THREE SET UPS - futures io
futures io



THREE SET UPS


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Jeff Castille with 215 posts (429 thanks)
    2. looks_two cunparis with 146 posts (154 thanks)
    3. looks_3 shodson with 125 posts (211 thanks)
    4. looks_4 Fat Tails with 73 posts (189 thanks)
      Best Posters
    1. looks_one Fat Tails with 2.6 thanks per post
    2. looks_two Jeff Castille with 2 thanks per post
    3. looks_3 shodson with 1.7 thanks per post
    4. looks_4 cunparis with 1.1 thanks per post
    1. trending_up 223,900 views
    2. thumb_up 1,368 thanks given
    3. group 125 followers
    1. forum 1,073 posts
    2. attach_file 239 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 150,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

THREE SET UPS

(login for full post details)
  #21 (permalink)
 Michael.H 
CA
 
Experience: Master
Platform: Marketdelta and Ninja
Broker: Velocity
Trading: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 528 received

I posted a chart of yesterday representing your inside bar with high volume..... showing you how you can get run over trading these...

Attached Thumbnails
Click image for larger version

Name:	5 min.PNG
Views:	1228
Size:	102.5 KB
ID:	15576  
Reply With Quote

Can you help answer these questions
from other members on futures io?
NT8 - Footprint Chart adding on code
NinjaTrader
Wrong tick size?
Treasury Notes and Bonds
 
 
(login for full post details)
  #22 (permalink)
 Silvester17 
Market Wizard
Columbus, OH
 
Experience: None
Platform: NT 8, TOS
Trading: ES
 
Silvester17's Avatar
 
Posts: 3,603 since Aug 2009
Thanks: 5,120 given, 11,498 received


Michael.H View Post
I posted a chart of yesterday representing your inside bar with high volume..... showing you how you can get run over trading these...

just my 2 cents for your chart.

trade # 1 never triggered. sell stop would be 1 tick below inside bar. price never got there.
trade # 2 is a loser
trade # 3 would not meet my criteria (bearish inside bar after down bar in a up move) hope that makes sense.
trade # 4 is a loser

plus there were a couple winning inside bars like at 10:20 and 11:40. I know this is just for inside bars, but there were also a few winning outside and reversal bar trades.

Reply With Quote
The following 2 users say Thank You to Silvester17 for this post:
 
(login for full post details)
  #23 (permalink)
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,096 since Jun 2009
Thanks: 877 given, 8,034 received



Michael.H View Post
To be honest.. i only traded ym, nq, es. I have never traded the CL, not even now.

you are missing out, more and more traders move over to CL daily. It worths every pennies to corral it into your stable.

Reply With Quote
 
(login for full post details)
  #24 (permalink)
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
 
Jeff Castille's Avatar
 
Posts: 2,119 since Jun 2009
Thanks: 1,783 given, 3,299 received


Michael.H View Post
I posted a chart of yesterday representing your inside bar with high volume..... showing you how you can get run over trading these...

Hey Michael,

Your point is well taken........that is why I do NOT use this set up on the ES or on a 5 minute chart. Check these out on CL on a 15 minute chart and see if the result is different.

Jeff

Follow me on Twitter Started this thread Reply With Quote
 
(login for full post details)
  #25 (permalink)
 Jeff Castille 
Northern California
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp Futures/ Zen-Fire
Trading: YM and CL
 
Jeff Castille's Avatar
 
Posts: 2,119 since Jun 2009
Thanks: 1,783 given, 3,299 received


cory View Post
you are missing out, more and more traders move over to CL daily. It worths every pennies to corral it into your stable.

Hypothetically these bar patterns should work on any market.....but.........CL is a "different" animal. The volitility that CL has often works to a traders advantage in achieving at least a minimal profit target where a less volitile market might not.

Follow me on Twitter Started this thread Reply With Quote
The following 2 users say Thank You to Jeff Castille for this post:
 
(login for full post details)
  #26 (permalink)
 Michael.H 
CA
 
Experience: Master
Platform: Marketdelta and Ninja
Broker: Velocity
Trading: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 528 received

Your right in terms of the cl being a different animal, reason is i've seen that when the cl takes a trend, it takes off and never looks back. Reason i don't trade it is because i sincerely think that for every trade, you should be willing to risk about $400 min if your not scalping( at least with the way i trade) per contract, specially on a 15 min time frame, which equates to $20k per contract(2%) or at bare minimum $10k... which is more volatile than the TF. I'de rather do more contracts and have more profit targets.
-I am accumilating data on the 6e, TF, and CL(bid/ask) for possible future use, but i haven't really done anything with it yet untill i get at least a few more months.

-I checked it on a 15 min time frame, i still think time-independent charts will yield better results. But thats just my opinion. You don't have to do what i say.


One of the reason i trade the US index futures is because you have other correlated markets, as well as the nyes tick, which heavily skews the odds in your favor. I still haven't found any type of market breadth indicator for those instruments( except the TF). There's also good inter-market analysis between those indices that don't exist on the CL or 6E(besides the US dollar). That imo helps a great deal as well.
Also, i've mentioned this before, those instruments, specially currency, are very geopolitical, which make them harder to trade, as to any news not only in the US, but also abroad will cause a sudden shift in price if you're not carefull or do not have a good new service.
So i am watching other instruments that i could use to trade, but its much easier to trade the ES/Ym than the cl, and i think most would agree. Once i gather more data and can come up with something that yields good results, ill share.

Reply With Quote
 
(login for full post details)
  #27 (permalink)
 Michael.H 
CA
 
Experience: Master
Platform: Marketdelta and Ninja
Broker: Velocity
Trading: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 528 received

sylvester17.....
All those trades i mentioned meet the criteria that was mentioned before, which was a need for a high volume bar. The trades that you mention at 10:20 was a losing trade that you mentioned yourself and 11:40 do not show that same high volume surge that i annotated on the charts.... you can easily spot those.


I put that chart up not to argue with you, just to point out that using candlestick patterns alone will not make you money, even if high volume is involved......
Also, if you were trading the ES on this and not the CL, you would have nyse tick data, as well as other market breadth indicators showing the skewed activity to the upside for that day, so you could have just avoided short triggers all together and stayed safe... Like i said, you can't do that with CL bc no such thing exists.

Reply With Quote
 
(login for full post details)
  #28 (permalink)
 shodson 
OC, California, USA
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,969 since Jun 2009
Thanks: 533 given, 3,683 received


Jeff Castille View Post
I am always looking for simple effective ways to trade. To date (5/17-6/16) these set ups have turned in a 92.24 winning %.

Which setup? All 3 or just the reversals?

Have you looked at the BetterVolume2 indicator? It measures volume relative to price action and can help pinpoint exhaustion moves and reversals.

Also, inside bars tend to work better if you only take breakouts in the direction of the trend. See DIBS as an example, which only takes long breakouts on 60min charts if 1) today's open is higher that last week's close and 2) price is above the open. The reverse applies for shorts.

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to shodson for this post:
 
(login for full post details)
  #29 (permalink)
 shodson 
OC, California, USA
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,969 since Jun 2009
Thanks: 533 given, 3,683 received


shodson View Post
If you like inside and outside bars you might like this.

I couldn't resist
  • D = double inside bar
  • A = arrow, which is a less stringent version of a double inside bar
  • P = popgun
  • 3 = 3-in-1
  • F = forward and reverse, or reverse 3-in-1
  • O = O-I reversal, which is essentially a popgun after a bar that makes a new 5-period high/low
Based on cursory observation so far the last 3 patterns seem to work the best, especially when trading with the trend.




More examples attached...

Attached Thumbnails
Click image for larger version

Name:	hero.png
Views:	455
Size:	110.6 KB
ID:	15593  
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to shodson for this post:
 
(login for full post details)
  #30 (permalink)
 Eric j 
NY
 
Experience: Advanced
Platform: Esignal, MBT navigator
Trading: Currencies
 
Posts: 2,526 since Jun 2009
Thanks: 1,396 given, 2,576 received



Silvester17 View Post
today I had 3 reversal trades that met all the necessary criteria. using a 5 min chart for ES. couldn't find a single loser.

1405 would qualify for exhaustion volume then IB reversal , make it 4 winners . A lot of folks focus on following the trend and seem to miss out on credible opportunities countertrend .

Visit my futures io Trade Journal Reply With Quote


futures io Trading Community Trading Journals > THREE SET UPS


Last Updated on May 15, 2014


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2022 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts