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Get In, Get up and Leave - trading style
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Get In, Get up and Leave - trading style

  #1 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Get In, Get up and Leave - trading style

I am piloting a method of execution. I seem to read the Volume profile better now and more comfortable with Auction Market Theory.

More often than not, my expectations in Market seems to working out but I often lack the conviction to stick to my plan. I also have a screen time of only 60 minutes US open due to my regular job. Hence this method to see whether I trade better without my monitoring. I could be my own nemesis

My main trading journal is where I will post my analysis and expectations and the link is here.

https://futures.io/elite-trading-journals/37057-es-s-p-500-futures-contract-trader-3d-volume-method-9.html#post521341

Currently I swing trade ES and hold just 1 or 2 positions over many days. I tried to add more i.e scaling in/out but it mess up my head and also increases my anxiety/excitement. Hence this additional journey and a slightly different technique. It's similar to ACD method but I will rely on volume profile for context.

My game plan.

Trade SPY 150 per day. Intra-day only and NO overnight position.

All in 150 - Usually within the first 60 minutes (Market Order mostly but may use limit order)

Scale out 50 + 50 + 50

Stops - 8 points

Targets - 4 , 8 and 12 points

One Cancel Other order

ABSOLUTELY NO INTERFERENCE BY ME ONCE ORDERS PLACED.

Maximum risk = 150 dollars a day

Maximum reward = 300 dollars a day

This money is ideal for me as it's MORE than the 'I don't care amount' but LESS than the amount that can cause insomnia.

I will do this for a month and then will try with ES. Apologies if there is just random numbers of entries and exits but hopefully it will make sense from my main trading journal.

Edit - I got the math wrong. It's 1:1 RR but that's ok.


Last edited by Narcissus; October 14th, 2015 at 09:03 PM.
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  #2 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,636 since Jan 2013
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Forum Reputation: Legendary


Narcissus View Post
This money is ideal for me as it's MORE than the 'I don't care amount' but LESS than the amount that can cause insomnia.

Lol. I do like that reasoning.

Good luck.

Bob.

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  #3 (permalink)
Every Day I'm a n00b
San Tan Valley, AZ/USA
 
Futures Experience: Advanced
Platform: NT7
Broker/Data: IB, Tallinex, & 10 others.
Favorite Futures: Futures
 
FABRICATORX's Avatar
 
Posts: 195 since Jun 2013
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I'm interested and will follow along. I've had mixed feelings about any sort of profit targets. I look forward to your results!

Sent from my SM-N900T using Tapatalk

-Jimmy
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  #4 (permalink)
Trading for Profit
Kansas City, MO U.S.
 
Futures Experience: Intermediate
Platform: ToS, Ninja
Favorite Futures: ES, Currency, Tacos
 
DrewDown's Avatar
 
Posts: 211 since Mar 2015
Thanks: 301 given, 118 received

Profit targets work if entries are aligned with the trend and average rotations are big enough.

Are you planning on trailing the stop loss? Not suggesting it, just curious. I tend to leave a wide trail when I leave to lock in 1R but half the time it cuts off profits.

 
  #5 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
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Posts: 1,106 since Dec 2014
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DrewDown View Post
Profit targets work if entries are aligned with the trend and average rotations are big enough.

Are you planning on trailing the stop loss? Not suggesting it, just curious. I tend to leave a wide trail when I leave to lock in 1R but half the time it cuts off profits.

I am going to be flexible and consider other execution styles after few weeks. I am starting with fixed targets. I am not considering trailing stop loss at this stage but If I think I am missing out on big moves, then I will consider that.

My logic is based on the fact that ES average range is 20 to 30 points.

If my stop is 8 points away and maximum target is 12 points. That means, all my orders will be executed intra-day. Since I don't have technical background, it helps to keep things simple, atleast in the beginning, and then I will add more layers of change. I still find ATR, 1SD & other bands confusing and prefer HVNs for profit targets. If they don't seem to work, then I will learn tools too.

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  #6 (permalink)
Trading for Profit
Kansas City, MO U.S.
 
Futures Experience: Intermediate
Platform: ToS, Ninja
Favorite Futures: ES, Currency, Tacos
 
DrewDown's Avatar
 
Posts: 211 since Mar 2015
Thanks: 301 given, 118 received

I tend to use volume nodes for entries and exits, myself. It is the way to go. At least until a different trend sets up. Much more cut and dry. I would say this is a good way to learn how to control your psychology and set yourself up to make more than you lose. I use an OCO strategy with exit orders, but I tend to base it all off expectancy figured from volume nodes and volatility. So the setup is somewhat discretionary but the execution is mechanical.

Also, just a note, if you are using ninja and you don't want to hold overnight or have to manually close out, you can set it to close all open positions at RTH close. It's in the options.

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  #7 (permalink)
Every Day I'm a n00b
San Tan Valley, AZ/USA
 
Futures Experience: Advanced
Platform: NT7
Broker/Data: IB, Tallinex, & 10 others.
Favorite Futures: Futures
 
FABRICATORX's Avatar
 
Posts: 195 since Jun 2013
Thanks: 693 given, 160 received

I will cosign closing at RTH. I can't handle leaving positions open overnight. Family life suffers as I'm agonizing over the health of my trade.

Sent from my SM-N900T using Tapatalk

-Jimmy
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  #8 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
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Expected pullback to 1949 is not happening. Will put a limit order which may not get filled. Not considering long above 1960. Tempting to short 60s but risky too. Will wait for 30 mins.

Sent from my Lenovo K50a40 using Tapatalk

 
  #9 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Short 197.36
Targets - still working on the conversion.
Damn, its hard maths.

Sent from my Lenovo K50a40 using Tapatalk

 
  #10 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received


Scaled out 50 for 4 points. Limit orders at 196.56 and 196.16 for the test.

Pls let me know if you prefer ES target numbers rather than SPY.

Logic for this test is Gap closure and retest of Fridays high.


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