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THREE SET UPS
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THREE SET UPS

  #741 (permalink)
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'Morning, cunparis, & thanks for your views.

I'd like to clarify that I am not tradng THE THREE SETUPS pure & simple and never intended to : I posted my essential method in post # 2392 on Jeff's All You Need thread. In adding what for me is a typically much slower M15 chart with these 3 setups to my mix, I am adding additional context to my trading, which I am finding beneficial. Like Fat Tails, I am cautious of taking every entry (and, btw, Fat Tails : I like your NR suggestions, although I haven't got around to finding a suitable indicator) : if this is what I wanted to do, I would use an autotrader during the hours I wanted to trade, simply turning it off pre-news.

I had been meaning to ask if you were using the methods of this thread for FESX during the European morning, but I see you are also trading FDAX - well done on this morning's trade. Did you take the 0945 IB that followed or did you also filter it because of the 0955 news ?

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  #742 (permalink)
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jtrade View Post
'Morning, cunparis, & thanks for your views.

I'd like to clarify that I am not tradng THE THREE SETUPS pure & simple and never intended to : I posted my essential method in post # 2392 on Jeff's All You Need thread. In adding what for me is a typically much slower M15 chart with these 3 setups to my mix, I am adding additional context to my trading, which I am finding beneficial. Like Fat Tails, I am cautious of taking every entry (and, btw, Fat Tails : I like your NR suggestions, although I haven't got around to finding a suitable indicator) : if this is what I wanted to do, I would use an autotrader during the hours I wanted to trade, simply turning it off pre-news.

I had been meaning to ask if you were using the methods of this thread for FESX during the European morning, but I see you are also trading FDAX - well done on this morning's trade. Did you take the 0945 IB that followed or did you also filter it because of the 0955 news ?

This is one thing that is really confusing me with this thread is that different people are talking about different methods.

I trade fesx the same way I do ES, with a combination of order flow & cycles. I do not do any breakouts or 3 setups on fesx.

I stopped trading dax at 9:45 because of news. The trade would have worked though.

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  #743 (permalink)
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cunparis View Post
This is one thing that is really confusing me with this thread is that different people are talking about different methods.

If I understand you correctly, you choose to trade part of your account with just this method, standalone so to speak, as does Jeff. Others, such as myself, choose to add to what is already working for us, to try to improve our total trading experience (which can of course mean more than just improving the bottom line in financial terms). I think sharing this information - as long as there is relevance to the original method - can be beneficial...

... but on the other hand, I notice my meagre post count has accelerated recently via this thread, which I always view as a bad sign (because forums tend to be more about talking the talk, although futures.io (formerly BMT) may be a rare and noble exception to the rule), so I'll zip it for the time being.

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  #744 (permalink)
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Hey guys
It is the first time that I post within an existing thread. I am quite new in this community and also in daytrading, and I am still looking for a first consistent daytrading setup, no matter if it concerns German or American stocks or - futures.
This page is really a "massive ressource" for trading issues, thats why I like it.
I am writing within this thread because it is called "three set ups". To be honest, one would be enough for me for the beginning to explore.
Nevertheless, I am a bit unsure now as we are on page 75 with the 3 setups and 742 answers have been given before my post right now.
So, would I miss something most important if I would not read all the posts before and simply try the setups introduced on page one of this thread?
Any proposals and setups are highly welcome ;

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  #745 (permalink)
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PowerM View Post
So, would I miss something most important if I would not read all the posts before and simply try the setups introduced on page one of this thread?
Any proposals and setups are highly welcome ;

Trading is a serious business. You're going up against the best traders in the world. If you want to take shortcuts and avoid the work then please be my guest. I'll be happy to transfer the money from your account into mine.

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  #746 (permalink)
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Well guys I've traded the crude inside bar setup for almost a month and I have some data to determine how it's working for me. Yesterday & today were two very bad days for the IB setup. In fact in just 2 days it almost wiped out an entire month of gains. This isn't acceptable to me. In fact today will be my first losing day this month! A $1000 losing day is quite a shock to someone who is used to not having losing days at all.

My ES profit factor is > 20. For crude it's 1.20 which is barely above breakeven. For a 3rd crude setup (labeled Crude D) I was working on, results are negative but I only traded it a few days. It doesn't backtest positive.

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The bottom line for me is that trading crude is a distraction for my ES trading. Since ES trading is what gives me my income, I really need to focus on that. I'm currently using 2 contracts as my unit in ES and I want to increase it to 3 and then 4 .. etc. When I get a large size on (I often trade 2-3 units) I need to focus on ES 100% without any distractions. The large drawdown potential of the crude setups mean I could never trade it with a big size.

So I want say it's more me and not the setup or method. And I want to focus on what I do best.

It has been a great learning experience and I come out ahead almost $200 on crude so I was paid to learn and didn't end up costing my anything but maybe some time and missed trades on ES.

I'm undecided on Dax, i may give it another week.

What I said earlier is that traders don't succeed cause they give up. So I will admit for crude I'm falling into that category but that's ok because I'm giving up on crude for now so I can focus on what works for me.

Good luck with the 3 setups.

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  #747 (permalink)
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PowerM View Post
Hey guys
It is the first time that I post within an existing thread. I am quite new in this community and also in daytrading, and I am still looking for a first consistent daytrading setup, no matter if it concerns German or American stocks or - futures.
This page is really a "massive ressource" for trading issues, thats why I like it.
I am writing within this thread because it is called "three set ups". To be honest, one would be enough for me for the beginning to explore.
Nevertheless, I am a bit unsure now as we are on page 75 with the 3 setups and 742 answers have been given before my post right now.
So, would I miss something most important if I would not read all the posts before and simply try the setups introduced on page one of this thread?
Any proposals and setups are highly welcome ;

I suggest you read the thread at least 1 time all the way through and the first 10-12 pages 2-3 times. I would focus on post by Jeff considering you are new. Once you fully grasp the concept and realize why you would want to filter trades then you look at what others are doing with the methods.

With that said I think Jeff's other thread https://futures.io/journals-daily-charts-chart-reading/560-all-you-need.html might be a better place to start. Once you have read that entire thread then come back to this one.

Or do like cunparis suggested and just transfer your money to the other traders here. You would at least avoid commissions that way. Daytrading is very hard, regardless what some try to tell you.

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  #748 (permalink)
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cunparis View Post
I..

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!". ... trading.


cunparis View Post
..

What I said earlier is that traders don't succeed cause they give up. So I will admit for crude I'm falling into that category but that's ok because I'm giving up on crude for now so I can focus on what works for me.

Good luck with the 3 setups.

interesting development you are very flexible in your position. I guess when it's real money on the line one should adapt quickly or fall by the wayside.

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  #749 (permalink)
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cunparis said "In fact in just 2 days it almost wiped out an entire month of gains."

That is what I was talking about when your R/R is 8/25 and not 1/1.5

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  #750 (permalink)
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ikew View Post
cunparis said "In fact in just 2 days it almost wiped out an entire month of gains."

That is what I was talking about when your R/R is 8/25 and not 1/1.5

It's not 8/25, I was going for 19 ticks and my max stop is 31. So that's about 3 risk reward 2. So one would have to win more than 2/3 of the trades to be profitable. I think that's possible with this setup.

I'm sure I could make the IB setup work for me it just requires some discretion and that's the problem I have, it's hard for me to do both crude & ES at the same time.

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