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$100.00 A Day...


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$100.00 A Day...

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

I will post comments after while.. Gotta run now. Bottom line is I gave back about $50.00 on the last trade of the day else it would have been a little better.


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  #42 (permalink)
 Alinghy 
Monaco - Montecarlo
 
Experience: Intermediate
Platform: Ninja Trader 8
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Trading: ES 6E ZB YM
 
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Hi HJay,

please could you clarify the points in my previous post and, please, also the ones inserted into the herewith attached image ?




Thanks so much for your interesting posts on the day strategy procedures .

Regards

Alinghy

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  #43 (permalink)
 HJay 
USA
 
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Alinghy, sorry I did not respond yesterday.. The indicators used in this setup are defined in the 1st post. After reading that if you still have questions PM me. Answers to your other questions below..

#1 Growing/Expanding Line = SlingShot
#2 Blue/Red Diamonds = Cory's Volume StopV3

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  #44 (permalink)
 Alinghy 
Monaco - Montecarlo
 
Experience: Intermediate
Platform: Ninja Trader 8
Broker: Dorman
Trading: ES 6E ZB YM
 
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Posts: 332 since Sep 2009
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Hy HJay,

thanks for your answer.

I red all your thread but I got some small problems looking for the various
indicators, time to time I will solve all.

In any case, thanks for your availablity, and if necessary will PM you,
counting on your help .

Regards
Alinghy

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

No post to the journal yesterday... I made a whopping $7.50 and just was too discouraged to post it. I took a step back at my set up, which was derived from a combination of points of view and really decided it just was not hitting my comfort zone. I still felt like I was missing something when I looked at my charts. You ever place a trade and then feel like there are things happening inside the bar that seem to be hidden from you?

Well anyway, I have really reverted back to something I had used in the past with some success (55 tick chart combined with 3 minute views). The bottom line is it is not the charts but money management that will make or break me. That has been pounded into my head and I see that now to be true. The struggle is how to keep the stops small enough yet not too small that I don't get whipsaw'd out quickly.

I am getting a lot of questions/PM's about the set up and what I do here or there. Look guys I am still fumbling my way through all of this just like you. I don't have all the answers, hell I don't even have SOME of the answers.

A good morning with my new chart set up. It was not without taking some heat but you know with my stop set just above the swing high I actually felt less stress as I did when I had it so small or on the flip of a bar color. A single trade today with 2 contracts. One entered at the market (never a good fill) and one about 7 ticks higher. I have found high success when spotting a pattern (triangle, wedge, channel) and waiting for the price to come out of it. I try to draw these on the charts. They are almost always present at some time frame, you just have to look.



UPDATE: Traded a couple times in the last hour. Like Jeff I was looking at a break out from the ascending triangle which it did as advertized. I exited way before it got to the 10,000 area but the real action was after the close around 4:00 when the bottom dropped out of it.



FINAL: One more for the road. Entered short on high stochastics and volume trigger. Added a second contract before exiting with a 5 tick profit on the 1st contract and break even on the 2nd.


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  #46 (permalink)
 HJay 
USA
 
Experience: Intermediate
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Posts: 197 since Aug 2009

Nice movement in the 6E this morning. Several pushes to new lows made this a very tradeable market. Determined to stay on the short side and with the trend, I kept a keen eye on possible setups to the downside.

Trade #1: StepMA had already flipped back to red however I waited until it broke out of some short term consolidation. I only got one contract off as this one did not provide any heat to add another one. I placed my target just before new lows in case of a bounce. Had I stuck it out I would have reached my daily goal on this single play and single contract. As it turned out I exited the play at +$85.00.

Trade #2: New lows were made and the 6E still looked weaker. I entered my 1st contract at the lower end cycle of the stochastic on the 55 tick. I paid for that as it moved against me almost immediatly as it cycled back up. I did however enter my 2nd contract just as the stochastic started to turn back down and was able to exit the play with a nice profit on the 2nd contract.

Once again today I placed my stop loss just above the most recent swing high and instead of sweating it out when the play flipped and went against me, I used this as a place to add my 2nd contract. Obviously this wont work every time, however by staying on the side of the trend I stand a better chance of my stops not getting hit.


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  #47 (permalink)
 jdella 
Concord, NH USA
 
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HJay View Post
Nice movement in the 6E this morning. Several pushes to new lows made this a very tradeable market. Determined to stay on the short side and with the trend, I kept a keen eye on possible setups to the downside.

Trade #1: StepMA had already flipped back to red however I waited until it broke out of some short term consolidation. I only got one contract off as this one did not provide any heat to add another one. I placed my target just before new lows in case of a bounce. Had I stuck it out I would have reached my daily goal on this single play and single contract. As it turned out I exited the play at +$85.00.

Trade #2: New lows were made and the 6E still looked weaker. I entered my 1st contract at the lower end cycle of the stochastic on the 55 tick. I paid for that as it moved against me almost immediatly as it cycled back up. I did however enter my 2nd contract just as the stochastic started to turn back down and was able to exit the play with a nice profit on the 2nd contract.

Once again today I placed my stop loss just above the most recent swing high and instead of sweating it out when the play flipped and went against me, I used this as a place to add my 2nd contract. Obviously this wont work every time, however by staying on the side of the trend I stand a better chance of my stops not getting hit.

Attachment 3430

Nice setup Hjay, what stoch are you using that colors the flips?

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  #48 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
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Posts: 197 since Aug 2009

Hey Jdella.. I think this is it. I just make the Stoch K as transparent and set the rest to 14,3,3 .. Can't remember where I got it but I think Ninja support site..

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  #49 (permalink)
Richard
Dallas TX/USA
 
 
Posts: 154 since Jun 2009
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HJay View Post
I woke up this morning (at my regular time ) and checked on the 6E. It was anything but Chop Zone so I decided to watch it awhile. [...] Anyway the 6E was moving and I wanted to catch some it.

Hi there, I just read through this whole thread and enjoyed it a lot. This is the post that interested me most. You indicated that 6E was really moving, and then you proceeded to apply a reversion strategy to the action (fading new highs). You had said yourself a few posts earlier that this idea was most suited to 'keltner days,' and I agree. Since you have displayed both trend-following and contertrend ideas here, and were looking for feedback, I thought I'd point that out.

You clearly have a knack for trading, since you are the type that can change up your charts every few days and still generally make money. My suggestion would be to pick a trend-condition approach and a reversion approach and force yourself to stick with them long enough to take them to the next level. I have a real weakness in this area myself, as I'm always trying new stuff... Meanwhile I've watched my business partner take the most promising parts of my research and slowly merge them into his trading style over periods as long as a full month. Guess who's account grows faster?

Anyway, thanks again.

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  #50 (permalink)
 HJay 
USA
 
Experience: Intermediate
Platform: NinjaTrader
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Trading: futures
 
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Posts: 197 since Aug 2009


Thanks for the input Richard.. I think your observations are correct and something I will take a look at. I will say though that there are times, even when the market is strongly moving in one direction that it is ok to look for reversals. Today was such a case in my view, at least for the little slice of time that I was observing the 6E.

1st Trade: The 6E had just made back to back new highs on the early morning action, however on a third attempt it failed. This coupled with the fact the the 3 minute stochastics were starting to cycle down I felt shorts were in order.

My 1st entry was a good one and it moved quickly in my favor. I looked for possible support below and entered what I thought was a good target price. It came within 1 tick of hitting my target ( +$82.50 on the table) but then quickly went back up to tag my break even stop. Frustrating to say the least. Ofcourse with multiple contracts on the entry this would not have been a problem as I would have taken one off and made a profit even with a B/E stop out on the 2nd contract. However with the strategy of adding to the play once it moves against me a few ticks this option is no longer available..

Ahh the joys of money management... End of play resulted in -$5.00

2nd Trade: The bounce back up turned out to be temporary as it started right back down again. I entered on the break out of short term support and again set my target just above a recent swing low. This time I was rewarded nicely and was able to call it a day after 2 trades.



UPDATE: I wanted to try an "End of Day" Bracket Trade on the YM. I kind of took the concept from Jeff on the "Opening Range" Bracket and applied to a time frame that I am able to trade more often then not. I had first thought of trying this with a break of the 16:05 bar, but thought why not stick to the bars I am already looking at and that is the 3 minute bar. This also plays well into the shorter time frame before close (16:15). I waited as the 3 minutes passed by and the highs and lows were marked (using the Hi/Lo range indicator). I entered a Sell Stop at a single tick break of the low end of the range and sure enough it was hit shortly thereafter. I took 9 points profit out of a maximum of about 15 points that were available. So far so good. I missed the 9:30-9:35 bracket but it looks like it generated a small profit before turning. Ended the day up +$177.50


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