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Started From the Bottom
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Created: by TennisOrDie Attachments:18

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Started From the Bottom

  #31 (permalink)
Market Wizard
Bamberg, Germany
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: IB, SierraCharts data
Favorite Futures: mini FDAX, ES, GC
 
Posts: 924 since Oct 2014
Thanks: 10,753 given, 2,006 received
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TennisOrDie View Post
I'm unfamiliar with ATR. Do I just use the value it gives as a stop? For example if ATR=2, put a stop 2 points below/above my point of entry?

I got this idea from Dr. Steenbarger's The Daily Trading Coach, which is an excellent book.

How to use the ATR: So if you trade a 30 min chart, set the ATR to 20 periods and you will see the average range of the 30 min bars over 20 periods. This gives you an idea of the volatility in the 30 min period. so if the result is 20 points, and you your target is 50 points away, you might want to have a stop that is 20 points or greater to avoid the market volatility. There are other items such as support levels and swing lows & highs that should be considered. The idea behind this tool is that you can adjust the stops based on market conditions rather then using a fixed stop for all conditions and being stopped out when the markets become volatile. You can also use Volume for reading volatility. You don't want to get chopped to pieces because of volatility or noise.
I suggest you take a look at some threads and learn how different people place their stops.

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  #32 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

These are my trades for the day. I had 1 winner and 5 losers. Yeesh. Learned a lot though. This is just the beginning.

The first picture is a picture of the day with the major trend lines.
The second picture is of trade 1.
The third picture is of trade 2,3,4.
The fourth picture is of trade 5,6.
Yellow circles are sells. Blue circles are buys. So if a yellow circle comes before a blue it was a short attempt, if a blue comes before the yellow is was a buy attempt.
Every trade I took today had a stop loss of 3 points and a profit target of 3.75 points
Time to review.

Trade 1: Should not have taken this trade at all. Don't know what I was looking at. I didn't use the major trend line. There was absolutely no reason to take this trade, especially a short.

Trade 2: First entry short attempt. Was a solid scalp. Was my only win for the day.

Trade 3: Was looking for the downtrend to start without first being given a signal. There was no break of a major trend line. Should not have taken this trade.

Trade 4: Same as trade 3

Trade 5: Major up trend line was broken. Down trend started after retesting the high. Break out occurred. Was looking to fade the break out planning on it being a false breakout because trend was moving down, so that would have been a counter trend breakout. Break out was successful so the trade got stopped out.

Trade 6: Tried to fade the break out again and got stopped out again.

What I learned today
  • Don't fight the trend
  • Draw your major trend lines first!!!!
  • Create trading rules (ex: Max 3 losing trades per day)
  • When prices are above the 21 EMA, generally you should take long positions
  • When prices are below the 21 EMA, generally you should take short positions

P/L for the day: -288.04

Attached Thumbnails
Started From the Bottom-3.jpg   Started From the Bottom-4.jpg   Started From the Bottom-5.jpg   Started From the Bottom-6.jpg  

Last edited by TennisOrDie; March 2nd, 2015 at 09:52 PM.
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  #33 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


Trading rules
  • Take at least 3 trades per day
  • Stop trading after 3 losses or $200 total losses
  • Stop trading after 2 losses, 1 win for the day
  • If I have 2 wins and 1 loss, take 1 more trade if it is a good opportunity
  • If I have 3 wins for the day, take 1 more trade if it is a good opportunity
  • Don't trade till 9:45
  • Don't trade after 4


Last edited by TennisOrDie; March 2nd, 2015 at 10:18 PM.
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  #34 (permalink)
Hi Mom!
Bridgeport, Ct
 
Futures Experience: Intermediate
Platform: Sierra
Favorite Futures: Gold, Oil
 
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Posts: 365 since Jun 2012
Thanks: 1,027 given, 472 received

Are these live trades or sim?

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  #35 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Lastly these are trades I should have taken.

The white ovals represents the trade. They are marked as either longs or shorts.

Long 1: Should have gone long here because it was near the bottom trend line and the trend was up. Simple as that.

Long 2: Same as long 1. And stochastic gave a undersold signal.

Long 3: Same as long 1. And stochastic gave a undersold signal.

Short 1: Trend was down so should have shorted near the top trend line.

Attached Thumbnails
Started From the Bottom-7.jpg   Started From the Bottom-8.jpg   Started From the Bottom-9.jpg  
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  #36 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


TheShrike View Post
Are these live trades or sim?

These are live trades

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  #37 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Been busy with school the past couple of days but was able to trade today.

Very tricky day today. My first real experience with dealing with a trading range day.

Risk 3 points, gain 3.75

3 losses, 0 wins for the day.

-$180
Picture one is an overview of the day
Picture two shows a closer view of my trades
Orange circles are sells/shorts, blue circles are buys/covers


Trade 1- Short at 4447.50, Cover at 4450.50
Tried to get a first entry short. Should have been more patient and waited for the 2nd entry. Stochastic also showed oversold conditions. Wasn't a good time to go short.

Trade 2- Buy at 4438.50, Sold at 4435.50
Again, needed to be more patient or use wider stops.

Trade 3- Buy at 4442.00, Sold at 4439.00
Again, need to be more patient or use wider stops.

Take away for today
Going to try to use a different risk/reward ratio and wider stops the next time I'm able to trade.

Please let me know if you see any other obvious flaws with my trading. I'm here to learn

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Started From the Bottom-10.jpg   Started From the Bottom-11.jpg  
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  #38 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

These are trades I should have taken today

Trade 1 was a second entry short.

Trade 2 was a maybe trade. Probably wasn't a good idea to pick that bottom.

Trade 3 hit the bottom support and also had an oversold stochastic indicator.

Attached Thumbnails
Started From the Bottom-12.jpg  
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  #39 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Haven't posted in a while. I have been active in the market. I had a couple of nicely executed trades that put me up for the year and out of the rut I was in. I made sure not to get too excited.

I have decided to switch to both Ninja trader brokerage and Ninja trader platform.

I am also going to school full time so there are some days where I will not trade at all. However, I will try to post pictures of good trade set ups for the day. I will also watch what PATs trading puts on youtube and see what Mack chose as his trades for the day.

These are trades I would have considered taking today. A line is drawn for where I would choose to enter using a stop limit order.

1. Broke the trend line. Fade the breakout.
2. Second entry short. Good for a scalp. The blue arrow points to where the count starts off.
3. Second entry long. Good for a scalp as well. The red arrow points to where the count starts off.
4. Short off that trend line that would have been there from the previous high.
5. Fade the break of the trend line that would have been there from the previous high.
6. Fade the break of the trend line that would have been there from the previous low.
7. Fade the break of the trend line that would have been there/ Second entry long. Purple arrow points to where the count starts off.
8. Fade the break of the trend line.

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  #40 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


3/18

Today there was a trading range for the first half of the day because everyone was waiting to see what would happen at the FOMC meeting. I am still not comfortable trading in ranges so I would not have traded at all during this period.

These are my trades for the day after the news was released.

1. Pull back to the TMA. Easy trade to go long. The market moves in twos. This was the second leg up. Also stochastic decreased at this point.
2. Pull back to the TMA. Easy trade to go long. Also stochastic decreased at this point.
3. Pull back to the TMA. Easy trade to go long. Also stochastic decreased at this point.

Today the trend was up. Just had to keep going long when price pulled back to the TMA. Very easy day to make money.

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