Flag trading the trend

Now that I've started posting on FF again, I'm getting pm's left, right & centre, so I've turned them off (just like I've turned off Facebook and Linkedin... I seem to be becoming a grumpy old man.. hehe). However, a couple have asked how to get the HA bars in the sub-panel of a NinjaTrader chart, so this is how :

First, you need to be an Elite member of Big Mike's Trading Forum - imho the best NinjaTrader forum (they also have smaller sections for TradeStation, Sierra Charts & other platforms). The rest of the forum is free, the Elite membership fee is $100 one time payment : if you intend to use NinjaTrader it is superb value, as many of the best ideas and programming (= indicators) are restricted (by the authors) to the Elite sections.

https://www.bigmiketrading.com/

Second, head over to the Want your NinjaTrader indicator created, free? thread in The Elite Circle & look up post # 12,052 where Fat Tails - a fantastic programmer - responds to my recent question how to do this : you need his anaHeikinAshi indicator (free to Elite members).

Easy when you know how...

Nice day again, on CL! Numerous setups.

Better late than not at all got 2 of them

not like last week this is a flatline

Thank you so much for this. I have Ninja and wondered whether I'd have to hire a programmer.

shorting 56

loss

market wasn't waving my bad

IMO, the mkt has been acting jumpy this a.m., perhaps due to the inventories report coming out in < an hour. Certainly, there's no int'g trend

nope I broke my own rules not being patient

1 legged pullback. They produce as many losers as winners. I think the one time a person is safe taking 1 legged PB is in a hard trending market. In here the price is drifting lower and the indicator is drifting higher. If you catch my drift.

My, oh, my, what full oil tanks you've got, Captain America !

Still flat here : either too sideways or too jumpy...

finally moving in the logical directional major supply it should go down. Every other week it goes up with same report

well got back 15 from 70 missed by 1 tick

Ouch... & back to a 1 lot from Monday (flying to London tomorrow)...

Critique : taking first entry after such a large swing was high risk, so $400 dropped unnecessarily; I accept the second entry after such a huge number (edit : the oil inventory number). But two consec losers on less than perfect setups suggests I am over-eager & not in the zone, so stopping for the day.

Back Monday.

smart move jt not sure why you went short indy sloping up

we are in a wedgie

Actually, at time of entry HMA was still flowing downwards, so I'm only beating myself up on my first entry, which was simply incorrect according to my written rules.

I've been discussing the mechanics of making $10k / month with td (incidentally the first time I hit that level was back in key to the mint days) & the damage of a relatively large losing day.

On a 20 day month, $10k = $500/day. Say Mon to Thurs you make $500/day then drop $800 on Friday : your average drops over 50% to $240/day (if my math is correct). So to "securely" average $500/day, you need to build to > $800 winning days (in my example above, the week would then end at +$2,400 or ave $480/day).

How many lots are needed ? This depends on the trader's style and approach, even using the same method as another. Even with a high win rate method like this, I feel one has to be emotionally prepared for 3 losing trades in a row : $1200 on a 2 lot.

Most are not ready for this & in the absence of making the psychological aspects of trading their primary focus, likely never will be. It's so much more appealing to play endlessly with indicator and entry setups.

As many of us have already read, in Market Wizards, Jack Schwager asks Ed Seykota - who I have had the pleasure of meeting (he's a VERY unusual guy) - what a losing trader could do to transform himself into a winning trader. Ed responded that losing traders can't transform themselves, that is something only winning traders do.

that's why my goal is 40 ticks a day

Difficult situation setupwise exact now. I would take short, while it's nice second entry short, but MACD crossing upwards.

So, can't do anything right now.