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Blz Trading
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Blz Trading

  #21 (permalink)
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jdella View Post
So essentially all you are doing is using a 5 min chart and trading the break of a previous pivot, be it a PH or PL? Am I seeing that correctly? Where are your stops and also the PT, if you have one?

Do you have a daily goal? Thanks Blz,

Jeff

Hi jdella, good questions. You are correct I in essence trade breakouts of previous highs/lows. My stops are set at the previous fractal high/low and I adjust up my stops as new fractals develop. I don't have a profit target on my range breakout trades and fractal reversals. On my 1-2-3 setups I target 21 ticks or more depending on the strength of the move but I don't pursue runners on the 1-2-3 setups. Reason being the first wave gobbles up a substantial part of the move and you may be pushing your luck trying to get a runner out of it. I also never have a stop that is larger than my profit target on my 1-2-3 setups. On the range breakout trades and fractal reversals I shoot for a runner and simply adjust my stops on the way down. Scenario number 1 on the attached pic is in essence how I pull my profits on the runners. Disregard the entries as that diagram is more specific to exitting a failed trade. However, the exit concept is the same. If my runner tags a high or low retraces and then retests that high/low and demonstrates serious hesitation then I'll exit.

Blz

P.S. My trade today was a perfect example of why you take profits on a 1-2-3 setup versus targeting a runner. I was up 25 ticks and ended up breaking even as the trade reversed. I was a bit too tired and forgot I was playing a 1-2-3.

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  #22 (permalink)
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Fractals Indicator

Thanks to Blz17 for the indicator and idea.

I wanted to make some visual changes and also make the strength of the high/low period adjustable. The original version had a Period fixed at 2, and only drew the first symbol on the chart -- not the subsequent dots.

Download my version here:
https://futures.io/free_downloads/ninjatrader/indicators/144-download.html?view

Mike

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Attached Thumbnails
Blz Trading-2009-09-25_2046_002.png   Blz Trading-2009-09-25_2046_001.png   Blz Trading-2009-09-25_2046.png   Blz Trading-2009-09-25_2045.png  
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  #23 (permalink)
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Mike you are a indicator guru.
Thank you.
I am sure that the additions you have made/added will be a great help.
Thank you

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  #24 (permalink)
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Blz17 View Post
Hi jdella, good questions. You are correct I in essence trade breakouts of previous highs/lows. My stops are set at the previous fractal high/low and I adjust up my stops as new fractals develop. I don't have a profit target on my range breakout trades and fractal reversals. On my 1-2-3 setups I target 21 ticks or more depending on the strength of the move but I don't pursue runners on the 1-2-3 setups. Reason being the first wave gobbles up a substantial part of the move and you may be pushing your luck trying to get a runner out of it. I also never have a stop that is larger than my profit target on my 1-2-3 setups. On the range breakout trades and fractal reversals I shoot for a runner and simply adjust my stops on the way down. Scenario number 1 on the attached pic is in essence how I pull my profits on the runners. Disregard the entries as that diagram is more specific to exitting a failed trade. However, the exit concept is the same. If my runner tags a high or low retraces and then retests that high/low and demonstrates serious hesitation then I'll exit.

Blz

P.S. My trade today was a perfect example of why you take profits on a 1-2-3 setup versus targeting a runner. I was up 25 ticks and ended up breaking even as the trade reversed. I was a bit too tired and forgot I was playing a 1-2-3.

Blz, thanks for answering my question and please forgive me if this is a totally dumb question, but I'm not clear on what the difference between trading the fractal and trading the 1-2-3. Isn't it the same thing, trading the break of what would actually be point 2 in the 1-2-3 setup?

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  #25 (permalink)
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jdella View Post
Blz, thanks for answering my question and please forgive me if this is a totally dumb question, but I'm not clear on what the difference between trading the fractal and trading the 1-2-3. Isn't it the same thing, trading the break of what would actually be point 2 in the 1-2-3 setup?

No problem jdella and there is no such thing as a dumb question. The biggest difference between the 1-2-3 setup versus the fractal reversal is in essence the landscape of the trade. With the 1-2-3 you are looking for pullbacks and breakouts within a primary trend. With the fractal reversal setup you are looking for a topping pattern or bottoming pattern that breaks out/down. With the fractal reversal it's too early to look at the chart and call it a trend so it's a more aggressive trade but it also holds a higher reward potential and thus the reason I play those for a runner.

To be quite honest a lot of it just comes with screen time and practice. I've almost finished reading the entire thread at forexfactory and I think doing that really helped it all sink in (the thread is over 7,000 posts!). I've attached my screenshot from Friday and labeled the one's I consider fractal reversals versus 1-2-3's. Obviously it's easy in hindsight but hopefully it will help you distinguish between the two. Again practice, practice, practice and it starts to sink in.

Hope this helps.

Blz

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Last edited by Blz17; September 26th, 2009 at 08:00 PM.
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  #26 (permalink)
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not to much inputs for your brains ... follow the price or volume
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


all what you need are more then one frame/monitor ... and clear your mind and indicator list

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  #27 (permalink)
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Quick 1-2-3

Snagged 23 ticks on a quick 1-2-3 scalp. Missed quite a few setups this morning. Was a little late and still working on the confidence factor.

Blz

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  #28 (permalink)
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Got one more 1-2-3 setup, good for 20 ticks. Some might be wondering why I'm not trying to let these run. My plan most of the time (remember there are no set in stone rules) is to take 20 ticks or so on 1-2-3's. My fractal reversals is where I shoot for runners.

Blz

UPDATE: Perfect example of why I don't try to run my 1-2-3's. Because the 1-2-3 has already had a significant move down you are pushing your luck for more continuation. This very trade appears to now have bottomed and is moving higher. If it does indeed move higher then my exit was 5 ticks from the bottom.

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Last edited by Blz17; September 28th, 2009 at 02:30 PM.
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  #29 (permalink)
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Attached is a perfect example of how trading number 1 and 2 will save your ass with this style. Hope this helps.

Blz

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  #30 (permalink)
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For my style of trading today was a very boring day. I only took two trades all day and broke even on them both. There was one great setup today but I was in the restroom. That's twice in 1 week that's happened to me. New trading rule for me, no bathroom breaks. Here Mike, I'll save you the trouble of posting this .

Anyone interested in trading this style is highly encouraged to read my previous post. It hits on how to manage a tough trade with this style and shows a trade I took today where I got out break even. Despite my lack of profit (or loss for that matter) today I think I traded quite well as I managed my two trades accordingly and didn't try to force trades.

I will be watching the Japan open as you can frequently catch a single move off the open but gotta be careful as the spreads can get a little wide.

Blz

P.S. There were some great trades on the European session. If I find consistency in my trading and go 100% full time then I'll probably begin trading the European session but it's tough right now being in Seattle and having other priorities.

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