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Williams%R, SAR X-over 15 minute candles

  • #2,121
  • Aug 2, 2021 11:22pm Aug 2, 2021 11:22pm
All the best rp, and thanks.
Good Trading
  • #2,122
  • Aug 3, 2021 9:25am Aug 3, 2021 9:25am
Thank for the the kind words
  • #2,123
  • Aug 3, 2021 9:39am Aug 3, 2021 9:39am
Update on my project, of the 5 people I'm working with the first 2 have passed step1 and now need to do it again to get funded, the other 3 not there yet but all are in positive territory. I've rented a small office and they all have certain hours they need to be there and trading 6am to 10pm, then I spend 1 hour going over trades and teaching.
A good friend who owns a computer store has split the cost on 10 refurbished lap tops with me, we were able to make a great deal on some company owned laptops. the building owner is charging me only 3000 pesos a month for the space($150USD) and has offered to split utilites with me. So far so good, BTW both people who advance to next stage are women.
Forgot they are only allowed to trade ES, NQ and YM. No more than 2 contracts.
  • #2,124
  • Aug 3, 2021 10:04am Aug 3, 2021 10:04am
These are the 3 trades that all 5 people took, 3 took both the ES & YM trades, 1 took only the YM trade and 1 took only the NQ trade.
I have them setting stop at $250, moving to B/E at +$250 and start looking for exit at $400-500. I encourage them to think about getting out of trades if PA seems to be stalling. So far we are seeing risk reward of about 1.8 to 1. Have them trading an opening range system, with 20ema and ADX with 5 period setting. Need a clear close breaking the opening range an adx reading of 35+ and of coure Price on right side of ema.
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  • #2,125
  • Aug 3, 2021 10:06am Aug 3, 2021 10:06am
Quoting rockypoint
Update on my project, of the 5 people I'm working with the first 2 have passed step1 and now need to do it again to get funded, the other 3 not there yet but all are in positive territory. I've rented a small office and they all have certain hours they need to be there and trading 6am to 10pm, then I spend 1 hour going over trades and teaching. A good friend who owns a computer store has split the cost on 10 refurbished lap tops with me, we were able to make a great deal on some company owned laptops. the building owner is charging me only 3000...
Excelent!

I think the best is you are helping people...

I have one question.

Do you chance WPT to 20? I noticed it in your last chart post...
  • #2,126
  • Aug 3, 2021 10:10am Aug 3, 2021 10:10am
BTW to one person who took the NQ trade did not exit where he should've he got greedy an wound up stopped out at B/E. He does this on a regular basis and as of manana he will be rquired to set bracket trades with TP targets.
  • #2,127
  • Aug 3, 2021 10:11am Aug 3, 2021 10:11am
No I have charts with WPR set with 20 and 16 both, truthfully don't think it makes much difference.
  • #2,128
  • Aug 3, 2021 10:21am Aug 3, 2021 10:21am
Quoting rockypoint
No I have charts with WPR set with 20 and 16 both, truthfully don't think it makes much difference.
Thanks for your answer.

I really hope you continue posting. I have learned a lot from you.
  • #2,129
  • Aug 3, 2021 11:37am Aug 3, 2021 11:37am
Quoting rockypoint
These are the 3 trades that all 5 people took, 3 took both the ES & YM trades, 1 took only the YM trade and 1 took only the NQ trade. I have them setting stop at $250, moving to B/E at +$250 and start looking for exit at $400-500. I encourage them to think about getting out of trades if PA seems to be stalling. So far we are seeing risk reward of about 1.8 to 1. Have them trading an opening range system, with 20ema and ADX with 5 period setting. Need a clear close breaking the opening range an adx reading of 35+ and of coure Price on right side...
good
to read you
again ...


P.S.
another ...
rockypoint of view ...
... panta rei ... (Heraclitus of Ephesus, 535-475 BC)
  • #2,130
  • Aug 3, 2021 2:02pm Aug 3, 2021 2:02pm
Quoting rockypoint
Update on my project, of the 5 people I'm working with the first 2 have passed step1 and now need to do it again to get funded, the other 3 not there yet but all are in positive territory. I've rented a small office and they all have certain hours they need to be there and trading 6am to 10pm, then I spend 1 hour going over trades and teaching. A good friend who owns a computer store has split the cost on 10 refurbished lap tops with me, we were able to make a great deal on some company owned laptops. the building owner is charging me only 3000...
HI RP, interesting. When you first started teaching these 5, how experienced were they in trading? Also, the fact that the women have faired better, do you believe there is really a tendency for women to trade better because they follow rules better?
  • #2,131
  • Aug 3, 2021 3:24pm Aug 3, 2021 3:24pm
Quoting ichikuse
{quote} HI RP, interesting. When you first started teaching these 5, how experienced were they in trading? Also, the fact that the women have faired better, do you believe there is really a tendency for women to trade better because they follow rules better?
Could be a male ego thing - must win bigger, better, faster. Cannot accept losing etc. IMHO
every Saint has a past. Every Sinner has a Future
  • #2,132
  • Aug 3, 2021 7:34pm Aug 3, 2021 7:34pm
None of the 5 knew anything about trading, nada, zip. I interviewed people from senior class of the the local technoligical school and picked 5 out of 50 interviews. I wanted people with no preconceptions and/or bad habits. I spent 2 hours a day for 2 weeks teaching them about money/risk management, psychology of trading and finally charts, price structure, and the trading system. taught them a solid rules based system. Then turned them loose with close supervision.

Yes women seem to be better at following the rules and generally show more patience. 1 actually told me she didn't make any trades one day because she didn't like the price action. She was the only one not to lose money that day.
  • #2,133
  • Aug 3, 2021 7:50pm Aug 3, 2021 7:50pm
Hi Rocky, good luck in your new venture , and thanks so much for all your teachings , you changed the way I trade for the better, I dont get it right everytime but on the whole I'm now slightly in profit most of the time , I hope you pop in now and again , cheers M
  • #2,134
  • Aug 4, 2021 2:49am Aug 4, 2021 2:49am
Quoting rockypoint
None of the 5 knew anything about trading, nada, zip. I interviewed people from senior class of the the local technoligical school and picked 5 out of 50 interviews. I wanted people with no preconceptions and/or bad habits. I spent 2 hours a day for 2 weeks teaching them about money/risk management, psychology of trading and finally charts, price structure, and the trading system. taught them a solid rules based system. Then turned them loose with close supervision. Yes women seem to be better at following the rules and generally show more patience....
Wow. Ironically it seems far fewer women venture into trading despite the odds staked in their favour.
  • #2,135
  • Aug 4, 2021 4:00pm Aug 4, 2021 4:00pm
rockypoint,

I don't know if you followed up on dazw2311's 3 bar break fractal system in conjunction with yours, but I can say firsthand that it is a great system for the 1 min US e-mini futures. They're volatile enough to where you don't need to look for a signal on the 5 min to take the trade off of a 1 min close. Just keep it all on the 1 min and it's fine on its own. Interesting point is that your charts for the system on this thread just about always match-up on the same entry bar as his signal does.

The plus to daz's is that your eye gets so trained to see his 3 bar price action pattern in real-time that it does a lot to relax the mind when price is hectic (especially in the first 30 mins of the session) yet no signal has been made yet. It's helped me a lot to take trades at the better times of just when momentum is starting to surge.

Just thought I'd pass this on as you're training some beginners and the steps you're going through to help them out.
  • #2,136
  • Aug 5, 2021 12:23am Aug 5, 2021 12:23am
Quoting CLTrader
rockypoint, I don't know if you followed up on dazw2311's 3 bar break fractal system in conjunction with yours, .
Have you noticed if there is a benefit over that as opposed to just requiring a close above the 3 previous candles highs?

Quote
The plus to daz's is that your eye gets so trained to see his 3 bar price action pattern in real-time that it does a lot to relax the mind when price is hectic (especially in the first 30 mins of the session) yet no signal has been made yet. It's helped me a lot to take trades at the better times of just when momentum is starting to surge.

Nice.
Good Trading
  • #2,137
  • Aug 5, 2021 10:13am Aug 5, 2021 10:13am
aud,

"Have you noticed if there is a benefit over that as opposed to just requiring a close above the 3 previous candles highs? "

Higher likelihood you won't have to wait through pullbacks if you use the high/low of the 4th candle to be taken out. That's all. If you get taken out by just a tick or two and price retreats quickly, I take that as small loser. That is, many of the good ones aren't going to close below the low of the 4th candle. I'm not going to wait for some plunge to a low of the 2nd candle to get out. I can always get back in if I was double-crossed.

Some tweaks:

1. No demand for the 2nd bar to be lower or higher than the 1st. For example, on a long setup, if the 1st and 2nd lows are the same and the 3rd low is higher, close is close enough. It takes large institutional money to move the price increments (ticks) so a "double low" on candles 1 and 2 is telling you more institutions agree to protect any lower price print from occurring.

2. If the 4th bar (remember, it's the signal bar, not necessarily the 4th bar in the setup sequence) is longer than the first 3, I don't necessarily consider the trade "a pass, wait for the next". On the contrary, I might look to take the trade on a 50% retrace of the candle body bar of that 4th candle (better risk/reward setup).

3. The 9 wma (weighted moving average) and the 20 ema are your best friends in day trading. You should demand performance in a highly volatile market and it's just not a good sign on the long side to have price close below the 9 wma after a long signal or above it for a short. NO LONG TRADE SHOULD BE ALLOWED TO CLOSE BELOW THE 20 EMA AND NO SHORT TRADE SHOULD BE ALLOWED TO CLOSE ABOVE IT. The most satisfying moments in your trading experiences will be when you're on the right side of the 9 wma for at least the first 1/3rd of your eventual hold time. Great trades ride these 2 lines up and down. That's just a fact.

On the US e-minis, the first 2 hours is where all the fun is. There, you can depend on the most critical element to good day trading: high volatility.
  • #2,138
  • Edited 11:32am Aug 6, 2021 10:52am | Edited 11:32am
Hi CL, Thanks I'll take a look more for me than the people I'm training. 1min. I think is just too fast for them at this time.
  • #2,139
  • Edited 11:32am Aug 6, 2021 10:57am | Edited 11:32am
Kind of surprising day with indexes in spite of greaat job news no movement in es and ym. 2 people picked off around 50-60 ticks on the nq.
Currency futures is what I traaded today good solid wins on 6a, 6b, 6c, 6s, 6n and a small win on 6e
  • #2,140
  • Aug 7, 2021 9:40am Aug 7, 2021 9:40am
Quoting rockypoint
Hi CL, Thanks I'll take a look more for me than the people I'm training. 1min. I think is just too fast for them at this time.
RP,

Thanks.

I'm very surprised you're letting your students trade the NQ instead of the MNQ. With you directly over their shoulders, yes. But if you leave a beginner to his/her own devices, that contract shows no mercy for hesitation in not taking losses quickly.
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