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Intraday Trading the US Index Futures

  • #241
  • Jan 7, 2020 7:26am Jan 7, 2020 7:26am
Quoting jmflukeiii
I'm done I think. 3 trades in 9 minutes on NQ: -20, +11, +108 {image}
Wasn't quite done, three more trades and now I'm done. -20 / +2 / +84. +165 ticks total today.
Attached Image (click to enlarge)
Click to Enlarge Name: MNQ 03-20 233 Tick 2020_01_07 7_25_14 AM.png Size: 104 KB

I don't specifically look for these types of patterns, but when they occur gives me some more confidence in the position. This was a head and shoulders bottom. I'd be the first to tell myself the pattern is irrelevant, but the mechanics of what's happening are important. Swing point before the final low is broken by the second shoulder, then a higher low is made as traders can't get back to the prior low and so 3 efforts to move down, all fail, price will move up.
Attached Image (click to enlarge)
Click to Enlarge Name: MNQ 03-20 610 Tick 2020_01_07 7_26_14 AM.png Size: 92 KB
Small disciplines repeated with consistency lead to great achievements.
  • #242
  • Jan 7, 2020 7:46am Jan 7, 2020 7:46am
Quoting BigInTheCity
{quote} Perfect. I'm based in the UK and trade alongside my job too, so best of both worlds for me too Thanks again for the footprint charts. Looks like NQ might reach for the buy-side stops I mentioned and my take profit. I trade 1:1 risk reward so just missed my stop at 8833 (so close!!)
What do you do for real work?
Small disciplines repeated with consistency lead to great achievements.
  • #243
  • Jan 7, 2020 7:50am Jan 7, 2020 7:50am
Quoting jmflukeiii
{quote} What do you do for real work?
Financial adviser, so i'm very much engrossed in this world and love it :-D
  • #244
  • Jan 7, 2020 7:56am Jan 7, 2020 7:56am
Quoting BigInTheCity
{quote} Financial adviser, so i'm very much engrossed in this world and love it :-D
That's where I started as well and then moved on to a small CTA for a year before moving on to real estate where I've been for close to 10 years now. My true passion though is trading; I have enjoyed the process despite being absolutely miserable at times.

You at a big firm or more of a family office type environment?
Small disciplines repeated with consistency lead to great achievements.
  • #245
  • Jan 7, 2020 7:58am Jan 7, 2020 7:58am
Attached Image (click to enlarge)
Click to Enlarge Name: NQ.png Size: 52 KB


Eyes on the buy stops, certainly taken its time getting there :-)
  • #246
  • Jan 7, 2020 8:00am Jan 7, 2020 8:00am
Quoting jmflukeiii
{quote} That's where I started as well and then moved on to a small CTA for a year before moving on to real estate where I've been for close to 10 years now. My true passion though is trading; I have enjoyed the process despite being absolutely miserable at times. You at a big firm or more of a family office type environment?
Big company here in the UK. Once i'm making enough trading, i intend to go full-time as i could watch the markets 24/7 and NEVER get bored
  • #247
  • Jan 7, 2020 8:09am Jan 7, 2020 8:09am
Quoting BigInTheCity
{quote} Big company here in the UK. Once i'm making enough trading, i intend to go full-time as i could watch the markets 24/7 and NEVER get bored
Full-time trading your own money or others?

Personally, I don't really have desire to trade outside the first 1.5 hours, 2.5 hours at most. After that, my results are generally mediocre and the profit/hour is drastically reduced. I do well with the volatility.

I'm interested to see if we get to 94.50 again. If so, I think we should go on to a new all-time high above 8907. However, I try to avoid thinking
Small disciplines repeated with consistency lead to great achievements.
  • #248
  • Jan 7, 2020 8:12am Jan 7, 2020 8:12am
Quoting jmflukeiii
{quote} Full-time trading your own money or others? Personally, I don't really have desire to trade outside the first 1.5 hours, 2.5 hours at most. After that, my results are generally mediocre and the profit/hour is drastically reduced. I do well with the volatility. I'm interested to see if we get to 94.50 again. If so, I think we should go on to a new all-time high above 8907. However, I try to avoid thinking
Yes, trading my own funds only. Trading part-time does take some pressure off as you can be patient and don't require to draw an income from your trading. Pressure to draw an income definitely force trades

Providing we don't have some unexpected Geo-political news, I feel we have put the low in for the day and should push for all time highs

ES lagging, but created a potential two bar reversal higher on the hourly
  • #249
  • Jan 7, 2020 8:13am Jan 7, 2020 8:13am
Quoting jmflukeiii
{quote} Full-time trading your own money or others? Personally, I don't really have desire to trade outside the first 1.5 hours, 2.5 hours at most. After that, my results are generally mediocre and the profit/hour is drastically reduced. I do well with the volatility. I'm interested to see if we get to 94.50 again. If so, I think we should go on to a new all-time high above 8907. However, I try to avoid thinking
That outside reversal bar yesterday on the 60M would have been a nice swing trade. Occasionally I'll take those in my investment account, but didn't unfortunately here.
Attached Image (click to enlarge)
Click to Enlarge Name: MNQ 03-20 60 Minute 2020_01_07 8_13_40 AM.png Size: 104 KB
Small disciplines repeated with consistency lead to great achievements.
  • #250
  • Jan 7, 2020 8:15am Jan 7, 2020 8:15am
Quoting BigInTheCity
{quote} Yes, trading my own funds only. Trading part-time does take some pressure off as you can be patient and don't require to draw an income from your trading. Pressure to draw an income definitely force trades Providing we don't have some unexpected Geo-political news, I feel we have put the low in for the day and should push for all time highs ES lagging, but created a potential two bar reversal higher on the hourly
Totally agree. Fortunately with the leverage provided and having a large enough overall portfolio, you can stock away enough to generate a small, low-risk stipend to have a "paycheck" while still having money enough to actively trade.
Small disciplines repeated with consistency lead to great achievements.
  • #251
  • Jan 7, 2020 8:22am Jan 7, 2020 8:22am
Quoting jmflukeiii
{quote} Totally agree. Fortunately with the leverage provided and having a large enough overall portfolio, you can stock away enough to generate a small, low-risk stipend to have a "paycheck" while still having money enough to actively trade.
Yeah, I will go full-time once i've paid my mortgage off, have plenty in the bank so i don't have to worry about withdrawing funds for a could 2-3 years. Take the pressure off

So do you use VSA yourself?
  • #252
  • Jan 7, 2020 8:22am Jan 7, 2020 8:22am
Quoting BigInTheCity
{image} Eyes on the buy stops, certainly taken its time getting there :-)
What is the color coding / boxes you have on here? High volume wide spread areas?
Small disciplines repeated with consistency lead to great achievements.
  • #253
  • Jan 7, 2020 8:24am Jan 7, 2020 8:24am
Quoting jmflukeiii
{quote} What is the color coding / boxes you have on here? High volume wide spread areas?
Yes, i mark the high, low and 50% level of high volume bars and watch for reactions when we come back into them for potential trades
  • #254
  • Jan 7, 2020 8:31am Jan 7, 2020 8:31am
Quoting BigInTheCity
{quote} Yes, i mark the high, low and 50% level of high volume bars and watch for reactions when we come back into them for potential trades
Nice - probably similar to HG's "supply/demand delta zones".

I've really enjoyed moving away from the time based charts on NQ. The volume information gets lost to some extent other than looking at the speed of the market. I do have some color coding on the tick chart that indicates high volume bars. The theory was: each bar is the same number of trades, but bars with higher volume means those trades consist of larger orders, i.e. "smart money", professional traders, etc.
Small disciplines repeated with consistency lead to great achievements.
  • #255
  • Jan 7, 2020 8:32am Jan 7, 2020 8:32am
This is my interpretation of today's action and what i would like to see:

  1. Cash markets opened
  2. They drove price down to take on the sell stops below the double bottom so they could accumulate their longs
  3. Marked price higher and took the buy stops above
  4. Now i feel if we drift back towards the cash market open, we could buy there for the next mark-up to all time highs

Attached Image (click to enlarge)
Click to Enlarge Name: NQ.png Size: 54 KB
  • #256
  • Jan 7, 2020 8:57am Jan 7, 2020 8:57am
Quoting BigInTheCity
{quote} You are too kind, thank you mate. I will study them now
My general take on these footprint charts is that yes, this is how the market works. However, I feel that I can see all I need to see in a less complicated manner in price alone. Now I haven't spent much time with them, and I'm also far from the smartest person here, but I've discontinued my study of them.
Small disciplines repeated with consistency lead to great achievements.
  • #257
  • Jan 7, 2020 10:34am Jan 7, 2020 10:34am
Quoting jmflukeiii
{quote} My general take on these footprint charts is that yes, this is how the market works. However, I feel that I can see all I need to see in a less complicated manner in price alone. Now I haven't spent much time with them, and I'm also far from the smartest person here, but I've discontinued my study of them.
Yeah, I'm watching a number of videos on them at the moment and nothing as of yet jumps out at me to improve my strategy. As long as I have volume, I'm happy trading. Without volume, I feel like I'm trading blindfolded! haha
  • #258
  • Jan 8, 2020 6:00am Jan 8, 2020 6:00am
JM, you ready for the cash market open and what it may bring after all the overnight drama?
  • #259
  • Jan 8, 2020 6:10am Jan 8, 2020 6:10am
Quoting BigInTheCity
JM, you ready for the cash market open and what it may bring after all the overnight drama?
Yes sir - was just looking at the ES ETH daily chart (below). Finally ticked down to the lower trendline and putting in a very large buy signal bar (if it were to close right now). However, I can't help but get the feeling that maybe the RTH will play out similar with a large dive post-open. Either way, its irrelevant which way I think it goes, or it does go, just ready to take trades that present themselves -
Attached Image (click to enlarge)
Click to Enlarge Name: ES 03-20 Daily 2020_01_08 6_01_43 AM.png Size: 86 KB
Small disciplines repeated with consistency lead to great achievements.
  • #260
  • Jan 8, 2020 6:13am Jan 8, 2020 6:13am
I think if Trump comes out and talks positively about this whole situation, the ALGOS will jump on board and we will be heading to all time highs

He said he was going to release a press statement this morning, so hopefully soon and then thats out of the way

EDIT: 11am it's scheduled for
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