Hey Wallace, thanks for the post. I'm currently trading an automated hard coded strategy that I've been developing, I don't trade anything manual. I actually looked at some sub minute bars today in testing some new stuff out in order to generate ideas for a different strategy or modification/betterment of current strat. How has this new method been treating you overall P/L wise?
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simple ES 1min chart trading
- Thread starter Wallace
- Start date
Wallace, I was where you was once, in 10years you'll be where I am and still 1 - 2 years away estimated from being hugely profitable still just like me. *
Any method, which has the ability of wiping out your account in 1 day, isn't sustainable, 10 good days, 1 bad back to $400 and can't trade, think on it.
* Times may vary as buggered if I can remember, all blurring into 1.
Any method, which has the ability of wiping out your account in 1 day, isn't sustainable, 10 good days, 1 bad back to $400 and can't trade, think on it.
* Times may vary as buggered if I can remember, all blurring into 1.
Yes I agree with Turv here (scary right lol) .....I don't think you can size up a full contract every $400. If scalping you might be able to size up every $1000 - $2000 and not completely blow out when you have a loser.Wallace, I was where you was once, in 10years you'll be where I am and still 1 - 2 years away estimated from being hugely profitable still just like me. *
Any method, which has the ability of wiping out your account in 1 day, isn't sustainable, 10 good days, 1 bad back to $400 and can't trade, think on it.
* Times may vary as buggered if I can remember, all blurring into 1.
Yes I agree with Turv here (scary right lol) .....I don't think you can size up a full contract every $400. If scalping you might be able to size up every $1000 - $2000 and not completely blow out when you have a loser.
You might get away with 600 if your scalping and your good, but no SL always in the market way too risky 1000 at least if not 2000, keep that greed in check.
algofy: I can't code. The Alpari/MetaTrader competitions had some stunning auto-trading results, lots of crossing MAs and some AI, did you ever see those ? can't remember which forum they were in.
Turveyd: thanks for your concern.
Looking at today's chart I don't think it's possible to do 'always in' 5sec chart trading.
Managed to oversleep by 90 minutes. Must have been an accumulated lack of sleep; wakeup alarm tomorrow.
Dumped the 150sec and 5min charts after spending hours this morning updating them.
The 5sec chart is a standalone trading method.
Price Time Waves analysis only need relate to itself - that is the time frame one's trading.
At present I need the security of the 60 and 10min charts, at least I think I do. However the 60 at least can be a
distraction. There are 720 5 second price bars in one 60 minute price bar, so the 60min chart does not usually
provide any assistance explaining what the price is doing or going to do until the end of that 60 minutes bar.
The 10 minute price bar contains 120 5 second price bars, there's 6 10 min price bars in a 60 , so the 10min chart
provides more assistance explaining what the Price Time Waves Movement is doing. Then there's that 150sec chart.
decisions decisions decisions
Will still sit with a continuing price decline regardless of the NFP results.
Turveyd: thanks for your concern.
Looking at today's chart I don't think it's possible to do 'always in' 5sec chart trading.
Managed to oversleep by 90 minutes. Must have been an accumulated lack of sleep; wakeup alarm tomorrow.
Dumped the 150sec and 5min charts after spending hours this morning updating them.
The 5sec chart is a standalone trading method.
Price Time Waves analysis only need relate to itself - that is the time frame one's trading.
At present I need the security of the 60 and 10min charts, at least I think I do. However the 60 at least can be a
distraction. There are 720 5 second price bars in one 60 minute price bar, so the 60min chart does not usually
provide any assistance explaining what the price is doing or going to do until the end of that 60 minutes bar.
The 10 minute price bar contains 120 5 second price bars, there's 6 10 min price bars in a 60 , so the 10min chart
provides more assistance explaining what the Price Time Waves Movement is doing. Then there's that 150sec chart.
decisions decisions decisions
Will still sit with a continuing price decline regardless of the NFP results.
Never paid any attention to trading contest stuff.
There a con, 1000nds enter with random methods, a few suite the conditions over the competition and do huge results, but as you don't know market conditions in advance you can't pick the right 1.
5sec trading is okay, it's more detail for momo trades, stuck on 1min here sadly.
I've noticed that looking at sub min bars especially on thicker instruments like the ES there are so many bars of 0 or no ticks (I'm talking here 5 sec bar range). How do you wade through all the zero and 1 tick bars and make meaning of it? My screen ends up filling up quickly and hard to make sense of any of it.
algofy: here's what I was referring to:
"Ready, steady, code. Alpari (UK), Platinum Sponsor of the Automated Trading Championship 2012, run by MetaQuotes, invites programmers to prove their EA skills against competitors from all over the world"
https://www.elitetrader.com/et/threads/whats-the-story-with-alpari.238736/page-6#post-3599995
https://championship.mql5.com/
Turveyd: well the 5sec's not for me, neither is the 1 min.
There's another chart/indi combo I was just looking at that I've had for quite a while. I began to think that I'd been
trying to trade the signals the wrong way. Don't know why I didn't realize 'what I wasn't doing' before today, will see
on Monday if my realization turns into profitable trades.
This week's Dow/S&P divergence surprised me, although the Dow D has gone down a bit today.
I'm thinking the S&P at least will continue to decline to the not far off Tue Wed Dec 13, 14 meeting.
Sell on rumour Buy on news.
"Ready, steady, code. Alpari (UK), Platinum Sponsor of the Automated Trading Championship 2012, run by MetaQuotes, invites programmers to prove their EA skills against competitors from all over the world"
https://www.elitetrader.com/et/threads/whats-the-story-with-alpari.238736/page-6#post-3599995
https://championship.mql5.com/
Turveyd: well the 5sec's not for me, neither is the 1 min.
There's another chart/indi combo I was just looking at that I've had for quite a while. I began to think that I'd been
trying to trade the signals the wrong way. Don't know why I didn't realize 'what I wasn't doing' before today, will see
on Monday if my realization turns into profitable trades.
This week's Dow/S&P divergence surprised me, although the Dow D has gone down a bit today.
I'm thinking the S&P at least will continue to decline to the not far off Tue Wed Dec 13, 14 meeting.
Sell on rumour Buy on news.
'what I Wasn't doing' was the Right way !
' I'm thinking the S&P at least will continue to decline to the not far off Tue Wed Dec 13, 14 meeting.
Sell on rumour Buy on news.' — have I got all that arse backwards ?
Last Friday I`d been thinking about `Trading Rules`, that I didn`t have any, and much as I thought about it couldn't
come up with any, there were none, I had none, I'd no idea what criteria I was using to enter a trade.
I've got what I think's my main Trading Chart, Green / Red Price Bars that change color as the Price rises or falls
with a T3 Color overlayed (EMA Slope Color seems to perform the same as the T3).
Back to using a 60min chart on the right side of the screen and 10 5 1 mins staggered charts on the left plus the 5sec
chart above the Basic Entry to check the Volume now and again. At some point I may drop one or more of the minutes
charts but at present I need to 'see' where the Price's going.
1st Entry Rule: B / S when the Price Bars' color changes
2nd Entry Rule: Only enter a trade when the gmacd lines are at an Extreme, equivalent to the 80 and 20 % levels.
If you know anything about the macd and other such indicators it's that the lines can be near the - in my case -
the red zero dashed line and form a small A - S or V - B shaped signal that if one takes it can result in quite a
profitable trade.
Conversely a large or high - 80 peak level lines cross signal or low 20 deep valley lines cross signal may result in
a break-even trade or even a loosing trade.
What this may mean is that trading the gmacd signals is something of an arbitrary and subjective method.
This also applies to the Green Red colored signals, one may end up without a profit if in the next couple of bars
the Price turns along with the color of the bars changing direction to one's original trade.
The use of fibo levels, channel lines, additional time frames and etc should combine to help obtain Price Targets that
the Price will move towards and in the appropriate color.
If that takes care of the Entry Rules, it just leaves the Exit Rules, and there's only one Exit Rule —
Exit Rule # 1 : TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT . . . . .
Ever sat there waiting for the Price to get to 'that line' or Price or whatever, only to watch whatever profit you did have
disappear into the Void ? congratulations you're an experienced trader.
Various famous wealthy men asked how they became so rich from trading replied, 'I always took profit too soon'.
In theory, this trading method is an 'always in' setup, and while I think there's a Lot of trades where one could hit the
REV with some confidence, for the present I'll just hit the Close.
Just thought about losses. I've never used a Stop Loss and know having such a thing wouldn't have protected me
against the losses and 'wipeouts' that I did take.
Losses are of course a fact of Trading Life and how they affect an individual is entirely personal and dependant on
the several variables specific to the individual: their overall wealth, their age and life experience, trading experience,
knowledge and ability to learn and change their trading method and probably personally as well.
There can be a massive impact upon an individual such that a single Loss can result in the individual losing their
trading confidence completely and being unable to trade. In such cases the person should seek professional help
from hypnotherapists and psychologists who work with traders and are able to treat the problems.
In theory when a trade has been entered it should immediately begin to be profitable, if not the trade itself may be
incorrect since the Price is going against the trade, or the Price may just be kicking-back before progressing in the
desired direction.
CLOSE A LOSING TRADE IMMEDIATELY is the best that can be said in Any losing situation since in the second
example one has no idea if in fact the Price will turn and progress.
Repeated Losses mean something's very wrong with the trading method, and/or it's the Trading Behaviour of the
person themselves causing the losses.
Whatever the cause trading must stop at once and the Trading Method and/or the person's behaviour examined
by themselves And with the assistance of Professional Trader/s as well as here on EliteTrader to figure out what's
wrong and find ways to fix the problem/s.
The Trading Method I'm working on is likely to generate a 'lot' of losses, but they should be small if a 'lot' of signals
are taken and I CLOSE A LOSING TRADE IMMEDIATELY if the signals are false.
The alternative is to try to be 'selective' and only take signals 'thought' to be winners.
If one will CLOSE A LOSING TRADE IMMEDIATELY and learn to TAKE PROFIT , then one can look forward to a
profitable Trading Life.
No live trades yet, but I'm pleased with the demo trades I made and the overall charts setup which I think'll work.
' I'm thinking the S&P at least will continue to decline to the not far off Tue Wed Dec 13, 14 meeting.
Sell on rumour Buy on news.' — have I got all that arse backwards ?
Last Friday I`d been thinking about `Trading Rules`, that I didn`t have any, and much as I thought about it couldn't
come up with any, there were none, I had none, I'd no idea what criteria I was using to enter a trade.
I've got what I think's my main Trading Chart, Green / Red Price Bars that change color as the Price rises or falls
with a T3 Color overlayed (EMA Slope Color seems to perform the same as the T3).
Back to using a 60min chart on the right side of the screen and 10 5 1 mins staggered charts on the left plus the 5sec
chart above the Basic Entry to check the Volume now and again. At some point I may drop one or more of the minutes
charts but at present I need to 'see' where the Price's going.
1st Entry Rule: B / S when the Price Bars' color changes
2nd Entry Rule: Only enter a trade when the gmacd lines are at an Extreme, equivalent to the 80 and 20 % levels.
If you know anything about the macd and other such indicators it's that the lines can be near the - in my case -
the red zero dashed line and form a small A - S or V - B shaped signal that if one takes it can result in quite a
profitable trade.
Conversely a large or high - 80 peak level lines cross signal or low 20 deep valley lines cross signal may result in
a break-even trade or even a loosing trade.
What this may mean is that trading the gmacd signals is something of an arbitrary and subjective method.
This also applies to the Green Red colored signals, one may end up without a profit if in the next couple of bars
the Price turns along with the color of the bars changing direction to one's original trade.
The use of fibo levels, channel lines, additional time frames and etc should combine to help obtain Price Targets that
the Price will move towards and in the appropriate color.
If that takes care of the Entry Rules, it just leaves the Exit Rules, and there's only one Exit Rule —
Exit Rule # 1 : TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT TAKE PROFIT . . . . .
Ever sat there waiting for the Price to get to 'that line' or Price or whatever, only to watch whatever profit you did have
disappear into the Void ? congratulations you're an experienced trader.
Various famous wealthy men asked how they became so rich from trading replied, 'I always took profit too soon'.
In theory, this trading method is an 'always in' setup, and while I think there's a Lot of trades where one could hit the
REV with some confidence, for the present I'll just hit the Close.
Just thought about losses. I've never used a Stop Loss and know having such a thing wouldn't have protected me
against the losses and 'wipeouts' that I did take.
Losses are of course a fact of Trading Life and how they affect an individual is entirely personal and dependant on
the several variables specific to the individual: their overall wealth, their age and life experience, trading experience,
knowledge and ability to learn and change their trading method and probably personally as well.
There can be a massive impact upon an individual such that a single Loss can result in the individual losing their
trading confidence completely and being unable to trade. In such cases the person should seek professional help
from hypnotherapists and psychologists who work with traders and are able to treat the problems.
In theory when a trade has been entered it should immediately begin to be profitable, if not the trade itself may be
incorrect since the Price is going against the trade, or the Price may just be kicking-back before progressing in the
desired direction.
CLOSE A LOSING TRADE IMMEDIATELY is the best that can be said in Any losing situation since in the second
example one has no idea if in fact the Price will turn and progress.
Repeated Losses mean something's very wrong with the trading method, and/or it's the Trading Behaviour of the
person themselves causing the losses.
Whatever the cause trading must stop at once and the Trading Method and/or the person's behaviour examined
by themselves And with the assistance of Professional Trader/s as well as here on EliteTrader to figure out what's
wrong and find ways to fix the problem/s.
The Trading Method I'm working on is likely to generate a 'lot' of losses, but they should be small if a 'lot' of signals
are taken and I CLOSE A LOSING TRADE IMMEDIATELY if the signals are false.
The alternative is to try to be 'selective' and only take signals 'thought' to be winners.
If one will CLOSE A LOSING TRADE IMMEDIATELY and learn to TAKE PROFIT , then one can look forward to a
profitable Trading Life.
No live trades yet, but I'm pleased with the demo trades I made and the overall charts setup which I think'll work.