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TF day trading
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TF day trading

  #421 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
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johnnycakes78704 View Post
This day was one of my best, walking away with something like 8.5+ points looking at my trading journal. This was before I implemented the three trades-a-day rule though I think.

You have alot of charts up for the TF, what is it, 7? Do you think you have made trading the TF more complicated than it needs to be? Can you explain your trading theory, or have a postlink I can read up on for it? I was trading w/ one 1min chart and have been until last week or so when I add a 66 or 70 tick chart to locate and capitalize on reversals.

Well, way back when in my journal it talks about the 'guidelines'.

There are 3 main things or at least this is my view of how to take trades.

1. Price Action. Area's, using Fibs, trend lines, or patterns etc...

2. Multi-Time Frame MACD's. When you have large separation of the BB moving off the Band then typically it will retrace back to the standard deviation or it will reverse. By using multi-TimeFrame, you end up with a better measure of when, how long etc..

3. Bar setups (Price Action), this includes Head & Shoulders, 3 bar slides, boxcars (dual bar) etc...

When you get better and better, having all the screens is nothing to be aware of. The tricky part is which to ignore, and which to agree with. For instance you may have bull flags on a few charts and a bear flag on a longer time frame chart. So, is this a pivot or not? haha...

What I like about this system is it uses a TON of price action (as you get better) and also it points to how far you can expect a run to go. Does this explain?

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  #422 (permalink)
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-.6 points per contract today

Ok, not the best day!

But, I am content. The 3 trades only rule is kicking my ass, but I am seeing the pivots but just barely missing them by a few ticks and voila, done for the day.

First trade was not a good trade, others I am happy with.


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  #423 (permalink)
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I think that explains it enough for me to get a grasp. Do you have a net total of what your trading has produced thus far? How long have you been on sim or live?

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  #424 (permalink)
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johnnycakes78704 View Post
I think that explains it enough for me to get a grasp. Do you have a net total of what your trading has produced thus far? How long have you been on sim or live?

Off and on, sim/live for a little over 1 1/2 years. Since it is mainly price action based, I am not going for a net 'ticks' or 'points' but doing my best to watch it and understand how the instrument moves. I do not believe mechanical systems are effective for long so learning the dynamics is important.

What are your setups?

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  #425 (permalink)
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+1.3 points today per contract

Ok, nice price action reading again. Seems like Market is more 'moderate' or not as aggressive as it had been?

A dynamic has changed again and I guess it being more technical to me, but that is just my perception. I noticed this last week as well. Something definitely changed to me.

Had I taken all 3 trades today I would have been BE.... Glad I didn't....

However, had I taken 4 trades, wooohoooooo....

Video coming later as it is taking a while to upload.

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  #426 (permalink)
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  #427 (permalink)
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I work solely of 2 moving averages. When the 20 ema crosses below the 50, I short. Above, I go long. I watch for double bottoms or double tops and include better volume to get an idea of whether pro's or amateurs are making the price move. I use two charts, a 1 min chart and a 70 tick chart. Having solid and consistent gains I think. The tick chart is new and only added that because I saw where moves were happening on the 1 min chart but couldn't see the dynamics of the action.

I agree that dynamics are changing and it is a bit moderate, but moves above 1 point is still possible. There was a time a few weeks ago that a good trade was getting 7 ticks. The market is changing, even on a daily basis, and being able to recognize and capitalize on this is what we are all striving for. For me, I follow the institutional money on a discretionary basis.

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  #428 (permalink)
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I think?


johnnycakes78704 View Post
I work solely of 2 moving averages. When the 20 ema crosses below the 50, I short. Above, I go long. I watch for double bottoms or double tops and include better volume to get an idea of whether pro's or amateurs are making the price move. I use two charts, a 1 min chart and a 70 tick chart. Having solid and consistent gains I think. The tick chart is new and only added that because I saw where moves were happening on the 1 min chart but couldn't see the dynamics of the action.

I agree that dynamics are changing and it is a bit moderate, but moves above 1 point is still possible. There was a time a few weeks ago that a good trade was getting 7 ticks. The market is changing, even on a daily basis, and being able to recognize and capitalize on this is what we are all striving for. For me, I follow the institutional money on a discretionary basis.

Thanks for sharing your strategy! I'm a bit puzzled, however, by the "I think" you tacked on to "Having solid and consistent gains." Please comment.

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  #429 (permalink)
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Sure. Sticking to my strategy has netted me solid gains. Check out my journal. Sometimes it fails though and sometimes I fail. I know that at the end of the week/month though that I'm in the black. The "i think" comment was geared more towards not knowing what's been happening over the past two weeks or so because of my promotion and subsequent training class that operated during trading hours which put my trading on hold. Market dynamics change and I wasn't sure if my strategy would still work.

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  #430 (permalink)
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+.1 points today


Ok, I got yanked a bit at the opening. I think a new practice per so many recommending I just sit the first few minutes of the market out!!! Maybe just start my replay at 9:35 EST!

I am ok w/ doing one trade in the area, but not two!

I did end up hitting the top of a 6 point run, but it ranged for so long that I did not see an end to the pattern.

Video


I also traded Oil this morning, but it wasn't clear after the first couple trades until after market open.

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