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Williams%R, SAR X-over 15 minute candles

  • #4,521
  • Jan 4, 2024 8:05am Jan 4, 2024 8:05am
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Short at 16461.50 with a +40 tick target
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,522
  • Jan 4, 2024 8:09am Jan 4, 2024 8:09am
Quoting vidvad
{image} Short at 16461.50 with a +40 tick target
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Price came within 3 ticks of my target, stopped out for +4 ticks.
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,523
  • Jan 4, 2024 9:23am Jan 4, 2024 9:23am
Some learning experiences this morning (on demo).

Trades "A" and "B" reversed quickly. I felt like I was getting in too late so tried to "anticipate" the ADX cross on trade "C", but it ended up not materializing. Then I missed the successful trade at "D"! That's enough for today I think
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  • #4,524
  • Jan 4, 2024 9:31am Jan 4, 2024 9:31am
Lot less volatility than expected today, slowish PA. 3 trades 2 small wins and one larger.
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  • #4,525
  • Jan 4, 2024 9:33am Jan 4, 2024 9:33am
Last one I struggled to stay in came close multiple time to getting out, tested my patience.
  • #4,526
  • Jan 4, 2024 9:45am Jan 4, 2024 9:45am
Quoting vidvad
{quote} {image} Price came within 3 ticks of my target, stopped out for +4 ticks.
That would drive me insane. But what works for you psychologically is fine.
Also thanks for bar status indicator could be very useful.
  • #4,527
  • Jan 4, 2024 10:59am Jan 4, 2024 10:59am
Quoting 00PIP
Some learning experiences this morning (on demo).
Quoting 00PIP
I felt like I was getting in too late so tried to "anticipate" the ADX cross on trade "C", but it ended up not materializing.
In my experience, the temptation to anticipate is great, and giving into the temptation is sure to short circuit your results if you are anything like me.

The ADX cross is often "slow." But if you are going to use it, I'd suggest that you be consistent and do as it says. I have been keeping an eye on it today. I found that if I configure it to read as a solid bar, I can follow it much better.

If you combine it with the bar status tool I posted above, THEN you can "anticipate" the ADX cross with actual chart data, i.e. intellectually rather than emotionally. My main goal since landing here at rocky's place has been to take as much discretion out of my trading as possible. I want my set ups to be defined so that whether a trade should be taken or not is unambiguous. I want this because otherwise my emotions ... FOMO! ... tend to get the best of me.

MES with ADX and DM indi's on the same panel, with ADX set to solid bar. Makes it very clear whether ADX has crossed above 25 or not.

The bar status tells me the EXACT price I should get in as it tells the exact price at which the next canlde will start, and if you watch how the candles form based on where ADX IS, you'll be able to tell beforehand that IF price makes a new candle in the "anticipated" trade direction, THEN ADX will have crossed above 25.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #4,528
  • Jan 4, 2024 5:40pm Jan 4, 2024 5:40pm
Quoting vidvad
{quote} {quote} . My main goal since landing here at rocky's place has been to take as much discretion out of my trading as possible. I want my set ups to be defined so that whether a trade should be taken or not is unambiguous. I want this because otherwise my emotions ... FOMO! ... tend to get the best of me.
Good stuff. Thanks for this great idea!

I am totally in agreement - I am also trying to take my emotions and discretion out of the trade as much as I can. Actually, I find getting into the trade is easy enough, as I have set an alert on DMI to popup when a 25 cross has occured. When it triggers I enter.

My challenge is when the setup goes against the signal. Today I got into a few choppy trades on the MNQ early in the morning and not cutting them short fast enough with an opposite bar color. I think that is really the key for overall success of this strategy, bailing before they hit the SL and enjoying the trades that have sustained momentum behind them.

One thing I know that was my problem today was not following bias. I knew I should have only entered for short setups. But FOMO kicked in...
  • #4,529
  • Jan 4, 2024 6:09pm Jan 4, 2024 6:09pm
Quoting Jkinghome
{quote}I think that is really the key for overall success of this strategy, bailing before they hit the SL and enjoying the trades that have sustained momentum behind them. One thing I know that was my problem today was not following bias. I knew I should have only entered for short setups. But FOMO kicked in...
I have my platform set up to trail the stop automatically and I take my profit at +20 ticks on ES/MES and +40 ticks on NQ/MNQ.

My initial stop loss on ES is 15 ticks. I have it set to move 1 tick closer to entry each tick it moves in my favor.

My initial stop on NQ is 40 ticks, and it too moves one tick close to entry each tick it moves in my favor.

In either case, if price gets within 4 ticks of my target TWICE without hitting my profit target, I manually move the stop loss to +4 ticks.

I NEVER move my stop to make it larger.

I saw this post from professional trader and market wizard Linda Bradford Raschke today:

"[Traders] tend to get attached to fancy techniques and fail to recognize that subtle internalization and refinement is much more important than the quantity of what is learned." Joshua Waitzkin

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I know I have spent far too much time worrying about getting the perfect indicators and the perfect settings to get the perfect entries.

What I have been working on far more lately is the rules of how to manage risk (stop loss and position size), how to automate trade management, and to improve MYSELF continuously by following RULES.
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,530
  • Jan 4, 2024 7:04pm Jan 4, 2024 7:04pm
Remember NFP at 8:30 AM NYC time tomorrow. I'll be out of the market when the numbers hit.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #4,531
  • Jan 4, 2024 9:33pm Jan 4, 2024 9:33pm
Quoting vidvad
{quote} I know I have spent far too much time worrying about getting the perfect indicators and the perfect settings to get the perfect entries. What I have been working on far more lately is the rules of how to manage risk (stop loss and position size), how to automate trade management, and to improve MYSELF continuously by following RULES.
Excellent advice! Thank you for sharing this. Makes perfect sense to me.

I am going to try this approach as well.
  • #4,532
  • Jan 5, 2024 9:20am Jan 5, 2024 9:20am
Everyone enjoy their weekend.
  • #4,533
  • Jan 5, 2024 10:58am Jan 5, 2024 10:58am
Quoting vidvad
Anyone using Ninjatrader to trade rocky's renko heikin ashi method should consider downloading this free Bar Status indicator from ninza.com: [Free] Numbers Bars on NT8 (Minute, Tick, Volume) - ninZa.co It is FREE and I am in no way affiliated with the comapny. What the bar status inidcator does is it tells you on your chart at what exact price the next up or down renko bar will print. For example, in the 21 renko HA of the NQ below, the next down candle will print at 16461.25 and the next up candle...
I used this for the first time today. I definitely felt a lot more in control knowing when the next Renko bar would form and using limit orders.

Thanks for sharing!
  • #4,534
  • Jan 5, 2024 11:59am Jan 5, 2024 11:59am
Quoting 00PIP
{quote} I used this for the first time today. I definitely felt a lot more in control knowing when the next Renko bar would form and using limit orders. Thanks for sharing!
Another tip for those newer to this method: If you trade futures, start with 6E (EURUSD) or 6B(GBPUSD). You won't get as many signals, and they don't move as fast. These are great for building your ability to see the set ups, react to the set ups, and improve daily. I didn't start using this method to trade ES or NQ. I moved to those after I felt I had become competent with the method.
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,535
  • Jan 5, 2024 2:20pm Jan 5, 2024 2:20pm
On the Renko chart do you use price based on Ask, Bid, or last?
  • #4,536
  • Edited 3:36pm Jan 5, 2024 3:23pm | Edited 3:36pm
This week I displayed few days of live results, therefore I decided to display results for my full(4 days only) trading week.

I will not be posting any more results in this thread.

In this post, I am not "busting Rocky's balls" for not showing subs real live trades, but this is more for the struggling or new traders.

Here is how the week looks for trader who spend 5 years, 20 hours a day of a hard work analyzing charts and testing various strategies before trading for living.

Instrument shown ENQH24 Futures(US 100 - CFD). I am trading 2 contracts per each 50K.

It is a hard work but you will get there - must work hard and be persistant. All have a Happy New 2024!.
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  • #4,537
  • Jan 5, 2024 4:16pm Jan 5, 2024 4:16pm
Quoting Ticket099
On the Renko chart do you use price based on Ask, Bid, or last?
Most of us are trading futures and the price is always the last trade.
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,538
  • Jan 5, 2024 5:16pm Jan 5, 2024 5:16pm
Quoting driven18
This week I displayed few days of live results, therefore I decided to display results for my full(4 days only) trading week. I will not be posting any more results in this thread. In this post, I am not "busting Rocky's balls" for not showing subs real live trades, but this is more for the struggling or new traders. Here is how the week looks for trader who spend 5 years, 20 hours a day of a hard work analyzing charts and testing various strategies before trading for living. Instrument shown ENQH24 Futures(US 100 - CFD). I am trading 2 contracts...
Bravo Driven, there are no easy lessons in trading. You must be willing to put in the time. But it's not just putting in the time with charts and learning the day to day stuff. It's learning what you are as a trader, your mindset, your discipline, your ability to control your emotions and your trade management. Most people think it's the system but ultimately it's the trader that makes the system succeed, not the system making the trader succeed. Driven has a system that works great for him, but I bet he could trade my system successfully too. I bet I could trade his system too. Because whatever system we use we'll adapt it our needs.
Success comes from the trader not the system. Unless you realize that you are unlikely to succeed. If you are good at it there is no better business.
  • #4,539
  • Jan 5, 2024 8:06pm Jan 5, 2024 8:06pm
Quoting rockypoint
{quote} Bravo Driven, there are no easy lessons in trading. You must be willing to put in the time. But it's not just putting in the time with charts and learning the day to day stuff. It's learning what you are as a trader, your mindset, your discipline, your ability to control your emotions and your trade management. Most people think it's the system but ultimately it's the trader that makes the system succeed, not the system making the trader succeed. Driven has a system that works great for him, but I bet he could trade my system successfully...
"No better Business" - Yes, 100%.
  • #4,540
  • Jan 6, 2024 2:50am Jan 6, 2024 2:50am
Quoting driven18
This week I displayed few days of live results, therefore I decided to display results for my full(4 days only) trading week. I will not be posting any more results in this thread. In this post, I am not "busting Rocky's balls" for not showing subs real live trades, but this is more for the struggling or new traders. Here is how the week looks for trader who spend 5 years, 20 hours a day of a hard work analyzing charts and testing various strategies before trading for living. Instrument shown ENQH24 Futures(US 100 - CFD). I am trading 2 contracts...
Hi Driven

Looks like we trade the same pair at about the same contract size. Although nothing wrong with going up to 4 contracts occassionally.
The issue for us of course is liquidity has ceiling on ENQ and trading larger risks us being targeted & trapped by bigger traders if we show our poker hand to them.
Those results look special, great trading.

PS. You certainly like wider stops than me, obviously our strategies are quite different.
Trading thin liquidity at the boundary of the charts
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