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$100.00 A Day...

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  #11 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
 
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Posts: 197 since Aug 2009

Thanks for the input guys.... While there is huge downside to "laying it out there", this is an example of the positive feedback I was hoping for. I will certianly have a look at the other instruments you mention.

I will say this, with not having a set Profit Target (exit on bar color change) 1.5 points is not the norm (see 1st trade). As these entries are with the trend and primarily entered during big moves the upside potential is huge.

I do understand your point however. Let's see how it works out. I am on a SIM so if I crash & burn in the process well, look at all the great advice I will have collected along the way.

Thanks again guys,

HJay

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  #12 (permalink)
 wh 
Neubrandenburg, Germany
 
Experience: Advanced
Platform: R
Trading: Stocks
 
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Posts: 538 since Jun 2009
Thanks: 298 given, 510 received

i agree with sam. last year i traded (no scalp) with cfds multi instuments on multi frames ...

i used 3 workspace and 4 instruments ...

dax , ftse
cac, dow

setting are simple only moving averages on the screens

and i trade only the first two hour (this was my error) of the opening in europa also like cet ...

4h / 4h
4h / 4h

30min / 30 min
30 / 30 min

5 min / 5 min
5 min / 5 min

all markets perform well and have mostly the same direction, only the goals of a move are different ... also i lost no money ... one of this markets are saved my acc.

you can also simple use the divergences of the markets ... to predict the direction ...
you can also use in foreign exchange ...

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  #13 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
 
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Posts: 197 since Aug 2009


I decided to try a little Sunday night trading on the 6E. I am glad I did as it gave me a chance to see how well I react when things don't go so great right out of the gate.

It was obvious there was some weakness as the market opened. I waited for the retracement back to the sling shot or WMA, which happened but I missed my entry point. I was experimenting with entering a short at a LIMIT price rather than at the MARKET but did not get filled as price moved quickly downward.

1st Trade: I sat back and waited for it to retrace back again and finally entered on the changing of the bar color. This one moved a few ticks in my favor but ultimately flipped to blue. Staying true to my rules I exited the play with a small 5 tick loss and was quickly down (-$65.00).



2nd Trade: Again I waited for a retracement back to the 160 period WMA and entered per my rules. This time I went in with a market order. The price moved down a little and then enough that would have covered my loss on the 1st trade. As price action stalled I was thinking about exiting but I decided to stick it out and ride it until the color change.

I am glad I did and it turned out to be a very good illustration of how a play that starts out as a scalp can turn into a home run. This one took off for +40 ticks before I decided to exit when price movement started to slow down. I ended the evening exceeding my daily goal by a considerable amount.

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  #14 (permalink)
 wh 
Neubrandenburg, Germany
 
Experience: Advanced
Platform: R
Trading: Stocks
 
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Posts: 538 since Jun 2009
Thanks: 298 given, 510 received

Another view
i am not a rainbow ... but more and more i I might be one.



i calculate 1 tick = 1 $ also i need 10 ticks for a living.
remember 10 pips only ...

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  #15 (permalink)
 wh 
Neubrandenburg, Germany
 
Experience: Advanced
Platform: R
Trading: Stocks
 
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Posts: 538 since Jun 2009
Thanks: 298 given, 510 received

10 pips and discipline ... very importent for me
after the move posted by hjay and me, now we are in the correction / consolidation



that is what you need to know ... where you are

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  #16 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
 
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Posts: 197 since Aug 2009

Got up a little earlier today and started watching the FDAX and 6E. I spotted a couple patterns on both and placed trend lines on both charts. As per usual the FDAX was moving faster than the 6E and therefore produced what looked to be the 1st entry based on the rules.

1st Trade: This had all the markings of a nice entry. After a nice big move down it retraced back into the slingshot area. I entered on the change over but this one never really moved in my favor but save a tick or two. I exited on the color reverse (-6 ticks)



2nd Trade: I switched over to monitoring the 6E and saw that it was retracing nicely back to the 160 WMA after moving to new highs. I entered on the close of the blue bar. I felt very little heat as this moved up +8 ticks in my favor. Again I contiplated exiting the play around this level so that I would recapture my losses from the 1st trade. I decided to stay with the play with the idea that it might try to make new highs. Ultimately it came back to my entrance point and flipped colors. Exit the play at B/E.



NOTES: I decided to shut it down after 2 trades as I missed several nice opportunities by not pulling the trigger. Live to see another day.


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  #17 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
 
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Posts: 197 since Aug 2009

1st Trade: Looking to trade the 6E only today as the FDAX is just too wild for what I am trying to accomplish (as noted by others). I do however still like to look at it because, maybe it's just me but it sure seems to lead the 6E at times. Anyway, the market was down this morning so I was looking at failed retracements to get short. My first one was a nice one, though if you look at the chart I did not wait until the bar color flip but entered on the bar pattern instead. It worked out very nicely with little to no heat. So an A+ on the entry. The exit is where I failed miserably. I had drawn a trend line and as the price started to approach it I started to out think myself. Rather than wait to see how price behaved around this area I went ahead and put a BUY LIMIT at the trend line to get out. Price sliced through the trend line and went on to go +11 more ticks from my exit. I almost shut it down for the day but the fact that I was -$5.00 from goal sitting at +$95.00 I was lured me back in.

2nd Trade: This almost turned into a disaster and had I not stuck to my rules I would have wiped out all the gains I made in the 1st trade. Price started moving fast and the bar flipped and then flipped back again. I quickly exited with a small (-3 tick) loss. Balance back down to +$53.50.

3rd Trade: After a bit of a run up price started coming down and looked like it was going to make another run at the lows of the day. The bars had already flipped to Red so I really had no choice but to wait for a pullback flip to blue and then back to red to enter. Well the official flip never occured but it did congest for awhile before starting back down. I entered on the break out and got a horrible fill. As it turned out it did not matter as the price rocketed to new lows. I exited the play at +10. Goal Exceeded at +$172.50, done for the day... Ahh now for some coffee .


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  #18 (permalink)
 hoosier_trader 
B-Town, In
 
Experience: Beginner
Platform: NinjaTrader
 
Posts: 1 since Sep 2009
Thanks: 23 given, 0 received

Hjay,

Would you mine posting your template?
Thank You,
Hoosier_Trader

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  #19 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
 
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Posts: 197 since Aug 2009

I have described in detail in the 1st post what I am using as well as the settings. The TrendBars are available for those who donate to this site so I am not in a position to distribute that tool on my own.

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  #20 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
 
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Posts: 197 since Aug 2009


Three trades and done today. The 1st trade was in a nice trend down area on the FDAX and the other 2 trades were made in pure chop on the 6E. I saw that it was chop so recognizing it was not the issue. Turning away from it and waiting for it to establish a true direction was where I failed. I exceeded my daily loss limit after 3 trades so I shut it down for the day. I had the opportunity to come out profitable but failed to execute, pure and simple.

Clearly my 1st trade on the FDAX was the best. It had been weak most of the morning and set up nicely for a retracement. I entered at a good price and it moved $72.50 in my favor before moving back up. I made the cardinal sin of exiting before the bar closed with a small 2 tick loss. If that was not bad enough (letting a small winner turn into a loser), the play went on to gain 24 total ticks (nearly 3 times my daily goal) before officially flipping colors.



Trades 2 and 3 are pretty much the same and the only thing worth while to say about them was that they were taken in the middle of well defined, easy to recognize CHOP. Pure and simple. So on the day I took 2 of 3 trades at the worst possible time and the 1 I was in that worked, I failed to stay in..

All in all, I should have stayed in bed... oh well live to see another day.



UPDATE: "Turned a Negative into a Positive" I took a couple hours off in the afternoon and made the most of it. A huge sell off in the market and I jumped in on the YM, using the same methods as the morning, only this time with the Trend and NOT in chop. I am experimenting with various trend bars so the color may seem different in this last screen shot. It still goes on the record as (-$140.00) but I know I did a nice job in the afternoon to recover.

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