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Mike Sullivan Trading Journal


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Mike Sullivan Trading Journal

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  #1 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings.
I want to share with you my trading trials and tribulations on moving forward being
a professional Day trader.
I've chosen to use Right Line Trading methodology to accomplish this task.
I want to make this a positive area to help others who might need an added edge
in their trading.
Heck, I'm in that boat but feel extremely positive / motivated that the RLT method can do it for me and
I'm willing to put myself out there to see it materialize.
I also will be trying to qualify for a funded account through TopStepTrader as well along the way
and will be sharing / posting the summary information as well.

Thank you

Mike Sullivan

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  #3 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


Has an Elliott Wave element to it. It's a market structure setup based on Order Flow Asymmetry.

The 'A' is a sign of a beginning of a trend with starting off with 2 consecutive matching Green/Red candles.

The 'B' is always going to be colored purple. This is the turning point bar
where buyers/sellers try to turn the market/trend.

The 'C' is the engulfing candle that states the trend is still in tact.
The engulfment is based on candle body only, not wick.

This setup is best taken on first instance in an up/down trend. That's why you will see me pass on multiple ABC's in current
trend/cycle. Sometimes the 15MA will be on opposite side of the 50MA on setup. In these cases, as long as the 15MA
has matching colors and sloping in the direction of the trade [Green and sloping up for a long / Red and sloping down for a short]

I would / will look to re engage an ABC after a price stall or a trend change that fails and resumes the existing stronger trend.

3 Contract result:
This trade was from 11/27/2013 and went for a total of 14tix.
In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 4tix for a total of 20tix or $200 on 3contracts.

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  #4 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Noted as an Arrow symbol on chart.
In most cases, signifies a minor retracement in an existing trend, usually to the 15MA.
Sometimes a fast moving market will have a Power setup at the 50MA with a deeper retracement.
In both cases, never trade directly into the 15/50MA's. PB to 50MA take if there's enough space between
50/15MA to get your T1 6tix profit. I will post an example of this below.

Again classified as a continuation trade in an existing trend.
Want 15MA to stay color of trade. Green for long / Red for short.

On the 3LineIndicator below chart you have OrderFlow, Stochastic, Momentum from top to bottom.
Stochastic is ok to be off due to the retracement. As long as OrderFlow and Momentum are in direction of trade is all we need.

We look to take the first 2 instances for they are your best chances of profitability with trend.

3 Contract result:
15/50 combo Power Trade:
This trade was from 11/25/2013 and went for a total of 36tix. Classic Pull Back to the 50MA and was rejected.
Created a rejection wick 2 tix above the 50MA and closed below the 15MA. Caught this in beginning of move.

In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 26tix for a total of 42tix or $420 on 3contracts.

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  #5 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Noted as an '+' symbol on chart. Mark calls it an 'X' as well.

We look for price to stall and/or go sideways towards / into the 15MA. Never chase price
for a trade, let it come back towards the 15MA. Sort of a mini sideways channel.
So always wait to engage a trade on a pullback candle. Don't chase trade with multi
Green / Red candles...

3 Contract result:
This trade was from 11/25/2013 and went for a total of 19tix. Price stalled into the 15MA.
The 15/50MA's stayed Green along with the Order Flow and Momentum on 3LineIndicator below.
In addition to the Momentum indicator, you also have an ABC structure as well. An added bonus!

In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 9tix for a total of 25tix or $250 on 3contracts.

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  #6 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Trades are taken with a price move through the 50MA.
So you want at least a 2/3rds piercing or a full bar below of the 50MA to take trade.
The candle body is outlined, yellow for short + blue for long, to show
agreement on all 3 indicators on the 3LineIndicator. Beyond 1 full candle below 50MA that
is outlined is chasing and wait preferably for a Pullback to 15MA.

These usually occur on those fast price action transitions from long to short or
short to long cycles. I find this an easier way to engage a trade rather than
sitting on hands and waiting for a pull back / regression trade to the 15MA

This trade was from 11/26/2013 and went for a total of 19tix.
The 50MA was sloping down most of morning session. There was a brief price move above the 50MA
but didn't last long and came back down in the direction of the trend. This created a nice 3LB setup,
Order Flow, Stochastics and Momentum were in agreement and pulled the trigger!

3 Contract result:
The move went for 19tix.
In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 9tix for a total of 25tix or $250 on 3contracts.

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  #7 (permalink)
 avall38486 
Dallas, Texas
 
Experience: Intermediate
Platform: ninjatrader
Trading: crude oil
 
Posts: 89 since Dec 2011
Thanks: 72 given, 43 received

Mike,
I just looked at your trade from 11/27/13, about 11:30 ( the other thread). Looks very good. I think this looked like a high probability trade setup. Making $200 before 11:30 is indeed nice.

Are you using NT's automated trading strategy to get you out / trailing stop loss ?

Thanks

amin

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  #8 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


avall38486 View Post
Mike,
I just looked at your trade from 11/27/13, about 11:30 ( the other thread). Looks very good. I think this looked like a high probability trade setup. Making $200 before 11:30 is indeed nice.

Are you using NT's automated trading strategy to get you out / trailing stop loss ?

Thanks

amin

Yes Amin.
Would/will use an ATM strategy in NT to manage the trade on multiple contracts.
Keep in mind for me now I'm only trading 1 CL or GC contract.
I was merely showing what one could/can make trading 3 contracts.
I intend to be at that area by mid 2014.
No need to go super fast on adding contracts. The goal is to continue taking
the high probability setups day after day building added confidence and trade without emotion,
especially with the money aspect of trading. Accept the results, repeat the trades and move on.
In time your account will be higher each week / month and that the transition to pro day trader is in place.
For me reaching that status is at least matching and/or exceeding my day job salary.
Ultimately have your major bills paid for like mortgage, car, etc.
Hopefully my journal will capture this transition and if it can help others along this along the way.... GREAT!!!

Mike S.

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  #9 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

Looks good. The setups have good reasoning behind them similar to other effective setups from other "schools" of thought.

I'm just wondering though. Is that volume indicator at the bottom the same as Cory's "volume stop"? Looks awfully similar.

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  #10 (permalink)
emini2000
Atlanta GA USA
 
 
Posts: 278 since Aug 2013
Thanks: 69 given, 268 received


Mike,

Could you explain exactly how the combine process works? Is there any cost to the process?

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  #11 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


emini2000 View Post
Mike,

Could you explain exactly how the combine process works? Is there any cost to the process?

Emini

The combine I'm starting tomorrow is a $30k 20 day campaign.
I chose the 20day for it drops the daily limit to $75 from $150 on achieving
the $1500 profit target.
Cost $175.
Must see the acceptable instruments to trade. Yes, there are limitations.
I'm choosing CL and GC instruments.
You can't exceed $500 daily drawdown limit or a max drawdown of $1500. If you do, you're disqualified from being funded. So keep that in mind. You can still trade out bit if you achieve the $1500 profit, won't matter.
Commissions are a flat $5/contract. Must keep that in mind for the overall.
You can trade upto 3 contracts. You can't have open orders exceeding 3 contracts, otherwise they will be cancelled.
Can't hold positions through the overnight maintenance period. Yes you can trade after hours, just make sure any or all orders are closed prior to the overnight maintenance period. Otherwise all profits with that trade will be removed.

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


Cloudy View Post
Looks good. The setups have good reasoning behind them similar to other effective setups from other "schools" of thought.

I'm just wondering though. Is that volume indicator at the bottom the same as Cory's "volume stop"? Looks awfully similar.

Cloudy

Not sure of Cory's Vol Stop indy being similar to Right Line's....
All I know the indicator is titled RLOrderFlowEntry.
This shows asymmetry in the sense of hi vol at tops/bottoms of candles t take advantage of
in a trap trade, like the ABC formations creating an engulfing 'C' over/under 'B'.
If 'B' has asymmetry associated to it, I can look to take advantage of a decent impulse move
traping those longs/shorts...

I'm sure if you search long and hard enough you will find similarities to Mark's or any other commercially sold
indicator system.

I like the added sense of community with Right Line and feel that in and of itself is worth price of admission.

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 avall38486 
Dallas, Texas
 
Experience: Intermediate
Platform: ninjatrader
Trading: crude oil
 
Posts: 89 since Dec 2011
Thanks: 72 given, 43 received


msull35706 View Post
Yes Amin.
Would/will use an ATM strategy in NT to manage the trade on multiple contracts.
Keep in mind for me now I'm only trading 1 CL or GC contract.
I was merely showing what one could/can make trading 3 contracts.
I intend to be at that area by mid 2014.
No need to go super fast on adding contracts. The goal is to continue taking
the high probability setups day after day building added confidence and trade without emotion,
especially with the money aspect of trading. Accept the results, repeat the trades and move on.
In time your account will be higher each week / month and that the transition to pro day trader is in place.
For me reaching that status is at least matching and/or exceeding my day job salary.
Ultimately have your major bills paid for like mortgage, car, etc.
Hopefully my journal will capture this transition and if it can help others along this along the way.... GREAT!!!

Mike S.


I think you are doing it the correct way. Perfect the trade execution, repeat, rinse, do it one more time. Most of us rookies have never done 100 or 200 trades of the same setup. Thus lack of confidence in our home made methods. If you keep at it you will build a good account. Then, position sizing should be the icing on the cake.

Amin

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  #14 (permalink)
 christo64 
Atlanta
 
Experience: Advanced
Platform: NT7
Trading: GC,ES,CL,6E
 
Posts: 29 since Jan 2011


msull35706 View Post
Has an Elliott Wave element to it. It's a market structure setup based on Order Flow Asymmetry.

The 'A' is a sign of a beginning of a trend with starting off with 2 consecutive matching Green/Red candles.

The 'B' is always going to be colored purple. This is the turning point bar
where buyers/sellers try to turn the market/trend.

The 'C' is the engulfing candle that states the trend is still in tact.
The engulfment is based on candle body only, not wick.

This setup is best taken on first instance in an up/down trend. That's why you will see me pass on multiple ABC's in current
trend/cycle. Sometimes the 15MA will be on opposite side of the 50MA on setup. In these cases, as long as the 15MA
has matching colors and sloping in the direction of the trade [Green and sloping up for a long / Red and sloping down for a short]

I would / will look to re engage an ABC after a price stall or a trend change that fails and resumes the existing stronger trend.

3 Contract result:
This trade was from 11/27/2013 and went for a total of 14tix.
In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 4tix for a total of 20tix or $200 on 3contracts.

Cool stuff Mike. Keep up the good work. If it's one thing I know and have learned the hard way, is that as a trader, the only thing I control is risk. So I have major misgivings about ABCs, 123s, or anything of that sort when trading on shorter time frames. I just think price projection is for the birds and will wind up costing you in the long run. I probably know EW as well as anyone around, and have attempted its use in combination with fibs, etc. and I won't bother telling you the results because it would be embarrassing.

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  #15 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


christo64 View Post
Cool stuff Mike. Keep up the good work. If it's one thing I know and have learned the hard way, is that as a trader, the only thing I control is risk. So I have major misgivings about ABCs, 123s, or anything of that sort when trading on shorter time frames. I just think price projection is for the birds and will wind up costing you in the long run. I probably know EW as well as anyone around, and have attempted its use in combination with fibs, etc. and I won't bother telling you the results because it would be embarrassing.

Thx Christo for your input.
Time will tell as I post and journal the 4 core trading methods on how they work out.
If you saw my postings on the Vendor Right Line Trading thread, ABC's were happening all over the
place for profits.

Mike S.


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  #16 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


avall38486 View Post
I think you are doing it the correct way. Perfect the trade execution, repeat, rinse, do it one more time. Most of us rookies have never done 100 or 200 trades of the same setup. Thus lack of confidence in our home made methods. If you keep at it you will build a good account. Then, position sizing should be the icing on the cake.

Amin

Thx Amin.
My whole intentions of what I'm doing is trial by fire on these core 4 methods.
I'm also working with Mark for Right Line, on a few other added trade setups
that are stalling patterns into the 15MA and that don't have any associated signals
to the qualified bar touching the 15MA

Again, will always keep ya posted here

Mike S.

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  #17 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Emini2000

Just received my combine login info
Check these links out for added insight...

https://topsteptrader.herokuapp.com/combine_rules

T4 - Trading Platform ? Help & Feedback Center

The Platform vids are key since you need to trade of a different trade platform

Mike S.

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  #18 (permalink)
 Jester 
Manassas, VA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninjatrader Brokerage/Continuum
Trading: ES
 
Posts: 36 since Nov 2010
Thanks: 14 given, 29 received

Mike,

I admire your dedication to going all in while learning RLT. Immersing yourself in the material and gaining a good foothold on the core structure of the setups is the best way to start out. For what it's worth my recommendation to you would be to track further details on your trades. Such as MAE, MFE, combined with the trade setups that you are taking. Having these statistics will allow you to further hone your targets and stops. It can be tedious and may seem labor intensive to track all that data but you will be surprised at how having those stats will not only allow you to hone your craft but also adds to your confidence in your method. I have to say I ma intrigued by RLT and Marks offerings.

What kind of insights can you provide regarding the trading room? Is it a free for all, or a casual moderated environment? What is the tone like in the room (traders helping traders or some know it all types)? Are the moderators screens available to bee seen and are the trades taken shown on the screen?

Cheers,
Jester

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


Jester View Post
Mike,

I admire your dedication to going all in while learning RLT. Immersing yourself in the material and gaining a good foothold on the core structure of the setups is the best way to start out. For what it's worth my recommendation to you would be to track further details on your trades. Such as MAE, MFE, combined with the trade setups that you are taking. Having these statistics will allow you to further hone your targets and stops. It can be tedious and may seem labor intensive to track all that data but you will be surprised at how having those stats will not only allow you to hone your craft but also adds to your confidence in your method. I have to say I ma intrigued by RLT and Marks offerings.

What kind of insights can you provide regarding the trading room? Is it a free for all, or a casual moderated environment? What is the tone like in the room (traders helping traders or some know it all types)? Are the moderators screens available to bee seen and are the trades taken shown on the screen?

Cheers,
Jester

Jester

Thx for logging/tracking advice. Much appreciated.
I've never participated in trade room.
I feel what is needed in a trade room if there are defined setups to take.
I start my trading day earlier than the room.
Mark will review charts if you want his advice on them, so to me that's totally worth it!!

Mike S.
BTW: If you reach out to Mark, he will most likely give you a 3 day trial in room to get a flavor on
setups. I would allow you to view my screen thru TeamViewer if need be, or anyone for that matter
if there's genuine interest....

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  #20 (permalink)
shanemcdonald28
new york
 
 
Posts: 355 since Mar 2012
Thanks: 665 given, 580 received

best wishes on combine.

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  #21 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

1st Trade: Aggressive 3LB for 6 tix. Move went 17tix before 10tix retracement for trading mult. contracts.
Aggressive due to a Red 50MA. Felt good about the Price Action. Again, my call on the trade. The strong
angle of the 15MA wasn't bad either. 3LineIndicator was favoring the trade long as well.
This is where the Discretionary judgments are made...

2nd Trade: This is a strat I'm working on above and beyond the core 4 listed above. The 5th setup is
a 3 Bar Stall towards the 15MA [RGR] - Red/Green/Red
...also fired off a Blue Strategy Diamond that will be part of an Auto Strategy setup from RTL coming soon...

2 trades, $120 - $10comm = $110

Need to make $75 for my 20day Combine profit objective of $1500.
Not greedy and stopping for the day!!

Cheers...

Mike Sullivan

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 ttimber 
winchester
 
Experience: Intermediate
Platform: Ninja Trader
Trading: es
 
Posts: 4 since Mar 2011
Thanks: 0 given, 1 received

Mike, I heard awhile back that topstep was going to be adding Ninja Trader as a trading platform. Do you know if that is the case?

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 Jester 
Manassas, VA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninjatrader Brokerage/Continuum
Trading: ES
 
Posts: 36 since Nov 2010
Thanks: 14 given, 29 received


msull35706 View Post
1st Trade: Aggressive 3LB for 6 tix. Move went 17tix before 10tix retracement for trading mult. contracts.
Aggressive due to a Red 50MA. Felt good about the Price Action. Again, my call on the trade. The strong
angle of the 15MA wasn't bad either. 3LineIndicator was favoring the trade long as well.
This is where the Discretionary judgments are made...

2nd Trade: This is a strat I'm working on above and beyond the core 4 listed above. The 5th setup is
a 3 Bar Stall towards the 15MA [RGR] - Red/Green/Red
...also fired off a Blue Strategy Diamond that will be part of an Auto Strategy setup from RTL coming soon...

2 trades, $120 - $10comm = $110

Need to make $75 for my 20day Combine profit objective of $1500.
Not greedy and stopping for the day!!

Cheers...

Mike Sullivan


Nice trading Mike. I like how even though there are clear cut rules for the actual trade setups that there is still a discretionary element as to whether you take those trades or not based on price action. Not just a red light green light system.

Nice going!

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  #24 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


ttimber View Post
Mike, I heard awhile back that topstep was going to be adding Ninja Trader as a trading platform. Do you know if that is the case?

Don't hold your breath on the NT platform being avail.
Trade simple and use the T4 Platform.
Not too bad and stable....
Don't let that stop you from pursuing a funded account.

My 3 cents....

Mike S.

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 avall38486 
Dallas, Texas
 
Experience: Intermediate
Platform: ninjatrader
Trading: crude oil
 
Posts: 89 since Dec 2011
Thanks: 72 given, 43 received

Mike
you are doing great. keep it up. follow the rules.
Amin

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Slow start.

1st Trade: Took a non system PB to what I thought was a resistance area and lost 10tix..
Setup candle was a nice rejection but bottomed -$100 so far

2ndTrade: System Power at 15MA for 6tix
Had you been trading 3 contracts... T1 = 6tix, T2 = 10tix, T3 = 29tix for 45 tix or $450

Prior to Power Entry, missed a GREAT 3LB. Was away from pc at moment.
That was an expensive cup Joe!!!

3rd Trade: ABC failed

4th Trade: ABC Failed.. Went 7tix, going for 10 on 2 contracts.....

Mike S.

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 Jester 
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Slow start.

1st Trade: Took a non system PB to what I thought was a resistance area and lost 10tix..
Setup candle was a nice rejection but bottomed -$100 so far

2ndTrade: System Power at 15MA for 6tix
Had you been trading 3 contracts... T1 = 6tix, T2 = 10tix, T3 = 29tix for 45 tix or $450

Prior to Power Entry, missed a GREAT 3LB. Was away from pc at moment.
That was an expensive cup Joe!!!

Mike S.


Mike this is just my 2 cents here so please take it for what it is worth :-)

I am sure you have some trading experience under your belt which is what lead you to take that 1st trade. But considering you are new to the RLT method and indicators, it may be best served to leave some of your other entries for later in the game until you have gotten a solid handle on when to take the 100% system entries. Adding a bunch of different entries to a system sometimes tends to confuse things and may cloud your judgement when a normal system trade comes up. Not to mention it makes it harder to track your stats when you start tossing some other things in the mix.

In all of my years of experience the one thing I have learned and fully believe in is to learn your systems entries really really well and then after you have built a consistent track record look to add another to your tool belt. RLT already has 4 standard entries which is plenty enough to make a healthy profit from the market ;-)

So again please like I said take it for what it is worth, just trying to impart a little tip that has proven helpful for me and may for you as well.

Cheers,
Jester

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 msull35706 
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Jester View Post
Mike this is just my 2 cents here so please take it for what it is worth :-)

I am sure you have some trading experience under your belt which is what lead you to take that 1st trade. But considering you are new to the RLT method and indicators, it may be best served to leave some of your other entries for later in the game until you have gotten a solid handle on when to take the 100% system entries. Adding a bunch of different entries to a system sometimes tends to confuse things and may cloud your judgement when a normal system trade comes up. Not to mention it makes it harder to track your stats when you start tossing some other things in the mix.

In all of my years of experience the one thing I have learned and fully believe in is to learn your systems entries really really well and then after you have built a consistent track record look to add another to your tool belt. RLT already has 4 standard entries which is plenty enough to make a healthy profit from the market ;-)

So again please like I said take it for what it is worth, just trying to impart a little tip that has proven helpful for me and may for you as well.

Cheers,
Jester

Steve

Thx so much for your input!!!
You hit t right on the head!
This is what it's all about.. Traders helping traders.
Leave egos to the curb and offer sound advice.
I took some later trades that failed....
But you learn from your worse trading days.
I will regroup and get back on the horse and move forward

Many thanks

Mike Sullivan

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 Jester 
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Steve

Thx so much for your input!!!
You hit t right on the head!
This is what it's all about.. Traders helping traders.
Leave egos to the curb and offer sound advice.
I took some later trades that failed....
But you learn from your worse trading days.
I will regroup and get back on the horse and move forward

Many thanks

Mike Sullivan

No problem my friend! Believe when I say I have been down the road of hard knocks and have recieved my share of black eyes from the market

So if ever there is a chance for me to learn something or give something back I am all for it. Just as you said "traders helping traders"

Cheers,
Steve

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 msull35706 
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Took 2 system trades today on 2 contracts and netted $240
Nice recovery day.

1st Entry: First PB to 15MA with matching RED 15/50MA's. Classic Power Entry
Went for 18tix total so got my 6 + 10 tix for $160

2nd Trade: 2nd PB to 15MA [Strat signal]. Stalled twice at 6tix so I took 5tix on 2 contracts
for 10tix total or $100

No Mike Sullivan made up trades today!!!!

Thx for the board's support on just take system trades.
The strat trade is similar to the Power Entry which is based on a PB to the 15MA with trend

Mike S.

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 pedalon 
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No Mike Sullivan made up trades today!!!!


Good job Mike!!

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 Jester 
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Took 2 system trades today on 2 contracts and netted $240
Nice recovery day.

1st Entry: First PB to 15MA with matching RED 15/50MA's. Classic Power Entry
Went for 18tix total so got my 6 + 10 tix for $160

2nd Trade: 2nd PB to 15MA [Strat signal]. Stalled twice at 6tix so I took 5tix on 2 contracts
for 10tix total or $100

No Mike Sullivan made up trades today!!!!

Thx for the board's support on just take system trades.
The strat trade is similar to the Power Entry which is based on a PB to the 15MA with trend

Mike S.

Now that's the way we do it! Just rinse and repeat

Cheers,
Steve

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 msull35706 
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Now that's the way we do it! Just rinse and repeat

Cheers,
Steve

Many thx again on your words of wisdom!!!

Mike S

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 msull35706 
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Greetings

No trades for me today due to my Day Job!!!

Share some charts are welcomed here!!!

Thank you

Mike S.

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 msull35706 
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Some nice setups if you were patient.
That's what I'm trying to learn and stay on that path.

Trust the PB's to the 15MA with trend or matching 50MA color...
3LB, very nice...
1st ABC in cycle trend....

These repeat each day!!!

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 Jester 
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If you were patient.
These repeat each day!!!


Mike this is the meat of what you just posted. I like how you went back and reviewed the trades for today that would have taken place if you were there. Rinse and repeat this is what we say and this is what consistency is all about. If you keep changing things, keep chasing a magic indicator or keep trying something new then how are you ever going to be consistent.

I mean hell if you are consistently losing taking the same trade setup at least you are being consistent and can look at what you are doing based on your track record.

Remember what you have posted here today and internalize this. For it is from within that the holy grail exists and will make itself known to thee...

Cheers,
Steve

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 Jester 
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Mike this is your thread and I respect that so I am only posting this here because you said it's ok. I'm not going to make a habit of it but I am going to show you a few trades between yesterday and today.

A quick note. I have been trading the forex market exclusively and I tend to focus on the AUD/USD. I am starting to look at the CL to add to my portfolio. I don't focus on all forex pairs mainly the Aussie.

So here are a few charts showing the last couple of trading sessions.

Cheers,
Steve




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 avall38486 
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Mike,
You are doing very well. Keep up the journal. You are getting to the essence of successful trading. Keep it simple, look for the same setups. Soon you will be trading the same setups spontaneously.

It is great to see Steve has the same software.

Amin

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 msull35706 
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1 and Done...
Got 13tix on 2 contracts.
With the T4 Dom, price moved too fast for my 6 + 10 targets and just flattened my
position when it was north of $200...
Sometimes it's nice to be lucky... Not giving that profit back!
End the day / week positive!!!

Mike S

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 Jester 
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msull35706 View Post
1 and Done...
Got 13tix on 2 contracts.
With the T4 Dom, price moved too fast for my 6 + 10 targets and just flattened my
position when it was north of $200...
Sometimes it's nice to be lucky... Not giving that profit back!
End the day / week positive!!!

Mike S

Nice trade Mike! It is certainly nice to just take on the 1 and done trades

You have also done yourself well by setting a daily goal. This is a great rule that really helps play into preventing yourself from over trading and helps to build confidence in your psychology.

Nicely done!

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 msull35706 
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Nice trade Mike! It is certainly nice to just take on the 1 and done trades

You have also done yourself well by setting a daily goal. This is a great rule that really helps play into preventing yourself from over trading and helps to build confidence in your psychology.

Nicely done!

Steve what helps as well is my attempt in qualifying for a TopStep $30k trading combine.
Need to achieve a $1500 profit objective over 20 trading days.
That averages out to $75/day. So anything above that for me is totally fine in achieving
that goal.
I do stop with 2 full stop outs of 10tix each...

Mike S.

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 Jester 
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Steve what helps as well is my attempt in qualifying for a TopStep $30k trading combine.
Need to achieve a $1500 profit objective over 20 trading days.
That averages out to $75/day. So anything above that for me is totally fine in achieving
that goal.
I do stop with 2 full stop outs of 10tix each...

Mike S.

It's funny you mention it like that. I have seen others who were moving down a road of consistent profits, until their was an added pressure on them from an outside source. Like trading a fund or something of that nature. So I am happy to see that for you it is more of a motivator and keeping you in check vs having the opposite effect and causing you to make bad decisions or start creating bad habits.

I'm going to have to look into this combine thing more closely. I only know at a high level what it entails but it could be a path I may consider.

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 avall38486 
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msull35706 View Post
1 and Done...
Got 13tix on 2 contracts.
With the T4 Dom, price moved too fast for my 6 + 10 targets and just flattened my
position when it was north of $200...
Sometimes it's nice to be lucky... Not giving that profit back!
End the day / week positive!!!

Mike S

Mike,
I am not familiar with the rules for RLT, but can you take a trade with the 15 MA is still yellow ?
Amin

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 msull35706 
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Mike,
I am not familiar with the rules for RLT, but can you take a trade with the 15 MA is still yellow ?
Amin

Amin

The trade I took today was a discretionary trade but the slope of the rising 50MA
and coming off and ABC structure trade made it easier to make that decision to go long
on that 3LB trade.
Again in a perfect world you'd want to take all trades with matching tone on 15/50MA's
but trading isn't perfect.
Once you view enough charts, you'll start to develop a fell to pull the trigger on a trade.
Right Line visually helps me qualify a trade but ultimately it's the individual's decision to pull
the trigger.

Mike S.

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 Jester 
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Amin

The trade I took today was a discretionary trade but the slope of the rising 50MA
and coming off and ABC structure trade made it easier to make that decision to go long
on that 3LB trade.
Again in a perfect world you'd want to take all trades with matching tone on 15/50MA's
but trading isn't perfect.
Once you view enough charts, you'll start to develop a fell to pull the trigger on a trade.
Right Line visually helps me qualify a trade but ultimately it's the individual's decision to pull
the trigger.

Mike S.

Someone once said discretion is the better part of valor. Which means it's good to be brave but prudent to be careful.

Amin If you look at Mike's last 13 tick trade it was a long entry on the completion of the ABC formation. The 15 was above the 50 but yellow, 50 was green and sloped upward. So while it wasn't the prettiest entry as MIke said after you have had some chart tim you can see where the market will sometimes follow through. This comes with knowing the personality of the security you trade.

Here is an example that shows the same thing but only this is where I chose to not take a trade even though the signal was there.

ON the RLT chart you will see a nice power bar entry. At the close of the bar with the arrow everything was in line. However there was only 5.5 pips of space form entry to the current high of the day (HOD) and look at the hour before it was a slow jagged move up to a previous bounce off the HOD.

Seeing how the recent price action has already responded to the HOD combined with the jagged move up and the lack of room for my trade to move I shoe to pass on this trade. I also included a 60 min chart of the same thing and you can see how the jagged move on the RLT chart is the Doji on the 60 min.

So the lesson here is do not blindly follow every signal that comes along. Pay attention to the recent events that have already occurred to help guide your decision making process.

Cheers,
Steve



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 walker 
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Does the yellow color in the 3-line indicator mean neutral?

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 avall38486 
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Steve & Mike,
I see your point of view. Thx
Amin

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 msull35706 
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walker View Post
Does the yellow color in the 3-line indicator mean neutral?

Walker

I believe it's safe to say Yellow is neutral.
I've only owned it for just over a week and haven't seen yellow in the indicator until a recent update to the
indicator package.
Here's a screenshot of a recent webinar describing the colors... Yellow isn't one of them.

Mike S.

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 Daytrader999 
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@msull35706:

Nice journal and a very interesting approach as well.

Keep up the good work and stick with the four core setups of your method.

I'm looking forward as you progress with your journal, and I wish you best of luck for your ongoing TST Combine !

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 msull35706 
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@msull35706:

Nice journal and a very interesting approach as well.

Keep up the good work and stick with the four core setups of your method.

I'm looking forward as you progress with your journal, and I wish you best of luck for your ongoing TST Combine !

DT

Many thx for your kind words.

Will do my best.

Have you figured out ATM strat like in Ninja to be used in T4 platform?
That DOM is a bit of a challenge for me but still want to pursue a qualification
of a funded TopStep account.

Are you still using BDT method?

Mike S.

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 Daytrader999 
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msull35706 View Post
DT

Many thx for your kind words.

Will do my best.

Have you figured out ATM strat like in Ninja to be used in T4 platform?
That DOM is a bit of a challenge for me but still want to pursue a qualification
of a funded TopStep account.

Are you still using BDT method?

Mike S.

You're welcome !

I never looked more deeply into T4 platform since I still don't give up my belief that TST will get NT up and running for the combine sometime...
So I didn't look for a similar strategy manager like Ninja's ATM either.

And yes, I'm still using BDT method and I'm planning to use it in a possible combine as well.

Currently I'm also working on the process of getting a decent understanding of order flow techniques by using Order Flow Analytics OFA / Ninja (free) service.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 msull35706 
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Daytrader999 View Post
You're welcome !

I never looked more deeply into T4 platform since I still don't give up my belief that TST will get NT up and running for the combine sometime...
So I didn't look for a similar strategy manager like Ninja's ATM either.

And yes, I'm still using BDT method and I'm planning to use it in a possible combine as well.

Currently I'm also working on the process of getting a decent understanding of order flow techniques by using Order Flow Analytics OFA / Ninja (free) service.

Great DT

I'd like to see your progress on that.
I had OFA prior to the Ninja integration. A little over my head.
Keep me/us posted.
I also have BDT and wasn't able to get the consistency....
So far, off to a good start with Right Line....

Mike S.

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 avall38486 
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Hi Daytrader 999,

what is the BDT trading method ?

thanks

Amin

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 Daytrader999 
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Hi Daytrader 999,

what is the BDT trading method ?

thanks

Amin

Hi Amin,

BDT = Boomerang Daytrading System.

You can take a look at my journal thread to see some details and screenshots concerning the BDT system:


"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 msull35706 
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Tough day!!!
Took 2 setups and limited my losses...

1st Trade: 3LB that stalled

2nd Trade: Strat Green 15/50MA.. Stalled

Done for day...

Some days are going to be like this. Don't kill your account
and revenge trade!!!
Tomorrow is another day.

Mike S.

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 Daytrader999 
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msull35706 View Post
Tough day!!!
Took 2 setups and limited my losses...

1st Trade: 3LB that stalled

2nd Trade: Strat Green 15/50MA.. Stalled

Done for day...

Some days are going to be like this. Don't kill your account
and revenge trade!!!
Tomorrow is another day.

Mike S.

Hi Mike,

sure, some days you better stay in bed all day long rather than to trade one single contract on any instrument.

So, when I take a closer look at your trades today, is it possible that you moved your stops perhaps a little bit too early on both trades ?

I might be wrong, but having that said, IMO both trades could (or would) have been winners if you've had left your stops at -10, never touched them and let the trades develop...


Just my $0.02.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 msull35706 
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Daytrader999 View Post
Hi Mike,

sure, some days you better stay in bed all day long rather than to trade one single contract on any instrument.

So, when I take a closer look at your trades today, is it possible that you moved your stops perhaps a little bit too early on both trades ?

I might be wrong, but having that said, IMO both trades could (or would) have been winners if you've had left your stops at -10, never touched them and let the trades develop...


Just my $0.02.

Hey DT

The 1st trade would have been a complete 10tix loss so I saved 5tix on that.
2nd trade.. yes.. would have worked out.

Its just the price action was so ugly that I just couldn't take a potential full stop out.
If I left alone, would have had my 6+10tix and would have ended positive.

Hey, live to trade another day!!!

How you do today?

Keep posting charts on your thread and/or here...

BDT has alot of similarities in my opinion and we can help other traders visiting both our threads..

my .03cents...

Mike S

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 Jester 
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msull35706 View Post
Tough day!!!
Took 2 setups and limited my losses...

1st Trade: 3LB that stalled

2nd Trade: Strat Green 15/50MA.. Stalled

Done for day...

Some days are going to be like this. Don't kill your account
and revenge trade!!!
Tomorrow is another day.

Mike S.

Nice trading Mike. It would be helpful if you could markup where you entered and where you exited on your charts so others can identify the entry/exit.

I can see what Daytrader means by leaving your stop in place. However I will leave you with some food for thought.

If your trading plan calls for an initial stop of 10 ticks calls for it to tighten up after x number of candles or x amount of time or x amount of ticks then follow your plan.

A good trade = a trade (win or lose) that you enter and exit based on your rules

A bad trade = a trade (win or lose) that is entered and exited outside of your rules.

The old adage goes plan your trade and trade your plan. Yes there are times when you need uneed to make some modifications but the principle still applies.

Cheers,
Steve

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 Jester 
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I also noticed on your charts that the entry/exit times on the trade history do not match the time on the charts

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 msull35706 
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Jester View Post
I also noticed on your charts that the entry/exit times on the trade history do not match the time on the charts

Steve

The Fills from TopStep are Chicago time...
So it's 1hr less...

Agreed on keeping to the plan

Mike S.

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 petep1234 
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Mike,
Interesting thread

I made a somewhat replicable version of Right Line Trading (I'll call it Wrong Line Trading )
Using a 15 period ALMA ( arnaud legoux moving average) and 50 period WMA. (I use Sierra Charts)

I see the 3LB trade you took and my thoughts is that had you stayed the course, you would not have entered the second trade but rather fulfilled the objective on the 3LB and on 3 contracts made 34 Ticks.

Just food for thought

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 msull35706 
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petep1234 View Post
Mike,
Interesting thread

I made a somewhat replicable version of Right Line Trading (I'll call it Wrong Line Trading )
Using a 15 period ALMA ( arnaud legoux moving average) and 50 period WMA. (I use Sierra Charts)

I see the 3LB trade you took and my thoughts is that had you stayed the course, you would not have entered the second trade but rather fulfilled the objective on the 3LB and on 3 contracts made 34 Ticks.

Just food for thought

PeTep

Nice.. WLT reference....
The 3LB trade was 1 candle later than you posted entry.
The 3LB must have 2/3rds penetration thru the 50MA, hence the second outlined candle. The would have stopped me out for sure by a tix or two.

2nd trade i received a 1 tix slip and when it was coming back against me, I just got annoyed and stopped myself out.

Since the NY Exhg was closed due to weather, which I wasn't aware of, made trading today dull and tough.

Will be back at it tomorrow!!!

Thx for your input and keep it coming.

Much appreciated.

Mike S.

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 petep1234 
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WLT, I like it

I assumed you entered on the close of C Bar was my thoughts.

Was there a reason you didnt enter earlier on the downmove, momentum or did the criteria say NO?

-pete

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 msull35706 
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petep1234 View Post
WLT, I like it

I assumed you entered on the close of C Bar was my thoughts.

Was there a reason you didnt enter earlier on the downmove, momentum or did the criteria say NO?

-pete

Pete

I got consumed in the outlined bar which signifies a 3LineBreak candle entry.
Just need a candle that clears the 50MA by 2/3rds. So I waited for the next candle.
Yes, had I entered on prior / ABC would have been able to ride it out...

The price action was extremely slow and dull...
Not making excuses but should have known better to shut down after staring at screen for 2.5hrs and no qualified trades...

Mike S.

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 Daytrader999 
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msull35706 View Post
Hey, live to trade another day!!!

How you do today?

Keep posting charts on your thread and/or here...

BDT has alot of similarities in my opinion and we can help other traders visiting both our threads..

my .03cents...

Mike S

Hey Mike,

yep, you're right ! I ALWAYS live to trade another day.

Got quite late back home from work yesterday, so due to lack of concentration I consequently didn't trade according to my plan.

Since I'm still at work right now, I couldn't resist looking into my VPS and just took a trade in NQ with BDT...
It was a standard second entry on the second leg of the uptrend, and I took my 3 points using a 10 tick stop.
...Too bad I missed the first move, but as I already mentioned I'm still working on my dayjob...

So, since you recently suggested posting a chart, here you go...



"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 Daytrader999 
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@msull35706:

Mike, here's my second NQ trade for today...and although it was kind of risky because it was counter-trend, the trade played out fairly well and quite fast without giving me too much of heat.

BTW, only for comparison, I would appreciate if you could provide an RLT chart of today's NQ session as well since it's not my intention to your journal but to compare two (similar) systems...



"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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 msull35706 
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Daytrader999 View Post
@msull35706:

Mike, here's my second NQ trade for today...and although it was kind of risky because it was counter-trend, the trade played out fairly well and quite fast without giving me too much of heat.

BTW, only for comparison, I would appreciate if you could provide an RLT chart of today's NQ session as well since it's not my intention to your journal but to compare two (similar) systems...



Great Chart DT

No Trades for me today for there was issues with my T4 trading DOM so today ended up a NON event...

No worries on the Hijacking part for I do see a few parallels between the 2 systems.

Will post a NQ RLT chart soon for today's action...

Mike S.

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 msull35706 
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Took 2 ABC engulfing trades today with only 6tix target on 2 contracts ea.
With inventory report due out today price action can be tricky.
Prices were gravitating between 10tix SR areas I made on chart with assistance of the Pivot Indy
of Right Line...

Not greedy...

Mike S.

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 Jester 
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12 ticks is a great way to start the day. You hit it right on the nose, get to first target don't be greedy and everything else is gravy :-)

Sent from my SCH-I535 using Tapatalk

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 msull35706 
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No trades today

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 msull35706 
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Greetings

Been absent due to day job lately...

Going away for a day for some RnR... but got in a trade this morning.

Power Entry PB to the 15MA for 6tix on 2 contracts.
I had a resistance line made at 52 and got in @ 97.44

1 and done !!

Mike S.

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 msull35706 
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2 trades and done...
For qualifying for the combine, I will take profits earlier...

My condensed summary is off on its account total due to rogue trades I didn't take.
I will post the End of Day summary after 5pm

Trade 1: PB to 15MA with 3ineIndicator in confluence

Trade 2: 3 Bar stall towards 15MA and above support. resistance being tested and strong 15/50MA's


Mike S.

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 msull35706 
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1 trade thus far for 6tix on 2 contracts. +12tix total
Pretty much a range day...

Power Entry PB to the 15MA
Only went for 6tix due to swing point above...

Patience!!!

Mike S

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 msull35706 
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Received a gift on a small breakout above 99.34 for 6tix scalp on 2 contracts.
Was a lil nervous for I did have 1ti neg slip on entry...

ABC structure setup

In addition, on 15M chart, broke dbl top @ 99.34 which made the ABC even stronger

1 and done.

Vol still very lite!!

Mike S

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 Sazon 
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msull35706 View Post
Received a gift on a small breakout above 99.34 for 6tix scalp on 2 contracts

ABC structure setup

In addition, on 15M chart, broke dbl top @ 99.34 which made the ABC even stronger

1 and done.

Vol still very lite!!

Mike S

Very nice trading Mike

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 msull35706 
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msull35706 View Post
Received a gift on a small breakout above 99.34 for 6tix scalp on 2 contracts.
Was a lil nervous for I did have 1ti neg slip on entry...

ABC structure setup

In addition, on 15M chart, broke dbl top @ 99.34 which made the ABC even stronger

1 and done.

Vol still very lite!!

Mike S

TopSepTrader Summary at half way point on 20 day campaign

No trades for Friday, 12/27/2013. Had to leave before some nice price action arrived.
Ohh well....
No $$$ losses


Mike S.

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 msull35706 
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Tough trading day today.
Took 2 trades...
Won 1, lost 1 for a net neg -$100 for day...

Still in Holiday mode as far as price action....

Mike S.

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 echoeversky 
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msull35706 View Post
Tough trading day today.
Took 2 trades...
Won 1, lost 1 for a net neg -$100 for day...

Still in Holiday mode as far as price action....

Mike S.

this happened.. doh. The price action between the arrows I thinks matches up with your image..

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 msull35706 
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Greetings

2 trades today

1 Momentum trade for 16tix on 2 contracts

1 60MIN reversal BO candle for 12tix on 2, just a scalp trade
This is something I've been looking at from a pure Price Action stand point

+$250 for day, incl commissions

Mike Sullivan

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 msull35706 
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Took 2 trades today based on Mack methodology - 2nd Entry Long/Short [SEL / SES]
Look for trap opportunities which I did on 2nd trade...

19tix or $190 in total... $170 after commission

Sometimes think outside the box from Boom and Right Line

Mike S

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 msull35706 
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Greetings

2 trade opportunities on CL today with Right Line methodology

1st trade was too fast for me to get aboard and the 2nd trade was beyond my trading time...

No complaints...

Need to sharpen my pencil better... Should have caught the 1st...

No $$ lost on NO trades...

There's bee a slight change to setup criteria...

Safety Zone trade. With a qualifying candle that opens within 16tix on the 50MA should be taken....
Any outline candle, either a 2line or 3line Break. Matching 15/50MA tone [Red/Red... Green/Green]

These appear to be higher probability trade setups....

Mike S.

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 msull35706 
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1 and done for day.

Waited patiently for CL to break out of chop area.
Took trade in SafetyZone, within 16tix of 50MA, and was an outlined candle.
I find engaging trades like this is hi probability.

Tough day due to blizzard conditions in NYC

Mike S.

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Umberto
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@Mike: great Job

i miss your Account-Sheet

Thomas

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 msull35706 
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3 trade setups
Fit all criteria of Matching 15/50MA's
Outlined candle either 2/3line Break
Candle within the safetyzone area 16tix from 50MA

only took the CL trade for 6tix scalp on 3contracts or 18tix [$180]

In a scalping mood today.. hey.. nice results

Showed Nat Gas [NG] chart as well. Nice trades on both for sure...

Mike S.

BTW... For the trading record.. trades on Jan 10,13,16 are no reflection of Right Line Trading.
I went off to try engulfing / pin bar setups on larger timeframes.... STUPID!!!!
Totally committed to Right Line going forward.

Just say 'NO' to all those unsolicited trading emails WE all receive!!!

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  #85 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 scalps... +270 less commission
+240 Net

Done for day and enjoying the arctic cold here in North East!!!

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Couldn't help myself on this trade.
Now I'm officially done!!!
Just another scalp for 6tix

Conservative entry. All in alignment

Green 15/50MA's
Trade candle within safezone 16tix of 50MA
Outlined candle.. 3linebreak

Take trade!!!

MikeS.

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  #87 (permalink)
Umberto
Freiburg, Germany
 
 
Posts: 22 since Apr 2013
Thanks: 100 given, 21 received

@Mike: where was your STOP by the last Trade?

thx
Thomas

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  #88 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


Umberto View Post
@Mike: where was your STOP by the last Trade?

thx
Thomas

Thomas

All trades start out 10tix risk

Mike S

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  #89 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Traded 10 setups starting at 7:00am NY Time
Took 4 NG trades and 6 CL trades
Using conservative method of:
15/50MA's matching color
Trade develops with 16 tix of 50MA [SafeZone]
Outline Candle - either 2/3 line
Stronger slope 15MA in direction of trade

There was 1 exception on trade today that I noted on chart.
I took a short against a Green 50, but the 15MA was strong RED...

Gross Profit today was $590
Less $200 commission on 10 trades/4 contracts
NET $390

Went with a 5tix scalp target with 7tix risk.
I've been finding that 6tix is comfortable pb on trade so 7tix gives cushion.
Also feel that going for 5tix generates higher probability on tight moves...
7 for 10 or 70% on my return today was pretty nice

Thoughts?

Just trying to keep things simple... KISS method!!!

Mike Sullivan

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

No trades yesterday due to day job.

Today 2 CL trades for 5tix scalp each and done in less than 30min...
This is what's great about trading. Some days last for hours while others can be minutes...

I'm treating myself today for a quick day!!!

2 conservative trades with Matching 15/50MA's [Green], 15MA was committed to the direction long
both candles were outlined [3lineline break on both], and both were within the safe zone.
Second trade just started at the 16tix area.

Thoughts?

Mike Sullivan

PS: Will be starting another TopStep Combine next week for $50k

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Another fast trade day.
Some days they just hit and need to take action on them.
1 aggressive trade on CL, but with 3LinBreak candle and steep RED 15, i took a shot
All within the conservative trade guidelines...

3 Trades... 3 Wins... $600Gross... $540 Net after commission

What was nice was 1 trade each on CL, NG, GC

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Started out 2 stop outs and strung 4 winners in a row!!!
Good time to stop and end day positive

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

3 Trades today... +$170 NET
1st trade on NG looked better at time of entry...
got out 1tix loss

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 for 5 today!!!
Unfortunately my last NG trade, which I'm not showing, was a mistake and took
a 10tix hit of -$400

But it's all about surviving to trade another day and keep at it!!!

Mike S.

1st CL trade was a Pull Back [PB] to the 50MA for a long.
Will be looking more at these setups and building confidence in them for they are a hi
probability...

Thank you

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

What a difference a day makes!!!
3 trades.. 3 Winners!!!
My 2nd trade on NG had 1 tix slip so only went for 4tix
$500 Net for the day!!!

Took conservative trades and incorporated new Indicator Suite from Right Line.
Looking for 15MA slope to be > 1.371 for acceptable entries....

Again, work in progress on slope, but so far I like it!!!

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

6 trades... +$200 Net

Not sure how I lost on 1st / 2nd GC trades, but started down -12tix
Keep in mind my trades are not off Ninja Trader it's thru T4 DOM w/TopStep
I do like the T4 but still have a bad trade execution now and again. All on ME!!!!
Kept my composure and strung 4 winners in a row!!!

Mike S.

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Umberto
Freiburg, Germany
 
 
Posts: 22 since Apr 2013
Thanks: 100 given, 21 received

Hi Michael,

"T4 DOM" is this a Part of NT ?

Thx
Thomas

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  #98 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done!!!

Both CL trades....

1st.. ABC just above 50MA... risk 10tix.. felt good about trade

2nd... 3LB [3LineBreak] above 50MA... risk 10tix. Again felt good about taking on added risk from 7tix

Net $360 after commission...

Mike S.

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  #99 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


Umberto View Post
Hi Michael,

"T4 DOM" is this a Part of NT ?

Thx
Thomas

Thomas

T4 is part of TopStepTrading trading platform.
Even though I occasionally have entry issues on that, I actually like it
better than NT.
Mainly that once orders are placed, it's on the exchange if power or internet goes out!!!

But TopStep does now have NT avail to trade off..

Just a renewed preference I have.

Again my trading is basic.. All-in.. All-out....

MS

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 for 4 today
-$400 Net

Even though losing day.. can't win em all, was still happy with entries I took

If I was able to trade longer, most likely could have turned day around....

MS

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