Daytrading Breakouts in the ES

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No I've never heard of Dunnigan. Maybe I should look him up. In terms of timeframes, I would encourage anyone trying this for themselves to ONLY work with 5 min chart and adhere strictly to the criteria I listed on Page One. It's the old LESS IS MORE principle. With smaller timeframes the first rule that gets broken is the number of trades per day, which should only ever be one per time period.

Not to say that some people can't incorporate other stuff if they really want to, and have experience. But my personal experience in finessing things via smaller time zones is that I just outmanoevre myself. I end up missing my target too much, taking smaller profits and overtrading. I start getting too clever for my own damned good. Sometimes it's better just to learn to sweat things out in the 5 min timeframe.

I also don't believe you can do effectrive intermarket analysis between the 4 symbols in anything other than a single timeframe. So if you are trading the ES on a 5 min chart and also using it's 1 or 2 minute chart, then I guarantee you are not paying close enough attention to the DAX, ESTX50 and YM 5 min charts. And in my mind, it is the other 5 minute charts that will keep you on the straight and narrow!
 
Quote from Johnny Rotten:

No I've never heard of Dunnigan. Maybe I should look him up.
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Unfortunately, his book is out of print. It's available through interlibrary loan in the US, but that wouldn't do you any good.

Essentially, he looked for evidence of trend change and/or trend reversal. He then waited for a downbar (if looking to go long), then bought the first bar that closed above the "pivot" high (or swing high or reaction high or whatever).

The book is very much like a journal. Rather than just present the results - "here it is" - and babble thereafter, he logs his efforts to discover the market principles which decide whether the move is going to be a winner or a loser. If one understands the principle, he can tinker with the specifics until he comes up with a winner. If he doesn't, then he ends up a groupie, nipping at the heels of the gurus, trying to discover their recipes.

In any case, I expect you'd enjoy it, if you can find a copy.
 
Quote from Johnny Rotten:

In terms of timeframes, I would encourage anyone trying this for themselves to ONLY work with 5 min chart and adhere strictly to the criteria I listed on Page One.
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I agree. It wasn't my intention to throw things off course before you even get started. The chat got off-topic.

Anyone trying this should follow the instructions exactly. Only then will you know whether or not your results are derived from the strategy or from your own focus/discipline issues, if any. This is also easy to backtest through chart review.
 
using current ES conditions(~14:50 East Coast time) as example, according to your rules there is no valid bo long at 92.5 because the most recent pivot at 14:20/14:25 does not extend beyond the upper bb.
 
"This is the book, but it's used for $250. The book should not be more than around $50. If you're US, get it through interlibrary loan."

Wow, didn't see the $250 to the right. I thought it was still out there.
 
Quote from mohammedakram:



Johnny Rotten. You are an evil Impereelist who makes mockey of my freinds on Elitetrader. I hope Allah punishes you for being Evil and bad to people, especially to the Establishment, who I learn a lot from.

Screw you.
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Actually, that's "Imperialist", "mockery", "friends", and "whom" (and you really shouldn't end a sentence with a preposition).

Too bad Allah didn't teach you how to spell.
 
Quote from dpanic:

using current ES conditions(~14:50 East Coast time) as example, according to your rules there is no valid bo long at 92.5 because the most recent pivot at 14:20/14:25 does not extend beyond the upper bb.
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Intermarket analysis is the backbone of this method. Take a look at the YM during the same time period. In page one rules, I mentioned the possibility to trade one market on the basis of another's signal. See attached.
 

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Quote from Ditch:



Let's see how many pathetic loosers, that are so desperate for a clue they are willing to put up with this filth, this thread will attract.
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what a sad post. someone actually took their time to explain a way to trade and this is what they get?
 
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