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Johnny's Journal
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Johnny's Journal

  #71 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


johnnycakes78704 View Post
Added an instrument, CL, as recommended by bluemele. Wow is pretty much all I can say. Here is the daily pnl thus far which bluemele informed me about in an earlier post. Is this an average trading day for CL? I think I'll add the QM and see how that moves in accordance after today's trading is over.

Per the PM, I suggest being cautious w/ CL as well. The point was move on from ES if you can as I think you will be more profitable. I don't trade CL as it is like a bronckin buck.

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  #72 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Amp and Zenfire
Favorite Futures: TF
 
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tderrick View Post
What's up Johnny?

You've received some good advice from some sharp cats.

Here is my experience.

I started out scalping the ES and lost 50% of my first account. It is very difficult to be consistent on.

I now trade the YM as I can have larger stops to stay out of PA combat which you are now familiar with. But. I would
not scalp this one either. Wait for the one or two decent trends that occur everyday bouncing between
prior S/R and the the prior day OHLC levels.... if you trade more than 5, you are scalping - very hard.

The YM also has an affinity for 25 block numbers, having more weight at the 50's and the 100's.

I haven't tried TF but that will be my next instrument when I can tolerate a decent stop witn $10 ticks.

I also would suggest looking at a 5 and a 15 minute chart with an EMA 20 and see how elegantly the markets can
move. If its choppy, its very evident on the 15.

So.... How far away are you placing your stops??

I'm placing my stops 6 ticks down. I figure most ES price corrections/variations happen within that range.

PA combat = price action combat I assume. Looking at the 15 min on 20 EMA, it is very choppy on the ES today.

What do you mean by "YM also has an affinity for 25 block numbers, having more weight at the 50's and the 100's."

While I do try to buy the bid and sell the ask, the intent is not to scalp the 1/4 point move in ES, it is intended to maximize profits on the trend up or down. If most of my trades w/ the spread covered are 3-4 ticks, taking out 2 ticks for the spread really puts a damper on my pnl.

bluemele, yes you did.

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  #73 (permalink)
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Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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johnnycakes78704 View Post
I'm placing my stops 6 ticks down. I figure most ES price corrections/variations happen within that range.

PA combat = price action combat I assume. Looking at the 15 min on 20 EMA, it is very choppy on the ES today.

What do you mean by "YM also has an affinity for 25 block numbers, having more weight at the 50's and the 100's."

While I do try to buy the bid and sell the ask, the intent is not to scalp the 1/4 point move in ES, it is intended to maximize profits on the trend up or down. If most of my trades w/ the spread covered are 3-4 ticks, taking out 2 ticks for the spread really puts a damper on my pnl.

bluemele, yes you did.

The fifteen minute chart is revealing, isn't it. If you can learn to trade the 5 min. it will keep you out of the
noise a bit.

The YM has a pyschological S/R phenom with incremental prices... like it stopped dead at 12,000.
When it fell, it fell to 11,900, etc. It has weaker pauses at 50 and weaker still at 25.

When you draw some SR lines from prior days they almost always line up at these numbers. Weird.

My advice to you is to put your stop under or over S/R. Sometimes, it may be uncomfortably large. But if you are in
a true trend, it shouldn't come back to it. I have a hard time dealing with pullbacks, myself. You will learn
the difference between a pullback and a trend swing. Sharky has some great indicators for this. My biggest battle is taking profit when it closes in on my BE point. So at the end of the day, I have 5 trades going
up the trend line when one would have sufficed the whole time.

Trust in your S/R lines. When one is broken, Price is usually travelling to the next. Put your stop
just under the old S/R level. And wait until after the the first pullback on the breakout so you don't
get faked out.

A good trend will stay off the EMA 20 or come back to touch it every once in a while. It it crosses it hard,
the trend is in trouble. If price is hanging around the 20, it is chop.

All these behaviours I speak of pertain to the YM.

I make money in the YM when I am patient and follow these simple rules. When I don't, I always
lose money.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #74 (permalink)
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Tderrick, that is some great info, thank you. Today I will be focusing on the TF and YM. Got both charts up and seeing how today goes.


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  #75 (permalink)
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Futures Experience: Intermediate
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Posts: 362 since Dec 2010
Thanks: 116 given, 433 received

Trading based of my signals, am 3.6 points profitable on TF (even after my stop was just hit on a $80 reversal) and 8 ticks thus far on YM with an open trade.

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  #76 (permalink)
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Seeing the market get choppy with very little volume. I'm out till another trend appears, gotta protect my earned capital. VERY happy today thus far.

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  #77 (permalink)
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Reached for a daily goal...stopped out twice.Wasn't desperate. Looking at the 5 min chart, the trend was there, but late choppiness took away my goal with a quickness. Was stopped out of a trade literally 2 seconds after entering it. Frustrating, but oh well....

Earlier today I noticed the YM and TF basically go in the same direction but right now I see they are moving in opposite directions. Super long shadows on the last 9 TF bars. Es no bueno.

Ended today with a 4.4 point gain net total. Not bad I think. What do you think?

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  #78 (permalink)
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Doesn't matter what I think. However, I suggest sticking to just a couple hours a day on the TF. It putters along most days after 11am EST.

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  #79 (permalink)
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Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


bluemele View Post
Doesn't matter what I think. However, I suggest sticking to just a couple hours a day on the TF. It putters along most days after 11am EST.


Yes... Trading is tough after the London close. You may also try getting up a bit early sometimes and try the
London open. I've seen big trend days start right after midnight CDT. But usually the move will start at 2am
and you will know by 3am if something is forming. I have made many a profit target in the overnight. And
sometimes that will be the only good move of the day as the NY open will just range the rest of the day.
or sometimes reverse.

As for your earnings, believe me, anything in the green is wonderful in this business. Or should I say
anything out of the Red.

Good work... and remember, patience and a cool head.

My biggest problem is getting pissed off when I start getting down and it makes it very difficult to work
out of it. I also tend to get overconfident when I win. When I overcome this I will be a good trader.

Remember, the market repeats itself. Learn to recognize certain PA movements that lead to others.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #80 (permalink)
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Came in today a bit late due to the snow. Saw a trend, waited a bar and it was still gaining. Opened a position and saw big money coming in. Closed with no gain. Waited 4 minutes for the reversal, ended up with 19 ticks profit in 20 minutes of being open. Closed the position, am now watching.

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