Call me Vidvad - I day trade futures

Since the 821 chart is now short, i.e. it is now aligned with the direction of the current HOLO trade, I move the stop loss down to one tick above the most recent closed five minute candle.

However, in this case, there are now three 5 minute candles that have closed inside the range of their mother candle. So the stop loss goes one tick above the high of that candle. not the high of any of the inside candles.

An M5 candle finally broke outside the range of that large M5 candle, so stop loss is now one tick above the new break down candle high

Again, this is a sim trade and I am not doing it in the prop account.

Thanks Vidvad. The way you have the HOLO rules set up with 1 to 2 risk reward, and high percentage of winning trades, it really is an amazing system for those willing to follow the rules. I really like how you move SL in conjunction with 5 minute candles. I am finding the simplicity of this system really resonates with me.

The two prop firms with whom I ma trading both have trade restrictions around certain red news events, one of which is CPI data, which gets released at 8:30 AM.

TD requires NO trading 2 minutes before news until 2 minutes after news.

TPT requires no trading for one minute before and one minute after.

The 1 minute restriction is ok, the 2 minute restriction is unprofessional. But rules are rules and I have to follow them.

In my opinion, the only rule should be no position one minute before news. Once the data is released, we usually get good, sound technical set ups within a 45 seconds to 2 minutes. So by forcing a 2 minute trade embargo, TD is essentially taking traders out of a very sweet spot for profitability.

SIM trade HOLO Long. I can't do this trade right now in the prop account because of the red news trade embargo.

If this were live I would keep the stop loss to a full -25 ticks rather than one tick below the current low of day because of the red news.

First HOLO long was -25 ticks. This is the second HOLO long of the day. As the second trade of the dfay, win or lose, this will be my last CL trade for today.

Today is day 1 of the TPT NQ account. I am done as my last trade was stopped on a trailing stop and the net profit for the day is $1000. That is not mygoal; however, when I gfind myself at $1000 or more net profit/contract traded, e.g. today I traded one lots, so $1000 = $1k profit/lot, I stop trading. If I were trading 6 lots at a clip, that net profit level to stop trading would be $6000.

Wouldn't it be great to average $6K/day lol

I had someone message me the other day asking why I only showed part of chart and suggested I was "hiding" my losing trades. These trades are marked in real time by the trading platform software itself, not me. As you can see, I did not trade in the premarket at all, and I waited after the open for price to determine if it was going to trend higher above yesterday's high (dashed pink line) or below it.

The second HOLO long went to the +50 tick take profit target. -25, +50 = +25 ticks on the day.

I stretched the profit target in the prop account by a few ticks to help cover commissions (I used the price level noted by the blue arrow on this chart to show why I was comfortable using a somewhat larger take profit), so my net for the day in the TD CL prop account is $280.64, for a two day total of $590.96 net

I am done trading for the day.

NQ reached my profit stop.

CL max number of trades is two.

I will continue to trade 1 lots tomorrow on both CL and NQ.

One of my favorite NQ set ups

FF member @slightlyodd has been posting recently at @tooslow's thread "Highest Open Lowest Open" and he trades NQ using M15 and M60 HOLO.

I'm going to do some studying on using the HOLO for NQ trading.
One thing I seem to remember from my back testing is that on the M15, the Highest Close and Lowest Close was a better indicator of a reversal trade. But I'll have to go back to my notebooks and see. It has probably been close to a year, maybe longer, since I looked at using the HOLO on an index.

Anyone reading along who is interested in HOLO should spend some time at too slow's thread.

I would caution that too many money management rules will impair the method. For example, too slow suggests moving your stop loss to +1 tick when price moves +5 ticks. That was back in 2016. I promise you that if you try that today you will have many, many breakeven trades, and you will lose more than you win. Look at CL today as an example. I went long at 77.64, the lowest hourly candle open. Price rallied to 78.04, or +40 ticks, then it dropped to 77.55, or -9 ticks, before it rallied all the way to the +50 tick target. You have to know your instrument and do your back testing, and once you have that, you simply cannot trade scared. If you are scaredto lose your profits, then quit trading and go do something else for a hobby.

-11 ticks on HOLO short, with a sell stop to enter a second HOLO short. Unfortuantley, the second HOLO entry is right at yesterday's high. The oil market is in breakout mode. Reversal trades should be traded with caution. I will use a -10 tick stop if filled, and if stopped out, I will be willing to re-enter short again. Shoring the 5 minute chart because it is easier to see the order fills. Also, you can see that during the London session, a very nice HOLO long trade went for over +100 ticks.

I didn't trade it and I am just noting that the set up was there.

Oil is in breakout mode and the move, while slow, is strong.

Today oil inventory data is released at 10:30 AM NYSE time. Makes one wonder whether someone knows something or if this one of those old-fashioned "sell the news" set ups. CL not even pulling back to the 8 ema, much less the 21 ema, and getting farther and farther above yesterday's high and that highest hourly open.

No doubt we will have a new highest hourly open when the next candle opens.

The blue arrows & lines are target prior support/resistance price levels. Super strong bull breakout mode. The new highest open is $79.12.

A word about the Tradovate Platform. It fairly sucks. You MUST be certain to go into the main panel and click "exit all positions and cancel all" because the platform does not do a good job of canceling orders after a stop loss or take profit is hit. Sometimes the buggy platform acts as though your stop loss was a new entry and enters a new set of bracket orders

A pure recipe for disaster.

I did a small long scalp on the pullback to the 8 ema and used M5 ATR for target, so now instead - 11 ticks I am +3 ticks.

Probably going to leave CL alone at least until after the NYSE open, even if it triggers a HOLO short by trading back down to $79.12; and since the prop firm does not allow me to carry an open position from 10:28 AM until 10:32 AM (2 minutes before oil inventory until 2 minutes after - ridiculous, I know) there is a good chance I won't trade CL until after 10:32.

If I miss a HOLO entry because of that, I will trade the 821 set ups if we get any.

No news premarket, so I am waiting for the NYSE open to trade the NQ in the other prop account.

I will take this HOLO short in my own live account if it triggers. For the reasons stated above, I will not be taking it in the prop account as their rules really make it an uncertain situation as I would be forced to exit the trade at 10:28 if it is still open.

Forgot to switch account from SIM to live. At the moment, it looks like I finally made a mistake that won't cost me.

The HOLO short SIM was just stopped for -25 ticks.

Most mistakes cost me. This time I made a mistake that saved me $250. Lucky me I guess.

No trades yet today as I lost my connection to the prop firm data feed for some reason. I just got it back now. I don't know if this was a Ninjatrader issue or TPT issue.