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Novice ES trader system advice
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Created: by arroganzmaschine Attachments:4

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Novice ES trader system advice

  #31 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received


isla View Post
Don't focus too much on chart configurations. Also it's not useful for your development as a trader to ask many questions. Trust me, no answer will be better than the one you'll get after a bit of thinking yourself.

Try to go beyond squiggles and numbers on your screen. Develop a framework for yourself and then use the tools for execution of your OWN ideas.

Thank you! I will use this as an advice. But one last question: Does the price always retrace to the last support/resistance zone? If not, when do I enter?

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  #32 (permalink)
Elite Member
wichita,ks, united states
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: AMP
Favorite Futures: ES,TF,NQ,CL,
 
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arroganzmaschine View Post
When do I leave the long trade? On the last high? Or just hold it until another resistance appears?
Just use on charts or two? (e.g. 490 and 1000 tick?)

Getting out isn't an easy answer. I make this mistake a lot and don't always let my winners run. A basic way of getting out would be to use a Keltner chanel (51 period with 3.5) on your 490 tick. When you decided to get in at the support line hopefully the trend takes the 490 above the 51 period line and keeps it above that. When the trend crossed the top of the chanel your in luck and the prices are really going to roll. A pull back to the 51 line isn't a concern but, when the price goes under, and closes below, the price action is signaling that people are exhausted and the trend for the day might be over. you can confirm this with lowering volume if you are using a volume study also. A really large time frame like the 240 or 400 min will show a doji during this event, which is also strong signal the trend is exhausted. Market profile guys would get out if the trend crossed below and its hitting a low volume area.

"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
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  #33 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received



matthoffman View Post
Getting out isn't an easy answer. I make this mistake a lot and don't always let my winners run. A basic way of getting out would be to use a Keltner chanel (51 period with 3.5) on your 490 tick. When you decided to get in at the support line hopefully the trend takes the 490 above the 51 period line and keeps it above that. When the trend crossed the top of the chanel your in luck and the prices are really going to roll. A pull back to the 51 line isn't a concern but, when the price goes under, and closes below, the price action is signaling that people are exhausted and the trend for the day might be over. you can confirm this with lowering volume if you are using a volume study also. A really large time frame like the 240 or 400 min will show a doji during this event, which is also strong signal the trend is exhausted. Market profile guys would get out if the trend crossed below and its hitting a low volume area.

I always thought scalpers make 5-10 trades an hour within one market. Or isn't it just so high frequented?

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  #34 (permalink)
Elite Member
wichita,ks, united states
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: AMP
Favorite Futures: ES,TF,NQ,CL,
 
Posts: 19 since Jan 2014
Thanks: 427 given, 16 received


arroganzmaschine View Post
I always thought scalpers make 5-10 trades an hour within one market. Or isn't it just so high frequented?

Same principle, use the keltner band on a lower time frame, say the 55 or 144 and make more trades. The keltner band is just an atr for you to judge price movement. Don't think of it as an indicator that gives you magic signals. Just use it to judge the price reaction in specific areas.

"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
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The following user says Thank You to matthoffman for this post:
 
  #35 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received


matthoffman View Post
Same principle, use the keltner band on a lower time frame, say the 55 or 144 and make more trades. The keltner band is just an atr for you to judge price movement. Don't think of it as an indicator that gives you magic signals. Just use it to judge the price reaction in specific areas.

Thank you! I will share my experiences within this journal in the next weeks. If anybody also has an adivce, I'm very thankful. I will start from the bottom now setting up my DOM environment and trading in SIM again.

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  #36 (permalink)
Elite Member
wichita,ks, united states
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: AMP
Favorite Futures: ES,TF,NQ,CL,
 
Posts: 19 since Jan 2014
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arroganzmaschine View Post
Thank you! I will share my experiences within this journal in the next weeks. If anybody also has an adivce, I'm very thankful. I will start from the bottom now setting up my DOM environment and trading in SIM again.

Good luck!! Make sure you manage your risk and take breaks.

"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
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  #37 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received

On the first page is an attachemend with my setup within the DOM. Do I have to add information to the DOM? It's default is already great!


Last edited by arroganzmaschine; September 16th, 2014 at 06:11 PM.
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  #38 (permalink)
Elite Member
wichita,ks, united states
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: AMP
Favorite Futures: ES,TF,NQ,CL,
 
Posts: 19 since Jan 2014
Thanks: 427 given, 16 received


arroganzmaschine View Post
Would anybody recommend using the DOM within Sierra Chart for analysing order flow? On the first page is an attachemend with my setup within the DOM. Or isn't it enough information?

That looks good

"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
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The following user says Thank You to matthoffman for this post:
 
  #39 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received

Thanks. So just using the DOM and Chart to understand what happens. I will try this out.

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  #40 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received


After a long time of absence and learing process, I finally had time to spend the first session trading the ES.

My explanation:

Trade 1: Looked for the double bottom there. Saw less selling pressure and decided to take the long trade. Didn't hold it long enough, but there came selling pressure again.

Trade 2: After the breakout of the bearish trend, I took this trade because of buying pressure and the POC behind it.

Trade 3: Entry by pullback and seeing buying pressure again. Exited too early, because the market moved sideways a bit too long for me. What can I do better there?

Thanks in advance to everyone who replied so far.

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