Daytrading Breakouts in the ES

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Quote from Vienna:

Where do you set your targets (or did I miss it)? A fixed sum, or what?

Thanks, Vienna
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These might be what you want. They are on page 1:

"PROFIT OBJECTIVE:
DAX: 15 points is 375 Euros (one point is 25 Euros, one tick is half a point i.e. 12.50)
ESTX50: 10-15 points is 100-150 Euros (one point is 10 Euros, one tick is one point). This target be too little and is work-in-progress for me
ES: 4 points is $200.00 (one point is $50, one tick is 0.25 i.e $12.50)

STOP-LOSSES:
Trail behind a recent pivot low when long, OR a recent strong up bar (open at bottom, close at top, range good), OR $200. Move it behind each strong up bar. Stop-loss placement is quite discretionary. But never initially risk more than you aim for. On occasion you may decide to exit early if you get a strong key reversal bar.."
 
Hi JR,

I'm having a bit of problem with the pivot high/low guy. June ES at 2:05cst pokes just above the Upper BB. At 2:10est and 2:15est a double top is made above the Upper BB. The bar at 2:20est is 1 tic above the prior bar and just pokes his nose above the Upper BB but not by much. The following bar at 2:25est has the same high as the 2:20est bar. So are we calling tweezer bars a pivot high/low and just concentrating on the last bar? :confused: This is the way I have been treating these guys as no reference has been made about the prior bar.

3 bars later the MA stops the decline and with the MA climbing price moves above the 2:25est bar in two bars and less than an hour later... cha ching! This isn't the first time I've heard this sound coming from this method. Now, not only do I owe your little brother but I also owe the big brother as well... Well THANK YOU BIG and little brothers. :) :) Excellent thread!

Scrutch
 
This is a good breakout method, nicely detailed and workable.

The in-your-face, anti-establishment attitude does not negate the efficacy of his method. While he may not end up being your friend, his method can work. And with the $200/day you can make off of it, you can buy yourself a friend.
 
Quote from sulong:

<The breakout must be such that it’s bar would also be pushing through the upper Bollinger line. If you have the Bollinger Band lines set to ‘update every tick’ then this is easy to eyeball.>

JR,
thank you for your time and effort to post your simple method.After the first two times I read it I wrote a half a page of questions,then I read it another couple of times and found almost all the answers in your first two post.
Is the reason for the BO bar to push through the upper Bollinger line to show intent of price? Is there any other reason to have Bollinger bands on the chart?
Thank you sulong
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Nothing better than a careful re-read I agree! I tried to preempt as many questions as I could in the initial posts. Since the pivot high must be above the top Bollinger line (as the core of the method) that's a pretty good reason for having the Bands there! The idea behind having the breakout bar push through the upper line is to ensure the strongest momentum.
 
Quote from kgharris:



I have seen trades posted where this criteria is not met - could you comment JR? I undestand the pivot triggering with a push above the bb, but the breakout bar also?
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You'd have to tell me specific times and dates to comment on when the criteria was not met. But I would add this, which is possibly the most ignored aspect of this thread ...this is FOUR symbol method. Intermarket analysis is central to what I do. Was the criteria met on another chart maybe?

That said, the rule about the breakout bar being required to push through the upper Bollinger line, is the one rule where I use the most discretion i.e. I may make the trade without this criteria being fulfilled. Other times I may require it - it depends on how I see the action across all four markets. If my intermarket analysis casts doubt on the trade, then I will inisist on this criteria, but if everything looks like a green light, then I may trade without it.

As I said at the beginning, this method is not mechanical and it requires discipline and patience to follow it and learn from it.
 
Quote from bdeanfl:

Having spent two hours last night going through 42 pages of the other forum to cut & past your notes, I appreciate you summarizing it for us.

- Barry [/B]
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No worries - you're welcome!
 
Quote from Jim Radid:

I truly appreciate this type of thread.

I have one question, somewhat off-topic, if you don't mind. Here it is:

have you followed ET previously and who are the 5 people that you feel are normal around here?

Thanks for your answer, and keep up the good work!

Jim
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First off - you're welcome! Secondly, a person is defined as normal by me when they think that the album "Never mind the Bollocks ...Here's the Sex Pistols" (1977) is one of the best and most influential ever made. I'm just guessing at five people, but maybe it's higher?!
 
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