ES price action scalping [5min]

Ninja Mobile Trader VPS said:
The opening trade on 5/4 was a loser, but the 2nd trade made up for it and ended the day up.

Methodology:
  1. Automated trailing stop loss 1 tick below/above previous bar
  2. Only enter trades after 8:30am CST open
  3. Stop after the first winner, or two consecutive losers.
  4. Skip the day if there's no setup within the first hour.
Looking at my screenshots, the setups are all very simple because of the 5 minute chart, which really helps simplify the price action.

I have been recording the live morning session daily, but haven't found a good way of sharing it because it's about 1 hour per day which ends up being over 1gb. I may just do a live stream instead. Either way will share it.
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Thanks for sharing Ninja Mobile Trader VPS.

Great work and I like your Methodology and trade management approach.
 
Ninja Mobile Trader VPS said:
Starting a new journal to document the journey of trading the ES, mostly around the open (8:30 am CST).

I know a lot of traders like to use tick charts, but I'm going to stick with the 5 minute chart instead because it eliminates a lot of noise, especially around the open when 2000 ticks fills a bar very quickly.

Rules:
  • The goal is a greater than 2:1 reward:risk
  • Only trade breakout setups
  • Entries using Buy stop limit and Sell stop limit orders
  • Stop loss is set 1 tick above/below the entry bar
  • No profit target. Instead use a trailing stop loss, 1 tick above/below the previous bar
Years ago I would record my trading sessions and review them nightly. Like the saying goes, things that can be measured will be improved. Starting tomorrow will be live recording trading sessions again and post videos of the trading process.

4/29/2021
  • +63 ticks profit
  • Initial stop loss at 11 ticks
  • Only 1 contract to get back into the swing of things
  • Amazing day to start on. Strong breakout allowed the trailing stop loss to capture 15.75 points!
  • From many years of experience I know a day like today is not the norm, and excited to see how the discretionary strategy performs tomorrow.
View attachment 257895
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Thank you for taking time our day to sharing a method for us.
 
5/12/21
  • +2 ticks (+$42.4 after commissions)
  • Thought the opening setup was going to be similar to 5/4, with a bounce down off VWAP
20210512.png
 
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SimpleMeLike said:
Hello Ninja Mobile Trader VPS,

Thank you for sharing, I am loving the simplicity.

What are the square light red and light green areas in your chart please? Looks like some type of resistance and support.
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Happy to hear! The red and green zones are automatically drawn support/resistance.
 
cafeole said:
Thank you Ninja Mobile Trader VPS. You have revived an interest in trading futures again. I started today and today was a good day. We will see how this goes for me.
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Glad to hear it! Intra day futures trading is great when you know the game you're playing.

I didn't take any trades today because I'm focused on the 1-2-3 reversal pattern, but looking back at today the breakout from the overnight high was spectacular! Went for 108 ticks, with each bar's low higher than the previous bar.

Will need to be on the look out for these in the future.

upload_2021-5-13_15-16-46.png
 
5/14/21
  • +$742.40 (2 contracts for 30 ticks, w/ commission)
  • Very good setup for the opening trade. 45 minutes before open the price rebound off the overnight low with the VWAP acting as a nice support
  • Strong 1-2-3 pattern going in the direction of the trend.
The exit today was frustrating because it left 18 additional ticks on the table. I am currently testing out modifying the stop trail by skipping inside bars, but today that didn't help because it was a different problem. Researching and back testing ideas for smarter stop trail logic.

upload_2021-5-14_9-18-0.png
 
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