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THREE SET UPS
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Created: by Jeff Castille Attachments:243

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THREE SET UPS

  #861 (permalink)
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jtrade View Post
Jeff - I just reviewed this thread and thought I'd add the SAR set up for IBs as you describe.

However, if I read your rules correctly, surely it's no longer an IB : it has become a standard Outside Bar entry (in which case your stats above should read "46 IB trades total : 40 winners / 6 losers; 4 of the losers were followed immediatey by Outside Bar winners") !?

Please let me know if I've misunderstood - sorry if this was covered and I missed it - and have a great weekend.

J.

Hey jtrade,

Just noticed your post.........if I understand your post correctly........you have a correct interptation of the set up and the won/lost statement.

Jeff

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  #862 (permalink)
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Added NR4 bar : FOUR SET UPS

So I've added a fourth set up bar : a "solo" NR4 (thank-you, Fat Tails) for the way I am using these setups, which is to provide context to the entries I am fine tuning with a R5 (recently changed from R8) chart. Remember, I am trying to avoid break-out entries if possible : I want to trade into the breakpoint, preferably (although not necessarily) 8 ticks or more before, so that I have a free trade before I discover if I'm staring a failed breakout in the face (& we all know what Al Brooks has to say about those...).

So, on my M15 chart the NR4 bar appeared, effectively giving me two breakpoints at the extremes of the bar. As per my simple method of drawing pivot lines (described on Jeff's All You Need thread), I drew the blue line on the R5 chart, noting the price mometnum divergence and therefore strong bias short. Short 2 contracts @ 6275.5, one off just above the breakpoint @+8 & then away she went to my +34 target. A third contract with a trail would have done well today, but often the DAX ranges up and down in the morning & 21 > 34 ticks is the best one can do for t2. The best part of this trade is the excellent RR, as it only needed a 5 tick stop : just over 4R trade. My preset stop is -13, btw, and I rarely need more thanks to the extra defintion from the R5 chart.

I am not suggesting that one needs the "discretionary complexity" of adding a range bar chart to the mix for CL, but FDAX - being an index future - has a lot of failed breakouts, so it's invaluable for this purpose.

Attached Thumbnails
THREE SET UPS-fdax-09-10-9_14_2010-15-min-.jpg   THREE SET UPS-fdax-09-10-9_14_2010-5-range-.jpg  
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  #863 (permalink)
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jtrade View Post
So I've added a fourth set up bar : a "solo" NR4 (thank-you, Fat Tails) for the way I am using these setups, which is to provide context to the entries I am fine tuning with a R5 (recently changed from R8) chart. Remember, I am trying to avoid break-out entries if possible : I want to trade into the breakpoint, preferably (although not necessarily) 8 ticks or more before, so that I have a free trade before I discover if I'm staring a failed breakout in the face (& we all know what Al Brooks has to say about those...).

So, on my M15 chart the NR4 bar appeared, effectively giving me two breakpoints at the extremes of the bar. As per my simple method of drawing pivot lines (described on Jeff's All You Need thread), I drew the blue line on the R5 chart, noting the price mometnum divergence and therefore strong bias short. Short 2 contracts @ 6275.5, one off just above the breakpoint @+8 & then away she went to my +34 target. A third contract with a trail would have done well today, but often the DAX ranges up and down in the morning & 21 > 34 ticks is the best one can do for t2. The best part of this trade is the excellent RR, as it only needed a 5 tick stop : just over 4R trade. My preset stop is -13, btw, and I rarely need more thanks to the extra defintion from the R5 chart.

I am not suggesting that one needs the "discretionary complexity" of adding a range bar chart to the mix for CL, but FDAX - being an index future - has a lot of failed breakouts, so it's invaluable for this purpose.


I would be careful with a solo NR 4. I am not sure if we still talk about a high probability setup.

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  #864 (permalink)
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Fat Tails View Post
I would be careful with a solo NR 4. I am not sure if we still talk about a high probability setup.

I would too.

Bear in mind that at least 75% of the time I am not taking the 15 minute breakout of the previous bar (IB, OB, RB or NR4) as I have described above.

Edit : sommetimes I cannot find an early entry on the R5 chart; in these cases, I either take the classic M15 entry, or more likely, will wait for a second entry, which is often higher probability + lower heat and sometimes at the same price or better , with lower risk (yes, will have to post an example next time I do one).


Last edited by jtrade; September 14th, 2010 at 03:47 PM.
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  #865 (permalink)
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Aim high

CL-10-10, all NR4 IBs, stop = bar size, target = x * bar size, optimize x 1-7 step 0.25, avoid lunch

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  #866 (permalink)
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Look to switch to CL 11-10 on Monday.

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  #867 (permalink)
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Big Mike View Post
Look to switch to CL 11-10 on Monday.

Mike

I have already switched this morning. Volume was higher for CL 11-10 than for CL 10-10 today. If in doubt, switch early.

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  #868 (permalink)
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Chart Template

Hi Jeff

Thank you for the valuable thread. I finished reading all posts and downlod the template and indicators listed on page 1 post #1. Several questions arose after I looked at the new CL 15 min chart displayed on NT:

A. Seven indicators attach ---1) Do you actually use so many lines of support, resistance and pivot for trading Three Set UPs? 2) Do you let News stay in panel 3?

B. REVERSAL WITH VOLUME attach --- Is there any way to increse the width of wicks without widening the body of a candle?

C. All times are local attach --- For the US Economic news, does Forex Factory show the time in EST (Eastern Standard Time)? TIA

Attached Thumbnails
THREE SET UPS-seven-indicators.gif   THREE SET UPS-reversal-voilume.gif   THREE SET UPS-all-times-local.gif  
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  #869 (permalink)
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Chart

Hi Fusion,

Look carefully at the chart that I posted page 1 post #1.....you will notice that the news indicator is displayed in the upper left hand side of the chart (panel 1). Then look at the right hand side of the chart......you will see several short lines with no labels on them.......these are the support and resistance lines.......I do not need the labels because the lines are color coded and I know by the color and line type what support and resistance line it is. As far as the time for the news indicator goes......I have had no issues with the "local time" you can double check this by going to forex factory or econoday or barrons and seeing what time news will be released and then check to see that it is displayed properly on the news indicator. As far as I know there is no way to increase the wick size without increasing the body of the candle also.

I have found a Trading Time indicator that I prefer to the one that was previously posted. I have the .cs file posted here.

Jeff

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Register to download File Type: cs ColorTimeRegions.cs (13.8 KB, 39 views)
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  #870 (permalink)
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fusion View Post
Hi Jeff

Thank you for the valuable thread. I finished reading all posts and downlod the template and indicators listed on page 1 post #1. Several questions arose after I looked at the new CL 15 min chart displayed on NT:

A. Seven indicators attach ---1) Do you actually use so many lines of support, resistance and pivot for trading Three Set UPs? 2) Do you let News stay in panel 3?

B. REVERSAL WITH VOLUME attach --- Is there any way to increse the width of wicks without widening the body of a candle?

C. All times are local attach --- For the US Economic news, does Forex Factory show the time in EST (Eastern Standard Time)? TIA

for B:

you can change the candle outline size (including wick) here. left double click on the chart:

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THREE SET UPS-2010-09-19_2352.png  
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