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GruttePier's trading journal to getting profitable
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GruttePier's trading journal to getting profitable

  #21 (permalink)
Market Wizard
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
Platform: Ninjatrader 8
Broker/Data: NinjaTrader Brokerage
Favorite Futures: CL, ES, NQ
 
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Posts: 873 since Dec 2013
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DrewDown View Post
2.5 isn't a wide stop at all.

What is your stop and on which timeframe are you using it?

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  #22 (permalink)
Elite Member
Helsinki, Finland
 
Futures Experience: Intermediate
Platform: Sierra
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Posts: 87 since Sep 2015
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I use 4 point stops on a 444 tick chart , and my targets are of 7 points and up. Not experienced enough to know why it's a bad/good system though. Worked for me once and may work next week too.

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  #23 (permalink)
Market Wizard
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
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Favorite Futures: CL, ES, NQ
 
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Posts: 873 since Dec 2013
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Hi Sam,

In case of an uptrend, I enter 1 tick above the signal bar en put a stop 1 tick below the signal bar.
I've found during backtests that -depending on the volatility ofcourse- the signal bar is mostly between 2.5 and 3.25 points long (including the 2 ticks above and below). Rarely is it smaller than 2.0 and rarely is it above 3.75.
My experience is that if price is going to breakout above the signal bar, it does that usually quickly. If it doesn't do that quickly or if price moves towards the low of the signal bar, price will most of the time breakout to the downside.
I have therefore chosen a max stop max stop of 2.5 pts, even is the signal bar is -say- 3 pts.
Anyway, I'll keep track of how often the 2.5 point stop is proven too small and -if required- I will adjust the max stop accordingly.

You seem to trade a much faster timeframe than I do.
I don't know what your system is, but for my system a 4 point stop would be unneccessary wide.
Anyway, if it works for you then you should stick with it.

Out of curiousity, you are targetting for 7 points or more.
How do you manage your stop during the trade? Most swings are not 7 points.
Do you place the stop below each swingpoint (in case of an uptrend), do you use fibs, etc.

Thanks for your interest in my journal.

GP

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  #24 (permalink)
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Posts: 87 since Sep 2015
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First of all, I'm just a newbie so take whatever advice coming from me with caution.

When I trade ES for example; I have 444 tick chart that I trade with. I put 2 lines like the picture illustrates. And I enter with a buy/sell order whenever the line is broken + (and this is a very important plus) my indicators tell me that it's safe to enter the trade.

Hope that explains it enough. In the picture I would of had a losing trade (the short trade) and directly after I would of had a winning trade. But because I have 1:2 MINIMUM R:R (on the ES) I'd of had at least double the initial sum after these two trades.

I'll explain further and even show you a live trade tomorrow if you want?

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  #25 (permalink)
Market Wizard
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
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Hi Sam,

Thanks for sharing this trade, I understand you trade channel breakouts (at least in this example)?
Also, do I understand correctly that you don't have a stop management system during the trade?

If you allow me to make a few suggestions... (tell me if you don't appreciate this)

In hindsight (always easy :-)) you could have used 2 stop system that would have prevented this trade from getting a losing one:
- The channel is 2 points wide. A system could be to move a stop to breakeven once there is 2 points of profit. You can call this a 1:1 projection (suggested reading: Bryce Gilmore). In this example you have gotten out breakeven
- Another stop strategy is to put a stop 1 tick above the lower high, at 2016. In this case you would have gotten out with a small profit

GP

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  #26 (permalink)
Market Wizard
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Oct 20

First trades with the new stop management rules.

Was able to trade twice today, only shortly.
First setup was fine. Made a stupid mistake by accidentally closing the breakeven stoporder for the second contract. Found out a couple of minutes later. Took a loss of 0.75 points. Should have been breakeven.

Second setup just didn't workout, took the full heat (2 x -2.5 points)

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  #27 (permalink)
Market Wizard
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Final word about todays trading.

The second trade was totally unnessessary: Short in a downward channel near the lower trendline, not a smart trade.
The setup at 19:17 was a good one though: A failed overshoot of the upper trendline

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  #28 (permalink)
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Oct 21

Trades 3 setups, profit 11.5 points.

Due to yesterdays stupid trade, I paid more attention to market context/ choppiness and avoided a couple of losses.
This worked out well.

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  #29 (permalink)
Market Wizard
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Oct 22

Traded 5 setups, profit 4 points.

Learned a valuable lesson to strictly follow the stop rules.
Missed a rally of 4 points on setup 3 because I didn't believe in a further breakout because at was about lunchtime and there was not much action. I moved the setop 0.5 pts higher to bank a little additional profit.
Missed the great rally that then followed.

Have this chart printed out on the wall now.

Other than that, it was a nice trading day.

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  #30 (permalink)
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Oct 22


And here are the charts.

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