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 221,847 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)
  #731 (permalink)
 jtrade 
near Amsterdam
 
Experience: Advanced
Platform: NinjaTrader
Trading: 6B, 6E
 
jtrade's Avatar
 
Posts: 323 since Feb 2010
Thanks: 430 given, 332 received


rassi View Post
So your telling me that you don't care about risk : reward or your win rate!

No, I'm not.

Reply With Quote

Can you help answer these questions
from other members on futures io?
mahDualCandlePattern
NinjaTrader
Tips for directional bias during Asian Session?
Traders Hideout
need help with easy language OR breakout code:)
Traders Hideout
value chart indicator by sim22
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Spoo-nalysis ES e-mini futures S&P 500
44 thanks
How many day traders are profitable?
28 thanks
Why you should move from futures to forex
15 thanks
Attached Orders
13 thanks
fx "traders" hate real profitable traders
8 thanks
 
(login for full post details)
  #732 (permalink)
 rassi 
the congo
 
Experience: Advanced
Platform: North sea oil rig
Trading: Cl
 
rassi's Avatar
 
Posts: 926 since Jun 2009
Thanks: 1,558 given, 1,199 received

Ok so why do you care about it?

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #733 (permalink)
 ikew 
ny
 
 
Posts: 39 since Oct 2009


yes. 1 to 1.5 max.

If you looking to gain 8 ticks the max risk is no more than 12, better 8.

Reply With Quote
 
(login for full post details)
  #734 (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


ikew View Post
yes. 1 to 1.5 max.

If you looking to gain 8 ticks the max risk is no more than 12, better 8.

Are you familiar with the concept of "scaling out?"

And.......do you trade CL?

Have you read this entire thread?

Just checking.........

Follow me on Twitter Started this thread Reply With Quote
 
(login for full post details)
  #735 (permalink)
 Zoethecus 
United States of America
 
Experience: Advanced
Platform: NT
 
Posts: 1,149 since Aug 2009


Jeff Castille View Post
Are you familiar with the concept of "scaling out?"

And.......do you trade CL?

Have you read this entire thread?

Just checking.........

Other than the psychological blanket of a so-called free trade after letting loose half a position, why scale out when all in all out is more profitable and has a proven superior risk:reward profile?

Take away: Math trumps psycho-comfort on the bottom line.

PS. I read the entire thread after 3 shots of tequila.

Reply With Quote
 
(login for full post details)
  #736 (permalink)
 Fat Tails 
Market Wizard
Berlin, Europe
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,870 since Mar 2010
Thanks: 4,238 given, 26,871 received

I believe that psycho-comfort trumps math. I am scaling out. Keeps me in longer for the remaining part.


Zoethecus View Post
Other than the psychological blanket of a so-called free trade after letting loose half a position, why scale out when all in all out is more profitable and has a proven superior risk:reward profile?

Take away: Math trumps psycho-comfort on the bottom line.

PS. I read the entire thread after 3 shots of tequila.


Reply With Quote
The following user says Thank You to Fat Tails for this post:
 
(login for full post details)
  #737 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,182 since Jun 2009
Thanks: 32,680 given, 99,536 received

I agree with scaling in and out. To me, all-in/all-out implies picking the absolute top or bottom, the "perfect" price for instance, which I think is impossible. Since we don't know what the future holds, all we can do is position ourselves the best we can to benefit where possible, which means scaling out (to me).

But the whole scaling in and out discussion really doesn't belong in this thread, it's a money management topic and deserves its own thread.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #738 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,182 since Jun 2009
Thanks: 32,680 given, 99,536 received


Big Mike View Post
But the whole scaling in and out discussion really doesn't belong in this thread, it's a money management topic and deserves its own thread.

Mike

I was going to create a thread but see one already exists:


Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #739 (permalink)
 jtrade 
near Amsterdam
 
Experience: Advanced
Platform: NinjaTrader
Trading: 6B, 6E
 
jtrade's Avatar
 
Posts: 323 since Feb 2010
Thanks: 430 given, 332 received

... this looks like a perfect RB, but I did not take it because (1) first bar of Deutsche Borse opening, so just about always a much higher volume bar than the previous 4 bars of the first hour of the futures & (2) break out of major 6200 support level : so imho a higher risk entry, worthy of discretion.... BUT I oh so nearly took it by referencing the R8 chart which, after the M15 trade triggered pulled back 16t and formed a perfect L2 entry (circled)....... as Al B said on his recent webinar here at futures.io (formerly BMT), second entries are often the best, with significantly less heat.

PS. for Zoethecus
Quoting 
Math trumps psycho-comfort on the bottom line.

I agree in theory, but not in practice .

Attached Thumbnails
Click image for larger version

Name:	FDAX 09-10  7_29_2010 (15 Min).jpg
Views:	194
Size:	68.1 KB
ID:	17647   Click image for larger version

Name:	FDAX 09-10  7_29_2010 (8 Range).jpg
Views:	195
Size:	55.9 KB
ID:	17648  
Reply With Quote
 
(login for full post details)
  #740 (permalink)
 cunparis 
Paris, France
 
Experience: Advanced
Platform: Market Delta & Ninjatrader
Trading: ES
 
cunparis's Avatar
 
Posts: 2,565 since Jun 2009
Thanks: 1,162 given, 2,088 received



jtrade View Post
... this looks like a perfect RB, but I did not take it because (1) first bar of Deutsche Borse opening, so just about always a much higher volume bar than the previous 4 bars of the first hour of the futures & (2) break out of major 6200 support level : so imho a higher risk entry, worthy of discretion.... BUT I oh so nearly took it by referencing the R8 chart which, after the M15 trade triggered pulled back 16t and formed a perfect L2 entry (circled)....... as Al B said on his recent webinar here at futures.io (formerly BMT), second entries are often the best, with significantly less heat.

I think you're over-analyzing too much. Just take the setups. Some won't work, it's ok. Give yourself permission to stop out. Effort spent weeding out the bad ones will just end up weeding out good ones as well..

I got 125 euros on that RB looking at nothing other than this chart:






The trade before that I lost confidence and exited. Seconds after it would have hit my target and even more. Shame on me, I cost myself 125 euros. I over-analyzed too much. As Jeff says "Do your thinking when you're not trading".

I haven't commented on some of the recent posts, mainly because when people don't quote I don't know who is talking to who. But here's my beliefs:

- Don't make this too hard. Just take the setups as they come. Practice on sim for a month and you'll start to get it. You'll develop your intuition about what works and what doesn't, when to scratch a trade and when to give it more room. It might take a month or a year but this is how one learns. Jumping from one indicator to the next, trying to filter out the bad trades is not likely to lead to success.

- Scaling out - When dealing with mathematical certainties then scaling out is not optimal. However if one starts trading on intuition and with discretion, OR in changing market conditions, then scaling out allows to reduce risks, lock in gains, and be patient. Lots of benefits but to each his own I'm not going to try and convince anyone to scale out. My swing trading became profitable last October 2009 and the major thing I changed when it happened was I started scaling out. Now that I think of it, it was around the time I was collaborating with Jeff in the AYN thread and we discussed scaling out many times. I'd point to my backtests and tell him x ticks is optimal. He finally convinced me otherwise.

My ES trading is not simple. I look at a lot of data. Some say way too much. It works for me (only a couple losses this month, only 2 if I remember correctly) however I don't recommend it because it has taken me a long time to be able to do it and most would give up.

Jeff's setups are simple. One should be able to do it much quicker. Instead of theorizing just start simming. Post your trades, discuss your results. I think Jeff & I are the only ones actually trading the crude IB setup. Everyone else is talking about it. That's fine if one's goal is to have fun discussing theoretical combinations of indicators & setups but it's not going to put money in your pocket. So I say it again: If you want to make money at this then start simming it and share your results. We can learn together.

The other day I was struggling and I told Jeff I thought about quitting crude. The next day I made $1k real money. He said "now are you going to quit" and I replied "No sir!". Why do 85% of traders fail? Two main reasons:

1 - They jump from one thing to another and never master anything

2 - They give up before finding success

Now that I think about it, these are the same really as #1 is just giving up and jumping to something else. But what I mean in #2 is they ultimately give up. Linda Raschke said that if a trader makes it past 2 years (I'm assuming full time) then they have a good chance of becoming profitable. I was coming up on my 2 years when I read that so I was really optimistic. And sure enough, that's when my swing trading become profitable. 2 years and 5 months for day trading.

Follow me on Twitter Reply With Quote
The following 6 users say Thank You to cunparis for this post:


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