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9:35 ORB kicked my butt today. As stated in the "All You Need" thread, the YM triggered and went one whole flippin tick before reversing I had my stop on the other side of the range, which today was really too large for what I am trying to accomplish. I noticed this play worked on the ES and TF but not on the YM. I could have made some back on the break at the other end but by then I had exceeded my single day loss limit. One and done ...
Can you help answer these questions from other members on NexusFi?
Caught some of the London session. Things were off to a weak start but had been rallying for a period of time. When I saw it struggling to make a higher high I entered short. I took some heat but on the next failure I added a last contract and scaled out on the way down. I held one for the lows which was hit before bouncing back up. Later in the session it would produce even better entries with very little heat but with my target met I am "one and done".. this time on the positive side.
UPDATE: I added another $225.00 in the afternoon sell off through break outs and retracements for a total of +$410.00 on the day.
As noted by others th ORB this morning was a rough play at best. I was able to scale out of my second add (On the upper b/o) as I did not go in full boat on the break out with a small gain. Had I gone in with both contracts at the break I too would have stopped out. I think I may shelf this play and wait for other indicators to point the direction. I placed about 6 trades this morning and was very pleased with my entries and exits.
I could have squeezed a little more out of the trades but was pleased with the overall results. Once again it paid to step back take the time to draw trend lines, especially on the Range/Renko charts. I was able to properly identify a channel and the break of the channel. All in all a very nice 90 minutes.
Nice job Hjay, and nice commentary. Curious are you using H/A bars and if so, which ones? I've noticed a few variations on the web site as well as the NT forum. Also which version of the volume stop are you using and what are the settings, default?
Quite a wild ride down on the Market today. As far as my day I was in and out before all of the real fun took place. I got close to my daily goal so I am ok with that.
jdella, yes I am using HiekenAshiCustom with the default settings from the Ninja web site.
I have recently placed a 15 minute thermometer in the upper right hand portion of my screen. It is using a 21 period EMA to show me the "short term" trend. Just another reminder of the direction I should be trading. So ofcourse what is the play I entered this morning, a counter trend short. Counter trend is not a bad trade just there are different rules I need to keep in mind. First of all smaller targets and generally no adding. Well I kept my target small (maybe a little too small) but I did add just lightly.
The Entry started, as it always does with a signal on the MedianRange chart. A reversal bar painted and that was followed by Red H/A's. Once this is in play I turn to the 89 tick chart and look for High stochastics to enter a short. A "lower high" on a series of Green H/A's is a great sign that a short might just work. BTW a smaller trade was made in the late evening which accounted for +$42.50 of the total +$100.00 target.
I stopped short of my goal today but I did so for a couple of reasons. Primarily as I am short on time this morning but even more importantly is that I was in the right trade to give me my daily goal. It was my doing with an early exit that caused me to come up short. The play went on to surpass my daily goal, albeit with me on he sidelines. Instead of pushing it, revenge trading, or trying to make something out of nothing I decided to call it a day.
UPDATE: I was able to get one trade in at lunch. I didnt have every data point on my side, but I set my target accordingly. I took a quick 8 point profit on the YM to bring my day total to +$112.50. Still using the same concepts, looking for lower highs or higher lows accompanied with a trigger in the supporting direction. If the 89 tick chart supports the move (meaning the LH or HL is not violated during a stochastic cycle) The trade is considered valid. Secondary but equally important data points to consider are Long term (60 minute) and Short term (15 minute) trends. This happens over and over and over again through out the trading day on all instruments.
Price was at the highs most of the morning. I sat on the side lines looking for a good opportunity. After a new high was met a reversal candle formed (setting up for a TRO special "price is either making new highs OR reversing from them".
I was looking for the shorter term stochastics to cycle up and fail to take out the trigger but it simply rolled over. I decided to enter on the low cycle with the idea that I would add another one at the conclusion of the up cycle. I wanted to put one on just in case it continued lower. This is just what it did and dropped 6 ticks before even cycling back up.
I nearly exited before reaching my target but waited it out as it cycled back up. It only reached my entry point before turning back down so no need to add another contract. With a limited number of bullets I wanted to wait and see if it went against my entry price before adding.
Price continued down shortly after that and hit my target. It was a little less than my goal but it was at a previous support point. Price continued well past my target area. Oh well, that's the way it goes some times.
I woke up just before the London open so decided to have a look. In premarket it had made new lows so my thinking was it would try to test the lows some time in the early session. A very well defined trend line down was present and that was what I focused on as resistance to the upside. Sure enough soon after the open it rallied just short of the trend line and that is where I got short.
All sounds great to this point except for the fact that I had left my ATM set to (2) contracts. I was stuck being in full boat wether I liked it or not. I had some data points in my favor such as long term stochastics just starting to roll down, the 15 minute trend was down and the attraction of testing the lows was in my favor. The play was not with out heat but it did not touch my stop which was set just above the recent swing high.
I had my stop on the other side of the 
