Day-Trading 2.0 for small traders

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Hi all
As I've promised an example chart to show how powerful a slower tick charts are. This is today trading in the ES.
8 trades 7 winners 1 loser, all of them are 100% valid according to PBP.
I've only made trades 2-4 (3 trades) because I had to leave early, so only winners for me today.

f_Example14m_1bb30dc.jpg
 
Quote from pkchilly:

Here's a chart for fun...
1st entry point I did not take because I don't like trading 1st entries--too many false breaks.
2nd entry I didn't take because 1st green candle closed too high--threw r:r off.
3rd entry I took--set a 6 tick tp and let it hit. I like trades like these because I like having my tp within the previous move--high prob. to at least make last high (you can also bank some lots within the last high and let other lots go pulling stop to b/e)
4th entry I did not take as it's open was at bottom of green candle.
5th entry was great, but I was watering the garden for my wife--funny how that happened at just the right time...lol. Perfect chart setup though--except for the green candle size, I like it to close above last red candle, but not too far above...
6th entry closed level with the last 2 candles signifying resistance, plus it was farther than I would like when compared with the last high...
Cyan square denotes a whole lot of range trading--welcome to the weekend.
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I feel dumb but I don't see any trades listed on your chart other than the buy at 115 and the sell at 115'300.

Is each PBP setup a "trade" then?

Quote from amitman:

Hi all
As I've promised an example chart to show how powerful a slower tick charts are. This is today trading in the ES.
8 trades 7 winners 1 loser, all of them are 100% valid according to PBP.
I've only made trades 2-4 (3 trades) because I had to leave early, so only winners for me today.

f_Example14m_1bb30dc.jpg
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Are you still liking the Heikin-Ashi candles then? Nice work.

edit - between arrows 4 and 5 I see a couple slope-color-changes. Did you not count those as LHs and LLs?
 
Hey Ironfist--don't feel dumb...lol, I must not have shared that the trades are located inside the blue circles--all are longs. Also, should be noted that zb is quite slow, so far fewer trades in a session--although I have seen some sessions that totally rock!
pkchilly
 
Hey Amitman--Great trades! Where'd you find the "ticks remaining" indicator? I've often thought that would be so helpful to see! I'll look it up, but just thought it was very nice!
pkchilly
 
Ok well here's my first question of the evening:

When there are things that look like LHs, LLs, HHs, or HLs in a slope that isn't changing colors, do you still count them as LHs, LLs, HHs, or HLs?

Example:

lhll.gif
 
Iron fist don't get confused. The color of the candels is not affacted by the slope of the HMA so there where no slope changes where you think there were.

Edit: this was an answer to your previous post. To your last post, I think that's exactly why we use HMA's for, to help us avoid all the little highs/lows and see just the major tops and bottoms.
Of course, idieally you should be able to watch price action alone without any indicators help but at least on the start HMA's are very good. The only reason I'll might be using this H/L is to tighten my stop when I feel the trade is not acting like I've expected.
 
For the rest of the week I'm only going to take perfect PBP setups in my demo account trading.

I will compare this against taking everything which is easy to backtest (manually) and I can do it after the close for the day.

Right now since I will be setting much lower profit targets than before I'm afraid that one or two large losses will cause me to finish the day negative. Before I didn't really have this fear because in addition to an occasional large loss I also had a few large (20-45 tick) trades for the day.

Here is an example of what I'm afraid of. This trade had a Max Profit Range of 2 ticks:

myfear.gif
 
Quote from amitman:

Iron fist don't get confused. The color of the candels is not affacted by the slope of the HMA so there where no slope changes where you think there ware.
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Yes it is. I set my candles to change color based on HMA slope. That's how jjrvat does it in the examples he posts, too.

edit - I'm not using Heikin-Ashi candles. I know they follow their own slope rules.
 
Ok this scalping thing is scaring me
ohnoes.gif
I need to come up with an algorithm for profit targets and stop losses as a function of some percentage of the height of the previous wave or something.

Or maybe I should just pick some arbitrary number like 5 ticks, since looking at my previous results my average profit per trade is like 2-3 ticks despite having 10-30 tick trades on average.
 
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