ES - developing 5:1 plan - futures io
futures io



ES - developing 5:1 plan


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one planetkill with 49 posts (20 thanks)
    2. looks_two josh with 5 posts (14 thanks)
    3. looks_3 Mich62 with 2 posts (2 thanks)
    4. looks_4 bobwest with 2 posts (1 thanks)
      Best Posters
    1. looks_one josh with 2.8 thanks per post
    2. looks_two Mich62 with 1 thanks per post
    3. looks_3 Blash with 1 thanks per post
    4. looks_4 planetkill with 0.4 thanks per post
    1. trending_up 6,659 views
    2. thumb_up 39 thanks given
    3. group 8 followers
    1. forum 56 posts
    2. attach_file 28 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 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
 

ES - developing 5:1 plan

(login for full post details)
  #1 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Starting a journal to develop to idea of trading 5:1 setups with 3rd entries.
Entry criteria and 5 examples written in this thread


Visit my futures io Trade Journal Started this thread Reply With Quote

Journal Challenge April 2021 results (now extended!):
Competing for $1800 in prizes from Jigsaw
looks_oneMaking a Living with the Microsby sstheo
(71 thanks from 10 posts)
looks_twoSalao's Journalby Salao
(22 thanks from 5 posts)
looks_3Deetee’s DAX Trading Journal (time based)by Deetee
(15 thanks from 7 posts)
looks_4Learning to Profit - A journey in algorithms and optionsby Syntax
(12 thanks from 7 posts)
looks_5Becoming a day trader (PA, volume profile, footprint etc.)by JirkaF
(0 thanks from 2 posts)
 
Best Threads (Most Thanked)
in the last 7 days on futures io
The Crude Dude Oil Trading System
72 thanks
futures io site changelog and issues/problem reporting
65 thanks
Would You Sell Your System?
60 thanks
FIO Journal Challenge - April 2021 w/Jigsaw Trading
27 thanks
Big Mike in Ecuador
25 thanks
 
(login for full post details)
  #2 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

6/5 +34 ticks

With the trade criteria outlined yesterday, I jumped into the 1st trade I saw today just after the open.
I closed manually just before the full 10pts, but it actually hit 10pts just seconds later.

Question:
What does everyone look at when deciding to close a profitable position before the target?


ATM:





Trade:


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #3 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received


6/5/20 - 2nd trade got owned, lost 8 ticks

This setup doesn't look anything like the good ones from yesterday or this morning.

Lesson: The triple support/resistance should be spaced out more bars and larger swings between each leg.


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #4 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

This is awkward but shortly after the loss, another setup appeared. I didn't take it, but it did go for +10pts.
This setup can alternatively also be viewed as the opposite of the lesson from the previous loss. Hmmmm...... Perhaps better to just ignore both this winner and the previous loser?

Lesson: In previous setups the peaks of each leg were within 1 point of each other, but in this case it was a little more. Going to make this a soft criteria as long as the rest of the setup is strong, don't want to miss this trade again.




Edit: Very similar to the setup from yesterday, screenshot below. Peaks are roughly 30 minutes apart. Will be looking to take these in the future


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #5 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

3rd and final trade. I closed out the trade early because of my toilet paper hands and recoup previous loss but the trade did continue moving towards the profit target.

Looks like at 4pm there's some auto closing of positions.

Question: Does anyone know if Ninjatrader requires full margin after 4pm or is it after 4:15pm?

Lesson: Configure NT to auto close position at 3:59 and 55 seconds




Final trade today:




Yesterday's closing trade also rapidly approached the 10pt profit target and saw a sell off at 4pm with auto close. In the future, I'm going to find my balls and not close these positions manually until the auto close at 3:59:55, or the stop is hit.


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #6 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Extremely annoyed this morning.

Every time the trade is manually closed, it hits the full profit target. Every time I hold out, it doesn't and gets stopped out. Today is the perfect example.

Can anyone recommend what they do to deal with this?
Trailing stops?
Other indicator?
Feel the market?

God I hate trading



I guess I just need to feel the market better.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #7 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

+24 ticks

I "felt" the market today, and closed the profitable position before the target... and it was the correct move! Although i was filled with fear and this is probably luck.... feels like I'm learning something from last Tuesday, but probably not...


Is it just me, or is there something to trading the open/near the open that seems very predictable?

Like if you look around 9:30am EST everyday, it looks to me like there is a very repeatable pattern.
It is hard to put into words... i tried typing it out but reading it back sounds stupid.

Expanding on the triple support/resistance, the price moves until the range of the 2nd bar from the previous peak, then reverses. The same thing happened Monday, Tuesday, Wednesday, and Today! For the profit target, either 10pts or watch for reversal when price enters the range of the 2nd bar of the previous peak.


Today:




Wednesday:




Tuesday (should have closed out early or reversed at 9:37, but similar triple resistance with pricing reversing at the range of the 2nd bar from previous peak):




Monday (ignore my shitty trades, look at 9:45 instead):


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #8 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


planetkill View Post
Every time the trade is manually closed, it hits the full profit target. Every time I hold out, it doesn't and gets stopped out. Today is the perfect example.

Can anyone recommend what they do to deal with this?

Accept the randomness of every moment and learn to live with uncertainty. The main job of a trader is to manage risk and the uncertainty that comes along with that.


planetkill View Post
God I hate trading

I guess I just need to feel the market better.

If you hate it, stop -- you can't make money in the long run doing something you hate.


"Feeling the market" is certainly important for many people, but it looks like you may want to incorporate some structure. Looks like you are just zooming in, looking for the pattern, and firing away. That's okay to some degree, and anything that makes money is great, but you'll eventually see that the market changes, and if you have no context to frame it in, you will have a difficult time adapting with it.

Reply With Quote
The following 5 users say Thank You to josh for this post:
 
(login for full post details)
  #9 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Hi Josh, I suspect you are right and made multiple Josh inspired adjustments.

To live with the randomness and uncertainty, I've changed the ATM to this:



This ATM is no longer a 5:1 risk reward, but ends up being closer to 2:1. It requires 2 contracts, and typically the loss is around -$300 or a gain of around +$700 or something in between.


To incorporate some structure, I've downloaded the supply demand zone indicator from futures.io
  • Next, I've decided to only trade 9:35am - 10am EST. (less over trading and more time for happy personal life)
  • At open, I do not guess if the market is going up or down. Instead I'll look at the supply demand zone indicator. If many zones, than this might be a range open where it bounces between the red and green zones. Otherwise, might be a trend day where at open it just takes off in one direction.
  • For a range open, I'll wait until it bounces off one of the zones (typically in the first few minutes after open). Then around 9:35 - 9:40, it bounces again in the real direction the market will breakout through.
  • The ATM is very helpful here because if I go into the position at the wrong bounce, it often will reach the 5pt profit target to at least pay for the trade, before reversing.


Reading the above list sounds a bit like gibberish, but it makes sense to me!
Anyways, here are the trades from this week, for a +65 tick total.

6/15 Monday - range day, did not pull the trigger on any trades but would have worked
6/16 Tues - Trend open, no trade opportunities (need to study these more)
6/17 Wed - Took the 1st bounce at 9:30, breaking my rules for not waiting, and lost. Slapped myself in the face for not waiting until the 2nd bounce around 9:35, and entered another trade after the next bounce, which this time did workout
6/18 Thurs - Waited patiently for the 2nd bounce, and it was the perfect timing! However I closed out the position early because it was near a red zone and started reversing.

6/18:


6/17











josh View Post
Accept the randomness of every moment and learn to live with uncertainty. The main job of a trader is to manage risk and the uncertainty that comes along with that.



If you hate it, stop -- you can't make money in the long run doing something you hate.


"Feeling the market" is certainly important for many people, but it looks like you may want to incorporate some structure. Looks like you are just zooming in, looking for the pattern, and firing away. That's okay to some degree, and anything that makes money is great, but you'll eventually see that the market changes, and if you have no context to frame it in, you will have a difficult time adapting with it.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #10 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received


I've begun reading through Big Mike's journal, and will link posts that I find helpful and want to come back to here.

Initially starting this journal, I was hoping someone would look at my charts and tell me they've already tried it or tweaking something in the ATM would be the secret to becoming profitable. Obviously that is not going to happen. Thus I don't think there is much value in documenting the daily PnL or showing the chart. Perhaps if there is something special to show, or ask a specific question then there could be value in showing the chart.



This post resonates with me right now. Over the years, I've always had a daily $ profit target... and predictably ended in blown up accounts. It is too much pressure have a daily $ target.

So instead, I'm going to say that today I did a fantastic job at being patient and waiting for my entry.
My goal for tomorrow is to have the patience to do the same thing again.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #11 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Anyone read the book "The Hour Between Dog and Wolf"?

I had 2 wins in a row the last 2 days, and already feel myself becoming irrational. Could barely fall asleep last night, rolled around for hours thinking about trading and how rich I'll be... funny because I had just finished that book on audible, yet could not resist the urge... and of course I was exhausted getting up this morning and had to skip my morning workout routine.

Predictably today was a different type of open than the previous 2 days. By spending all night thinking about trading today, I feel I put alot of pressure on myself to take trades.

I managed to resist the urge to trade this morning, but I still feel like a loser today, mainly because I believe I had already internalized that I was going to make winning trades today. And partly because the market is moving and I feel left out. With hindsight, there are some obvious trade entries.

What can I learn from today to reduce feeling like a loser?


Visit my futures io Trade Journal Started this thread Reply With Quote
The following 2 users say Thank You to planetkill for this post:
 
(login for full post details)
  #12 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Anyone use footprint charts in their trading?
I can't find it now, but someone recently posted in a different journal about using footprint charts for entry confirmation.

I tried using the volumetric chart from NT8 today as a supplement to what I'm already looking at, but found it difficult to focus on both charts at the same time. Information overload.

Wondering if the key data from a footprint volume chart can be distilled into a summary indicator for faster decision making on the fly.

For example, this website describes in basic detail a way to use footprint charts in trading. Here is a chart they use as an example for entries:

Well today's opening bar at 9:30am EST looks to be a textbook example from the above link. Of course in live trading this all happened in a few seconds so could not act on it, but perhaps a custom summary indicator + bloodhound can automate these entries?

See the screenshot below, specifically the bar highlighted in yellow. This was the exact opening bar at 9:30am EST.



Now compare that bar to the bearish reversal bar from

It checks all of the boxes:
-Majority of volume at the high of bar
-Multiple sell imbalances, no buy imbalance
-No unfinished auction
-Stacked sell imbalance resistance from a couple bars earlier

With hindsight we also see that this opening bar was the high of today's session 9:30-4.
Feels like footprint volume charts may have predictive power, especially for this type of trend day open.

But this entire 2000 tick bar only took 6 seconds, and nearly impossible to trade it live. I guess can wait until the 2nd down bar for additional confirmation, but that is still only 13 seconds to spot the entry, analyze the opportunity, and execute the trade.


With this post, I feel less like a loser today because I think I'm learning something...

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #13 (permalink)
SnapCall7Deuce
Hillsboro, OR, USA
 
 
Posts: 2 since Jun 2020
Thanks: 6 given, 3 received


planetkill View Post
Initially starting this journal, I was hoping someone would look at my charts and tell me they've already tried it or tweaking something in the ATM would be the secret to becoming profitable. Obviously that is not going to happen. Thus I don't think there is much value in documenting the daily PnL or showing the chart. Perhaps if there is something special to show, or ask a specific question then there could be value in showing the chart.

Thanks for sharing your strategy. I enjoyed reading through it and find your commentary entertaining. I've been interested in strategies in the 10 point target range as opposed to scalping since it seems easier to get better R/R. When I've tested it I also found it difficult to wait for the trade to hit the price target without manually closing out. I squirm in my chair whenever it starts to reverse, at all.

Recommend checking out Gorilla Futures on YouTube, he typically shoots for these ~10 point trades and adjusts his target off higher time frame support/resistance with some buffer as opposed to setting an arbitrary 10 point ATM for each trade.

Disclaimer: I'm new to futures and this forum but thought I'd share a source of info I've found interesting, feel free take it with a boulder of salt.

Snap

Reply With Quote
The following user says Thank You to SnapCall7Deuce for this post:
 
(login for full post details)
  #14 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Thanks for the suggestion. I was very skeptical at first because searching "Gorilla Futures" on google brings back scammy looking results.

However I had spare time to kill so i watched one of the videos anyway. And I actually did get something out of it! He has a tick counter displayed next to the current bar, instead of in the bottom right. This is something that I've always been meaning to do, and it motivated me to do the same. I found the indicator i needed in the download section of this website!

Tick Counter Located At The Current Bar:


So thank you!




SnapCall7Deuce View Post
Thanks for sharing your strategy. I enjoyed reading through it and find your commentary entertaining. I've been interested in strategies in the 10 point target range as opposed to scalping since it seems easier to get better R/R. When I've tested it I also found it difficult to wait for the trade to hit the price target without manually closing out. I squirm in my chair whenever it starts to reverse, at all.

Recommend checking out Gorilla Futures on YouTube, he typically shoots for these ~10 point trades and adjusts his target off higher time frame support/resistance with some buffer as opposed to setting an arbitrary 10 point ATM for each trade.

Disclaimer: I'm new to futures and this forum but thought I'd share a source of info I've found interesting, feel free take it with a boulder of salt.

Snap


Attached Thumbnails
Click image for larger version

Name:	gorilla futures.PNG
Views:	115
Size:	214.4 KB
ID:	302074  
Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #15 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Anyone else feel like they are guessing with their entries?

I think my biggest weakness right now is managing a profitable trade.
I've read on this forum that people like Big Mike will scale out of their position based on price action. What exactly does this mean? I feel like I'm always making the wrong decision, i.e. selling early instead of holding out. Perhaps it is just the psychological pain of blowing up previous accounts that has me closing out early now?

Here is today's trade. It was for 2 contracts, and I sold each contract at the first signs of reversing. But i feel like I'm not looking at the correct signs. I tried looking at footprint volume, but I'm not seeing it as helpful for scaling out. Maybe I'm just not reading it correctly.

Anyone can share their thoughts? What would you have looked at today to stay in the position instead of closing out early like I did? Or is it just a guessing game and hopefully over the long run holding out produces more gains than closing early?


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #16 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

I think I figured out a way forward with scaling out of profitable positions. Here's my line of thinking:

-I'm mostly guessing whether to close out early, and am constantly feeling like a loser because I'm leaving a lot on the table when I close early, or I take a full loss if I just walk away.
-As mentioned by others, static ATM targets are problematic.

So here is my solution:

Increase to 3 total contracts!

-The 1st target is at 5pts, or whenever price begins to reverse, whichever comes 1st.
-2nd target at 10pts, or whenever price begins to reverse, whichever comes 1st.
-Last contract does not have a target, and instead use the SuperTrend U11 (amaSuperTrendU11) indicator from the downloads section of this website as a trailing stop loss.




Currently I have a little over 2:1 risk/reward. With 2 contracts the avg loser is around $300, and the avg winner around $700.

By adding a 3rd contract, the avg loser would be $450 but the avg winner should be $1250, or more if the runner really runs. This would bring my risk/reward to 3:1, a step closer to my goal of 5:1. In times when the stop loss is only 8 ticks, then the avg loser is $300, or 4:1 risk/reward. Currently setting stop loss 1 tick below previous bar, which typically is 8-12 ticks.

I don't know how to set the parameters for amaSuperTrendU11, (what's a good ATR multiplier?) but using the default values on a day like today looks really good for the runner!


I feel like a loser today because of the nagging feeling of leaving so much money on the table. My goal today is to understand amaSuperTrendU11, and learn how to use Bloodhound to automatically move the stop loss with amaSuperTrendU11

Here's the ATM for tomorrow (may god have mercy on my soul):

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #17 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

I think the answers I've been searching for came to me in last night's dreams, like divine intervention. My Aha! moment.

There is No indicator for exits, just like there is no holy grail indicator for entries. It's pretty much just educated guessing. The secret key to scaling out is adding more contracts. I can never feel like a loser by closing out early if I still have more contracts in the game. Increasing additional contracts increases risk reward in scaling out. Less risk, higher returns. This is it!

Embrace your monkey brain! Instead of constantly fighting your emotions and being preoccupied with stupid-ass rules, use your monkey brain to lock in profits and scale out. There is never a wrong time to close out as long as there's more contracts left over and the stop losses are moved up.

Practice practice practice scaling out.

Sent using the futures.io mobile app

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #18 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Terrible day! 1 step forward, 2 steps backwards.
Every single time I increase # of contracts, I have a losing day.

Took 2 losers in a row.... bad entry guessing today.

But the good news is that I used my monkey brain to aggressively manage the stop losses. With 3 contracts in each trade, I was able to limit my total losses from both trades to just a few ticks, for a total day's loss of 11 ticks + 6 r/t commission.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #19 (permalink)
 Blash 
Market Chamois
Chicago, IL
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
Blash's Avatar
 
Posts: 2,285 since Nov 2011
Thanks: 7,247 given, 4,433 received


planetkill View Post
I think the answers I've been searching for came to me in last night's dreams, like divine intervention. My Aha! moment.

There is No indicator for exits, just like there is no holy grail indicator for entries. It's pretty much just educated guessing. The secret key to scaling out is adding more contracts. I can never feel like a loser by closing out early if I still have more contracts in the game. Increasing additional contracts increases risk reward in scaling out. Less risk, higher returns. This is it!

Embrace your monkey brain! Instead of constantly fighting your emotions and being preoccupied with stupid-ass rules, use your monkey brain to lock in profits and scale out. There is never a wrong time to close out as long as there's more contracts left over and the stop losses are moved up.

Practice practice practice scaling out.

Sent using the futures.io mobile app

Suggestion, Market Structure for entries and exits:
Vol Pro prices. Obvious, localized/longer term, turning points/areas to conduct business in.
Want a good "deal". Either buy your desired object at a fantastic (low) price or sell your prized possession because you just cannot believe how much you are able to get for it.

Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Blash for this post:
 
(login for full post details)
  #20 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Irony rules above all else... beyond frustrating today.

I entered the short at the high, but moved the stops too close. Ironically, immediately after that the price moved 20+ points. With my ATM and plan for scaling out, this would have been +$1750 with 3 contracts, but instead was -$175. Without moving the stops, it would have been a max risk of -24 ticks, or $-300. So either -$300, or +$1750, more than 5:1 risk reward!

It's now 2 losing days in a row since increasing up to 3 contracts. Perhaps the reason my gut wants to aggressively move the stops is because I am not ready to comfortably risk the full stop loss of 3 contracts. I'm going back down to 2 contracts until I get out of this losing streak.

Or maybe I should continue managing the stop losses aggressively, and just hop back in if the conditions for entry are true again.

Look at the footprint volume chart on the right. After the stop losses are hit, the next down bar is pretty much another textbook strong sell entry bar, similar to the other screenshots I've shared.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #21 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Today going to try to trade without profit targets. Removing targets from the ATM, and only leaving ATM stops.

I know right clicking on the stop has an option to separate out the individual contract stops.
Does anyone know how to close out 1 contract early without a profit target? Unlike profit targets (move below/above current price to auto close), if a stop is moved above the current price it just returns an error. Especially if the price is moving quickly, chasing the price with a stop because I want to close out early can lead to losing a bunch of ticks. There must be a way to partially close the position, but I don't see it on the chart trader or even in the control panel positions/orders views.

Or I guess I can leave profit targets in the ATM, and just set them initially very high, and primarily use them as a way to partially close early.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #22 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

If anyone is interested, I modified the enhanced tick counter indicator to also include the time next to the current price bar. I've even included changing the font on the tick counter and time independently in indicator settings. Feeling like I'm making good progress learning how to modify indicators.


Attached Files
Register to download File Type: zip Tick counter and Time next to Current Bar.zip (2.7 KB, 12 views)
Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #23 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

A month in review. Lost about $2500.

I've experienced significant emotional highs and lows this month. Just when I thought I had it figured out, I downward spiraled over 2 recent days, losing the entire month of gains + $2500 initial capital. Looking back now, I don't think I had it figured out at all, but was just lucky.

I feel like I have all of the individual components in theory figured out in my head, but I can't fit them together in practice into a consistently profitable month.

Like I'm right on the cusp, but keep sliding backwards.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #24 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

For everyone using excel to log their trading, this tip will create a pop up picture for mouse over preview of links. This way you can easily mouse over to view your previous trades in excel.

https://www.extendoffice.com/documents/excel/1906-excel-shouw-image-on-mouseover.html

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #25 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Today is the 1st day of the new month for me, and I'm restarting with a new method.
I've reviewed all of my trades for June, and here's what I've found in common:
  1. All winning trades were entered after congestion/traps around previous support/resistance zones.
  2. All losing trades were entered prematurely before the congestion/traps played out around support/resistance zones
  3. Stop loss was too tight. Instead of placing the stop loss below the previous bar, place it below the previous swing instead.
I think the lesson here is the importance of patience for entries. Especially in a price breakout, entering a bar or two late doesn't matter as much because you're betting that the price will be moving for 5-10+ points to the next support/resistance zone.
  • I've restarted the journal today at 1 contract.
  • Initial stop placed 1 tick below previous swing.
  • No profit target
  • Trailing stop 1 tick below previous bar as price moves towards a previous support/resistance zone

Today's trade 7/6/2020:
  • Risked 15 ticks
  • Exited at +12 ticks


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #26 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

I am stuck in a very unhealthy loop that I need to break out of.

On winning days, I am having trouble finding the will power to do other life responsibilities, e.g. responding to mail, calling people back, chores, etc.
On losing days, its the same procrastination from winning days but multiplied by 100x.

I am reminded of this post about procrastination being driven by our desire to avoid difficult emotions.
https://news.ycombinator.com/item?id=23537317


I don't know if there's something I can use to help, or if I just need to man up and power through. Problem with powering through is that it's only good for that day, and does not persist into a habit. Something needs to change.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #27 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Can anyone recommend a good plan for quickly learning Sierra Chart?
Finally have access to AMP/CQG for trading HSI futures.
Coming from NT, Sierra Chart is not as intuitive. Would rate 2/10 on UX so far.

A lot of customization in SC, feels like overload for a new user.
Wish there were better preconfigured defaults to choose from.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #28 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 6,431 since Jan 2013
Thanks: 48,830 given, 21,538 received


planetkill View Post
Can anyone recommend a good plan for quickly learning Sierra Chart?

Sorry, no such thing, sadly. Many have yearned for this. No one has found it.


Quoting 
Finally have access to AMP/CQG for trading HSI futures.
Coming from NT, Sierra Chart is not as intuitive. Would rate 2/10 on UX so far.

A lot of customization in SC, feels like overload for a new user.
Wish there were better preconfigured defaults to choose from.

More like -5 out of 10. I say this as a long-term, enthusiastic and committed Sierra Chart user who will never go back to NT. But.... the learning curve is legendary, and unfortunately the user "help" documentation is harder to figure out than the user interface, at least until you get used to it.

However, those of us who have pushed through are happy with it, even fanatical. It will do just about anything you want. I am convinced that somewhere in the documentation, if I can only find it, are settings to have it wash your car and walk your dog.

Seriously, it is a very good platform and when you begin to see the logic of it -- which takes some time -- you do begin to appreciate it and to put it to use, even find it easy. But the initial learning curve is very steep.

I think the best thing is to just find out how to do the first things you want, and gradually go step by step and expand your knowledge. It does get better.

Good luck with it.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #29 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

7/14 - Amazing conditions at today's opening 30 minutes for my new method! +60 ticks on 1 contract, 2 trades.

After yesterday's narrow chop I was hesitant to practice with scaling up a 2nd contract. Of course in hindsight that 2nd contract today would have made a killing on both trades, as it would have for most of last week. Going back to yesterday, the 2nd contract would have increased my loss, but I've been manually closing out before the full stop loss is hit if the price quickly rubber-bands after my entry, so it wouldn't have been to much more of a loss yesterday.

I'm now working on an indicator that will automate the trade management for me. I don't think I can ever automate the initial entry because it is too complex, and my intuition is often part of the entry (edge). But once in the trade, I'm using clearly defined mental rules for when to close early, when to start trailing the stop loss, and where to take profits. So essentially an indicator to automate the rest of the execution after the initial trade decision. This should also alleviate the fear stopping me from scaling up as the position moves in my favor. Where traditional scalping strategies would close out with a fixed profit target is exactly where I want to be scaling up.

For this journal, I've found that writing my thoughts has been very beneficial to me. The addictive nature of posting publicly also helps to reinforce the habit compared to a private offline journal. On the other hand taking screenshots and annotating them / removing personal info for public posting has been largely a waste of time. Going forward I'll continue with the part of the journal that has value to me.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #30 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Thank you for the encouragement! I will push through.

In a previous career I worked in fintech selling software to the world's largest buy & sell side players. It had the worst UX with a UI stuck in the 90s, but under the hood it was bleeding edge with monthly updates. A typical user would only use 5% of it's functionality. Now I know how those clients felt, because to me the software was 2nd nature working on the other side.

From your's and other's account of SC, it sounds like it is the same. And will be worth the time investment at the end.



bobwest View Post
Sorry, no such thing, sadly. Many have yearned for this. No one has found it.



More like -5 out of 10. I say this as a long-term, enthusiastic and committed Sierra Chart user who will never go back to NT. But.... the learning curve is legendary, and unfortunately the user "help" documentation is harder to figure out than the user interface, at least until you get used to it.

However, those of us who have pushed through are happy with it, even fanatical. It will do just about anything you want. I am convinced that somewhere in the documentation, if I can only find it, are settings to have it wash your car and walk your dog.

Seriously, it is a very good platform and when you begin to see the logic of it -- which takes some time -- you do begin to appreciate it and to put it to use, even find it easy. But the initial learning curve is very steep.

I think the best thing is to just find out how to do the first things you want, and gradually go step by step and expand your knowledge. It does get better.

Good luck with it.

Bob.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #31 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 6,431 since Jan 2013
Thanks: 48,830 given, 21,538 received


planetkill View Post
From your's and other's account of SC, it sounds like it is the same. And will be worth the time investment at the end.

Yeah, most people who don't give up first seem to think so.

Did I mention the aggressively unfriendly "support" staff? They are definitely in a class of their own. (However, they have always instantly addressed and fixed any actual bug or technical issue I have reported to them, and I think there were only about 2, maybe 3. They take you seriously if you have encountered a real problem where there's a real technical issue. They will be unhappy with you if you simply didn't look in the help to find an answer.)

The program, and the support and documentation, appears to have been entirely the work of extremely talented programming people who never have had a thought about user friendliness, but who do a great job of what they are focused on. You can get friendlier software, but it would be hard to get better, just from a pure functionality point of view, at least in my opinion.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to bobwest for this post:
 
(login for full post details)
  #32 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


bobwest View Post
The program, and the support and documentation, appears to have been entirely the work of extremely talented programming people who never have had a thought about user friendliness, but who do a great job of what they are focused on. You can get friendlier software, but it would be hard to get better, just from a pure functionality point of view, at least in my opinion.

Well said.

Their documentation is some of the most thorough I've seen. When I was in school, one of my professors in a sophomore-level weed out class had a hierarchy of how to seek help: (1) read docs, (2) read man pages, (3) seek help on the class newsgroup, (4) ask a TA, (5) pray to your favorite diety, (6) ask the professor himself. The general message being: do your own research and exhaust your options before bothering people who have already answered your question elsewhere (oh, and don't ever actually ask the prof).

SC has the same mentality, and it is practical. The fact is that most people are just lazy, and would rather ask someone for the answer instead of looking it up themselves. I applaud SC for being firm and straightforward, in today's world of entitlement. If you look at what actually matters -- the fact that they fix bugs in a timely fashion, and produce stable software, then there's no better than them. They mean what they say, and there's something to be said for actual honest communication, instead of the usual BS people throw around.

Reply With Quote
The following 2 users say Thank You to josh for this post:
 
(login for full post details)
  #33 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


planetkill View Post
I don't know if there's something I can use to help, or if I just need to man up and power through. Problem with powering through is that it's only good for that day, and does not persist into a habit. Something needs to change.


As someone who has fought these types of things for my whole life, I might recommend the book "Atomic Habits" -- I have been reading it, and it underscores something we all know but struggle to do: our outcomes are the result of our processes, and these processes are simply a bunch of small habits, good or bad.

Reply With Quote
The following 3 users say Thank You to josh for this post:
 
(login for full post details)
  #34 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

That's exactly how my first job was out of college. Exhaust all options before asking for help from colleagues.

Over the years I now recognize that I've become lazy and anonymous online posting has only further enabled it. In the past the shame of asking a stupid question IRL or asking a question before exhausting all options ensured that I was self sufficient and resourceful. Without that IRL negative consequence, it's created the bad habit of asking questions before exhausting all other options.

Thanks for reminding me of what I need to do.
josh View Post
Well said.

Their documentation is some of the most thorough I've seen. When I was in school, one of my professors in a sophomore-level weed out class had a hierarchy of how to seek help: (1) read docs, (2) read man pages, (3) seek help on the class newsgroup, (4) ask a TA, (5) pray to your favorite diety, (6) ask the professor himself. The general message being: do your own research and exhaust your options before bothering people who have already answered your question elsewhere (oh, and don't ever actually ask the prof).

SC has the same mentality, and it is practical. The fact is that most people are just lazy, and would rather ask someone for the answer instead of looking it up themselves. I applaud SC for being firm and straightforward, in today's world of entitlement. If you look at what actually matters -- the fact that they fix bugs in a timely fashion, and produce stable software, then there's no better than them. They mean what they say, and there's something to be said for actual honest communication, instead of the usual BS people throw around.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #35 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


planetkill View Post
That's exactly how my first job was out of college. Exhaust all options before asking for help from colleagues.

Over the years I now recognize that I've become lazy and anonymous online posting has only further enabled it. In the past the shame of asking a stupid question IRL or asking a question before exhausting all options ensured that I was self sufficient and resourceful. Without that IRL negative consequence, it's created the bad habit of asking questions before exhausting all other options.

Thanks for reminding me of what I need to do.

FWIW, what I mentioned above did indeed help me, from the standpoint of learning to be resourceful. Don't be lazy, do your research, don't rely on others. However, from my experience being on and leading teams of engineers, it's just as important to know how to ask for help and seek the opinions of others. When you're on a team, working in silos is counterproductive and often leads to many problems (not knowing what others are doing can be quite dangerous, if there is overlap or a potential conflict between what two people are working on separately).

That doesn't quite fit our online trading community as we are most definitely on different teams, but in the spirit of learning, we are surely on the same team of "market students." So, keep in mind that especially here, it's perfectly okay to ask questions once you've done some basic due diligence, and no one will think you're lazy.

Reply With Quote
The following 2 users say Thank You to josh for this post:
 
(login for full post details)
  #36 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

+8pts with 1 ES contract, 1 trade

The key for me to holding on for these larger profit targets has been to trail the stop loss 1 tick behind the previous bar, but only start trailing once the price nears a target S/R level. This way I don't get stopped out early on the way to the target, and sometimes the price continues through the S/R level and the trailing stop captures even more profit than a fixed target at the S/R would have.

My initial stop at the entry was 4.75 points, so the trade turned out to be close to 2:1.
When entering the trade, there was about 10 points to the next S/R, so I thought there was a good chance for the price to make it close to that area. When the price was about half way to the target S/R, I began trailing the stop loss 1 tick below the previous bar. In back testing, I've seen plenty of times in the recent months where the price "stair ways to heaven" and the trailing stop loss captures 20+ pts.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #37 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

+7.5 pts, trading 1 ES, but over 3 trades

Today's 30 minute open was very choppy again, like the past Monday. But unlike the past Monday, the range was wider and allowed me to lock in a little profit per trade. Trailing the stop loss after the breakout has been a godsend.

It minimized my loss on Mon, gave me a a ton of profit Tues and Wed, and Thurs it gave me a little profit.

If i had held strong for a high fixed profit target today, I would have been stopped out at the full stop twice today, which would have eaten away at most of this week's profit.


EDIT: Entered a 4th trade after 10am because I couldn't help myself (the setup looked too good to pass. 10am is a self imposed limit anyway because my goal is to only trade 30 minutes per day, and enjoy the rest of my day after). It was stopped out by the trailing stop for a small profit, but it's the 1st time a trailing stop incurred 3 ticks of slippage! Usually trailing stops give you the price with no slippage, sometimes 1 tick slippage. But it's my first time experiencing 3 ticks. I am considering changing to stop loss LIMIT in the future. Only problem is I want my initial stop loss to be market, just in case if I get owned I want to be out asap. But after the breakout in my favor I want to change the trailing stop into a stop limit.

Or maybe it's not worth the hassle... just keep it a stop market, and a few ticks of slippage is worth it compared to the risk of the price shooting through never to be seen again.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #38 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received

I typically think of stops to open as good candidates for stop limits. That is, you want to open a long at a certain price higher, but you aren't willing to pay higher than that. But on orders to close, whether at a loss or a profit if you are using a stop, you want to actually just get out.

Reply With Quote
The following 2 users say Thank You to josh for this post:
 
(login for full post details)
  #39 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Excellent week in terms of results, best week I've ever had in terms of amount risked, process, and confidence.

I designed my strat around the high volatility opens for trading the first 30 minutes. This first week I'm all-in on using it, and 3 out of 5 days have the least exciting opens I can recall. But even with this, the strat was able to hold strong and turned a very nice profit!

I can't wait until we're back to a full week of high volatility in the open. Waiting patiently for the day where I can stairway to heaven 10+ pts in the opening 30min.

Hopefully this is just the calm before the storm.
Make ES open volatile again!

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #40 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

My wishes from Friday have been answered! At 9:36 the ES broke out for a nice +7.5 points stairway to heaven. ES open is great again!
There's something magical about trading the 9:36 breakout. I wonder what a backtest result shows for only trading the breakout setup at 9:36 everyday. Skip the day if there's no breakout at 9:36.

But on a more serious note, I think NT stole 1 tick from me from an earlier losing trade. Aren't limit orders supposed to be filed at the exact price of the limit order?

@josh I must be not understanding how stop limit orders work. Before I make a fool of myself to NT brokerage support (and they flag my account as a mark, if I'm not already), do you know why this happened?

I know for a fact I placed a sell stop limit order at 3214.00 using the chart trader. The log shows:
Order='xxx' Name='Entry' New state='Filled' Instrument='ES 09-20' Action='Sell' Limit price=3213.75 Stop price=3214 Quantity=1 Type='Stop Limit' Time in force=GTC Oco='' Filled=1 Fill price=3213.75 Error='No error' Native error=''

Why is it showing Action='Sell' Limit price=3213.75 Stop price=3214?
Why isn't the limit price the same as the stop price for the pending order?

The execution: Execution='xxx' Instrument='ES 09-20' Account='xxx' Exchange=Globex Price=3213.75 Quantity=1 Market position=Short Operation=Operation_Add Order='xxx' Time='7/20/2020 9:29 AM'


Edit: To anyone reading this, I've found the answer so I'll leave the question and answer here in case you may find it useful.

From NT blog, it says "Once the stop price is touched, a limit order is issued at a predefined number of ticks away from the initial stop price."
https://ninjatrader.com/blog/what-is-a-stop-limit-order-in-futures-trading/

To change the predefined number of ticks away: https://ninjatrader.com/support/forum/forum/ninjatrader-8/platform-technical-support-aa/1075845-nt8-chart-trader-how-to-set-default-tick-value-for-stop-limit-orders


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #41 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Just learned that the confirmation box for stop limit orders is NOT quantity, it is the tick offset between the limit and stop prices!
Wow I've been using these orders for 2+ years on NT, and just today learning this.
I might actually know less than John Snow....

https://ninjatrader.com/support/forum/forum/ninjatrader-8/platform-technical-support-aa/1071945-stop-limit-quantity-confirmation

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #42 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Another gem for having simultaneous buy stop limit and sell stop limit orders on the chart.
Now I can finally place both on the chart, far away from the current price, and drop them where I want them without fiddling with the right click menu.
So ez, but literally took me 2 years to finally google the answer.

The secret is to reselect the original ATM before placing the 2nd order.

https://ninjatrader.com/support/forum/forum/ninjatrader-7/platform-technical-support/80283-buy-stop-limit-sell-stop-limit?p=695641

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #43 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Today's 30 min opening range blast off was at 9:45.
Off to a rocky start, shook out some weak hands, but holding until at least the price crossed above its 9:30 open worked. Was hoping for a cascade of stop losses to rocket this bad boy into a new AH, but was taken out by the trailing stop loss for +3.5 points. Initial risk was 3.5 stop loss, and closed out 1 contract for +3.5, a 1:1 rr.

I've now had 6 consecutive winning days, with a win rate ~45%.
Beginning to feel the irrational exuberance taking over again.

Unlike previous times, I refuse to increase # of contracts right now. I'd rather watch the lost opportunity of not scaling up of another 100 consecutive wins, than the pain of the market changing at exactly the time when I scale up. This is my new demon I am fighting.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #44 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Strapped myself to the rocket ship at 9:32, but experienced heavy turbulence and was stopped out by the trail for only +7 ticks. Initial stop was 14 ticks, so a very bad rr, leaving me feeling pretty bad... no dopamine high from this win.

Still feeling god like but with the additional fomo, I then broke my soft rule of no trades after 10, and entered a short at 10:08, which immediately had engine failure and burned me for -16 ticks.

Thank god I did not increase # of contracts after yesterday's irrational exuberance. On the bright side, today reminded me of the cost that will be paid if I lose the battle with my demons.
6 day streak has come to an end. But in a good way, I needed today to keep me moving forward and showed me I have a long way to go to control my emotions.

For today's platform lesson, I was inspired by another thread about hotkeys, and enabled hotkeys for entering buy stop limit and sell stop limit orders. Good bye right clicking on the chart. For me chart trading over RDP, this is even more helpful because no longer have to deal with the 1 sec lag between where I think my cursor is and where it actually is.

I've researched hotkeys for placing orders at the current price of the mouse cursor location, and it is possible with ninjascript. I stayed up late last night coding it, but have decided that the built in hot keys for now will suffice. Either way I know all this hot key business will not have an impact on my return, it's just a quality of life improvement. Maybe after another 6 day winning streak I'll find the motivation to revisit.


Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #45 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

I've visually noted that every time the market goes into a narrow range between 7 - 930, the breakout out from that range, if there is a breakout, is super choppy filled with treacherous traps.

Going forward when I open up NT at 9:25 and see that es is stuck in a narrow range again like this, I'm just going to immediately shut it down and start day drinking earlier.

Also set a very loud alarm on my phone for 9:29. Sometimes I'll get lost in my phone waiting for 9:30 that I'll miss the open. Almost happened today.

My multiple takeaways from today's loss are making me feel pretty great right now, almost as if it was an up day.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #46 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Is there a trap indicator? Not an indicator that alerts to future traps, but that confirms a trap just occurred? It's easy to visually spot it, but thinking of ways to programmatically identify it after it has happened.

My entry selection is something like this:
1. Entries around S/R levels
2. Target a S/R level ~10pts away
3. Buy/sell stop limit order 1 tick above/below a pull back
4. Only enter if a trapped just occurred

Looking back at my losers, they are all where I was in the trap, and my winners are just after the trap. Sometimes there's multiple consecutive traps, but that's part of the game, and as long as you're ultimately correct in picking the direction, setting a wider stop below the previous swing won't get stopped out.

Today's trade is a perfect example. I am consistently impatient and take on the added risk of being trapped, in exchange for very little additional gain. Hoping I can code something that will reinforce being more trap conscious.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #47 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Typing out my last post, I'm now questioning am I back to trading PATs but with wider stops, no profit target, and trailing stop for locking in profit?

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #48 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Risk reward is a tricky thing.

I started this journal in June after blowing up some accounts picking up pennies in front of a steam roller. My goal was a 5:1 strat, because that was what my idol, Paul Tudor Jones, publicly recommends. Probably because 5:1 is for swinging over multiple days, not day trading ticks.

It's now nearing the end of July, and although I'm not even close to my goal r:r, I'm extremely happy with my performance in July. I've made back all of my donations, and then some, since starting this thread. My win% is hovering around 50%, and with more practice I'm hoping to break through the 50% resistance. But on average my winners are much more profitable than my losers. Focusing on only trading the first 30 minutes of open feels like I'm practicing the same kick 10,000 times.

Now that I no longer have an ATM profit target, I never know what my reward will be entering into a trade. I have hopes of where I want the price to go, but prior to entry I only know where my hard initial stop loss is. I know my risk, but the reward is unknown until after exit.

Here's another example from today for anyone following.
For scaling in/out, I'm considering rebuying into a position after a trail closes it out if the prices continues.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #49 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Another excellent day, feels like it's more natural now. I know it's easy to say that on winning days.

To anyone that's followed my last couple of posts, you already know about that 936 entry, 940 blast off, trail stop lock in profit, renter, more profit .

I don't have much else to post in terms of lessons. I no longer feel personal development from winning trades/days, and am looking forward to consecutive losing days.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #50 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Running on virtually no sleep for the last 4 consecutive nights, I've proven to myself that sleep is not necessary to trade well.
Truly internalizing emotion control and self discipline was the key. However I found reading about trading psychology was not too helpful. The more I read, the less I was able to do in practice. Analysis paralysis, including psychoanalysis.

It was only until staring down the barrel of a gun, metaphorically speaking, and seeing my own true reflection looking back at me, I was finally honest with myself and able to ditch everything that was holding me back.

Over the last 2 days broke out through my 50% win rate resistance, with a rr now over 2x. In another month I'll take a closer look at NT performance metrics.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #51 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Last week I vowed not to scale up yet, but I just can't restrain myself any longer! It's just not doing it for me.
Tomorrow moving up to 2 contracts, and also continuing to buy back in for double dipping.
Let's get that bread.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #52 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Thank you @Mich62
I'm an idiot... the answer is I was margin called. Excess position margin went below 0. Coincidental (and totally avoidable on my end) that the liquidation price was 3 ticks above the stop loss.
Deleting the 2 posts.



Mich62 View Post
This sucks. Wonder what is going on.

NT Continuum data. Low at 10:47 est was 3223.25.



200731_ES_1m


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #53 (permalink)
 Mich62 
Netherlands
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: IB, NinjaTrader Brokerage
Trading: Commodities, (crypto)currencies & equities
 
Mich62's Avatar
 
Posts: 311 since May 2012
Thanks: 338 given, 536 received


planetkill View Post
Thank you @Mich62
I'm an idiot... the answer is I was margin called. Excess position margin went below 0. Coincidental (and totally avoidable on my end) that the liquidation price was 3 ticks above the stop loss.
Deleting the 2 posts.

Ok, glad it's sorted out.

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Mich62 for this post:
 
(login for full post details)
  #54 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Friday was a hard lesson learned. I got used to taking money out so frequently that I forgot about margin calls!
Essentially what happened was I scaled up contracts to max margin on the same day that I took a withdrawal, so when the position moved against me (but before the stop loss), it was forced closed.

I topped off the account with a larger amount this time, and today had phenomenal results. Caught both the initial down at open, and the up breakout at 10:00.

I'm much more comfortable using OCO orders for simultaneous buys and sells, and managing multiple different stop losses for different sides. Hot keys for everything helped a lot too, as I am transitioning to trading only on a laptop and removing all the extra screens.

Of course today I was on the correct side of the market movements, but even if I wasn't, I'd still give myself an A+ for managing the positions.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #55 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Thank you for your help! You were instrumental in getting NT brokerage support to actually answer the question.

First they told me it was because I was trading without live data (wtf?)
Second they told me it was because the time on my local machine could be slightly different than the exchange (wtf?)
Only once I sent them your screenshot, and after an entire day of back and forth emails, did they finally look at it in say it was a margin call.


Mich62 View Post
Ok, glad it's sorted out.


Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to planetkill for this post:
 
(login for full post details)
  #56 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Increasing from 2000 tick --> 2500 for trailing stop not to take profit too soon, and to possibly avoid too early entry.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #57 (permalink)
 planetkill 
New York City + NY/United States
 
 
Posts: 240 since Sep 2018
Thanks: 90 given, 197 received

Finally stopped being lazy and made some changes, for a monthly savings of roughly $300!

1. Stopping iqFeed data subscription at the end of this month. NT continuum is good enough for my trading style.
2. Downgrading from a ~$200 per month azure VM down to about $10 per month, with auto scheduled shutdown for most of the day.

Cutting expenses feels just as good as generating revenue!

Hoping NT enables ACH (as they've promised) for an additional savings of $120 per month on outgoing wires.

Visit my futures io Trade Journal Started this thread Reply With Quote


futures io Trading Community Trading Journals > ES - developing 5:1 plan


Last Updated on August 18, 2020


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge w/$1,800 in prizes!

April
     



Copyright © 2021 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