AHG - Profitable Strategy for Struggling Traders

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In the spirit of sharing, Here is the Ninja code of Anek's paint bars. I coded it for myself and its exactly what he has discussed.
Once you have created an empty indicator and make sure it calculates on barclose, just copy and paste this.

I am also attaching the end of NQ day 1500 Volume bars today as reference.
cheers.
SS

protected override void OnBarUpdate()
{
if(CurrentBar < 2)
return;

if (Close[0] == Open[0])
BarColor = Color.Yellow;
else if (Close[0] > High[1])
BarColor = Color.DarkSeaGreen;
else if (Close[0] < Low[1])
BarColor = Color.Red;
else if (Close[0] > Open[0])
BarColor = Color.DarkGreen;
else if (Close[0] < Open[0])
BarColor = Color.Maroon;
}



here is the sample attached at the bottom.
 

Attachments

Why I hate big stops

- A big stop by definition means you are not even sure of your entry signal

- A big stop promotes hoping and praying and not trading

- A big stop is gambling

- A big stop is for those refusing to take a loss, when losses are necessary in successful trading

- A big stop creates the illusion of higher accuracy but in the end it only results in a negative P/L

- A big stop prevents you from loading up because the drawdown can be monstrous

- A big stop is for those who fail to realize they can always get back in a trade

Took me a long time to learn this, hope it takes you only a fraction.

....and yes this applies to daytrading not swing trading or investing.

Anek
 
Anek,

Thanks for replying back. I just had a few questions as to where you scale in, I am asking them in attached picture. I saw your previous double top/bottom posts and saw where you scale in . Just trying to find if you do anything different if you also see a "bright candle scalp pattern". Please see the picture.


1) Do you just start scaling in as soon as double top pattern is triggered ( ES goes below the mid swing low by one tick) ? For these do you keep stops around midpoint between entry and the the recent double top that triggered the pattern, is that correct? Is it like around 1543 if you had taken the trade.


2) I am trying to find out, with the double top pattern and followed by the "bright candle scalp pattern" ( not sure if I named it correctly ), do you like scale in only after seeing the red bright pattern? Or Do you like scale in more with your initial scale in when Double top triggered.

3) Where do you keep the stops for this scale in after seeing the "bright candle scalp pattern", is it just just above the previous bright candle or do you keep it like around midpoint between entry and the the recent double top that triggered the pattern.

I appreciate your time in answering these Anek.

Thanks
DisciplineTrader
 

Attachments

D,

For entry signals a tick means nothing to me, a close below or above the tick is what matters.

When the play is going my way, I scale out before clear "previous" known resistance and support. If there is nothing remotely resembling that, I don't do it unless i see evidence of a possible reversal formation, then I scale out and adjust stop accordingly.

When it's clear resistance has become support or support became resistance I might consider averaging up. Momentum must be there, no exception. Approximately only 15% of trading days are heavy trending days so keep this into consideration, not every day is optimal for averaging up unless a potent reversal formation after massive exhaustion was spawned.

Lot of the things you asked have been asked before so keep on reading.

Anek
 
Thanks Anek for the quick reply back. I appreciate it. Sure I have some more pages to read in this thread, will read them.

Also thanks Screenstruck for sharing the Ninja code for paint bars. If it is not too much work, can you please post this file as an indicator attachment with configurable colors option.

I need to learn to program Ninja, which looks like it is always better to learn to program or modify the indicators to suit to oneself.

Thanks
Disciplinetrader
 
I don't know how to create bars that can be changed by user yet. Once you figure it out let me know too!!

In the meanwhile you can just change the code bar colors to your liking and recompile.

Here is an export you can import in.

you can import it by File > Utilities > Import NinjaScript to open the Import NinjaScript dialog window

I dont want to get off the main theme of this thread.

cheers
SS
 

Attachments

Quote from Anekdoten:

Why I hate big stops

- A big stop by definition means you are not even sure of your entry signal

- A big stop promotes hoping and praying and not trading

- A big stop is gambling

- A big stop is for those refusing to take a loss, when losses are necessary in successful trading

- A big stop creates the illusion of higher accuracy but in the end it only results in a negative P/L

- A big stop prevents you from loading up because the drawdown can be monstrous

- A big stop is for those who fail to realize they can always get back in a trade

Took me a long time to learn this, hope it takes you only a fraction.

....and yes this applies to daytrading not swing trading or investing.

Anek
More...


I guess with that being said, the only question left to answer would be what exactly accounts as a "big stop"? Seems that question could be horrendously subjective. For some it may be
-2 pts, others -4. Perhaps for some it is .5% of account value, maybe 1-2% for others. I just try to keep mine placed logically (enough to avoid volatility but not get shaken out of the move) and tight when I feel a trade is higher risk or merits a tighter stop. Thoughts?? :) :)

~Cx

P.S. I think all of that impressive scalping merits a few Stouts eh?
 
Cx,

Price action always dictates where the stop goes, then you compare with your notes and decide if it's something you should take or not.

For instance....

Say I see a double bottom with a furious mid swing in between. Making the stop approximately 4 points (ES), that is quite a load in my book.

When that happens you got some decisions to make...

- Do I reduce car size to make up for the higher than usual stop ?

- Do I look for the next resistance point and see if the sky is clear for a target of say 6 ? and readjust the stop to a safer place ?

- Do I say, screw this, I will take a trade with better odds ?

- Do I skip the DB and just wait until a trendline is developed and follow that ?

Decisions, decisions.....all in the name of preservation of capital.

Anek
 
The Best Trades

- The best trades work from the start

- The best trades got multiple signal confirmations

- The best trades offer no heat

- The best trades require small stops

- The best trades follow your trading plan

- The best trades develop momentum and acceleration after your position is in, not before

- The best trades are simply when you are quick enough to spot the birth of a new trend without actually being a contrarian

Now, wouldn't you like most of your trades to be like that ?

If so, shoot for the best trades and skip the rest.

Time for bed.

Anek
 
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