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YM scalping


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YM scalping

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  #1 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received

Hello; I'd like to share my scalping system for e-mini Dow. Basically I'm using range bar charts and few indicators.

My platform is Ninja Trader and my data feed is Rithmic. I have a live account so no fake simulation orders.

The setup is EMA 8; EMA 30; MACD standard settings with 3 range bar chart.

I'm using range bar because of a better filtering. Alongside I'm also using 1 minute chart with WMA 50 to see a better current trend. My entry is @ cross of EMA's; but I don't go against the trend on a 1 min chart.

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  #3 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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Another trade with my scalping system.

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  #4 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received

Today during the EU trading the YM is really ranging (many important news released). No matter what signals my system gives me during such a period I only ignore it. Once the market is flat (in a range) I don't trade until I see some breakout on a higher timeframe.

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  #5 (permalink)
 torroray 
Malaysia
 
Experience: Beginner
Platform: Multichart DT
Broker: MB Trading
Trading: Fx
 
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Posts: 273 since Nov 2009
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Hi,

Are there enough liquidity to trade during EU time?

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  #6 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received

Hi, mostly there is enough to make few ticks (4 ticks per trade, maybe 3 trades before US open). With higher volatility (important news, US open) I receive many false signals so I avoid trading during that time. So I trade this system during the EU session and then 4PM GMT till US market close.

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  #7 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received

Again the YM is in range during the EU session. There's Jobless Claims data coming in almost 5 hours. System showes me many signals to enter a trade, but I have to wait for a clear breakout. Right now it is jumping from 16304 to 16285.

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  #8 (permalink)
monty1
delhi,india
 
 
Posts: 5 since Apr 2014
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renko and heiken ashi combine is also useful for scalping..

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  #9 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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sorry, what do you mean " incorporate cash indices in your charts and trading decisions"?

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  #10 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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I'm using this system on my range bars chart along with another 1 minute chart and 15 minute chart. The range bar chart is showing me signals to enter trade (long or short) but mostly I'm trying to use pure price action on my 1 minute chart with only S/R. But the system alone works just great, but if it is really busy on the market the system is useless. It gives many signals and many are just false. So it is better to use this system when it is quiet, but not too quiet

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  #11 (permalink)
 torroray 
Malaysia
 
Experience: Beginner
Platform: Multichart DT
Broker: MB Trading
Trading: Fx
 
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Posts: 273 since Nov 2009
Thanks: 52 given, 61 received

I observe that Ym started to move around 6 am before US open after you post the range period.

Does this occurs frequently?

What sort of volume trading during that time?

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  #12 (permalink)
maskanikali
malmo sweden
 
 
Posts: 11 since May 2013
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mikorn83 View Post
Again the YM is in range during the EU session. There's Jobless Claims data coming in almost 5 hours. System showes me many signals to enter a trade, but I have to wait for a clear breakout. Right now it is jumping from 16304 to 16285.

You quote the 15 min chart - How do you utilize it. Perhaps to check overall trend on a higher time frame ?

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  #13 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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yes, I use it to see a trend on a larger timeframe and also to see support/ resistance levels.

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  #14 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received


torroray View Post
I observe that Ym started to move around 6 am before US open after you post the range period.

Does this occurs frequently?

What sort of volume trading during that time?

The volume is usually lower during the EU session, but mostly there are 2 or 3 opportunities to scalp for 10-15 ticks. If there's some major news coming from US than I don't trade because the volume is close to zero for YM and I have to wait for US session. But mostly it is good enough to make few trades before US open. I also tried to use this system on NQ and FDAX. With Nasdaq the volume is completely low to trade before US open and with FDAX it is not good, the volatility is high and this system just showes me many false signals () maybe it could work for somebody, but not for me). For my live trading I use it only for mini DOW. My SL is 6-8 ticks so I risk just $30 to $40 per trade and I go for 10 to 15 ticks during the US session. While trading in the morning EU session my SL is 4-5 ticks and I go for 5 to 6 ticks profit target.

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  #15 (permalink)
 torroray 
Malaysia
 
Experience: Beginner
Platform: Multichart DT
Broker: MB Trading
Trading: Fx
 
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Posts: 273 since Nov 2009
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Please post more pre US open charts.

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  #16 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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torroray View Post
Please post more pre US open charts.

sure I will

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  #17 (permalink)
 torroray 
Malaysia
 
Experience: Beginner
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Do you have any problem when sending orders to the exchange since you in Europe.

Does the lag make it worse when a major news event about to release?

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  #18 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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torroray View Post
Do you have any problem when sending orders to the exchange since you in Europe.

Does the lag make it worse when a major news event about to release?

No, I don't have a problem since I use 100gb/s internet connection which is great but veeeery expensive. And it doesn't lag during major news. It's all ok, but to be honest I've used a free trading platform from OEC before and there was a big problem during news and also just when the US market opened. Now I use NT with Rithmic data feed and it is ok. But I'm thinking to use for order execution the X trader PRO platform.

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  #19 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received

My range bar system showes me few possible trades before 7am GMT while the 1 min chart showes nothing clear. It is just an example between a time based chart and a range based chart. I never trade before 8am GMT as the volume is very low. I'm always waiting for the EU market open. The best trading time with my system for mini DOW is 11.30 GMT to 17.00 GMT. At least that works for me lately.

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  #20 (permalink)
 kronie 
NYC + NY / USA
 
Experience: Advanced
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mikorn83 View Post
My range bar system showes me few possible trades before 7am GMT while the 1 min chart showes nothing clear. It is just an example between a time based chart and a range based chart. I never trade before 8am GMT as the volume is very low. I'm always waiting for the EU market open. The best trading time with my system for mini DOW is 11.30 GMT to 17.00 GMT. At least that works for me lately.

nice pictures...

so in that scenario, do you, using the 3 tick no range gap bars (which artificially represents live action), as a strategy to scalp,

wait until the range turns, either on the high side or the low side and then scalp opposite direction?

or do you wait until the range (two parallel lines drawn on chart) is broken, whether top-side or low-side and join in for a range trade?

just curious, how to apply your approach?

incidently, I used to use that method, and I know it works, just not that easy to say how I did what I do!

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  #21 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received


kronie View Post
nice pictures...

so in that scenario, do you, using the 3 tick no range gap bars (which artificially represents live action), as a strategy to scalp,

wait until the range turns, either on the high side or the low side and then scalp opposite direction?

or do you wait until the range (two parallel lines drawn on chart) is broken, whether top-side or low-side and join in for a range trade?

just curious, how to apply your approach?

incidently, I used to use that method, and I know it works, just not that easy to say how I did what I do!

Basically what I do is, I draw lines for psychological levels (mini Dow for example - 16000, 16025, 16050 etc) on 1 min chart. And I'm watching how the price evolves, if there's an uptrend and it approaches one of these levels I'm looking to buy. Than I check my range bar system and if it gives me a signal to buy I go long. In the morning (EU session I go for 3-4 ticks), during the US session i go for 7-10 ticks. It is the simplest way to explain how I do it It's easier to show, than write Perhaps I should record a short video and to upload it here

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  #22 (permalink)
 kronie 
NYC + NY / USA
 
Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
 
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Posts: 798 since Oct 2009


mikorn83 View Post
Basically what I do is, I draw lines for psychological levels (mini Dow for example - 16000, 16025, 16050 etc) on 1 min chart. And I'm watching how the price evolves, if there's an uptrend and it approaches one of these levels I'm looking to buy. Than I check my range bar system and if it gives me a signal to buy I go long. In the morning (EU session I go for 3-4 ticks), during the US session i go for 7-10 ticks. It is the simplest way to explain how I do it It's easier to show, than write Perhaps I should record a short video and to upload it here

congrats!

concise, short, brief, easy to remember in the heat of battle...

however,

you're going for way too few points....

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  #23 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
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kronie View Post
congrats!

concise, short, brief, easy to remember in the heat of battle...

however,

you're going for way too few points....

so what would be better? what's your opinion about it?

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  #24 (permalink)
mikorn83
Gdansk/Poland
 
 
Posts: 33 since Feb 2014
Thanks: 8 given, 23 received

At 8am GMT there came French data worse then expected and I took a short position with only 3 ticks profit target as there were more news from Germany coming. My system clearly showes me a sell signal. The market dropped 6 ticks and I took only 3, but I'm not trading to take my chances

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