Hi, last week was tougher trading. I ended up down for the week, but I didn't take all their trades (-$300 for the week for my trades). Monday I ended the day profitable (+$210 trading 1 contract). I think I understand their system now - it's pretty straight forward so I don't need to renew the room after this month. But I really am not a fan of scalping which they do a lot of. I think I had mentioned earlier that I wanted to explore market / volume profile too so I am exploring education on that as I think I that will help me stay in trades longer.
Last edited by BeachTrader; August 15th, 2012 at 03:55 PM.
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I was curious about the live trading, I tried a trial myself. They did say they traded a 20k account live, but who knows.. And I don't use Trade Navigator. But they do show their DOM and orders now. Actually they had two open house days last Wed. and Thurs. Wed. they had 2 or 3 losses in a row amounting to -1400. Then maybe they were positive +150 on Thurs. They said the losses were within their overall risk expectancy. Then I started a trial today. Still no trades as of now. (Update: They had a 3-tick winner in the ES using 3 car.) Their scalping strategy is scary, multiple contracts for 3-4 ticks and 16-20 tick stop loss depending on instrument. It sounded like they had a losing week last week. They said as the market is very slow the last week or so they look for small scalp "Seahawk" trades as they can if there are no big "fib trades", "boomerang" setups. They have three moderators that take turns hosting about one third of the time each of the five hour session. Big range bars compose their charts. Without using volume (footprint?) or any other tools/indicators, and no MAs, personally I don't see how they can gauge good trades without more history of price action particularly without candlestick bodies. It seems their indicators and setups details are available with certain packages. Special for lifetime package was $1250 last week. I did not trade their trades but instead did my own trades while their room is on. They do have good awareness of news events and have a pre-market summary of news and their plans. I like their room-only price of $97/month. But have no interest in their setups or package currently. Screenshot of their room:
Last edited by Cloudy; August 15th, 2012 at 11:00 AM.
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They had offered a special the week I signed up where I got the Ultimate Day Trading system (web version only + Ninja indies) included in my $97 per month room price. So I have only paid them $97 for the whole package. I don't know how often they offer that special.
Last edited by BeachTrader; August 15th, 2012 at 03:54 PM.
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About a month ago I stumbled onto Rockwell Trading. I liked what Markus Heitkoetter said about keeping trading simple, especially his Simple Strategy. I like how he used range bars to signal his entries plus I like how these trades have a profit target of $300 and a stop loss of $200. Which means that I only need to be right on 50% of my trades and still come out ahead. All pretty good stuff I thought, so I joined the Daily Rockwell Trading Room............
I have been with the Rockwell trading Room for about 4 weeks now and I must say that I am disappointed. I am seriously considering cancelling when my subscription ends. For some reason, they have stopped using the Simple Strategy and is instead pushing the Fibonacci Expansion/Retraction strategy. I find this setup to be somewhat confusing. First you have to identify a pattern, then you need to draw the Fibonacci setup on your chart, then place your order and then have to figure out where to put your stop loss and profit taking orders once you are filled. Too much to deal with in fast moving futures markets! Even the moderators have had issues figuring out where to place stops and profit taking orders. So what happened to simplicity Markus? While they were fussing over drawing the Fibonacci setup, many Simple setups that would have been profitable were missed, bypassed or maybe even ignored.
As one other person commented earlier, I too think Rockwell's Seahawk Scalping Strategy is scary! They use two separate set-ups each in trying to scalp ES and 6E (Euro futures). And they are now only going long. They said that their testing indicates that going long has provided a better result then going short.
With ES one setup is to go long 3 contracts, with a stop loss of 12 ticks (-$450) and with a profit target of 3 ticks (+$112.50).
Their second ES setup is to go long 2 contracts, with a stop loss of 16 ticks (-$400) and a profit target of 4 ticks (+$100).
With 6E one setup is to go long 3 contracts with a stop loss of 12 ticks (-$450) and a profit target of 3 ticks (+$112.50).
Their second 6E setup is to go long 2 contracts with a stop loss of 20 ticks (-$500) and a profit target of 5 ticks (+$125).
The moderators at Rockwell claims that these Seahawk setups have a winning percentage of over 87%. For the past several weeks, I followed about 95% of their Seahawk trades in my own account. Out of the 49 trades that I took, I was profitable on 36 and I lost with 13. You would think that with a 36-13 record, I would be showing a nice profit but I am not. I am showing a loss of $1,088 and with commissions added in, I am down $1,600.26.
I have several issues with Rockwell's Seahawk setups:
1) The risk to reward ratio is backwards! For every loss I would need 4 wins to just break even and to be profitable I would need 5 wins for every loss. Shouldn't this ratio be the other way around?
2) I am not comfortable using a similar setup twice in the SAME market at the same time. On a strong pullback I can easily be long 5 contracts of ES or 6E with very similar stop loss points. And should either market make a very strong move against me, I would have two quick losses of $400+ each. Then I would need 8 wins just to break even!
3) With this setup, it appears that they are chasing the market because the entry points are constantly being adjusted higher as ES and/or 6E moves higher. There are times where I had to adjust my entry higher 6,7,8,9 times before a pullback finally occurred resulting in a fill. My concern is that when 6E and especially ES pulls back after rallying higher, the move back down is often strong and violent. With this setup, I would be filled twice in the same market and if the pullback continues against me, I will be stopped out twice just as quickly.
About two weeks ago, another member in the trading room asked Markus if he was chasing the markets with these Seahawks setups. Markus got upset and boldly and loudly said this is not chasing! But he never addressed the questioner's concerns.
I too have voiced my concerns about the Seahawk Strategy, the only reply I got was "based on our extensive testing, we concluded that these setups are the most favorable." That's it. They never addressed my concerns again.
I wonder how others feel about Rockwell Trading?
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MJ888. Sorry for your losses in the room. Yes, thanks for posting more detailed analysis of your trading following the Rockwell trades.
Your reported win/loss of the seahawk trades is 73%. Not nearly enough to be at the 95% the seahawk
strategy probably needs to truly offset the losses and also be a profitable and not just breakeven strategy.
And many times they had another trade setup limit order right under the seahawk stop which just looked like doubling-down on a loser which could quickly get worse if all it did was catch a big new short trend.
(Do they even use or mention the oscillators at the bottom of each chart, i.e. the macd and stochs there?)
And I just don't see how price action can be precisely gauged on big range, currently changing OHLC bars to set up a fib retracement and extension entry and target. Even a plain line chart would be more effective.
Anyways, too many problems and I couldn't believe in their methods anymore.
Last edited by Cloudy; September 10th, 2012 at 03:53 AM.
There is nothing new about trying to scalp for a few ticks with a wide stop loss. This can be a very exciting strategy for newbies(because of all the winners) but the math will never work(as MJ88 has figured out). Its funny that they even have a name for it(sea hawk strategy), this makes me laugh. The math evolved in trading is basic arithmetic for the most part. If the basic math doesn't add up it aint going to work