ES: patterns & rockets
- Thread starter 1contract
- Start date
nkoi
Thanks. Yes I have my stocs the same as yours.
The question above, about configuration, related to T&S - i.e. should I filter it, how to use it for BOs.
By the way I just got toasted on a short rocket with that explosive reversal around 10:00. I think I would have stayed out of it if using the 5 minute chart - but the 3 minute got me in. I will post teh details later.
Thanks. Yes I have my stocs the same as yours.
The question above, about configuration, related to T&S - i.e. should I filter it, how to use it for BOs.
By the way I just got toasted on a short rocket with that explosive reversal around 10:00. I think I would have stayed out of it if using the 5 minute chart - but the 3 minute got me in. I will post teh details later.
That spike at 10 was caused by economic news, in this case it was the leading economic indicators. Often, the market whips back and forth around a news event. Here's a free site with the schedule of economic news.
http://biz.yahoo.com/c/e.html
I wait until the market absorbs the news to enter a trade.
Good luck, and keep your discipline.
http://biz.yahoo.com/c/e.html
I wait until the market absorbs the news to enter a trade.
Good luck, and keep your discipline.
ptt
Can you help a European (Irish) with a time zone question.
I notice the times on the Yahoo site are ET. I am using the times quoted on QCharts - which I think are based on CME - which I think is in a different zone. For synch, ES opens an 9:30 according to QCharts. Is this ET - if not, what is the adjustment?
Many thanks.
Can you help a European (Irish) with a time zone question.
I notice the times on the Yahoo site are ET. I am using the times quoted on QCharts - which I think are based on CME - which I think is in a different zone. For synch, ES opens an 9:30 according to QCharts. Is this ET - if not, what is the adjustment?
Many thanks.
1contract wrote:
"exit when:
- Stoch(14,1,3) fast line < 0.4 (> -0.4)
- signal when bar closed - exit next bar"
Is that supposed to read:
- Stoch(14,1,3) fast line < 80 (> 20)
- signal when bar closed - exit next bar
Or,
- MACD Histogram < 0.4 (> -0.4)
- signal when bar closed - exit next bar
???
JohnnyK
"exit when:
- Stoch(14,1,3) fast line < 0.4 (> -0.4)
- signal when bar closed - exit next bar"
Is that supposed to read:
- Stoch(14,1,3) fast line < 80 (> 20)
- signal when bar closed - exit next bar
Or,
- MACD Histogram < 0.4 (> -0.4)
- signal when bar closed - exit next bar
???
JohnnyK
1contract,
Your experience sounds a bit like mine. I daytraded ES too for about year(1contract), I spent $500 in commish(about a hundred trades) and lost 1K slowly but surely. I watched multi time frames, but traded mostly off the 1 and 3 min. At some point I even thought I had identified some great patterns. After a few months these patterns lost their characteristics and slowly died becoming traps instead of giving you an edge. Most of these patterns rarely occur anymore now.
Actually I think a lot of the time technical patterns now fail or take age to complete and wiggle you out. It's better to trade the big swings, using S/R and fear and greed if you see what I mean . You need the proper capitalization for that of course, cause you nay have to be 3-4 points in the red before it turns around. The shorter the time frame the more short lived the edge I think.
Your experience sounds a bit like mine. I daytraded ES too for about year(1contract), I spent $500 in commish(about a hundred trades) and lost 1K slowly but surely. I watched multi time frames, but traded mostly off the 1 and 3 min. At some point I even thought I had identified some great patterns. After a few months these patterns lost their characteristics and slowly died becoming traps instead of giving you an edge. Most of these patterns rarely occur anymore now.
Actually I think a lot of the time technical patterns now fail or take age to complete and wiggle you out. It's better to trade the big swings, using S/R and fear and greed if you see what I mean . You need the proper capitalization for that of course, cause you nay have to be 3-4 points in the red before it turns around. The shorter the time frame the more short lived the edge I think.
Trades for 19/06/03.
Times are approximate (+/- 1 minute -ish).
S1 1006.50 08.50 -2.00
(9:52) (10:01)
Entered rocket as per signal.
Soon after going into profit there was a sudden volume spike and price gyration. I tried to exit for a small profit with a limit order but didn't get filled, so ended up with a clumsy 2pt loss. Not so much failure to stick to my plan, as not having a plan to cover what happened. In future out with a mkt order - ask questions later.
S1 1002.50 01.25 +1.25
(10:40) (10:43)
Entered rocket as per signal.
Exited early because I was worried the price might want to go back to toy with support @ 1003.00. As it turned out, while the price did eventually reverse, it would have been much better to stay in.
So now I'm sidelined - with with a rocket in progress. I have to quit now anyway (11:09). I hope to be able to return later for the PM session.
S1 996.50 97.25 -0.75
(15:01) (15:02)
Took the breakdown from big triangle congestion but baled (wrongly as it turned out) when it didn't follow through. Looking at the chart later I can see it as a flawless breakout - my judgement regarding lack of follow through was simply wrong. Perhaps I need to recalibrate to the 3 minute chart after trading the 1 minute chart.
S1 993.00 92.75 +0.25
(15:32) (15:34)
Took the break down of the little congestion & baled when it didn't develop quickly. I was aware of the Fib S/R around 993.25 and thought it might flip over this again. I would have done better to stay in but, even in represpect, it wasn't a clean breakout - so I'm happy to have covered when I did.
Not a great start but at least losses are small and number of trades is under control.
Summary:
RT: 4 (1 winner, 3 losers)
Net: -1.25
Times are approximate (+/- 1 minute -ish).
S1 1006.50 08.50 -2.00
(9:52) (10:01)
Entered rocket as per signal.
Soon after going into profit there was a sudden volume spike and price gyration. I tried to exit for a small profit with a limit order but didn't get filled, so ended up with a clumsy 2pt loss. Not so much failure to stick to my plan, as not having a plan to cover what happened. In future out with a mkt order - ask questions later.
S1 1002.50 01.25 +1.25
(10:40) (10:43)
Entered rocket as per signal.
Exited early because I was worried the price might want to go back to toy with support @ 1003.00. As it turned out, while the price did eventually reverse, it would have been much better to stay in.
So now I'm sidelined - with with a rocket in progress. I have to quit now anyway (11:09). I hope to be able to return later for the PM session.
S1 996.50 97.25 -0.75
(15:01) (15:02)
Took the breakdown from big triangle congestion but baled (wrongly as it turned out) when it didn't follow through. Looking at the chart later I can see it as a flawless breakout - my judgement regarding lack of follow through was simply wrong. Perhaps I need to recalibrate to the 3 minute chart after trading the 1 minute chart.
S1 993.00 92.75 +0.25
(15:32) (15:34)
Took the break down of the little congestion & baled when it didn't develop quickly. I was aware of the Fib S/R around 993.25 and thought it might flip over this again. I would have done better to stay in but, even in represpect, it wasn't a clean breakout - so I'm happy to have covered when I did.
Not a great start but at least losses are small and number of trades is under control.
Summary:
RT: 4 (1 winner, 3 losers)
Net: -1.25