Daytrading Breakouts in the ES

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Quote from Johnny Rotten:


You're right, you could trail behind any 1 min or 2 min pullback pivots. My problem is that I'm not good at looking at this timeframe!
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Believe me, I understand. I wrestled with the 1m for longer than I care to admit, but it wasn't until I started using a longer timeframe for the setup and the 1m for the entry that the synergies began to work.
 
Quote from dpanic:

you said the 16:10 bar was the trigger however it's the initial bar that breaks the upper BB. the 10:15 bar defines the pivot but I don't see a subsequent lower lo that I thought you were looking for to confirm the pivot.
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10:15 bar?
 
Quote from dpanic:

Sim, Sorry if I read thru this too fast and am missing something but on your example, you said the 16:10 bar was the trigger however it's the initial bar that breaks the upper BB. the 10:15 bar defines the pivot but I don't see a subsequent lower lo that I thought you were looking for to confirm the pivot. What am I missing here?

I apologize for the catty comment earlier to ditch. bad way to start out but I must admit the reason I haven't posted up to now was because of all the bs. I think open discussion to learn from what others are doing should be enabled rather turned into a pissin' contest and I'm sorry I lowered myself to his level.

Gene
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Using my chart times (subtract 6 hours for EST): The 16:10 bar spiked above the top Bollinger Band line. Part one of the criteria is therefore met. Now we must wait for a lower high and a lower low. This occurred on the very next bar at 16:15. It is now safe to buy one tick above the 16:10 high (while checking all the other criteria I listed!). The breakout and actual entry occurred during the 16:25 bar ....3 bars after the 16:10 pivot high. Cleared up?

One thought just occurred to me. My chart software lists a bar's time as the beginning of the time period. So, for all trades that occur between 16:10 and 16:14 ...my software calls that bar the 16:10 bar. But I believe that MOST software would call it the 16:15 bar i.e. most software uses the end time not the start time.

This could explain the confusion. WARNING TO ALL: If your software uses the end time of a bar's time period, then add 5 minutes onto everything that I've ever said!! Otherwise you're watching the wrong bar.

BTW, you misunderstand. I think it's GREAT that you come in and bash Groupie-Boy. He's just an asshole with nothing to say. I was laughing!!:D
 
Quote from dbphoenix:



Believe me, I understand. I wrestled with the 1m for longer than I care to admit, but it wasn't until I started using a longer timeframe for the setup and the 1m for the entry that the synergies began to work.
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I agree db.

I dumped the 1 and 2 minute charts They would get me in every bit of noise that looked like a setup and get me out on the 1st hiccup.
If it doesn't setup on the 5 minute I don't want it.
I think some of the appeal in the smallest timeframes was the small stop but unfortunately small gains went along with it.
 
Starting tomorrow, you'll be happy to learn that I'm adjusting my charts to show US Eastern. This should reduce confusion in the future, especially with screenshots.

But my bar times will still refer to the beginning time not the end time of the bar. That's just the way Sierrachart does it.
 
I was looking at my own charts rather than the one you posted. Guess they're sync'ed differently. the 16:10 bar was the one that broke out of the bb however the 16:15 bar had a lo of 2436 which was the same as the 16:10 bar so I was looking for a subsequent bar to break that lo which never happened.

So I follow, just a difference in our charts to voided the trade from my pov.

Thanks..
 
Incidentally, you're using much the same market principles as William Dunnigan. Are you familiar with his work from the '50's?
 
Quote from monee:

If it doesn't setup on the 5 minute I don't want it.
I think some of the appeal in the smallest timeframes was the small stop but unfortunately small gains went along with it.
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I wound up with the 1 and the 3, but the principle's the same.

As for the tight stops, it really doesn't make any difference how tight the stop is if it keeps getting hit. That's not risk management; it's opening your wallet. The setups on the larger timeframes seem to be more reflective of genuine intent than those on the 1m.

You also trade a hell of a lot less.
 
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