THREE SET UPS - Trading Journals | futures io social day trading
futures io futures trading


THREE SET UPS
Updated: Views / Replies:155,521 / 1,073
Created: by Jeff Castille Attachments:243

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

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

Reply
 243  
 
Thread Tools Search this Thread
 

THREE SET UPS

  #571 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary

Three Inside Bars for 6E

THe chart below shows three inside bars.

(1) The range of this inside bar was too large. It was not a NR 4 bar, so I did not take it.

(2) The preferred breakout was to the upside, this would have been a second entry sitting on the lower band of the Keltner Channel. The breakout from the inside bar occured to the downside, so I did not take it. The bar after this inside bar is a reversal and a churn bar. So I entered long 1 tick above the churn bar, which is midrange of the inside bar.

(3) The third inside bar shows balancing action after a strong candle up. Note that the body of this inside bar is above the body of the candle up. This means that the new price has been confirmed. As I already was long from the entry above the churn bar, I only used this inside bar to adjust the stop loss just two ticks below this bar.

Target 1 was at main pivot PP.

Target 2 was at yesterday's close. Target 2 was not met. When the climax churn bar (magenta volume) had been formed, it was necessary to exit the trade 2 ticks below the main pivot PP.

I am still bullish now, because the 15 min chart shows a potential Gartley pattern.

Attached Thumbnails
THREE SET UPS-6e-09-10-5-min-15_07_2010.jpg  
Reply With Quote
The following 4 users say Thank You to Fat Tails for this post:
 
  #572 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary

And a double inside bar for the 15 min chart of 6E

And the price action continued....

There were two consecutive bullish Gartley patterns on the 15 min chart. The first one had already produced a bullish breakout during the night session.

During the consolidation pattern in the morning, a double inside bar developped, sitting on the trendline. The breakout occured to the upside, as expected. This was a fast and easy trade. I am still holding the second half of my position.

Interesting observation

I remember that a similar case has already been observed by somebody else on this thread.

The inside bar on the hourly chart developped as well, but it broke out to the upside by a few ticks 2 minutes prior to its completion, so it never materiliazed. This is very bullish.

This is how the best trades occur

A breakout from a 5 min chart triggers a breakout on the 15 min chart. Then the breakout from the 15 min chart triggers a breakout on the 60 min chart. In the end this can lead to a large move over several days. If I only I had the patience to let the profits run....

Attached Thumbnails
THREE SET UPS-6e-09-10-15-min-15_07_2010.jpg  
Reply With Quote
The following 2 users say Thank You to Fat Tails for this post:
 
  #573 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary

And this is how it played out 20 min later


I took my profits too early, when price hit the upper border of the range.

Attached Thumbnails
THREE SET UPS-6e-09-10-15-min-15_07_2010.jpg  
Reply With Quote
The following user says Thank You to Fat Tails for this post:
 
  #574 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,032 received


Fat Tails View Post
I took my profits too early, when price hit the upper border of the range.

Can you turn on your chart markers so we can see how you're trading these?

Reply With Quote
 
  #575 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary

Sorry, never have them on, don't like them, as they cluster my chart. Next time I will put them on for the screenshots.


cunparis View Post
Can you turn on your chart markers so we can see how you're trading these?


Reply With Quote
The following user says Thank You to Fat Tails for this post:
 
  #576 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp Futures/ Zen-Fire
Favorite Futures: YM and CL
 
Jeff Castille's Avatar
 
Posts: 2,119 since Jun 2009
Thanks: 1,785 given, 3,279 received


cunparis View Post
I forgot the rule about not trading before crude inventory report.

-5 for me. Will not forget next time.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Cunparis.......this trade moved +15 ticks in your favor......how is it possible that you ended up with -5?

Reply With Quote
 
  #577 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,032 received


Jeff Castille View Post
Cunparis.......this trade moved +15 ticks in your favor......how is it possible that you ended up with -5?

My target is 19 ticks.

Reply With Quote
 
  #578 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary

No edge for inside bars?

I believe there is no edge in just trading insíde bars.

If this was possible, we all would become rich, quickly. Many guys who are a lot smarter than we are, would have discovered this long ago, and according to the efficient market hypothesis, any edge would have disappeared as a consequence of their trading.

However, I like inside bars, because they provide for low risk entries, at least if they are narrow range bars. So here comes my first modification, I only take inside bars that are NR4 bars as well. I admit that I stole this idea from Toby Crabel. I also trade all NR7 bars in the same way as inside bars.

Next I need a set of filters, to keep me away from false breakouts. I remember that I had tried to trade squeezes, as described in the book by John F. Carter, some time ago. After the breakout from the consolidation I was trapped as often as I was successful, so the concept as such did not work for me.

So these are my filters for trading inside bars

- at least NR 4
- higher timeframe analysis (trend and pattern) to establish breakout preference
- bar and range analysis (locaction of the bar compared to prior bar and last expansion bar)
- volume analysis (climax and churn volume)
- establishing support and resistance (prior lows and highs, floor pivots, fib lines, trend and trend channel lines)
- reward-to-risk-ratio

I do not think it is wise to a set a fixed profit target of x ticks without looking at the chart. I am also not using a money management stop, but select a stop loss, which invalidates the trade idea, when hit. Of course, the actual stop needs to be smaller than the calculated money management stop.

The reward-to-risk ratio should be at least 1:1 for my first target. To establish the first target, I need to look at support (short setup) or resistance (long setup). My stop-loss is x ticks above or below the inside bar. My total risk therefore amounts to the range of the inside bar + 2 (x + slippage). This needs to be smaller than the distance from my sell stop (short) or buy stop (long) to the profit target.

Or to put in simple words: I want that the profit side of my bracket order is larger than the loss side, otherwise I won't take the trade.

Reply With Quote
The following 8 users say Thank You to Fat Tails for this post:
 
  #579 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,032 received


Fat Tails View Post
I believe there is no edge in just trading insíde bars.

If this was possible, we all would become rich, quickly. Many guys who are a lot smarter than we are, would have discovered this long ago, and according to the efficient market hypothesis, any edge would have disappeared as a consequence of their trading.

You're free to believe whatever you like, but I find it a very self-limiting belief.

Reply With Quote
The following 3 users say Thank You to cunparis for this post:
 
  #580 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,653 since Mar 2010
Thanks: 4,226 given, 25,602 received
Forum Reputation: Legendary


Just tried to add some value to the setup introducing filters, targets and a reward-to-risk ratio.


cunparis View Post
You're free to believe whatever you like, but I find it a very self-limiting belief.


Reply With Quote

Reply



futures io > > > THREE SET UPS

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
UPS opinions? Poocher Tech Support 45 July 4th, 2017 12:28 PM
Very basic scalper set up Xzap Traders Hideout 25 November 18th, 2013 09:39 AM
ES indicators, set ups exits kctpac Emini Index Futures Trading 18 December 16th, 2011 03:07 PM
Home Depot Earnings Beat Forecasts, Ups Dividend Quick Summary News and Current Events 0 February 22nd, 2011 08:00 AM
What is the perfect set up? h4cked Reviews of Brokers and Data Feeds 8 December 11th, 2010 03:54 PM


All times are GMT -4. The time now is 04:29 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, 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
Page generated 2017-12-17 in 0.23 seconds with 20 queries on phoenix via your IP 54.227.51.103