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THREE SET UPS
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Created: by Jeff Castille Attachments:243

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THREE SET UPS

  #101 (permalink)
Trade with the flow
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worldwary View Post
Thanks for this thread. I've been sim trading this with solid results over the past few days, after completely striking out trying to trade CL on lower timeframes.

One tweak to the system that's worked for me is to trade 3 contracts, with profit targets of 8 and 16 ticks on the first two and the third contract as a "runner" designed to catch larger moves. I don't have a mechanical system for this third contract but have just been manually trailing stops.

I've been considering doing one target and just trailing the stop a bit. The problem I have with 2 targets is I'm risking 30 ticks on the first target that will only give me 8.

I took two trades today. One was a reversal bar and I stopped out. Figures my first trade with real money would be one that stops out. From now on I don't plan to take reversal bars. There are enough setups with inside & outside.

Took an inside bar that was also reversal bar (there were 3 reversal bars in a row so that was pretty good setup) and got +8 + 24.

-$380 total for me

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  #102 (permalink)
Market Wizard
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cunparis View Post
I've been considering doing one target and just trailing the stop a bit. The problem I have with 2 targets is I'm risking 30 ticks on the first target that will only give me 8.

I took two trades today. One was a reversal bar and I stopped out. Figures my first trade with real money would be one that stops out. From now on I don't plan to take reversal bars. There are enough setups with inside & outside.

Took an inside bar that was also reversal bar (there were 3 reversal bars in a row so that was pretty good setup) and got +8 + 24.

-$380 total for me

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the way I see it, the first trade does not qualify as a valid reversal bar. you would need a bearish reversal bar after a move up. (open and close on the lower end of a red candle) the first trade would have been the big red candle (outside bar). that is a perfect setup and a winner as well.

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  #103 (permalink)
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THE BIGGEST MISTAKE


I'm seeing a BIG MISTAKE !!!!!!!

Some traders are NOT interperting the reversal bar correctly..........(see post #1)

First off.........the magenta bar on the reversals V6 indicator should be called something like..."WICK SIZE MEASURE" A magenta bar is NOT a trade signal !!!! It is just ONE of three criteria that must be met to constitute a reversal.

So.....let's define a reversal bar again........

#1 IT MUST COME AT THE END OF A MOVE (UP OR DOWN)

#2 IT MUST HAVE HIGHER VOLUME

#3 THE WICK MUST BE 2/3+- OF THE ENTIRE CANDLE

Just two trades this morning +33

Jeff

Attached Thumbnails
THREE SET UPS-cl-08-10-6_22_2010-15-min-.jpg  

Last edited by Jeff Castille; June 22nd, 2010 at 01:53 PM.
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  #104 (permalink)
Trade with the flow
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Silvester17 View Post
the way I see it, the first trade does not qualify as a valid reversal bar. you would need a bearish reversal bar after a move up. (open and close on the lower end of a red candle) the first trade would have been the big red candle (outside bar). that is a perfect setup and a winner as well.

You're right. I was trading off a chart that had OHLC bars and it wasn't as obvious as a big green candle that it wasn't reversal. Thanks. I also missed the outside bar cause I was in an ES trade.

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  #105 (permalink)
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A GOOD EXAMPLE

Here's a good example of a reversal bar..........at the end of a down move we get a bar that exhibits the proper characteristics (2/3 +- bar for lower wick) on higher volume (higher volume relative to surrounding bars)

Attached Thumbnails
THREE SET UPS-cl-07-10-6_11_2010-15-min-.jpg  
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  #106 (permalink)
Trade with the flow
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Jeff Castille View Post
I'm seeing a BIG MISTAKE !!!!!!!

Some traders are NOT interperting the reversal bar correctly..........

First off.........the magenta bar on the reversals V6 indicator should be called something like..."WICK SIZE MEASURE" A magenta bar is NOT a trade signal !!!! It is just ONE of three criteria that must be met to constitute a reversal.

So.....let's define a reversal bar again........

#1 IT MUST COME AT THE END OF A MOVE (UP OR DOWN)

#2 IT MUST HAVE HIGHER VOLUME

#3 THE WICK MUST BE 2/3+- OF THE ENTIRE CANDLE

Just two trades this morning +33

Jeff

Thanks for the pointers on reversal bars, that's very helpful.

I took your 2nd trade but I had to leave so I let it run. i didn't get filled on the 2nd target so I only got 7 ticks.

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(I'm trading another setup too so ignore all the extra trades.. if only ninja could associate trade markers with an account or ATM strategy)

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  #107 (permalink)
Trade with the flow
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cunparis View Post
Thanks for the pointers on reversal bars, that's very helpful.

I took your 2nd trade but I had to leave so I let it run. i didn't get filled on the 2nd target so I only got 7 ticks.

Jeff what was your entry & exit? My chart shows it went 15 ticks. I'm using IQFeed so maybe there's a difference.

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  #108 (permalink)
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cunparis View Post
Jeff what was your entry & exit? My chart shows it went 15 ticks. I'm using IQFeed so maybe there's a difference.

I had a sell stop in at 68 that got filled at 71.

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  #109 (permalink)
Trade with the flow
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Jeff Castille View Post
I had a sell stop in at 68 that got filled at 71.

You got a good break on that one.

Thanks for pointing out my reversal bar error (you & silvester). Without that I would have made money. A very costly mistake. I'm going to pay more attention tomorrow.

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  #110 (permalink)
 Vendor: www.probabletrades.com 
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Jeff Castille View Post
Or how about......a successful failure???? lol

I presume that you use Ninja trader......if you right click on the SuperDom you'll see an option to "reverse at stop".......so to me this terminology is in reference to money management options.

By the way Shodson........your implementation of the Kennedy article is VERY impressive !

I would like to know everything about that.......lol......can you have those patterns identified in real time? That would be awesome. Also, I am curious about the various sh....indicators that you have on your charts....vol, atr etc. Have you shared these with the forum?

Thanks, Jeff

The shPriceActionHero draws the lines in real time but work best OnBarClose. I'm still trying to decide the best way to use it. I like your addition of volume in the mix.

I have some in the downloads section, others not but are mentioned in more recent entries in my journal.

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