Flag trading the trend

YM 123 long from 94 out of the box momentum already confirmed for +30

Momentum already confirmed on YM 2b long at 64 got up 26 locked in 20

YM 123 long at 07 for + 30 momentum already confirmed I had enough for today 6 wins 0 losses a couple of +1 s

cl at day's h

5 points off the ORB short today. That gives me enough margin that I can trade 2 contracts and withstand 3 losses in a row without having to reduce size. If I trade tomorrow, I will stick with one contract. No trading on Monday (for me at least - as I understand it, the ES futures trade until noon but the market itself is closed).

Next week I will increase size to 2 contracts. This week Gross Profit is 24.75 ES points, and the net profit is 22.50 Points, or 5 5/8 points per day. I have to keep reminding myself that the purpose of this experiment is not to make a lot of money on one trade, but to knock out a consistent 4 points net per day.



I took this screenshot from an Al Brooks webinar on youtube to remind myself of the power of compounding consistent gains:



It is actually an interesting webinar (interesting to me, at any rate). Here is the link (it is youtube and it is free):

the es because of its volume can take on the 10 contract player without partial fills I would suppose am I right DD?

an early recap didn't want to keep putting on trades even though there looks like there were a few more but getting 6 winners is plenty. I trade 2 contracts on each market so +15 on crude for 300 dollars and + 15,15,20,30,30 on YM (me lady) 110 ticks or 1100 so today 1400. adding crude back and adding YM and adding the macd to confirm my setups has totally revamped my acct and mindset Heres to trading in the ZONE

You could fill 100 much of the time :



Great post, dd.

Great trading, H.

very[/url] interesting and informative video thanks DD. it seems I am trading these setup with the line chart and patterns so I must be on the right track. I may at one point study the es because of the potential to load up on contracts but for now trading 2 contracts may not make me millions but it will and is making me a lot of money

100 without any partial fills I find that hard to believe plus 1250 a tick is hefty risk unless your act has loads of capitol. I never keep more than 7000 in acct I always draw out profits every month

You're probably right : next time I'm around @ US Open, I'll watch the T&S (just saw a 119 contract trade whizz buy, most are single digits...)

that seems right. when I traded fx with oanda this was never an issue always filled 100% even with 20 contract trades. when I first started futures 2 yrs ago I found myself getting partial fills on crude at 5+ contracts. and when it happened I didn't know what to do to cancel last 1 or 2 contracts and I found myself simply flattening the trade and not getting the full monty. so in order for that not to happen I just scaled back and I never get a partial fill anymore. I do from time to time get a slip of 1 tick but 99% of time its spot on. Transact data feed is top notch its there own direct feed to the market. anyway reducing risk and making more is always a better way.

It can sometimes take partials if you are trying to fill a limit. And believe it or not, you can get slippage if you enter on a stop at an obvious price level where there are many more in line ahead of you. For example, my risk is 3 points/trade, but I had one trade yesterday where my loss was 2.25 points because I got 1 tick slippage on a 1 lot on entry. It happens. Not often enough to worry about, but it does happen.

I like Al Brook's materials. His writing can be difficult to understand because he does not define his terms very well before using them. For example, in his first book, he starts talkinh about high 1 and low 2 set ups very early, but he does not define what he means by those terms until something like page 115!

I enjoyed his charts basically it looked like flags and 123 setups and a few s and r but that might be my eyes tricking me cause that's how I enter trades

Your eyes aren't tricking you. That's the great thing about price action - it is what it is no matter what you call it

I never thought about it but your right the labels are just like Road signs to let you know your going in the right direction</p>

Good morning... 60 mins in & I am DONE... but no smiley as I left SO MUCH on the FDXM table & I started with a loser (how I hate that) for L, W, L, W = a tad under +3R.

I am constantly drawn back to the Bund (FGBL) : thick market (not as thick as ES, but still 10 lots np...) take a look at this morning :



OK, screens off, crank up the volume... take it away, Frank.... (& mind your language, MrZappa, & play that wonderful, imaginary guitar solo)... @tdforex where are you and are you listening !?

Crude long from 46 2b hoping to get 15 stop +1

+1 was up 13

Finished the week with a final 4 points. You might say I left quite a bit on the table, but I purposely set the profit take order at 4 points. The purpose of this account is to make a steady consistent compounded income based on taking high probabiloity price action set ups where I limit my loss to 3 points in an effort to collect a profit of 4 points. Actual risk is almost always less than three points, and is typically 1 to 2 points. 3 points is my automatic stop loss which my platform eneters for me once I am in the market. I then adjust the stop to where the actual risk point is for that particular trade.

Here is the chart showing the entry at 84 and the take profit at 80 for 4 points. The initial risk entered was 3 points, but the actual risk, i.e. the point to which I immediately adjusted my stop loss was 2 points, for a risk/reward ration of 1 point risked per 2 points potential gain.



Totals for the Week:

Gross Points for the week = 28.75 points
Net Points for the week = 27.38 points or $1369/contract

Although I started last week, I am considering this week the official kick-off of my $2K to $200K quest. So I call it like this:

Starting Equity $2000
Current Equity $3369

So only $196.6k to go!

This week I traded with one contract. Starting next Tuesday, I will increase trade size to two contracts. If the balance falls below $2550, I will reduce size back to 1 contract.