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ES Scalping System - 1 Point at a Time
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ES Scalping System - 1 Point at a Time

  #11 (permalink)
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Traderwolf View Post
We will be discussing some additional ideas like placing limit orders to reduce stop size(like Mack does very often) as well as very active trade management. It is my belief that a scratch or small loss is crucial to have this type of trading work . Taking 8T or 6T losses with 4T targets does not work and that is why so many are against this.. But there are some options will discuss together.. Stay tuned.

Wolf

So you will be moving stops to breakeven pretty fast? This is all very interesting and I am looking forward to reading your journal.

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  #12 (permalink)
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Thanks for giving me the credit, but I use 1600T chart, not 1800, but I'm sure either one works. You just need to find the one that you like and stick with it.

As for stops, I see your point. Personally, I use max 5T stop and it seems to work for me, at lest during normal volatility. The reason why I like a fix stop is because it's automatically placed when I place the trade, so I don't have to make yet another decision every time I take a trade. It's just a simplicity thing really that helps in decision fatigue. But I often move it, but only to make it less, never more.

And yes, it's better to have a scratch or small loss trades. For example, today I had only 1 full stop, out of 17 trades. But moving the stop too close or too soon, could be a dangerous thing, I've often cut good trades too soon because of that. So now I try not to move my stop too much. I think moving a stop is more of an art then science.

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  #13 (permalink)
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Charts


Here is a list of charts I use. Video to be added later looking at these. I use Sierra Charts as Trading platform.

HTF Charts(Viewed Premarket mainly)
Daily candlestick chart for pit session
VP for pit session by day for last 60 days
120 min candlestick(optional)
60 min(optional)

Main Trading Chart
1800T candlestick
DOM with VP and 10 levels

Supporting Charts
900T candlestick with Zig Zag volume (Thanks to @John32)
Numbers bar with cumulative delta by bar


Wolf

Attached Files
Chart Summary.mp4 (10.83 MB, 205 views)

Last edited by Traderwolf; October 3rd, 2014 at 08:16 PM. Reason: Add Video
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  #14 (permalink)
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AlexB View Post
So you will be moving stops to breakeven pretty fast? This is all very interesting and I am looking forward to reading your journal.

Oh no.... not at all.. Trade needs to have some time and space to work.. Moving too fast will be detrimental to your results. I start usually with a 6T stop (with current volatility)and try to get it to 4T as soon as I get some breathing room).

We will focus initially on market context and entry. If we cannot get those right, we are taking tons of heat all of the time. When that happens.. bad things normally happen to all of us. So the focus will be on context, trade location, and structure first.

Additionally, we may have different expectations on different types of trades. For example, we may give a pullback entry more space and time that a pure reversal from a specific level. To be discussed later.

Wolf

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  #15 (permalink)
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Traderwolf View Post

Here is a list of charts I use. ...
Wolf

Just finished viewing your video. Good and clear presentation. My first impression is that you are using too much information or variables for capturing only 4 ticks. I would try to use no more than two charts maybe a 30 minute chart with your 1800 tick chart. Or a 5 minute chart along with your 1800 tick chart to get a different perspective.

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  #16 (permalink)
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Basics of Trading Methodology

At the core of what is trying to be accomplished here, it is very very simple. So simple, that most of us already know this. But I lose sight of this all of the time even though this is the foundation of the trading plan.

Market Context
It is imperative to be able to determine if the market is trending or in a trading range. If I cannot do this effectively and consistently, game over. On the wrong side of the market means mostly losers. The core of this methodology is being able to draw TL's for a trending market and identify Horizontal support(S) and resistance(R) lines in real time. If market is trending up, I want to recognize that so I can buy. Is market is in a trading range, I generally want to recognize that so I can fade the extremes. I call all of this activity determining market context. VERY IMPORTANT and often overlooked in its importance.

Trending Market
If we determine we are in a trending market, our job is fairly simple. We wait for an impulse up(for a long trade), and we buy in a determined location during the pullback. So we are buying while the market is going down. We will determine location of buying based on factors including bar size and structure, location versus other key items like TL's and ema, , size and speed of retracement, and volume of retracement. We will be stalking the retracement looking at possible first and second entries. Our desire is to buy as low as is possible, but we will initiate a trade when we get the structure and location to support a trade with proper risk. Goal is simple: buy low sell higher. We generally will not be trading counter trend if for no other reason to keep us focused on one contextual direction at a time. I tend to get overwhelmed when I am looking long and short all of the time. So my simple brain needs to look only at one direction at a time.

Range Market
If we determine the market is a range market, we simply trade the extremes We wait on a structure to determine a reversal and we play a reversal from the extremes. We do not trade BOs from a trading range. We either trade the BOPB or wait until the next trend or trading range is established.

Summary
So we will buy/sell pullbacks to structural levels in a trend and buy/sell the extremes in a trading range. Sounds simple and at its core it is very simple.

What we will focus most of our time on is 2 things:

1. How to get context right 90% of the time. It is imperative.
2. Defining guidelines in a trending environment or trading range WHEN NOT TO TRADE. Defining WHEN NOT TO TAKE A TRADE WILL BE OUR MOST IMPORTANT TASK. Some call these filters, some call these rules, some call this experience. An example of this would be when not to take first entries. We need to know that very very well. I give Linda Rashcke credit for this idea. She says the most important thing to look at is the failed trades and not the winning trades. The failed trades provide what we need to learn about and from. We will need to be all over learning from the failures and looking for repeated failed patterns.

Peace,
Wolf

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trendisyourfriend View Post
Just finished viewing your video. Good and clear presentation. My first impression is that you are using too much information or variables for capturing only 4 ticks. I would try to use no more than two charts maybe a 30 minute chart with your 1800 tick chart. Or a 5 minute chart along with your 1800 tick chart to get a different perspective.

Good point. I don't use the daily or VP or hourly during trading hours since the levels are superimposed automatically by Sierra Charts. THose 3 charts are really not necessary at all but are part of my pre trade routine as well as looking at news , etc. I do use 1800T 90% of time and 900T for entries. There are some things on 900T chart that I feel are important and needed at present. So 2 charts is where I spend most of my time.

Thanks for the feedback.

Wolf

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  #18 (permalink)
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thanks for posting up that information. in to follow.

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  #19 (permalink)
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Today

Volatility requiring me to take mostly limit entry orders to get a reasonable stop. Hard for me to stay focused for more than a couple of hours.. Really tired..

7 Trades...
5 W
1L
1BE

Last trade of the day missed the fact that the measured move was complete until after the trade was taken. Not paying attention fully and assumed with the strength of the leg down we would have at least a retest of the LOD... After that lapse of judgement, decided to call it a day. Am tired anyhow.

Decided to go with HLC bars today.. I have been looking at them for a long time. I find I get too excited trading candlestick bars and really only looking at levels and bar size and number of pullbacks.. Going to see how this goes this week... but so far I think I like better. TL's also easier to draw.

Later,
Wolf

Disclaimer.. I am color blind and that is why I need to use mostly B&W charts.. some of the color combinations with most people's charts I cannot see the contrast properly.. so just plain charts is what I have.
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Last edited by Traderwolf; October 6th, 2014 at 12:34 PM. Reason: typo
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  #20 (permalink)
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Traderwolf View Post
Disclaimer.. I am color blind and that is why I need to use mostly B&W charts.. some of the color combinations with most people's charts I cannot see the contrast properly.. so just plain charts is what I have.
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Me too, LOL.

Ticks me off when people use red and green, for instance.... And some shades of both I am fine with, others I can't tell apart. (Traffic lights I am fine with....)

Sometimes people will ask, "What colors do you see?" My answer is usually something like "All of them." For me, that is.

Color perception is very individualized, not universal and "objective," which is not always easy to understand....

Bob.

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