ES price action scalping [5min]

Ninja Mobile Trader VPS

Ninja Mobile Trader VPS

Sponsor
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.
upload_2021-4-29_12-43-33.png
 
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@traider not natively, but works great over vps
 
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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
  • 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
More...
Hello Ninja Mobile Trader VPS,

Please post your daily PnL for each trade as well.

Thank you buddy.
 
@SimpleMeLike Right now I'm not scaling in/out and like thinking of PnL in terms of ticks because I don't think the $ gain/loss tells the whole story. It's like the youtube thumbnails "$2000 in 10 seconds!", but turns out they bet very large contract size with smaller profit targets than stop losses. In my experience, those strategies don't work in the long term.

I was planning to do monthly reviews, and can post the $ pnl if it is helpful.
 
Ninja Mobile Trader VPS said:
@SimpleMeLike Right now I'm not scaling in/out and like thinking of PnL in terms of ticks because I don't think the $ gain/loss tells the whole story. It's like the youtube thumbnails "$2000 in 10 seconds!", but turns out they bet very large contract size with smaller profit targets than stop losses. In my experience, those strategies don't work in the long term.

I was planning to do monthly reviews, and can post the $ pnl if it is helpful.
More...
Ninja Mobile Trader VPS,

Only posting real money or sim money daily is helpful. Nothing else matters. Only need to see money being made. Just post PnL. No need to have journal if not posting account balance daily rather sim or real money. Because people will waste time and good energy looking at your chart and you make no money. The time and energy focus on your journal could be spend learning something to make the real money.

Thanks buddy,
 
@SimpleMeLike what I mean is the ticks already is the PnL because its 1 contract at $12.5 per tick * 63 ticks = $787.50 - 1 round trip commission
 
Yesterday the market was trendy and hence easy to trade;
many index futures went down around the same time and
that included ES RTY NQ, HangSeng, CAC40, dax, FTMIB, Sweden OMXS30,
India Nifty, Amsterdam AEX, etc etc
copper & crude oil also went down with the index futures.


There are many days where the market is not that trendy and
hence not easy to trade.
 
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@maxinger I agree with you. Yesterday was parabolic, and was very good for breakout trading. +63 ticks on an opening breakout is not the norm, but it's important to not miss these because it helps average out the losers.

Found some interesting graphics about different types of days. I'm not sure if I totally agree with these, but appreciate the infographic nonetheless.

Understanding How Different Market Day Types Affect Trading
October 5, 2017 by PowerEmini

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4/30/21
  • +11 ticks, 1 contract ($137.5)
  • Choppy day, not expecting to make any money.
  • I screen recorded the morning session, but unfortunately the file is far too large to post. Saved for my own purposes, need to figure out a better way of sharing recordings (maybe reduce quality).
upload_2021-4-30_14-23-10.png


upload_2021-4-30_9-45-35.png
 
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