategy. He seems to have a very reasonable structure from which to evaluate trade setups, and he is always looking to improve and simplify.
Thank you for any assistance.

Laenxin

The system is based on T1 profitability of 5/6 tix. I'd say between 70-80%.
With that, you can profit with initial risk 10tix.
I'd like to chat more with you so pm me or reach out to me.

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  #150 (permalink)
Elite Member
Saratoga, NY USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 790 received

Tradesetups for 4/14/214...


Greetings

2 for 3 today

9:14am... CL +5 Dbl Bounce - session low retest
9:49am... CL -6 3LB above Green 15/50MA's - went 4tix in profit
10:01am... CL +5 SEL [2nd Entry Long] off Trend line

Using a lil Price Action to my trading today...

Simple Bar chart to right is 800tix chart w/21EMA and Auto Trend line indy

Mike S.

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