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  • #10,701
  • Mar 8, 2016 10:13am Mar 8, 2016 10:13am
poor day so far .. might get short here
Become the casino
  • #10,702
  • Mar 8, 2016 10:22am Mar 8, 2016 10:22am
Look for long setup ?
  • #10,703
  • Mar 8, 2016 10:25am Mar 8, 2016 10:25am
Time running out for me looks like a hat short setting up
  • #10,704
  • Mar 8, 2016 10:33am Mar 8, 2016 10:33am
crummy day just +15 2 day total 50 ticks need to have some decent days Thursday and Friday. there isn't any news so not much gas in engine cash cow needs to eat or smoke some grass
  • #10,705
  • Mar 8, 2016 10:49am Mar 8, 2016 10:49am
Quoting Divergence
crummy day just +15 2 day total 50 ticks need to have some decent days Thursday and Friday. there isn't any news so not much gas in engine cash cow needs to eat or smoke some grass
  • #10,706
  • Mar 8, 2016 10:58am Mar 8, 2016 10:58am
Quoting Divergence
crummy day just +15 2 day total 50 ticks need to have some decent days Thursday and Friday. there isn't any news so not much gas in engine cash cow needs to eat or smoke some grass
Now that you are not trading CL, maybe you need to milk the cow on Wednesday or like last time, work in the afternoon as well.
  • #10,707
  • Mar 8, 2016 11:09am Mar 8, 2016 11:09am
Long 00 for +15. +30 in wins, plus three +1s.
  • #10,708
  • Mar 8, 2016 11:26am Mar 8, 2016 11:26am
Quoting moonmist
{quote} Now that you are not trading CL, maybe you need to milk the cow on Wednesday or like last time, work in the afternoon as well.
I will stick to plan no Wednesday unless holiday on monday and no ot. I cleaned up last week so still on pace
  • #10,709
  • Mar 8, 2016 11:37am Mar 8, 2016 11:37am
Quoting Divergence
{quote} I will stick to plan no Wednesday unless holiday on monday and no ot. I cleaned up last week so still on pace
By the way, I believe your target is 30 ticks. How do you decide to lock in 15 ? By looking at the MACD/BB/AH indciator ?

Thanks.
  • #10,710
  • Mar 8, 2016 11:49am Mar 8, 2016 11:49am
Quoting moonmist
{quote} By the way, I believe your target is 30 ticks. How do you decide to lock in 15 ? By looking at the MACD/BB/AH indciator ? Thanks.
target is 30/last s and r. When up over 20 I see where dots are in relation to bb. Also don't want to give profits away
  • #10,711
  • Mar 8, 2016 8:33pm Mar 8, 2016 8:33pm
Quoting jtrade
dd : how's the small account project going, I wonder ?
It is in the starting blocks but I am torn over the strategy I want to employ. I know the 2 or 4 or 6 points a day was my initial plan for it, but I am more of a "swing" day trader at heart, and I like to ride things without setting arbitrary targets. So I keep trading my main account, and my little side account sits dormant. I do think I am going to start trading it tomorrow, and I am leaning heavily toward more of an intraday trend following strat than a quick it for 2 to 4 points strat.

By tomorrow morning, however, I might find myself deciding to wait 'til next week.

I am not usually this indecisive, especially about something that is really of not much consequence in the grand scheme of my life. But it is a challenge, nonetheless. And I am keen to take up a challenge.
  • #10,712
  • Mar 9, 2016 6:01am Mar 9, 2016 6:01am
Quoting ddaytrader
But it is a challenge, nonetheless. And I am keen to take up a challenge.
It is indeed a challenge... & let's face it, no one around here is trading a 10 lot (as far a I can see), so however simple it may be, it sure isn't easy...

____________________________________________________________________________________________________________

Observation of this morning : I have only just realised that the "with trend 2b" that I like so much is in fact just a two-legged pullback ! Think about it...

Quote of the day from my old friend, Mr Frank Zappa :

Jazz is not dead, it just smells funny

  • #10,713
  • Mar 9, 2016 6:04am Mar 9, 2016 6:04am
Quoting jtrade
{quote} It is indeed a challenge... & let's face it, no one around here is trading a 10 lot (as far a I can see), so however simple it may be, it sure isn't easy... ____________________________________________________________________________________________________________ Observation of this morning : I have only just realised that the "with trend 2b" that I like so much is in fact just a two-legged pullback ! Think about it... Quote of the day from my old friend, Mr Frank Zappa : Jazz is not dead, it just smells funny
I could be wrong. Due to slippage and market impact, it is difficult to trade YM and CL with 10 lots.
  • #10,714
  • Mar 9, 2016 6:46am Mar 9, 2016 6:46am
You don't need to trade 10 lots to make a good living
  • #10,715
  • Mar 9, 2016 7:17am Mar 9, 2016 7:17am
Quoting Divergence
You don't need to trade 10 lots to make a good living
No, you certainly don't. Unless someone is scalping for just a handful (or less) of ticks, it would seem that 3 contracts is the "making a living" size. This assumes that one averages at least $100/day per contract and that one can live on $75KUS per year.

The thing with the ES is that most days it has at least one if not two moves that are worth 10 or more points (40 ticks or $500 per contract). These often commence by means of one of four repeating patters: double top/double bottom or wedge top/wedge bottom (usually with three tests or "pushes"). So my internal struggle for the last five or six weeks has been do I settle for just a handful of points per trade and pull the plug after 3 to 6 points for the day, or do I sit on my hands and go for the 10 point play? This will sound crazy to most, but it seems to me that it might be easier to be consistently profitable over the long run trading for 10 point wins rather than the "1 point per day" mentality so many seem to pursue when they try to figure out how to "make a living" from trading.
  • #10,716
  • Mar 9, 2016 7:52am Mar 9, 2016 7:52am
Quoting ddaytrader
{quote} No, you certainly don't. Unless someone is scalping for just a handful (or less) of ticks, it would seem that 3 contracts is the "making a living" size. This assumes that one averages at least $100/day per contract and that one can live on $75KUS per year. The thing with the ES is that most days it has at least one if not two moves that are worth 10 or more points (40 ticks or $500 per contract). These often commence by means of one of four repeating patters: double top/double bottom or wedge top/wedge bottom (usually with three tests or...
I do not know that ES has repeating patterns that would give 10 or more points. Can you give an example ? What time-frame are you looking at ?

Most people I talked to think that ES is a scalper market. They seldom go for home runs.


Thanks.
  • #10,717
  • Mar 9, 2016 8:03am Mar 9, 2016 8:03am
Quoting moonmist
{quote} I do not know that ES has repeating patterns that would give 10 or more points. Can you give an example ? What time-frame are you looking at ? Thanks.
Here is yesterday's afternoon session.

Attached Image (click to enlarge)
Click to Enlarge Name: ES DT.GIF Size: 17 KB


I first took a long at 91.25 (flag continuation) that turned into a double top short. I reversed at 90.75, take a 2 tick loss on the long, but a 10 point profit on the short. The key to these ES trades is that the ES very often (almost daily) trades from support to resistance and back again. Think in terms of the prior day's high and low, think in terms of the morning session low and high. Yesterday I used 10 points as an arbitrary take profit level, but a target at the morning low would have been hit as well @77.50. And then look at the PA since, price rotated from that low right back to the scne of the double top, and for the past couple of hours has been selling down. I don't know if rice will retrace that whole move, but the point is that these moves occur daily. It is more rare for the ES to trade in a dead too narrow range than it is to trade in a 10 to 15 point range between S/R.

My time frame is the RTH session. I assume you might be asking what bar I use. I typically rely on the M15 and M5 for the ES. I have played with other data series but I always come back to the 15 and 5 minute, and of course I like to keep an eye on the hourly and daily for S/R levels and longer time frame patterns that will influence current PA.
  • #10,718
  • Mar 9, 2016 8:04am Mar 9, 2016 8:04am
Quoting ddaytrader
{quote} No, you certainly don't. Unless someone is scalping for just a handful (or less) of ticks, it would seem that 3 contracts is the "making a living" size. This assumes that one averages at least $100/day per contract and that one can live on $75KUS per year. The thing with the ES is that most days it has at least one if not two moves that are worth 10 or more points (40 ticks or $500 per contract). These often commence by means of one of four repeating patters: double top/double bottom or wedge top/wedge bottom (usually with three tests or...
I do not know that ES has repeating patterns that would give 10 or more points. Can you give an example ? What time-frame are you looking at ?

Thanks.
  • #10,719
  • Mar 9, 2016 8:07am Mar 9, 2016 8:07am
Quoting moonmist
{quote} Most people I talked to think that ES is a scalper market. They seldom go for home runs. Thanks.
I agree with you that that is exactly what most people see.

The question I would ask back to you is how do most people fare? I know only a couple of people who I can vouch for being honest to goodness real money making really successful day traders. Neither are scalpers. They each play for much larger targets than the tick chasers we see on trading forums.
  • #10,720
  • Mar 9, 2016 8:21am Mar 9, 2016 8:21am
If you average 50 ticks a day (sometimes more sometimes less) but overall average that's 200 ticks per week trading 3 lots put annual around 150 a year
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