hen322's ES MES Daytrading Skill Development cont. from Elite J - futures io
futures io futures trading



hen322's ES MES Daytrading Skill Development cont. from Elite J


Discussion in Trading Journals

Updated by hen322
      Top Posters
    1. looks_one hen322 with 31 posts (44 thanks)
    2. looks_two kevinkdog with 3 posts (5 thanks)
    3. looks_3 Quick Summary with 1 posts (0 thanks)
    4. looks_4 Slopetrader with 1 posts (0 thanks)
    1. trending_up 1,785 views
    2. thumb_up 49 thanks given
    3. group 3 followers
    1. forum 35 replies
    2. attach_file 95 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 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
 

hen322's ES MES Daytrading Skill Development cont. from Elite J

(login for full post details)
  #11 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,793 since Jul 2012
Thanks: 1,440 given, 5,385 received


hen322 View Post
I agree, thanks. But my current strategy is to stay away from scalps, and to catch a swing intra-day trade in the morning. My stoploss is wide enough to take in slippages, and commission shouldn't be a problem because I will only be taking 1-2 trades a day. I use to use 10 ticks as stoploss for scalping trades, and taking over 5 trades a day is when I notice the commission eating profits away. The stoploss I use right now begins with 20 ticks.

The primary goal for this project is not to focus on making a profit, but to dig deeper into what is working for me and not. And hopefully, I'll get a different insight into creating a better strategy.

Just curious...what is your average $ per trade for the strategy you want to reverse? How much slippage are you assuming? Are you entering with limit orders or market orders?

Follow me on Twitter Reply With Quote

Can you help answer these questions
from other members on futures io?
Looking freelancer for MT4 Indicator
Platforms and Indicators
OPEN_CLOSE_DOTS
ThinkOrSwim
Horizontal Line Indicator
Platforms and Indicators
IB Bracker Order
Platforms and Indicators
DLL with webrequest function for MC
MultiCharts
 
 
(login for full post details)
  #12 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received

(0 ticks).

1. No trades today



2. My Brief Thoughts during Trades with 'Zoomed-In' Pictures (#of Trades: 0):

3. Afterthoughts.
I waited for the econ reports to come out, and observed how the market reacted to it. Once price tanked down, I waited to see what the follow through would be like. Since there was alot of activity going on, I assumed the algos dominated that area, so I stood aside. Once it created a small trading range, highlighted in blue, I decided to see which side broke out to enter the trade. But I remember the author say that most breakouts fail, so I didn't enter.

At 7:30, price was still under vwap, and the small trading range could have been a pull back before a 2nd leg down. But then I was also looking at the smaller timeframes, and how they were making micro 2 leg up moves. I did not know which direction would dominate today, so I stayed out.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #13 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received



kevinkdog View Post
Just curious...what is your average $ per trade for the strategy you want to reverse? How much slippage are you assuming? Are you entering with limit orders or market orders?

I will alternate between market and limit orders, depending on the setup. Today, I was looking to do a market order on a breakout, after price tanked down from the econ report, and created a small range at the bottom.

I sometimes experience a 1 tick slippage on the MES. And one time last month, I had a 3 tick slippage on a market order. It didn't affect my trade, and it hasn't been so far, based on my methods.

Currently, my stoploss will be between 15 to 30 ticks, depending on the present volatility, with max day's drawdown at 30 ticks. (30x$1.25= $37.50). For my average $ per trade, if my risk is between $18.75 to $37.50, I would say an average would be $28.

That would give me around 7 losing days to hit my month's drawdown.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to hen322 for this post:
 
(login for full post details)
  #14 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,793 since Jul 2012
Thanks: 1,440 given, 5,385 received


hen322 View Post
I will alternate between market and limit orders, depending on the setup. Today, I was looking to do a market order on a breakout, after price tanked down from the econ report, and created a small range at the bottom.

I sometimes experience a 1 tick slippage on the MES. And one time last month, I had a 3 tick slippage on a market order. It didn't affect my trade, and it hasn't been so far, based on my methods.

Currently, my stoploss will be between 15 to 30 ticks, depending on the present volatility, with max day's drawdown at 30 ticks. (30x$1.25= $37.50). For my average $ per trade, if my risk is between $18.75 to $37.50, I would say an average would be $28.

That would give me around 7 losing days to hit my month's drawdown.

Sorry, I was not clear. I meant your average net P/L per trade. If it was positive $28, then there would be no need to reverse!

Why I asked:

Let's say your average net P/L per trade is -$5.25 for the MES (-$52.5 for ES). Let's assume $0.75 per RT (round turn) for commission, and 1.5 ticks slippage RT, or $1.88.

-5.25 with slippage and commission

-5.25 +.75+1.88 = -2.62 with no slippage and commissions

Reverse it: +2.62

Now add in slippage and commissions:
+2.62 -.75 - 1.88 =-.01

So, the original system was a loser, AND the reverse of it is a loser.

That is why just reversing your signals might not work.

Follow me on Twitter Reply With Quote
The following 3 users say Thank You to kevinkdog for this post:
 
(login for full post details)
  #15 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received


kevinkdog View Post
Sorry, I was not clear. I meant your average net P/L per trade. If it was positive $28, then there would be no need to reverse!

Why I asked:

Let's say your average net P/L per trade is -$5.25 for the MES (-$52.5 for ES). Let's assume $0.75 per RT (round turn) for commission, and 1.5 ticks slippage RT, or $1.88.

-5.25 with slippage and commission

-5.25 +.75+1.88 = -2.62 with no slippage and commissions

Reverse it: +2.62

Now add in slippage and commissions:
+2.62 -.75 - 1.88 =-.01

So, the original system was a loser, AND the reverse of it is a loser.

That is why just reversing your signals might not work.

Thank you! The math does make sense, I will keep that in mind. I'm working on methods that are mainly for discretionary traders, so I work on having more tolerance to my entries and exits. I would definitely like more input of yours as my project progresses through this month.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to hen322 for this post:
 
(login for full post details)
  #16 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received

(plus 19 ticks)

1. Three Longs



2. My Brief Thoughts during the Trades with Zoomed-in Pictures (#of Trades: 3):
First Trade: There were no econ reports I had to worry about, but there were alot of speakers today. I just ignored them and focused on the chart. Since we gapped up at the open, I anticipated that price might try to close the gap, so I looked for a 5min breakout. Instead of shorting, I went long. After it reversed to the upside, I went about my normal money management to exit the trade. I thought there would be more resistance above that would lead to another downturn, so I exited. 10 tick profit.



Second Trade: After the strong down move around 7:15, this looked like a 1st leg that could lead to a 2nd leg down, so I waited for a pullback, and looking at my 3.5 min chart, I decided to enter when it traded below its previous candle. Instead of going short, I went long. When price shot up, my stop loss was moved to breakeven, and was hit with a 1 tick profit.

Third Trade: I decided to re-enter again as soon as it traded below it's prev. candle, did my opposite trade, and ended up with an 8 tick profit.



3. Afterthoughts in a Nutshell.
All my trades had 15 tick stoplosses, because I noticed that price was moving smoother than other days, plus, there was no reports.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to hen322 for this post:
 
(login for full post details)
  #17 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received

(0 ticks)

1. No Trades Today



2. My Brief Thoughts during the Trades with Zoomed-in Pictures (#of Trades: 0):

Econ reports at 6:45 pmi, 7 ISM, 7:30 Nat Gas, 8 Crude oil.

3. Afterthoughts in a Nutshell.

Econ reports have been making price react violently. I feel it's too much of a gamble to bet which side would win. I also felt that the price moves between each release was unpredictable too. I thought that there would be a higher probability for the gap to close, but it just kept going up, even past the 2975 that some professionals thought would be resistance. Today was a good day to just watch and learn.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to hen322 for this post:
 
(login for full post details)
  #18 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received

(minus 14 ticks)

1. Long.



2. My Brief Thoughts during the Trades with Zoomed-in Pictures (#of Trades: 1):

After moving down from the open, price shot back up to where it came from, and also hit the bottom channel line I drew from the premarket. My normal reaction would be to short, but went long instead, with a stoploss of 20 ticks. It lingered there for a little bit, so I moved up my stoploss just below the prev. day's close (RTH), making it 14 ticks from my entry. I got stopped out, cause it was too tight.



3. Afterthoughts in a Nutshell.

I shouldn't be too aggressive with tightening my initial stoploss.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to hen322 for this post:
 
(login for full post details)
  #19 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received

(0 ticks)

1. No Trades



2. My Brief Thoughts during the Trades with Zoomed-in Pictures (#of Trades: 0):

Low volatility today. I was trying to catch a 2 legged move. Nothing met my criteria to enter.

3. Afterthoughts in a Nutshell.

Usually I wouldn't enter a trade during the last half hour of European close, but today looked good.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to hen322 for this post:
 
(login for full post details)
  #20 (permalink)
San Francisco CA
 
Experience: Advanced
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Micro ES, ZN
 
hen322's Avatar
 
Posts: 131 since Apr 2019
Thanks: 164 given, 241 received


(minus 14 ticks)

1. Long



2. My Brief Thoughts during the Trades with Zoomed-in Pictures (#of Trades: 1):

Normally, I would have entered short for a Range trade, but went long. It went 12 ticks in profit before it suddenly reversed.




3. Afterthoughts in a Nutshell.

Still implementing my opposite trade project. The past months, I always began good at the start, before doing bad at the end of the month. So I am expecting the same, but in reverse, to start out somewhat bad before doing good later on.

Theory:

The main core of a Trader's strategy is to help them read the market. Once the strategy shows a losing streak, maybe the opposite trade will yield a profit. The best way to measure the progress is by month to month.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to hen322 for this post:


futures io Trading Community Trading Journals > hen322's ES MES Daytrading Skill Development cont. from Elite J


September 30, 2019


Upcoming Webinars and Events
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, 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