Daytrading Breakouts in the ES

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Quote from dpanic:



Shame on me :) I did overlook that, guess if I'm going to follow this thread I better set up my charts accordingly. Problem with learning new stuff during the trading day is I have my normal trading plan to execute so there's alot of details to keep up with. I think when you start to reach the point that 3 monitors is not enuf it's time to back off a bit and simplify. That's why I'm interested in what you've proposed, at the least maybe a different perspective will spark some new ideas.

One immediate idea I'm seriously considering is trading the Euro open and the US open and then just blowing off the US afternoon for the rest of the summer. I don't think I've had a really good afternoon for quite some time.
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When I started this thread, I knew that the vast majority of people would ignore the first post and skip to the second! But the setup is extremely important. Without it, nothing really works. I've used tons of different techniques over the years, and can honestly say that getting back to the very basics has worked the best for me. Four charts, all 5 minutes, looking back no more than 30 bars, with just a couple of indicators, is all you need.

I also don't like the last time period as much as I like the first two. If I've made good money in the DAX/ESTX50 from 03:00-05:00 EST (which is morning for me), then I might not bother with the rest of the day. But if I do trade again (and win again) during the 09:40-11:30 EST period, then very rarely will I bother coming back for the final period. I'm just a lazy sod really :)

I encourage people to re-read the first two posts several times, and take that shit to heart!
 
Quote from himself:



I understand the preference for the non native stop-limit order in the DAX where slippage is expected and a different price is used for the stop and the limit. But for the ESTX50 your rule is the "same as DAX except the initial stop-limit order should have the same limit price as stop price."

If the stop and the limit for the ESTX50 are to be the same, then wouldn't we be better of with the natively held plain stop order?
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Good intelligent question! The answer is maybe. But you run the risk of a little slippage with a native stop. I just loathe slippage and it's been my experience with the ESTX50 that (unlike the DAX) you rarely get such a blast-off that you are unfilled when using a stop-limit order with same price stop and limit. If ever I found that I was going unfilled with this order, I would switch to the native stop because you would likely get no worse than one tick slippage. It all comes down to experience with the symbol really. Trade it for a while and you'll get a feel for the right entry order.
 
Quote from candletrader:

Dearest Brother Johnny Rotten,
your generalizations on the establishment, gurus and groupies are, however, uncalled for and belittle what is otherwise a fairly mature thread...
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Johnny's little brother, Simtrader, heard of your complaint and engaged the services of one of the leading authorities on such matters to evaluate your complaint and to give a report on those who would disrupt threads.

He has just issued his oral findings on such people:

http://members.aol.com/jmalch/villainy.wav
 
Quote from candletrader:



Dearest Brother Johnny Rotten,

The fact that I have already bestowed upon you the honor of a Brother, effectively making you a Member of the Fraternity, should show you that, despite the fact that you are a relatively new addition to the ET community, you are already held in high regard by Brother Candle...

Rest assured, there is little need to behold me with a leery eye, unless of course your ulterior motive is to be a mischief maker on these here forums...

My initial analyses on your persona lead me to conclude that you are a Brother of high intellect, who genuinely has an altruistic streak running through him...

On this basis, I urge you not to think of me as Big Brother but instead as a Brother Amongst Equals, traversing life together to an unknown destination...

With love and warm feelings for you, my Brother...
Candle

P.S. Please convey my heartiest and sincere regards for Brother Sim... please include a reference to the widely acknowledged fact that ET is worse off for his absence...
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I've just turned to Alcoholism - it is the only solution after reading this! And here was I being relatively nice - almost giving you a second chance. My problem is that I'm such a pussy arsed nice-guy. I need to re-read my own Post number 3. "Nice never works" (say it Johnny!).

In short, here we have a classic example of Establishment jibberish, bullshit and irrelevance. With a bit of preaching and waxxing philosophical thrown in for good measure. I need two buckets at my desk, not one, for the number of times I need a vomit when reading these "contributions" from 'Elite' Members. They're not all dickwipes but at 90% it's a pretty high figure!

Candle - I have a remedy for you. It's called sex. You need to start doing it more than twice a year. OK? I don't care who or what you do it with - just start doing it. Hell, you can even borrow some of my magazines if you like. Please, for all our sakes ....
 
Quote from kgharris:

Good thread sim - what is your win/loss% with this methodology, and how long have you been trading/testing it?
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That would be Johnny to you - Sim's retired! I beat up him after he hit Member status :D

It's never been computer tested by me. Only with my eye. Your other questions can only really be answered by yourself. My Stats are irrelevant. They are unlikely to be reproduced by anyone other than me. Posting them would be misleading due to the large amount of discretion and skill required. You'll need to track these ideas carefully for yourself to see if they have merit. It will take patience and discipline, and maybe you won't get anything out of it. Then again, maybe you will. I'm more of the mindset to help people learn how to fish rather than give them a fish. What I've hopefully provided is a good place for you to start from, so have at it!

A better idea would be to go back over the last 3 months and study every single time one of these trades occurred. Keep a diary of what worked in certain conditions, what didn't work, etc. You'll learn a lot.

Most importantly, get "rigged up" with the four charts. Everyone focuses on the technique but how many people will actually be looking at a screen like that on the Page 1 attachment tomorrow morning?
 
<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
 
Quote from Johnny Rotten:

[*]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.
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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?
 
Thank you my son! It took me the best part of two hours not just to write it all down, but to edit it, to formulate the bullets, the flow of it all, etc., so it was at least half readable. Two fucking hours! And then a few asswipes come in and abuse me for it.

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
 
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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