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  • #9,781
  • Jan 28, 2016 10:15am Jan 28, 2016 10:15am
Ok this is my last one for the day ... honest

short @899, stop loss is 914, target is 869
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  • #9,782
  • Jan 28, 2016 10:24am Jan 28, 2016 10:24am
Quoting ddaytrader
Ok this is my last one for the day ... honest short @899, stop loss is 914, target is 869

stopped - 15. You just cannot win them all
  • #9,783
  • Edited 11:15am Jan 28, 2016 10:28am | Edited 11:15am
when you get a chance DD could you give a little explanation of trade setup. from what I see is 3 34 ema hlc and taking 123 or 2b from extremes I could be wrong. after looking at that site that td posted about tick charts and using daily volume to determine tick size I got to fooling around with it. so I use a 333 tick chart and I have a 999 chart so what I am looking for is on 999 chart to get trade direction from macd so if its up I only look for long trades on 333 chart. I wont need a macd on 333 chart cause I am getting cue from longer tick chart so here were todays trades on next post
  • #9,784
  • Jan 28, 2016 11:04am Jan 28, 2016 11:04am
ok lots of trades 11 booked others were +1 heres first 6 and 4 more will follow
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  • #9,785
  • Jan 28, 2016 11:06am Jan 28, 2016 11:06am
total ticks total 210 at 3 contracts not 1 partial fill I am loving this. this is my best day yet 3150
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  • #9,786
  • Jan 28, 2016 11:13am Jan 28, 2016 11:13am
Quoting ddaytrader
Here is what it looks like. To be fair, I did get a bit lucky on the short @48. As noted on this chart, the proper entry would have been a sell stop at 38, which would have been filled,. But price stopped at 37 and popped in the blink of an eye to 956, which would have resulted in my -15 tick stop loss getting hit. I missed the first entry, and when price started to fade I just entered with a market order. again, these are based on the 377 tick chart. On these volatile days, I think -20 stop loss and a +40 or +50 profit target might be better. But...
in the event you get stopped out and setup is still there a reentry is what I do to get back my 15
  • #9,787
  • Jan 28, 2016 11:21am Jan 28, 2016 11:21am
so DD if you use a 377 tick chart I would use an 1131 to find trend direction from macd if you using a macd it looks like your using a cci which is fine if it works don't change
  • #9,788
  • Jan 28, 2016 11:33am Jan 28, 2016 11:33am
Hats off D & DD, superb stuff...

My H&S repeating everywhere, twice on PXI today;


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and a little while ago on the USDJPY;

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  • #9,789
  • Jan 28, 2016 11:38am Jan 28, 2016 11:38am
so let me explain the little change in determining trend just like any top down approach they try and determine on larger time frame and look on lowers for the setup. Since I use tick charts the larger tick chart 3 time my lower would be used to determine trend via the macd which is a momentum indicator. so if its up I look for setups on 333 right out of the box and grab the first 15 unless it shoots past then I lock in the 15 and try and manage for more. then take the pb to point 2 if it connects sometimes it doesn't oh well. this is about accumulating money. remember my go is to make 50 ticks a day trading 3 contracts which is 750 dollars anything more than that is the gravy. 200 ticks a week with the YM isn't that difficult ask DD who tried it today as he is mainly and ES player. And to quote him when the YM moves it MOVES! So the reason for this subtle change is there was to many moving parts what I mean is I am looking at setup with 1 eye and trying to see if macd has crossed so this is a me thing to slow the game down so I can be ready just to enter because I already know which direction I am trading in it just becomes a point and click
  • #9,790
  • Jan 28, 2016 11:41am Jan 28, 2016 11:41am
Quoting Divergence
when you get a chance DD could you give a little explanation of trade setup. from what I see is 3 34 ema hlc and taking 123 or 2b from extremes I could be wrong.
Actually my trading today, especially my first long win compared to my last trade - the short loss, have been very instructive to me. I will put together a chart with notes in the next few hours or days. I have some work to do before putting anything firm on "paper."

The three lines you see are a Keltner channel: It is a 21 period MA (the center white line) and the upper and lower lines are +2 and -2 Average ATR's above/below the MA. In the subpane is the 34 CCI, and I use it for both trend and momentum. There are a few different rule sets and I want to explain them as objectively as possible, so I need some time to do that. You are correct: 123's in the direction of the trend (as well as simple new high continuations in the direction of the trend when price is above (or below) the 2ATR bands. 2B's are my preferred set up when looking for a reversal from an extreme. This is all still very much price action based, therefore. But since it is incredibly short-term and since it has a strict money management approach (by this I mean not only a strict stop loss, which I always use, but a pre-defined take profit, which I have used rarely - I typically use a much more open-ended approach to taking profits. So I am using some indicators to help me identify visual cues and contextual conditions that will help me make better decisions.

I am open to suggestions, insights, criticisms, and help from any and all who are following along here.

I will at least try to put together an annotated chart showing some important observations from today's price action. But that is what I'll be working on this afternoon, so I will post it later.

Meanwhile, here is a link to a Linda Raschke article where she discusses momentum and itas relation to price in a trend. I use the CCI similarly to the way she uses a 3/10 price oscillator. Why do I use the CCI? Because it was one of the first indicators that clicked for me back in my early days. In other words, what is important is not the particular indicator, but that you feel comfortable using it and you know what it is showing. MACD is just as good, as are others. The concept is what matters - momentum and momentum divergence.

http://lindaraschke.net/wp-content/u...e_pt2_0304.pdf
  • #9,791
  • Jan 28, 2016 11:46am Jan 28, 2016 11:46am
Quoting Divergence
so let me explain the little change in determining trend ... remember my goal is to make 50 ticks a day trading 3 contracts which is 750 dollars anything more than that is the gravy. 200 ticks a week with the YM isn't that difficult ask DD who tried it today as he is mainly and ES player. And to quote him when the YM moves it MOVES!

All great stuff, D!


The YM:

Inserted Video
  • #9,792
  • Jan 28, 2016 11:48am Jan 28, 2016 11:48am
The H&S is basically your 2b pattern and i am finding it's mechanical entry a little easier to use than the 123's which are open to discretion. On top of the ones i have posted above, i just had another winner a moment ago, in reverse fashion;

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  • #9,793
  • Jan 28, 2016 11:50am Jan 28, 2016 11:50am
Quoting Divergence
So the reason for this subtle change is there was to many moving parts what I mean is I am looking at setup with 1 eye and trying to see if macd has crossed so this is a me thing to slow the game down so I can be ready just to enter because I already know which direction I am trading in it just becomes a point and click
Awesome! We are on the same page here: The concepts, the general principles are and shall remain the same. Any particulars external to the price action, e.g. MACD, Keltner channels, CCI, Moving Averages, etc. should be selected and used by the individual trader to suit his or her individual preference, and only if it enhances one's ability to trade the plan and stay in the zone.

As always, D, I much appreciate your posts here at FF. I may be an old dog, but I am capable of learning new tricks (and in some cases, re-learning old ones!)
  • #9,794
  • Jan 28, 2016 11:51am Jan 28, 2016 11:51am
Quoting ddaytrader
{quote} Actually my trading today, especially my first long win compared to my last trade - the short loss, have been very instructive to me. I will put together a chart with notes in the next few hours or days. I have some work to do before putting anything firm on "paper." The three lines you see are a Keltner channel: It is a 21 period MA (the center white line) and the upper and lower lines are +2 and -2 Average ATR's above/below the MA. In the subpane is the 34 CCI, and I use it for both trend and momentum. There are a few different rule sets...
great post when I was looking for a momentum indicator like your first was a cci mine was a macd I went straight to it. then I put every other momentum indicator next to it to see if it makes things clear to me and it did not but you probably feel the same way about the cci LOL which is fine. As traders we are looking for an edge to determine which way is momentum going so we can join in via the setups we use. I was intrigued with this post referring to tick charts and his use of 3 charts to me that's over kill 2 is fine. today was first day of trading my setups this way and 11 booked trades and a few +1s the way I was doing it before would not have gotten this amount of trades at least today anyway. This way in my mind is very confortable. If momentum is up on 999 chart I will look for longs if down I will look for shorts if flat I will sit on my hands
  • #9,795
  • Jan 28, 2016 11:52am Jan 28, 2016 11:52am
Quoting ddaytrader
{quote} All great stuff, D! The YM: https://www.youtube.com/watch?v=hdcTmpvDO0I
HAHAHA awesome video
  • #9,796
  • Jan 28, 2016 11:57am Jan 28, 2016 11:57am
Quoting The Cableguy
The H&S is basically your 2b pattern and i am finding it's mechanical entry a little easier to use than the 123's which are open to discretion. On top of the ones i have posted above, i just had another winner a moment ago, in reverse fashion; {image}
head and shoulders or as I call it the HAT is a super setup which is traded off the right shoulder setup which is drum roll please the 1 2 3 setup pattern. 15 second chart would give me first a headache second a heart attack and thirdly my wife would kill me
  • #9,797
  • Jan 28, 2016 11:59am Jan 28, 2016 11:59am
Quoting The Cableguy
The H&S is basically your 2b pattern and i am finding it's mechanical entry a little easier to use than the 123's which are open to discretion.
All can be discretionary in the absence of definition and rules. I mentioned "discretionary" earlier. I was doing so in reference to how I selected my ES entry at an ATR extreme. I probably misused the term, as I actually knew exactly at what price and whether I'd be using a stop or limit order before hand. What I should have said was the rules are compound, and cover several different situations, so I am not able to simply say "enter here". I need to write these scenarios out and the rules for trading each before sharing them, or else I will possibly lead someone astray.

I find that when I am feeling I am exercising discretion, it usually means one of two things: 1) I have not identified and written my rules correctly, or 2) there is no real edge, and I am fooling myself into thinking I have one.
  • #9,798
  • Jan 28, 2016 12:06pm Jan 28, 2016 12:06pm
Quoting ddaytrader
{quote} All can be discretionary in the absence of definition and rules. I mentioned "discretionary" earlier. I was doing so in reference to how I selected my ES entry at an ATR extreme. I probably misused the term, as I actually knew exactly at what price and whether I'd be using a stop or limit order before hand. What I should have said was the rules are compound, and cover several different situations, so I am not able to simply say "enter here". I need to write these scenarios out and the rules for trading each before sharing them, or else I...
wisdom is defined by taking knowledge and knowing how to apply that knowledge. this is your process of planning the trade sequence when you have that in place your only duty is to trade the plan
  • #9,799
  • Jan 28, 2016 12:15pm Jan 28, 2016 12:15pm
its always good to be relaxed when trading and though I have had a very good or really great month there was still a lot of stress trying to read setup and was there a cross and countdown timer. now I know direction wait for set to form put in buy or sell stop and all that's left to do is manage trade. today no stress at all and I had my best day as far is what is a 123 setup its a LL LH not a LL a 2b to me is a broken 123 where point 3 goes lower that point 1 and then price takes out pt 2 LL LH LL HH
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  • #9,800
  • Jan 28, 2016 12:30pm Jan 28, 2016 12:30pm
Today's Take aways, imo:



Quoting Divergence
{quote}if your trade plan is to trade a certain setup there is no question only a duty to trade the plan

Quoting Divergence
{quote}wisdom is defined by taking knowledge and knowing how to apply that knowledge. this is your process of planning the trade sequence when you have that in place your only duty is to trade the plan
And finally, "It makes trading easier if you know which way the momentum is going."

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