ES first 30 mins

[Stocktracker]

I daytrade for many years and I'm consistent profitable. I don't use risk management, unless putting a stop at 3 points ES is called risk management. Always go in full 100%, never in steps.
So as I don't use risk management I cannot make money, because according to you the only edge is risk management.

I make money. I am doing something that is impossible according to you. But reality proofs that you are wrong.

We all know that the first 30 minutes of the open is a very volatile period in the market, because that is when the bulls and bears do battle. Thus, choosing to trade that period or not is just a matter of preference and it all depends on your trading style. For example, I am trend trader, so I usually wait out the first 30 minutes until the battle between the bulls and the bears resolve itself one way or another. If the bulls win then I go long. otherwise, I go short!

As far as risk management and an edge, I believe they are two different things. For example, if you are patient trader and have a nerve of steal then that is an edge, because not many other traders possess those temperaments. Another example, if you are using T1 connection for trading and another trader is using DSL, then you have an edge on that trader and so forth. That is not to say risk management is not important. You need both to stay standing in the market’s arena. They are like the one- two punch the trader needs to win his daily fight with the market!

Happy trading

 

[Mtrader]

We all know that the first 30 minutes of the open is a very volatile period in the market, because that is when the bulls and bears do battle. Thus, choosing to trade that period or not is just a matter of preference and it all depends on your trading style. For example, I am trend trader, so I usually wait out the first 30 minutes until the battle between the bulls and the bears resolve itself one way or another. If the bulls win then I go long. otherwise, I go short!

I am a trend trader too. I don't care about the fight at the opening, I just watch till I get a signal to get in. I open positions many times at the opening, with a 3 point stop ES, and it is really exceptional that I get in trouble. Last week I opened every day my first trade in the first 30 minutes and they all went well.

You just have to see what you need to see. Find order in the chaos so that it is no chaos anymore.

 

[punisher]

I am a trend trader too. I don't care about the fight at the opening, I just watch till I get a signal to get in. I open positions many times at the opening, with a 3 point stop ES, and it is really exceptional that I get in trouble. Last week I opened every day my first trade in the first 30 minutes and they all went well

While it may be exceptional that you get in trouble, what kind of trouble would that be, considering you have 3pt stops? That statement doesn't make too much sense to me, unless you mean't that you don't have many (3pt) losers.

Also, you claim to be daytrader and a trend trader. I don't see ES trending from the open that often. Instead within first 30mins it often puts a high or low, then goes on to trend (at least for some time). So are you looking for intraday trends or higher timeframe trends?

Perhaps you could shed some light on your strategy, what exactly are you looking for, what is your R:R, what kind of targets you're shooting for?

BTW, you said that you don't use risk management. But if having 3pt stops is not risk management that I don't know what is.

 

[Overnight]

I am a trend trader too. I don't care about the fight at the opening, I just watch till I get a signal to get in. I open positions many times at the opening, with a 3 point stop ES, and it is really exceptional that I get in trouble. Last week I opened every day my first trade in the first 30 minutes and they all went well...

Smells like a OCO bracket...?

 

[Mtrader]

While it may be exceptional that you get in trouble, what kind of trouble would that be, considering you have 3pt stops? That statement doesn't make too much sense to me, unless you mean't that you don't have many (3pt) losers.

I almost never have 3 pt losses. I consider 3 pt losses as trouble (compared with my usual results) although it will not hurt me psychologically as it is part of the game.

Also, you claim to be daytrader and a trend trader. I don't see ES trending from the open that often. Instead within first 30mins it often puts a high or low, then goes on to trend (at least for some time). So are you looking for intraday trends or higher timeframe trends?

I try to take all the big moves intraday. Average 2-3 trades a day. Holding times can run into hours if "trend" continues. The chart is from friday and shows what I mean.

Perhaps you could shed some light on your strategy, what exactly are you looking for, what is your R:R, what kind of targets you're shooting for?

Been there, done that... till I got fed up with the bashers.

BTW, you said that you don't use risk management. But if having 3pt stops is not risk management that I don't know what is.

I wrote myself:"I don't use risk management, unless putting a stop at 3 points ES is called risk management.", because theoretically it is risk management. But I suppose that this it not what B1S2 meant by risk management.

Why OCO if I am almost always right when I enter? And with OCO you can still get losses, all depends of how far you put the buy and sell price and how high the volatility is.

 

[punisher]

I almost never have 3 pt losses (...)
I try to take all the big moves intraday. Average 2-3 trades a day. Holding times can run into hours if "trend" continues. The chart is from friday and shows what I mean.
View attachment 174841

The chart w/o commentary is worthless. What the chart shows to me is that you are one of those wizards that can catch swings from the top to the bottom ticks. Besides, if you're a "trend trader" then how would you justify entering short for that swing down after prior swing up. I could come up with some ideas but instead of guessing of what your thought process was, I prefer to ask. Same for the exit from that long on the first swings up. I'm sure there are reasons to take them while other's would disagree at the same time. I'm not bashing, simply asking... I like reading other's point of view so I have something to compare to...

 

[Stocktracker]

The chart w/o commentary is worthless. What the chart shows to me is that you are one of those wizards that can catch swings from the top to the bottom ticks. Besides, if you're a "trend trader" then how would you justify entering short for that swing down after prior swing up. I could come up with some ideas but instead of guessing of what your thought process was, I prefer to ask. Same for the exit from that long on the first swings up. I'm sure there are reasons to take them while other's would disagree at the same time. I'm not bashing, simply asking... I like reading other's point of view so I have something to compare to...

Gotch wrote, O sorry, I mean punisher wrote "I'm not bashing, simply asking... I like reading other's point of view so I have something to compare to..." I do not know about you ,MTrader , but that sounds like a trap to me!

 

[Mtrader]

The chart w/o commentary is worthless. What the chart shows to me is that you are one of those wizards that can catch swings from the top to the bottom ticks. Besides, if you're a "trend trader" then how would you justify entering short for that swing down after prior swing up. I could come up with some ideas but instead of guessing of what your thought process was, I prefer to ask. Same for the exit from that long on the first swings up. I'm sure there are reasons to take them while other's would disagree at the same time. I'm not bashing, simply asking... I like reading other's point of view so I have something to compare to...

I just wanted to show what I would do on a day like friday. The picture shows the moves and also what I try to catch. There were clearly two intraday trends.

I don't give comments because the only comments that would be good would be explain the whole system and maybe post the code too.
It's all about the fact that history repeats itself all the time. I believe in behavioral finance and the link with the evolution of prices. You just should find the patterns, that's all. But a lot of people don't believe this exist so I will not start this discussion again.

I don't need anybody's advice and know what I need to know (finally after decades of trading) . So for me everything is fine.

PS: The chart was a 15 minute chart. So now you know the secret...

I didn't take top/bottom. Long was from 2429.50 (low was 2428.25) to 2436.75 (high was 2438.75) . And short was from 2437.25 (high was 2438.75) to 2431.50 (low was 2431). So your comment:"you are one of those wizards that can catch swings from the top to the bottom ticks." was wrong and sounds like bashing.

PS: The chart was a 15 min timeframe. So now you know all the secrets...

 

[punisher]

for every long there is a reason to go short. I don't care what other's are doing (read: I'm not going to copy someone) but it is nice to compare thought process to see opposing views and determine if my psychological makeup makes me too much biased one way or another..

I asked for your thought process, especially since it was your claim, not mine, that you are a "trend trader". I just don't see how are you a trend trader yet manage to catch close to the top and bottom of the swing. Perhaps your definition of trend trading is different, that's why I asked for your thought process. To be clear, I don't claim one can not catch occasional swing top&bottom (or within 1-2 points of each). But you claim to do that, making 6pt on a trade and rarely having 3pt loser AND you claim to be a trend trader. It doesn't matter if the chart is 5min, 15min or whatever, the chart is worthless without commentary.

I don't have a time to bash, but when I see claims like that and after asking a valid question all the explanation I get back is "I don't give comments because the only comments that would be good would be explain the whole system and maybe post the code too", it makes me understand the #1 running joke on ET that everyone here is making a killing.

And don't kid yourself, you have no "secrets", you could post your plan/system on the front page of WSJ and that wouldn't change a thing.

 

[punisher]

I do not know about you ,MTrader , but that sounds like a trap to me!

How about you add something of value and comment on what has been posted by MT. Since you're also trend trader like him, how do you see his entries and exits given the example he provided?

I was looking to short the top (though I was looking for one more push up to 39.50-40 and wouldn't mind if it stretched to around 42-43) and if it worked I would be out probably by 35, with 32 being line in the sand. But then again, I'm NOT a trend trader, I'm mostly a fader.