Flag trading the trend | Page 539 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

Divergence Flag / Trend Continuation setup 0 replies

1 Min THV Flag Trading 933 replies

Is Grid Trading (combined trend following and counter trend) Profitable? 3 replies

3 CCIs 'Flag' Trading 55 replies

Attachments: Flag trading the trend
Exit Attachments

Flag trading the trend

  • #10,761
  • Edited 12:30pm Mar 9, 2016 12:17pm | Edited 12:30pm
Quoting ddaytrader
{quote} Not much going on since this morning. 9:30 AM EST to 11:30 AM EST is my main window for entering trades. I also look for set ups beteen 13:30 EST and 15:30 EST. One could trade this if one wanted to do so, but I like to trade near highs/lows, and this is too much in the middle of no where for me ... {image}
The window has 15 minutes before it closes for me. A green candle and I would buy a one tick stop above the high of the candle. A red candle and a candle close below this trend line would be a short one tick below the candle low.

As it is, however, I am pleased with my production today and it is beautiful outside so I am going to head out for some sunshine.

EDIT: No red close below trendline and green close with higher high = a long trade opportunity, imo. I am not taking it, however. Too late an dtoo nice outside. See you tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: Sleepytime 3.GIF Size: 27 KB
  • #10,762
  • Mar 10, 2016 3:37am Mar 10, 2016 3:37am
Quoting ddaytrader
{quote} Now there is a set up, but no trigger (at least not as I trade these - though there are many ways to approach these situations, and some traders are no doubt already short and from prices higher than I would be looking to enter). {image}
After much ado, this perfect double top led to chop. What a disappointment.
  • #10,763
  • Mar 10, 2016 4:15am Mar 10, 2016 4:15am
Quoting ddaytrader
{quote} ES - 5 trades now, all +1 tick. That is what happens when in a consolidation. If I am right, price should move quickly away, so I get my stop loss to +1 very quickly. Of course today is the day that I was up +3 points on two of them so I could be +6 points and done for the day. But I decided that I want to go for the 10+ point swings. This is not a typical opening hour for me by any means.
Hi DD,

I have been looking at the five-minute chart yesterday. Between 9:30 and 10:20 AM Eastern Time, ES was chopping around. I cannot figure out your five trades during this period of time. Did you buy at the bottom of the bull flag and sell at the top ?

If you have time, please give some input.
  • #10,764
  • Mar 10, 2016 4:53am Mar 10, 2016 4:53am
Quoting moonmist
{quote} Hi DD, I have been looking at the five-minute chart yesterday. Between 9:30 and 10:20 AM Eastern Time, ES was chopping around. I cannot figure out your five trades during this period of time. Did you buy at the bottom of the bull flag and sell at the top ? If you have time, please give some input.
Those were all short sales as price was below the opening range. In hindsight I should have taken the 3 point profit offered by the gap fill and been done with it until the next set up, which for me was the 1st double top short sale of the day. Instead, I kept shorting and kept getting stopped out for +1 tick. Obviously a bit of overtrading on my part, which in this case resulted in no harm. But not my best work to be sure.




Quoting moonmist
{quote} After much ado, this perfect double top led to chop. What a disappointment.
I did not take that second double top short sale as it did not set up and trigger properly until 12:10 EST which is usually outside of my planned trading window (the exception is trend days & high volatility days). In hindsight, I think I would have made 4 or 5 points on that trade, but no, it was not a 10 pointer.

The last trade set up of the day for me would have been the long I mentioned a few posts above. Price failed to close below that trendline, and with the positive close, a long trade would have been triggered right at or soon after 15:30, which was really on the edge of my planned trading window. That trade also would have been good for four to six points depending upon how aggressive I would have been. But again, on a choppy day like yesterday, my experience is that those set ups at those times have reduced odds.
  • #10,765
  • Mar 10, 2016 5:49am Mar 10, 2016 5:49am
Quoting ddaytrader
{quote} Those were all short sales as price was below the opening range. In hindsight I should have taken the 3 point profit offered by the gap fill and been done with it until the next set up, which for me was the 1st double top short sale of the day. Instead, I kept shorting and kept getting stopped out for +1 tick. Obviously a bit of overtrading on my part, which in this case resulted in no harm. But not my best work to be sure. {quote} I did not take that second double top short sale as it did not set up and trigger properly until 12:10 EST...
Thanks for the explanation.

How do you define the opening range ? Using the first five-minute bar ?

It is interesting that you only look at the bars during the regular trading hour. Some people use the all the bars of the Globex session ( 6:00 to 5:00 PM ). Their trend lines would be different from yours.
  • #10,766
  • Edited 6:21am Mar 10, 2016 6:04am | Edited 6:21am
Quoting moonmist
{quote} How do you define the opening range ? Using the first five-minute bar?
It sometimes coincides with the first five minute bar, it can be less or more. Basically, the market first tries to go up (or down), and it then tries to go down (or up). At some point there will be a lower high or a higher low during this back and forth and then I say to myself "ok, so that is the opening range." It is hard to deine it precisely, and I no doubt would be criticized for not being able to do so, but it is one of those things where I have watched the open for so long, that I know an opening range when I see it, but I can't define it mathematically.

Quoting moonmist
{quote} It is interesting that you only look at the bars during the regular trading hour. Some people use the all the bars of the Globex session ( 6:00 to 5:00 PM ). Their trend lines would be different from yours.
I use what works for me. I don't see anything wrong with either approach, so long as one applies whatever it is one uses for set ups and signals consistently. I actually watch both the ES and the cash $SPX. For cash I watch the daily bar and the M5 bar charts. In my opinion, I trade the $SPX, but I need to use the ES to do so. Since the cash only trades RTH it just became easier to see quickly how the ES is relating to the cash price by using the same hours. For those who do not think the cash chart significant, then Globex probably works just as well for them as the RTH does for me, if not better for all I know.
  • #10,767
  • Mar 10, 2016 6:28am Mar 10, 2016 6:28am
61 short +1
Become the casino
  • #10,768
  • Mar 10, 2016 6:30am Mar 10, 2016 6:30am
came out too soon
Become the casino
  • #10,769
  • Mar 10, 2016 6:31am Mar 10, 2016 6:31am
should have been +30
Become the casino
  • #10,770
  • Mar 10, 2016 6:39am Mar 10, 2016 6:39am
123 short from 41 for 18
  • #10,771
  • Mar 10, 2016 6:39am Mar 10, 2016 6:39am
another +1 for me
Become the casino
  • #10,772
  • Mar 10, 2016 6:42am Mar 10, 2016 6:42am
2b short from 41 for 12.
  • #10,773
  • Mar 10, 2016 8:10am Mar 10, 2016 8:10am
123 short from 87 held via the indy for 70 that's 100 for today and done
  • #10,774
  • Mar 10, 2016 8:18am Mar 10, 2016 8:18am
Quoting Divergence
123 short from 87 held via the indy for 70 that's 100 for today and done
Nice trading D. I had a rough day. Either my multicharts platform got glitchy or I got stupid. My bracket orders kept entering as double the position size so my stops became stop and reverses which cost me $$$. Finally got it straightened out in time to participate in the short sale.

I finish positive for the day, but after commissions probably only made 1.5 to 2 points on the ES.
  • #10,775
  • Mar 10, 2016 8:48am Mar 10, 2016 8:48am
Quoting ddaytrader
{quote} Nice trading D. I had a rough day. Either my multicharts platform got glitchy or I got stupid. My bracket orders kept entering as double the position size so my stops became stop and reverses which cost me $$$. Finally got it straightened out in time to participate in the short sale. I finish positive for the day, but after commissions probably only made 1.5 to 2 points on the ES.
better than losing. interesting day got 18 (odd number to get) on first trade on second was up about 18 grabbed 12 to get me 30 on the day and then the home run came followed the indy down as dots stayed outside the BB got up 75 locked in 70 to get the 100. so even with a 35 tick day on Monday and a 15 day on Tuesday by sticking to game plan I am still on pace to make the 200 tick weekly goal couple that with the 259 last week and this is shaping up to be a great month
  • #10,776
  • Mar 10, 2016 10:01am Mar 10, 2016 10:01am
yes great work Harold
Become the casino
  • #10,777
  • Mar 10, 2016 11:25am Mar 10, 2016 11:25am
Quoting Divergence
{quote}better than losing.
I did trade the afternoon session and it looks like I'll finish with about +6 points for the day, with which I am well satisfied. I am not satisfied with whatever was going on this morning. Still trying to figure out if it was the platform or if it was me. I suspect it was me. I have had no issues this afternoon, so whatever the problem was it is not happening now.
  • #10,778
  • Mar 10, 2016 11:30am Mar 10, 2016 11:30am
Quoting qwerty00
{quote} I've never met a career trader who had daily goals - they all had weekly/monthly/quarterly.
qwerty if you're out there, I wanted to thank you for this bit in particular. I appreciate your sharing your thoughts with us, and I hope you continue to do so.
  • #10,779
  • Mar 10, 2016 11:54am Mar 10, 2016 11:54am
Quoting ddaytrader
{quote} I did trade the afternoon session and it looks like I'll finish with about +6 points for the day, with which I am well satisfied. I am not satisfied with whatever was going on this morning. Still trying to figure out if it was the platform or if it was me. I suspect it was me. I have had no issues this afternoon, so whatever the problem was it is not happening now.
nice going DD. I know a few career traders that do have weekly goals but in order to have them you need daily ones also. But what it boils down to you take what the market gives and you keep moving the chains. Then you draw the defense in and you try and go up top
  • #10,780
  • Mar 10, 2016 4:43pm Mar 10, 2016 4:43pm
Quoting ddaytrader
{quote} qwerty if you're out there, I wanted to thank you for this bit in particular. I appreciate your sharing your thoughts with us, and I hope you continue to do so.
no problem. i hop on forums in slow-trading times/downtime occasionally.
I just stated that because I noticed the daily goals aspect, which tends to get skewed in periods of low volatility. Many setups do well in periods on high volatility - like the last few months. Why? because price moves much quicker to the next area of interest rather than go up/down/sideways painfully; timeframe irrelevant. After the 07/08 stuff quieted down, stuff I was doing on ES had to be adjusted to 10pt range averages (on a good week). At the time I was scalping waves, but had to adjust and have never looked back. Personally I find it less stressful on the psych to take a very small risk at the extreme of the day, and holding through the b.s. for a potential big win, rather than sweat over every micro-move. Nothing feels greater than making 40+ pts on 2tick risk 2-3 times a week.
Anyways, sorry to disrupt. Commented here because I saw you guys taking a similar path from where i started
1 trader viewing now