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Flag trading the trend

  • #9,381
  • Jan 5, 2016 10:11am Jan 5, 2016 10:11am
Quoting ddaytrader
{quote} I'm calling it quits for my little account right here. My two day total is a net of 8.06 ES points for $403.26 and a balance of $2403 and change. {quote} Right now my plan is to trade one contract per $1500 in available margin. So I will do one lot until balance is > $3k, add a third at $4.5K, etc. Max compounding will likely be 20 contracts, which will occur when the balance is >$30K. {quote} All you need is a plan built around a price action edge and the courage, strength, determination, and discipline to follow it. And by saying "all"...
Way to go DD super plan I usually look for 15 to 40 ticks max and do it a couple of times a day. for me its not about making millions cause I wont but 8 to 12000 a month is suffient
  • #9,382
  • Edited 10:35am Jan 5, 2016 10:24am | Edited 10:35am
the day just got even better51 more from 51 to BRN. so 70 ticks on crude 2 contracts 1400 86 ticks ym 2 contracts 860 so 2260 for the day who needs Wednesday. so heres the plan I am using 1113 tick chart set to a line chart for crude and a 333 for ym both have standard macd and yesterdays h and low for possible target areas. I will take 123 and 2b setups if macd is crossed in that direction and I get 2 closing prices away from point 2 and place limit to enter market at point 2 if macd is crossed I will take hat out of box. I will look to secure at least 15 for that is my stop for both markets. so if I get 15 and price comes back to 2 point and macd is still crossed I will take pullback and look to get 30 to 40 unless macd lines are spread wide I will follow it down till it starts to converge. get 2 of these a day and you will do well.
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  • #9,383
  • Jan 5, 2016 10:29am Jan 5, 2016 10:29am
  • #9,384
  • Jan 5, 2016 10:31am Jan 5, 2016 10:31am
Quoting ddaytrader
{ "You must get in and get out. This is not about making a lot of money on an individual trade. If you made a thousand trades in a year -- which is very attainable -- and didn't make any trades winning over 2 or 3 points, you would make a very nice living for yourself. I'd expect you to probably do even a little bit better. But I'm telling you, it's not about making a lot of money on one trade. All you want to do is have successful trades. It takes discipline to wait for the right time. Get in, and get the [heck] out of the way."
GREAT quote, thank-you, dd .
  • #9,385
  • Jan 5, 2016 10:36am Jan 5, 2016 10:36am
I am very glad my wife doesn't use that quote with me JT
  • #9,386
  • Jan 5, 2016 10:54am Jan 5, 2016 10:54am
Quoting Divergence
I am very glad my wife doesn't use that quote with me JT
Haha
  • #9,387
  • Jan 5, 2016 4:42pm Jan 5, 2016 4:42pm
Quoting Divergence
hopefully these charts will explain questions {image} {image} {image} {image}
Thanks, your pictures and explanations are very helpful. I have seen that you mentioned using 1 min charts but thought you would still be trading other type of charts as it has been working for you. Whats the benefit of using 333 tick chart along the 1 min?
  • #9,388
  • Jan 5, 2016 5:19pm Jan 5, 2016 5:19pm
The 1 minute chart was an experiment. 1 chart 333 for ym 1113 for crude today's trade and charts are how I am going forword. Post 9382 explains it all
  • #9,389
  • Jan 6, 2016 2:25pm Jan 6, 2016 2:25pm
Quoting jtrade
please keep us informed of progress
I was not in synch with the ES today until almost 2:30. At one point I was down 6 or 7 points +commissions to my broker. Then I hit for a 6.25 point win, which leaves me down -1.35 points, or -$67.58 in dollar terms.

It is difficult trading a one lot, as it does not give me any strategies to trade out of trouble other than to take the loss and try again. I'm not complaining ... just making an observation.

Also, I admit that today I let a short bias get in the way of seeing the strong buying pressure that had already materialized an hour before the open.

Shame on me. I consider myself lucky not to have done more damage to my quest.

Starting balance $2000. Current balance $2335. Peak Balance $2403.

Tomorrow is another day, and at least my little account lives on to trade another day.

Hope you all had a better day than I did!
  • #9,390
  • Jan 6, 2016 4:01pm Jan 6, 2016 4:01pm
Quoting Divergence
The 1 minute chart was an experiment. 1 chart 333 for ym 1113 for crude today's trade and charts are how I am going forword. Post 9382 explains it all
thanks!
  • #9,391
  • Jan 6, 2016 6:14pm Jan 6, 2016 6:14pm
Quoting ddaytrader
{quote} I was not in synch with the ES today until almost 2:30. At one point I was down 6 or 7 points +commissions to my broker. Then I hit for a 6.25 point win, which leaves me down -1.35 points, or -$67.58 in dollar terms. It is difficult trading a one lot, as it does not give me any strategies to trade out of trouble other than to take the loss and try again. I'm not complaining ... just making an observation. Also, I admit that today I let a short bias get in the way of seeing the strong buying pressure that had already materialized an hour...
Not bad DD. It was a tough day for me too, scraped out with a small loss. I totally get you on one contract trading, as I like to scale in and pyramid. On days like this, it's important to keep our losses small and take advantage on trendier days. It's all about having the bullets when you need them. Yes, we fight again!
  • #9,392
  • Jan 6, 2016 6:50pm Jan 6, 2016 6:50pm
Quoting ddaytrader
{quote} I was not in synch with the ES today until almost 2:30. At one point I was down 6 or 7 points +commissions to my broker. Then I hit for a 6.25 point win, which leaves me down -1.35 points, or -$67.58 in dollar terms. It is difficult trading a one lot, as it does not give me any strategies to trade out of trouble other than to take the loss and try again. I'm not complaining ... just making an observation. Also, I admit that today I let a short bias get in the way of seeing the strong buying pressure that had already materialized an hour...
not every day is a winner but from where you were to where you ended up I consider that a win against a big loss. Before you posted I was thinking if you want you can post your journal here since we are price action futures traders anyway it's up to you
  • #9,393
  • Jan 6, 2016 7:16pm Jan 6, 2016 7:16pm
Quoting Divergence
{quote} not every day is a winner but from where you were to where you ended up I consider that a win against a big loss. Before you posted I was thinking if you want you can post your journal here since we are price action futures traders anyway it's up to you
I agree, D, and I will say I felt very good to get back to where I did from where I was at mid-day. Funny thing is if you look at the ranges that the ES has covered this week on a daily chart, it looks like I should have killed it. However, much of the nice easy trending moves have occurred during Asian and European morning hours, and from 9:30 Eastern on it has been very choppy and two sided. I know there has been money to be made, and I am sure some traders do very well during such days. But I am a pullback in a trend trader much more than a range trader, so the fact that I am still up almost 6.75 points on the week is something I am happy about.

If you don't mind, I would like to just journal this little side project of mine here, at least as it gets started. This way if I get bored or I blow the account up I don't have to have a journal thread hanging out there to wrap up or abandon. If I keep it going and I gather a head of steam, then maybe I'll start a separate journal. But for now I'm happy with our little group here. Thanks for offering to let me journal my efforts here.

By the way, are we missing Erasmus. Has he been around or is he MIA? I hope all is well with him.
  • #9,394
  • Jan 6, 2016 7:59pm Jan 6, 2016 7:59pm
Quoting ddaytrader
Funny thing is if you look at the ranges that the ES has covered this week on a daily chart, it looks like I should have killed it. However, much of the nice easy trending moves have occurred during Asian and European morning hours, and from 9:30 Eastern on it has been very choppy and two sided.
I just see that ES has dropped almost 30 handles in the last 45 minutes. Good grief! LOL I remember when these moves would almost always happen during RTH.
  • #9,395
  • Jan 6, 2016 8:22pm Jan 6, 2016 8:22pm
Not a problem posting here is encouraged. Erasmus is lurking in back ground probably doing some back testing. Remember when you are trading with profits that removes fear and keeps you in the zone
  • #9,396
  • Jan 7, 2016 1:14am Jan 7, 2016 1:14am
Quoting ddaytrader
Hope you all had a better day than I did!
I missed my opening trade yesterday which went to a "full" winner (2 lots x 2R, 1 lot to 7.5R) & I have a rule that if trades that I missed add up to a full winner - meaning that I would have stopped for the session - then I stop anyway. Otherwise it's easy to turn what "should" have been a great morning into a losing one and the pyschological hit is far worse than just a frustrating day.

Well done on pulling back 6 points : takes courage & focus to do so .

And that was indeed a huge, late drop on ES - we are living in volatile times.
  • #9,397
  • Jan 7, 2016 7:28am Jan 7, 2016 7:28am
ok will wait till news happens then wait for trend train to pull into the station we have had a huge drop in both markets things might get a little choppy keep you heads up
  • #9,398
  • Jan 7, 2016 8:04am Jan 7, 2016 8:04am
first trade grabbed 15 on ym price took out 500 had 2 closes above price came back and macd crossed to upside. now next trade is a freebie since I got opm to play with
  • #9,399
  • Jan 7, 2016 8:11am Jan 7, 2016 8:11am
will buy cl 05 on the pb
  • #9,400
  • Jan 7, 2016 8:19am Jan 7, 2016 8:19am
cl +30
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