Keeping It Simple
- Thread starter dbphoenix
- Start date
the lo of the 1st 30 min range was 885.5, I set my trigger to lo -1 or 884.5. I didn't only get 7, I take my profit in 3rds. I typically trade 12 lot so i like to reduce risk as the trade progresses rather than risk it all to stop. I only trade 3 lot during the holidays, with such low volume I want exposure to the market but not too much. I always look to take my 1st third at 3-4 points depending upon how the market is moving. Was moving so slow I took it at +3 or 881.5, I take the 2nd 3rd at what I determine to be a signficant lo, I determined target to be 873 which I took when we hit it at 14:48 this was +11.5. I then stopped out on the last 3rd at 877 when we broke that last swing which was established at 14:30. The stop was hit at 15:33. Make sense?
Nice work js. Those who trade size have a different mindset than 1 lotters. Of course one difference is logistics.... a 1 lotter cannot scale out.
And 45 pages of which at least 80% is the contribution of one member should clue you in that you are talking to a brick wall. Don't waste your time.
Bravo on the size trading. I trade 4-5 cars on the nq and the es.
Continued good trading js.
And 45 pages of which at least 80% is the contribution of one member should clue you in that you are talking to a brick wall. Don't waste your time.
Bravo on the size trading. I trade 4-5 cars on the nq and the es.
Continued good trading js.
db..
a) I do take eco reports into consideration, however I try to stay informed as to the signficance of the days reports and make a decision as to the degree of risk associated with them. this particular trade was taken at 10:05 after the new home numbers where released however that was just chance as I had made the decision that I wasn't really that concerned about them on this particular day. Part of that decision was that I was only trading 1/4 my normal size so risk was reduced anyway. As to my thoughts regarding the housing numbers and why I basically blew them off, with the record numbers released in Oct I thought that the Nov numbers being released were probably expected to be off a bit and didn't see much chance for a big upside surprise.
b) target was taking the high of the morning range and subtracting atr which was 16.5 more or less(assuming my memory is right), I don't have my journal handy with the exact number but I think this is the same as your method although it seems like we come up with different numbers. I use the atr indicator in esignal.
c) 2nd contract produced 11.5 points. 3rd contract was less but you never know, I typically give that last 3rd some room, just as many times as not I've caught a late session flush that overruns my target. I must admit that Friday I wasn't glued to the monitors and set my stops and alarms and was downstairs much of the afternoon making gumbo for dinner Maybe had I had a full position and a more active day I might have done things differently. I was happy to take 22 off the table with while really only keeping one eye on the market.
a) I do take eco reports into consideration, however I try to stay informed as to the signficance of the days reports and make a decision as to the degree of risk associated with them. this particular trade was taken at 10:05 after the new home numbers where released however that was just chance as I had made the decision that I wasn't really that concerned about them on this particular day. Part of that decision was that I was only trading 1/4 my normal size so risk was reduced anyway. As to my thoughts regarding the housing numbers and why I basically blew them off, with the record numbers released in Oct I thought that the Nov numbers being released were probably expected to be off a bit and didn't see much chance for a big upside surprise.
b) target was taking the high of the morning range and subtracting atr which was 16.5 more or less(assuming my memory is right), I don't have my journal handy with the exact number but I think this is the same as your method although it seems like we come up with different numbers. I use the atr indicator in esignal.
c) 2nd contract produced 11.5 points. 3rd contract was less but you never know, I typically give that last 3rd some room, just as many times as not I've caught a late session flush that overruns my target. I must admit that Friday I wasn't glued to the monitors and set my stops and alarms and was downstairs much of the afternoon making gumbo for dinner
Maybe had I had a full position and a more active day I might have done things differently. I was happy to take 22 off the table with while really only keeping one eye on the market.