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AJ's Journal
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AJ's Journal

  #681 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
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Fantastic, AJ. I was going to ask you how you manage your stops when range trading because I know you've got successful at it, but I didn't get around to it, so now I don't need to ask. You put it very clearly. I remember those journal entries from your starting-out period - you were in the same boat as me then. I think you've pulled well ahead of me now though!

Nice trick to wait for rejection candles at tests of the level from both sides.

All the best

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #682 (permalink)
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tderrick View Post
I found Market Replay in Ninja to be priceless for going through massive amounts of PA quickly. I was looking
for tendencies and an edge. This being said, I did crash and burn the first time I went live, as the real time PA
drove me mad and I was too early on most trades and / or impatient.
So I would recommend, after figuring out your edge, that you sim real time for a bit to slow it all down. When
you trade at the swing / range edges like I do, you must wait.

Now, as for the wicks.

I view wicks on 5 (ETH) and 15 (RTH) minute bars that occur at historical SR as rejection / exhaustion.

So, I found an edge placing limit orders at a place within the wick or outside of it where the Volume peaks, just
before dropping off. This is fishing for the retest of the area. I use the "Second mouse gets the cheese" adage.
The immediate retest or the one that comes much later, if it consolidates, is the one that really rejects and
puts you into the green quickly.

My mindset is never place my order too far "inside" of PA. Or in the "battle zone" .


I trade from the edge, in, always.

Now this could be a PB in a trend or ping pong trading the edges of a consolidation / narrow range.
The mindset is the same. Get the best price on the swing using PA and Volume Profile Peaks , edges or
valleys - depending on where I am within a trend leg.

The key is that the wicks form at "hard" SR levels that have been rejected from above AND below at
a very specific price. If I see one of these "seams" in PA on the 15 minute chart, I am so confident
price will react there, I place a blind limit order 1 tick "within" PA and trade for a 2 point bounce - going to BE
quickly
If I get good rejection off this initial scalp, I will place another limit order where the volume tells me - this
is often mid wick which will form a 3 bar "trinity" or mini head and shoulders gag. You will see these formations
throughout the day at price swing edges.

So that is my game.

Again, I trade from the outside, in - always
Targets are what are given easily within the immediate price range - the range of the body of the immediate
5 or 15 minute bar. Targets may be moved out to the closest major SR if the bounce is immediate and strong.

The main reasons I developed this style was -

Tight stops -

The rejection wick gives you an exact price of rejection and a series of wicks, even more assurance.
I needed to find a way of minimizing my risk as I started out very poor. $3K ... I could see the
bottom of the account everyday.

Instant feedback -

If you are wrong, you know it quickly, as your stop will be "run over" as you guessed wrong
on the reversal. When it works, you are quickly in the green as price tends to explode out of
these areas. Especially when it breaks clear of the other side of the consolidation range,
triggering the opposite position stops and lurching forward. I then take this opportunity
to scale into the position by placing an order at the top / bottom of the previous range
looking for the all too common smack down of the break . If this pull back does come
back into the range a bit, it always retests a Volume Profile landmark - ie, Peaks, edges or
valleys... POC etc. ... Price always revolves around volume at some point.

Getting in at the source. - My favorite gag is playing the range of the London open, paying close attention
to where price is around 6am cst (This behavior relates to NQ). I have found found
that generally, if the ON is in a tight range, the initial London open at 2am
will test the immediate PA, then go to one side of the range to test. By 3am we are
working our way across the range to test the other side. By 6am we are ready
start forming the trend leg that will be present by the open. I have joined in here
before giving myself a lovely cushion in the trade that I can hold through the open.
If it is a trend day. My entry price will never be visited again. I was in at the "source"

London seems to always be "counter" to the Big Picture PA. (Unless, of course, the ETH was in immediate
trend mode in the ON) ... by 6am the PA is starting to "correct" itself to shoot for new High / Lows.


Well , that's it, in a nutshell.

I can't stand the heat of Buying High and selling low (Break Out Trades)
I like to win or lose quickly
I like to scale in quickly and HARD on PA that rejects a scouted out area.
I only scale in AFTER the initial entry is safe at BE .

I look for PA that respects levels. If a common price is touched by multiple bars, it will be a good day
for my method. If price is in "chaos" and different prices are being hit on each bar, I wait for structure.

I think of this as fishing.
I find a good "hole" (SR)
I toss out the bobber at the edge of the shore line and wait for the lunker to come to me.
I never chase.
I always "follow behind" a trend / BO and place limit orders at logical PA / volume based areas .
(the stair step trend pattern is the easiest and best for entering a trend) I rarely see classic stair step
anymore. This is the old "what was resistance now becomes support" gag.

I stay out of the "middle" of a PA leg.


I try to keep this mindset for as long as I trade for the day.

grazie for the interest

Hey Buddy....take a look at the pic and perhaps we can talk later today or tomorrow.

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  #683 (permalink)
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Broker/Data: AMP / CQG
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PandaWarrior View Post
Hey Buddy....take a look at the pic and perhaps we can talk later today or tomorrow.

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Sure, buddy... Plenty of time today ... I'm dead in the water waiting for my new CQG credentials from AMP.

When's good w/ you ?


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #684 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
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tderrick View Post
Sure, buddy... Plenty of time today ... I'm dead in the water waiting for my new CQG credentials from AMP.

When's good w/ you ?


I don't think I've run Skype on the new rig yet... let me get set up


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #685 (permalink)
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Update

Well, I have finally moved my operation off the farm and into a little cubby hole office space in a medical complex.

Pretty much just a closet, but it has good AC , Ventilation and most importantly a robust internet connection.

This morning was to be my first run, but I was feeling sick when I left the house and after spacing out and
missing three perfect setups in a row, I just called it and went home. Monday will start the new year.

I should have done this long ago. CQG has not so much as blinked with the data connection. Unlike my Mickey Mouse
setup at the farm. CQG simply hated the limited bandwidth and would tell me so with the dreaded Orange and Red
lamps. I always thought it was CQG, because Zen didn't seem to mind the bottle necks. Now I realize CQG was
just tapping me on the shoulder saying "dude, the data flow sucks - we can't stream it to you the way we want"

It should have been a clue that the chart data always kept drawing, even though CQG said connection lost.

It was a kind way of telling me I was an idiot and it's amazing you haven't lost all your money !!


Anyway, one small step in setting this thing up as the business I want it to become...

Unfurl the MainSail !!!


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #686 (permalink)
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Crap... I feel like I'm playing hooky from school ,now that I feel a bit better. My rig is 10 miles away. ..

Hurry Monday ... I need to get a couch in the office so I can just lay down when I feel poorly


My wife says it's going to be like the studio days again - when she wouldn't see me for days


hmmmm


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #687 (permalink)
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tderrick View Post
Crap... I feel like I'm playing hooky from school ,now that I feel a bit better. My rig is 10 miles away. ..

Hurry Monday ... I need to get a couch in the office so I can just lay down when I feel poorly


My wife says it's going to be like the studio days again - when she wouldn't see me for days


hmmmm

Time to figure out your office hours and stick to them like glue....

On another note, this NQ thing is making me pretty happy....I got shaken out today and I didn't re-enter as it looked pretty confusing at that point, BUT, the ADR targets would have provided a nice run today.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #688 (permalink)
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Favorite Futures: NQ, YM and ES
 
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PandaWarrior View Post
Time to figure out your office hours and stick to them like glue....


Will do, Buddy ...

I got frustrated when I spaced out on that great move in the London Open of the HL move to Y close.
I suspected it would wrestle around the Y close until near NY open so I just split.... m first office mistake.

No more leaving the office unless I'm on death's door... It looks like I missed a very easy sell off for
scaling in ...

Monday


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #689 (permalink)
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In the heat
 
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Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


tderrick View Post
Will do, Buddy ...

I got frustrated when I spaced out on that great move in the London Open of the HL move to Y close.
I suspected it would wrestle around the Y close until near NY open so I just split.... m first office mistake.

No more leaving the office unless I'm on death's door... It looks like I missed a very easy sell off for
scaling in ...

Monday

By the way, I love the office idea....I am wrestling with it...On one hand, it would be great to get away from the house...on the other hand, I like being at the house.....go figure....so far, I haven't been able to justify the cost vs free rent at home. I just don't have distractions or other issues at home and my connection is fine....it would be personal preference at this point and I can't see spending money just so I can have an "office" at this point....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #690 (permalink)
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PandaWarrior View Post
By the way, I love the office idea....I am wrestling with it...On one hand, it would be great to get away from the house...on the other hand, I like being at the house.....go figure....so far, I haven't been able to justify the cost vs free rent at home. I just don't have distractions or other issues at home and my connection is fine....it would be personal preference at this point and I can't see spending money just so I can have an "office" at this point....

What we really need to do is move to the same city, and have something of a trading floor. Man that would be fun as well as productive I think. Full P/L transparency, daily meetings with process goals for accountability, etc.

Brian and I will meet you in NashVegas on Monday morning.

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