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Trading my way - NQ and possibly CL and TF
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Created: by FalseProphet Attachments:0

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Trading my way - NQ and possibly CL and TF

  #11 (permalink)
San Diego, CA 92101
 
Trading Experience: Advanced
Favorite Futures: CL,NQ,YM Options
 
Posts: 20 since Jan 2019
Thanks: 1 given, 15 received

03-06-19 - Very good day

+ $1,395

Charts and recap later.

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  #12 (permalink)
San Diego, CA 92101
 
Trading Experience: Advanced
Favorite Futures: CL,NQ,YM Options
 
Posts: 20 since Jan 2019
Thanks: 1 given, 15 received

03-07-19 - Contract roll and a bad day

Shouldn't have traded.

-$680.00 - Bad trades and management.

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  #13 (permalink)
San Diego, CA 92101
 
Trading Experience: Advanced
Favorite Futures: CL,NQ,YM Options
 
Posts: 20 since Jan 2019
Thanks: 1 given, 15 received

03-08-19 - What a difference a day makes


Don't have time to go into much detail, but a much better day

+ $1,435.00

Weekly Total $2,690.00

I will try to do charts and explanations this weekend. However, I may not get to them due to day job over time.


Last edited by FalseProphet; March 8th, 2019 at 05:36 PM.
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  #14 (permalink)
San Diego, CA 92101
 
Trading Experience: Advanced
Favorite Futures: CL,NQ,YM Options
 
Posts: 20 since Jan 2019
Thanks: 1 given, 15 received

How I determine targets

Instead of a recap, I decided to show my HTF outlook and how I determine my targets from a 10R chart.

I have decided to enter on a 5R chart for the time being. Once I enter, I switch to a 10R chart to reduce the noise and make it easier to hold the trade for larger targets.

First up is a weekly chart of the NQ. For those of us that like to trade short, this is a beautiful sight. Impulse #1 to the downside completed the end of December. Now it looks like we will begin impulse #2. I believe there is a strong possibility of reaching the 4600 area this summer.

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Now, a 70R chart

Impulse #1 down was hard and extended past the normal 161.8 target. We are now retracing to the 7100 area where I believe impulse #2 will start down again. The target for impulse #2 is the 161.8 or 6800 territory.

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Trading Chart Targets

Here is a target count from the low that was set on Friday morning pre-open at 6:00am.
Target #1 is a forward extension from the low to the swing with a target of the 161.8 (which you can see it hit accurately). Typically, I don’t try to trade impulse #1, or just go for a normal reverse extension target.

Target #2 (and the wave you want to trade) is a forward extension from the low to impulse #1 swing high. Trade to the 161.8 of that extension. (this sim trade is a good example).

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This chart shows what I will be looking to trade on Monday. After target #2 is hit, I will be looking for the retrace of impulse wave #2. At that point, I will enter long to trade impulse wave #3 to the target (7110). This may take all of Monday and Tuesday, you never know. This wave has the possibility of being an 80 point trade and behave like a short squeeze. If the structure is good, and the timing is right, I may enter with 2 contracts to maximize the move.




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After impulse wave #3 completes, my bias may switch to short.

I will discuss entries in another post at a later date.


Last edited by FalseProphet; March 9th, 2019 at 03:24 PM.
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  #15 (permalink)
San Diego, CA 92101
 
Trading Experience: Advanced
Favorite Futures: CL,NQ,YM Options
 
Posts: 20 since Jan 2019
Thanks: 1 given, 15 received

Other Info

I am using an AWS EC2 windows instance as my trading platform. This makes it easy to have very good connectivity and stability.

I save my chart screen caps to an S3 bucket for easy access.

I can access my system from work or home and trade just like it was a regular computer. Since my current work rig is a MacBook Pro, it's the easiest way to use a windows platform while doing my day job.


==========================================

I work as a Development Operations Engineer for a subsidiary of a 42 Billion dollar a year company. My responsibilities include keeping their customer-facing websites and backend systems operational and automating everything that can be to accomplish goal#1. Basically, lots of Amazon Web Services, Puppet, bash scripting, and PowerShell scripting.

That means I am in front of my monitors all day long. It's pretty easy to trade the opening hours and watch my charts for the rest of the day.

If I can keep my current trading velocity, I can supplement my current salary by adding roughly 80-120% extra. All without causing any grief at my current employer.


Last edited by FalseProphet; March 9th, 2019 at 05:31 PM.
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  #16 (permalink)
San Diego, CA 92101
 
Trading Experience: Advanced
Favorite Futures: CL,NQ,YM Options
 
Posts: 20 since Jan 2019
Thanks: 1 given, 15 received

I'd like to add something regarding going for larger targets as I do.

You can't be afraid to let trades come back on you. Sometimes you'll be up 45 points on an NQ trade and watch it retrace for 20 points before it takes off. The SIM trade I posted is a perfect example.

This makes entries and trade management critical.

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