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Intraday Trading the US Index Futures

  • #401
  • Jan 21, 2020 9:14am Jan 21, 2020 9:14am
Quoting jmflukeiii
One of my favorite setups here resulted in the daily goal. Trend is up strong, so skipped any shorts, waited for the last micro swing high to break, then trade a pullback on to new highs. Very similar to the example over in the other thread i posted about. (https://www.forexfactory.com/showthr...4#post12659754) {image}
Great to hit target so early in the day - and thank you for posting the other reference. I'm just tinkering today as I have to go out soon.
  • #402
  • Jan 21, 2020 9:16am Jan 21, 2020 9:16am
Quoting jmflukeiii
{quote} Do you work for this company?
That's what I thought too (I'm just an old cynic!)
  • #403
  • Jan 22, 2020 8:05am Jan 22, 2020 8:05am
Quoting Wellington
{quote} That's what I thought too (I'm just an old cynic!)
You around today David?
Small disciplines repeated with consistency lead to great achievements.
  • #404
  • Jan 22, 2020 8:14am Jan 22, 2020 8:14am
Quoting jmflukeiii
{quote} You around today David?
Yep, just watching the pre market - all the headlines are talking about making new highs
  • #405
  • Jan 22, 2020 9:01am Jan 22, 2020 9:01am
Quoting jmflukeiii
One of my favorite setups here resulted in the daily goal. Trend is up strong, so skipped any shorts, waited for the last micro swing high to break, then trade a pullback on to new highs. Very similar to the example over in the other thread i posted about. (https://www.forexfactory.com/showthr...4#post12659754) {image}
Couple questions. What tick size are you using? What do you use the fib lines for? Targets or confluence? Sorry if you've mentioned the answers earlier in the thread.
  • #406
  • Jan 22, 2020 9:12am Jan 22, 2020 9:12am
Quoting trublu
{quote} Couple questions. What tick size are you using? What do you use the fib lines for? Targets or confluence? Sorry if you've mentioned the answers earlier in the thread.
On the MNQ I use 233 tick chart as the primary trading chart. I have found a ratio of about 2.4:1 on the NQ vs. MNQ so a comparable chart on the NQ is roughly 560 (it varies by day and of course isn't exact).

The fib lines is a carryover from my mentor who uses them extensively as targets and support/resistance; I generally use them just to understand where I am in relation to the overall picture. Some lines I rely more on as actual support/resistance are the Daily and Weekly High/Low/Close as well as the prior day Midpoint. I also pay attention to the actual Pivot Points, both daily and weekly, as those seem to create consistent bounces, big enough where I would want to get out of a trade if I'm trading into it.
Small disciplines repeated with consistency lead to great achievements.
  • #407
  • Jan 22, 2020 9:15am Jan 22, 2020 9:15am
So far, here are the trades: -20 / +60 / +2. Surpassed daily goal, so will cautiously trade going forward (if at all).
Attached Image (click to enlarge)
Click to Enlarge Name: MNQ 03-20 233 Tick 2020_01_22 7_08_39 AM.png Size: 99 KB
Small disciplines repeated with consistency lead to great achievements.
  • #408
  • Jan 22, 2020 9:21am Jan 22, 2020 9:21am
Been a day of shoulda, woulda coulda... I already had my line drawn at the low when the market reached there at 9.31 but failed to go long...then when I went long further up when the market pulled back, it actually reached my profit target but I held on for more and that didnt work out either - then to top it all off I had doubled my position as it pulled back again, had altered the quantity so I could sell out the whole position, then saw another opportunity to go long but forgot to readjust my quantity so ended up having a position 4 times larger than I originally intended!! All silly mistakes - glad I'm only using the micro contract at the moment so my learning experience isnt proving too costly...
  • #409
  • Jan 22, 2020 9:26am Jan 22, 2020 9:26am
Quoting Wellington
Been a day of shoulda, woulda coulda... I already had my line drawn at the low when the market reached there at 9.31 but failed to go long...then when I went long further up when the market pulled back, it actually reached my profit target but I held on for more and that didnt work out either - then to top it all off I had doubled my position as it pulled back again, had altered the quantity so I could sell out the whole position, then saw another opportunity to go long but forgot to readjust my quantity so ended up having a position 4 times larger...
Sh** happens as they say. I keep a mistake tracker with various categories. I think I mentioned this before, but for awhile, my sole goal was to simply eliminate mistakes. I didn't care if I didn't make money, I just wanted to stop making mistakes. Some are like those you mentioned, but many of mine were: don't move the stop the wrong direction, don't add to positions, don't exit early without rationale.

What happened was the most interesting; as I worked to eliminate mistakes and stopped worrying about profit, I ended up actually consistently making money. My primary focus is still to simply "do the right thing", which is amazing how hard it is at times.
Small disciplines repeated with consistency lead to great achievements.
  • #410
  • Jan 22, 2020 9:34am Jan 22, 2020 9:34am
Quoting jmflukeiii
{quote} Sh** happens as they say. I keep a mistake tracker with various categories. I think I mentioned this before, but for awhile, my sole goal was to simply eliminate mistakes. I didn't care if I didn't make money, I just wanted to stop making mistakes. Some are like those you mentioned, but many of mine were: don't move the stop the wrong direction, don't add to positions, don't exit early without rationale. What happened was the most interesting; as I worked to eliminate mistakes and stopped worrying about profit, I ended up actually consistently...
That's very interesting and really shows how important a role psychology plays in this business
  • #411
  • Jan 22, 2020 9:36am Jan 22, 2020 9:36am
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting jmflukeiii
{quote} Sh** happens as they say. I keep a mistake tracker with various categories. I think I mentioned this before, but for awhile, my sole goal was to simply eliminate mistakes. I didn't care if I didn't make money, I just wanted to stop making mistakes. Some are like those you mentioned, but many of mine were: don't move the stop the wrong direction, don't add to positions, don't exit early without rationale. What happened was the most interesting; as I worked to eliminate mistakes and stopped worrying about profit, I ended up actually consistently...
That is what I started a few weeks ago. Not only am i more profitable, but there are less emotional snap judgments. Just this morning, in fact, I thought what was my "mistake."

While it coild sound like a pessimistic viewpoint, I think it's more about self-analysis and increasing self-discipline; and possibly self-confidence.
School of hard knocks
dmj120 Return This Year: na
  • #412
  • Jan 22, 2020 9:37am Jan 22, 2020 9:37am
Quoting jmflukeiii
So far, here are the trades: -20 / +60 / +2. Surpassed daily goal, so will cautiously trade going forward (if at all). {image}
I see you managed to capture a good chunk of that move too, taking profits right near the high of that swing
  • #413
  • Jan 22, 2020 9:40am Jan 22, 2020 9:40am
Quoting Wellington
{quote} That's very interesting and really shows how important a role psychology plays in this business
You probably need a way to enter and exit that has an expectation of profitability too

But I completely agree; the mental game is a big challenge. For example, many cannot accept being wrong. This results in moving stops, adding to losing trades (this works enough to make you think it'll be okay, but eventually it fails). However, the only way to win is to trade, and the no system will result in 100% win rate. So therefore, to win, you must also lose. Conceptually understanding that is one thing, but truly being okay with losing is a different matter. So, by employing a mistake tracker and operating under the one overriding principle of "do the right thing", one can train their self to accept this, regardless of overall outcome.
Small disciplines repeated with consistency lead to great achievements.
  • #414
  • Jan 22, 2020 9:41am Jan 22, 2020 9:41am
Quoting Wellington
{quote} I see you managed to capture a good chunk of that move too, taking profits right near the high of that swing
Correct, that top was the overnight high. I trailed a bit too aggressively, but sometimes those pop through, other times they stop just before.
Small disciplines repeated with consistency lead to great achievements.
  • #415
  • Jan 22, 2020 9:45am Jan 22, 2020 9:45am
Quoting jmflukeiii
{quote} You probably need a way to enter and exit that has an expectation of profitability too But I completely agree; the mental game is a big challenge. For example, many cannot accept being wrong. This results in moving stops, adding to losing trades (this works enough to make you think it'll be okay, but eventually it fails). However, the only way to win is to trade, and the no system will result in 100% win rate. So therefore, to win, you must also lose. Conceptually understanding that is one thing, but truly being okay with losing...
Good advice and taken on board
  • #416
  • Jan 22, 2020 9:47am Jan 22, 2020 9:47am
Quoting Wellington
{quote} Good advice and taken on board
Thank you, its perhaps not everyone's biggest issue, but it was mine.
Small disciplines repeated with consistency lead to great achievements.
  • #417
  • Jan 23, 2020 9:36am Jan 23, 2020 9:36am
Well was not a pretty session for me. Had the bare minimum daily goal after the second trade, but decided to keep going and traded BEs and losses. Then got back to the bare minimum and am calling it a day as I have other things I need to take care of. I managed the last trade emotionally instead of how I am supposed to manage; that goes in the mistake tracker.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MNQ 03-20 233 Tick 2020_01_23 7_30_49 AM 1.png Size: 83 KB
Click to Enlarge Name: MNQ 03-20 233 Tick 2020_01_23 7_30_38 AM 2.png Size: 96 KB
Small disciplines repeated with consistency lead to great achievements.
  • #418
  • Jan 23, 2020 9:59am Jan 23, 2020 9:59am
Quoting jmflukeiii
Well was not a pretty session for me. Had the bare minimum daily goal after the second trade, but decided to keep going and traded BEs and losses. Then got back to the bare minimum and am calling it a day as I have other things I need to take care of. I managed the last trade emotionally instead of how I am supposed to manage; that goes in the mistake tracker. {image} {image}
There's always tomorrow - I've been 'interactive' with interactive brokers for the past 2 hours, trying to figure out why my automatic stop loss won't transmit properly, so no trading for me thus far.
  • #419
  • Jan 23, 2020 10:08am Jan 23, 2020 10:08am
Quoting Wellington
{quote} There's always tomorrow - I've been 'interactive' with interactive brokers for the past 2 hours, trying to figure out why my automatic stop loss won't transmit properly, so no trading for me thus far.
Well the minimum is the real target, I just prefer to exceed it when possible, so I'm fine with taking it when its the best I can do as it was today.

As for your 'interaction', good luck!
Small disciplines repeated with consistency lead to great achievements.
  • #420
  • Jan 23, 2020 3:08pm Jan 23, 2020 3:08pm
Quoting jmflukeiii
{quote} Well the minimum is the real target, I just prefer to exceed it when possible, so I'm fine with taking it when its the best I can do as it was today. As for your 'interaction', good luck!
Final crazy hour - nailed it.
Attached Image (click to enlarge)
Click to Enlarge Name: MNQ 03-20 233 Tick 2020_01_23 1_03_22 PM.png Size: 131 KB
Small disciplines repeated with consistency lead to great achievements.
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