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Daytrading the mini-Dow - Page 25

post #481 of 524
4/11/12 at 3:04pm
Quote:
Originally Posted by JLC View Post

Funny because I am recently tinkering with thinkscript. Reminds me of my old HTML days lol

 

 


I used to use 'Office' quite a bit back a few years ago. Prior to that it was all DOS and batch files. lol

 

 

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post #482 of 524
4/11/12 at 3:22pm

BobK - I feel some of your pain.  I have "way too many to count" trades that ended up being a loser due to my stop placement. I still find great difficulty with this. I have used back testing to help try and determine the best possible placement for each type of trade I place. With my evolution in trading this gets even more difficult to manage.

 

I hope you work through it. Keep us updated and let us know how you are picking your stops. I would love to learn with you if that would be ok.

 

Best of luck,
 

Quote:
Originally Posted by BobK View Post


Well, I managed to screw this one up. I mean what the hell, will I ever learn? Don't have the data with me cause it's on the other computer that I use for trading and I shut it down for now.

 

I set my stop too close so I was going to move it. Didn't move quick enough so I got stopped out. I immediately got back in and I think I was down $170 for the day. It gradually worked it's way back and I just said screw it and got out at a -$100.

 

Maybe after a few hours I'll look around. I'm down $200 for the day.

 

I have been working with Ichi for the last several weeks so I'll start posting in his group and I'll swing by every so often JLC to check on ya. Heck, I can even double post. As much as I screw up I can keep your threads near the top all of the time. banana.gif

 

 



 

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post #483 of 524
4/11/12 at 3:34pm
Quote:
Originally Posted by NYC-Trader View Post

BobK - I feel some of your pain.  I have "way too many to count" trades that ended up being a loser due to my stop placement. I still find great difficulty with this. I have used back testing to help try and determine the best possible placement for each type of trade I place. With my evolution in trading this gets even more difficult to manage.

 

I hope you work through it. Keep us updated and let us know how you are picking your stops. I would love to learn with you if that would be ok.

 

Best of luck,


Ya know, that's a good idea. Post the stop along with the opening trade. That's something we never talk about. My problem had been letting them run to far and getting into the $250/$300 range loss. This one was set to tight.

 

I have seen Ichi post a one tick loss because I think it went over his price and he had been sure it would drop. Maybe he can explain. So, how do we minimize loss and let em run to maximize gain? confused.gif

 

I read recently that you shouldn't set stops and never ever use a trailing stop. Hmmm.

 

 

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post #484 of 524
4/11/12 at 3:42pm

I exit a trade when my signal is no longer valid. That may be 30 ticks or it may be 1 tick. 

I use a stop but it's set way below as an emergency if something crazy happens and the thing drops like a rock. 

 

To make things easy when you figuring out your strategy I say to use a stop that keeps you between comfortable and uncomfortable.  

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post #485 of 524
4/11/12 at 4:19pm

I normally always use a stoploss. Even when I dont use I allways have on my mind a mental stop.

 

If Im trading stocks I guide myself by closing prices; if my mental level is violated than I close the trade end of the day or following day. In futures, duue to the amount your are trading each trade, I nener never trade wout a SL.

 

The risk of beeing wiped out is real and is there, so I use it, ever.

 

An easy rule, I earned it with one of the Mods here, is quite simple, and comes in line with proper money management rules: always set a stop that doent hurt more than 2-3% of your entire portfolio, However you may adjust it to the type of active you are trading (volatily I mean).

 

 

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post #486 of 524
4/11/12 at 4:29pm

I agree guys!

 

I always use a Stop Loss. Its just my thing and makes me more comfortable. I try to set it on the otherside of one of my levels. I tend to also look at the ATR (average true range) for the timeframe in which I am trading. An example is using 100% of an ATR below the buyers auction level after the level was breached and closed above in the timeframe above. So looking at a 15 min chart, when the 1hr closed above, I then look to the 15 min ATR to set my stop below the level.

 

I have determined my levels are areas and not exactly hard lines. I want to give myself some flexibility in price around that level but if it moves against me, I'm out without thinking. 

 

I found thinking during a trade doesn't help me. I tend to rationalize and not objectively decide.
 

Quote:
Originally Posted by IchibomB View Post

I exit a trade when my signal is no longer valid. That may be 30 ticks or it may be 1 tick. 

I use a stop but it's set way below as an emergency if something crazy happens and the thing drops like a rock. 

 

To make things easy when you figuring out your strategy I say to use a stop that keeps you between comfortable and uncomfortable.  



 



Quote:
Originally Posted by rg7803 View Post

I normally always use a stoploss. Even when I dont use I allways have on my mind a mental stop.

 

If Im trading stocks I guide myself by closing prices; if my mental level is violated than I close the trade end of the day or following day. In futures, duue to the amount your are trading each trade, I nener never trade wout a SL.

 

The risk of beeing wiped out is real and is there, so I use it, ever.

 

An easy rule, I earned it with one of the Mods here, is quite simple, and comes in line with proper money management rules: always set a stop that doent hurt more than 2-3% of your entire portfolio, However you may adjust it to the type of active you are trading (volatily I mean).

 

 



 

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post #487 of 524
4/11/12 at 5:11pm
Thread Starter 

Wow I had my recap all typed up and accidentally hit the back button. Now it's all gone frown.gif

 

To make it short:

 

Trade #1: Loser. One of my favorite price action but higher time frame was not agreeing.

Trade #2: One out at +1 and the other stopped out at +0.25

Trade #3: Loser. Got greedy. Instead of taking my +2, I was anticipating a higher move when the day so far has proven itself to be a choppy day. Why did I think it will trend up when all signs are showing its consolidating? Wishful thinking got punished.

 

After that, I decided it's time I stay away from /ES for the rest of the day. And that was when two good trades come in.

 

Untitled.png

 

Leaving the /ES, I visited my old friend /6E that taught me all about trend trading. Ironically, I picked up two CT trades on it laughing.gif

Scored 5 ticks each equivalent to my usual 1.25pt in /ES. My second trade took a while. Normally I would've cut it after a few bars but because it sat on a pivot AND a round number, I held on.

 

Untitled.png

 

As for /CL, it makes me happy!

 

Positives of the Day: Walking away from /ES after realizing it's a choppy day with dangerous trades (although a bit late)

Negatives of the Day: Turning a winning trade into a loser due to wanting a trend in a choppy day. Chasing a trade in /CL.

Note of the Day: Breakout trading works very well in /CL

 

 

 

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post #488 of 524
4/12/12 at 11:07am
Thread Starter 

Woke up a little late today. I would've been in a trade from bottom of this morning due to super confluence. Next time...

 

Just got a +2

 

 

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post #489 of 524
4/12/12 at 4:26pm
Thread Starter 

Recap of the day:

 

Of any day to wake up late, I decided to choose today! Missed out an an awesome trade that could've yielded +10. Had another opportunity to catch another trade too but was still asleep.

 

Missed trade #1: Super confluence of all EMA's and daily pivot. No brainer!

Missed trade #2: BUOB riding EMA. Daily R2 could've been ignored

Trade #1: Favorite PA riding the EMA (though a small one). Got my +2 there

Trade #2: Quick flip to the short side for a CT trade. It didn't hit PT so stopped out at +0.25

Missed trade #3: Missed the 1030 trade by a few minutes. Got back from gym late.

Trade #3: Riding EMA pinbar but I entered a bar late. Got my +1.25 there

 

Untitled.png

 

As you can see above I had two /CL trades. One was stopped out because I moved to BE too fast. That was a mistake....it then took off without me. Second trade was taken as a breakout trade. Good for +14.

 

Positives of the Day: All the trades I took today ended up being within narrow ranges. I didn't get greedy. Took my little points and got out.

Negatives of the Day: Moved my trade to BE too soon in my /CL trade. Ended up missing a 40+tick move.

Note of the Day: Super confluence very high probability trade at open. Also, one could've taken a long at break of daily inside bar and catch a huge sum of today's move.

 

Untitled.png

 

 

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post #490 of 524
4/13/12 at 12:45am
Thread Starter 

Anyone heard of the Woodie CCI system?

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post #491 of 524
4/13/12 at 1:28am

ya, seen a thread on FF about it.

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post #492 of 524
4/13/12 at 2:43pm
Thread Starter 

Didn't trade much today since I had some stuff to do in the morning. I was here during the open though and attempted to trade a gap fill off the 200EMA. I was stopped out on that one for -1.25

 

It looks like the market has been chopping for a while and will likely do so towards the close. However, I will keep a watchful eye in case anything.

 

From the looks of /CL today, it would've been fun trading it.

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post #493 of 524
4/13/12 at 3:06pm
Quote:
Originally Posted by JLC View Post

Didn't trade much today since I had some stuff to do in the morning. I was here during the open though and attempted to trade a gap fill off the 200EMA. I was stopped out on that one for -1.25

 

It looks like the market has been chopping for a while and will likely do so towards the close. However, I will keep a watchful eye in case anything.

 

From the looks of /CL today, it would've been fun trading it.


 

no, it wasn't fun laughing.gif2guns.gif

Capture.PNG

 

I've been trying new things though so losses are expected and I don't paper trade; managing risk live at all times. 

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post #494 of 524
4/13/12 at 4:10pm
Thread Starter 
Quote:
Originally Posted by IchibomB View Post


 

no, it wasn't fun laughing.gif2guns.gif

Capture.PNG

 

I've been trying new things though so losses are expected and I don't paper trade; managing risk live at all times. 


What new things are you up to this time!

 

I just discovered the function of OnDemand and boy do I wish I knew about it sooner! Gonna go over some old charts for more practice this weekend. I wish it can go faster though...

 

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post #495 of 524
4/16/12 at 6:44pm
Thread Starter 

Recap of the day:

 

This morning started with an attempted 1368-1369 CT trade long due to daily and weekly pivot confluence. Why didn't I touch trade this? The force is strong with this one. I was waiting for a PA which never appeared. Instead, I went short at the 6:57 pinbar @ 1367.25 and covered 1361.75 for +5.5. Later on the day, I had another short when price came back to retest weekly pivot confluenced with 200EMA. Got stopped out for -1.5 on this one. During noon, I had a long trade @ 1367 and sold 1368.25 for a quick +1.25.

 

I had three trades for oil today. First one was a long @  103.28 this morning which was stopped out 103.07 for -21. Next was a short at 102.75 and trail stopped out at 102.09 for +66. Later on the day, I shorted at 102.86 and was stopped out at 102.94 for -8

 

I am starting school next month and this is going to cut back on a lot of market time. This means no constant monitoring of the price action and a lot of missed trades. Therefore I have been looking into trading by price levels with defined entries and stops. I looked into market profile and have a basic understanding of it now. However, I'm not quite sure how I can trade with it. I have been referred to a few reputable sources but all are paid so far. I stumbled upon the ACD method in The Logical Trader written by Mark Fischer. So far it has just everything I need in terms of just trading by levels. I've been using it on crude with success so far (after some personalizing to fit my own style/risk parameters). It really is an intelligent way to approach the market and I'm awed by its simplicity.

 

Positives of the Day: Sticking to my signals. Did not overtrade or forced a trade (despite having a few that tempted me)

Negatives of the Day: Getting conflict in signals from viewing too many things.

Note of the Day: Let a trade work itself out and do not move stops too soon

 

 

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post #496 of 524
4/16/12 at 6:51pm
Originally Posted by JLC View Post


What new things are you up to this time!

 

I just discovered the function of OnDemand and boy do I wish I knew about it sooner! Gonna go over some old charts for more practice this weekend. I wish it can go faster though...

 


 

Same theory/concept, just added a few new levels/entry locations. 

For my style/typical triggers, I really should've been SOH most of that day. Tried to make something out of nothing. 

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post #497 of 524
4/16/12 at 7:50pm
Thread Starter 
Quote:
Originally Posted by IchibomB View Post


For my style/typical triggers, I really should've been SOH most of that day. Tried to make something out of nothing. 

 

Something that I seem to catch myself doing all the time as well. I forget to take off the greed goggle when I trade, it makes me see things that were never there laughing.gif

 

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post #498 of 524
4/17/12 at 6:31pm
Thread Starter 

Recap of the Day:

 

Today was interesting. I decided to trade /ES like I do with /CL in hope that in the future I can just trade by price. It seemed to work out pleasantly (I backtested manually to build confidence for this). The day started with an Failed A-DOWN that I was unaware of. Price then made an A-UP where I entered long @ 1378.50 and it never looked back since. I took my first profit at 1384 and trailed out the rest, which eventually got stopped out at 1385.50.  All in all, /ES gave me +7 for the day. Saved a lot of commissions too.

 

Untitled.png

 

Crude gave me one of the proudest trade today lol. It only gave me 2 ticks because I utilized time stop. Because I stuck to the rule that Fischer provided and used a time stop, I saved myself from a potential loss of -40 ticks. Crude pretty much ranged for the rest of the day and gave no other trades.

 

Untitled.png

 

Positives of the Day: Utilizing time stop. Traded with confidence.

Negatives of the Day: Chasing a late entry.

Note of the Day: Chasing is scary

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post #499 of 524
4/18/12 at 2:45am

Your charts are starting to look Ichibombish... 

 

You're becoming a beast eek.gif

 

tongue.gif

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post #500 of 524
4/18/12 at 11:10am

I suppose we both like horizontal lines.

That's a cool looking script worship.gif

 

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