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Safin's Trading Journal

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  #51 (permalink)
 Fat Tails 
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As far as I know, NinjaTrader does not collect daily data from Zenfire. So where does your daily data come from? Can you pull a daily chart of CL?


safin View Post
Hi Fat Tails

I like clean chart. Too many indicators confuse me.

My data feed is Zen-Fire. I use regular Pivots (Daily) indicator. It's strange that we have different pivot points and s/r points. But so far my S/R points are doing fine for me. I don't actively use pivots indicator for trading but as guidelines. My method is to find out where other traders are placing their stops, or in other words find out s/r lines. I just keep drawing lines in those areas and when higher volume supports it, I place orders 2-3 tick above below those lines. Then I just wait for breakout. You can find out more about it in my first post.


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  #52 (permalink)
 Big Mike 
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With regards to pivots, are you both using 24 hour charts? I would examine the data series settings to see if there is a difference between you.

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  #53 (permalink)
 Big Mike 
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Fat Tails View Post
As far as I know, NinjaTrader does not collect daily data from Zenfire. So where does your daily data come from? Can you pull a daily chart of CL?

NT7 automagically handles daily data with Zen Fire, btw. But, I am not sure if it is native or if it is pieced together from 1440m data, in which case there could be a discrepancy.

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  #54 (permalink)
 Fat Tails 
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The 1440 min data will not do in any case. For correct pivots of CL you need to take the settlement price, not the close. For CL the settlement price is the average weighted price of all trades registered between 2:28 and 2:30 PM ET. The close is at 5:15 PM ET. This is about 2:46 hours difference and a lot of things can happen during that period.

For daily settlement times of CME/NYMEX see document below.

So if you take the close from a 1440 min chart, you are not exactly getting anything similar to floor pivots. Also I suggest that you simply compare with the official daily settlements, as shown on the CME group website.

Light Sweet Crude Oil

Note: For index futures the close is a good proxy for the settlement, as the settlement period is from 15:14:30
to 15:15.00, which is only about 15 seconds prior to the close. But for bonds and commodities you are cooked.




Big Mike View Post
NT7 automagically handles daily data with Zen Fire, btw. But, I am not sure if it is native or if it is pieced together from 1440m data, in which case there could be a discrepancy.

Mike


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  #55 (permalink)
 Big Mike 
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Personally, for my pivots I have them on a 5m chart with pit hours only for CL (9am to 2:30pm ET). I know Fat Tails had said my pivots were off too, today for instance my R1 is 77.56 and R2 78.17.

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  #56 (permalink)
 Fat Tails 
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Looks like a conspiracy. If there are enough traders using false pivots, the false pivots will become the correct ones. But you would need to agree on the false ones, otherwise your efforts will be in vain.

Below copy of the website of CME. For Wednesday you find High 77.74, Low 75.90 and Settlement 76.99. The main pivot is(H+L+S)/3 = 76.88. For R2 you would add the range and get 78.72. These values are displayed by my indicator, which uses Kineitick daily data.

If you have 78.17, it could be a different day or a different instrument or a different planet.


Big Mike View Post
Personally, for my pivots I have them on a 5m chart with pit hours only for CL (9am to 2:30pm ET). I know Fat Tails had said my pivots were off too, today for instance my R1 is 77.56 and R2 78.17.

Mike


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  #57 (permalink)
 safin 
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I am not sure how NinjaTrader is plotting pivots for me. So as Big Mike said, it could be using 1440m chart or whatever. I just add pivots indicator on 5 mins and 60 mins chart. One thing I see is, both charts are having different pivot values. For example today, it showing 77.83 as PP on 5 mins chart and 77.81 as PP on 60 mins chart. So not sure how it calculates it.

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  #58 (permalink)
 Fat Tails 
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Kinetick End-Of-Day is free. You can first connect to Kinetick-EOD and then to Zenfire. NinjaTrader will then load all daily data from Kinetick-EOD. Before you do this the first time you should rename the folder with daily data. If you rename it to something else you can revoke your decision!

The folder can be found under Own Documents -> NinjaTrader 7 -> db -> day. Rename it to <oldday> and create a new empty folder <day> instead. Then start NinjaTrader connect to Kinetick and it should load correct daily data to your chart.

But, never mind, the pivots don't seem to be very important for your trading setups.


safin View Post
I am not sure how NinjaTrader is plotting pivots for me. So as Big Mike said, it could be using 1440m chart or whatever. I just add pivots indicator on 5 mins and 60 mins chart. One thing I see is, both charts are having different pivot values. For example today, it showing 77.83 as PP on 5 mins chart and 77.81 as PP on 60 mins chart. So not sure how it calculates it.


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  #59 (permalink)
 safin 
London, Ontario
 
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Fat Tails View Post
Kinetick End-Of-Day is free. You can first connect to Kinetick-EOD and then to Zenfire. NinjaTrader will then load all daily data from Kinetick-EOD. Before you do this the first time you should rename the folder with daily data. If you rename it to something else you can revoke your decision!

The folder can be found under Own Documents -> NinjaTrader 7 -> db -> day. Rename it to <oldday> and create a new empty folder <day> instead. Then start NinjaTrader connect to Kinetick and it should load correct daily data to your chart.

But, never mind, the pivots don't seem to be very important for your trading setups.

Thanks Fat Tails. I will give it a try. It may sound little odd, but yes it is true, I didn't really care about Pivot Points and daily S/R lines in my setup too much. But if it benefits me, why not. I should use them. I am not a great trader yet. I just started out serious trading and I want to do more.

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  #60 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
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Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
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July-30
=====

This was supposed to be a relaxing day, but it turned out to be a hectic day. Too many trades.

Total Profit : 60$ (5 trades)

First Trade : -220 (three setup)
A nice I/B at 9.30am. But I missed important news announcement for "Chicago PMI" and "Inflation Expectation". In fact I saw news was coming around 9.45am. But I thought they are not related to CL. So I did long 1 tick above this bar with 22 tick stop loss. CL fluctuated and took my stop.

This is where everything started. Now I was forced to trade more at least for break even.

Second Trade: 40$ (my setup)
I got a resistance line at 77.94. 78 is major price mark. So First target I set as 5 ticks and second target was runner. CL broke that resistance and went up. But it did not move much after 4 ticks. I got scared and exited with 2 ticks on each trade.

Third Trade : 60$ (my setup)
After first failed breakout, I drew another resistance line at 78.05. Entered long at 78.06. Same story again. I got scared and exited with 3 ticks on both orders.

Fourth Trade : 100$ (my setup)
Around 12pm, I got another resistance line at 78.14. This was lunch time, but somehow volume was still up. So I took this risk and entered long at 78.15. CL moved 5 ticks and stopped for a while. I exited with 5 ticks as soon as I got chance.

All above 3 trades failed to do nice breakouts. This could be because it is Friday and not many big players. Anyways I just wanted to stop here because I recovered my morning loss.

Fifth Trade : 80$ (three setup)
Around 2pm, I saw increasing volume. Thought about using three setup if I get any I/B or O/B. I got an O/B at 2.15pm. Got 8 ticks easily. But guess what? that was not an O/B. I misread that bar. Lucky one for me.

Moral of the story: Do not trade on Friday if your weekly targets are achieved. Just keep your computer off. Do not even look at it.

Charts coming soon...

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