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Rob C

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Rob C last won the day on July 5

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  1. Futures (ES) live trading journal 7/22/21 Thursday. As I mention previously I am no longer trading live Futures. I am just trading SIM while I am learning more advanced methods and getting use to the change s in the market. But every once in awhile the trade looks too good not to take it live, which is what happen today. Midday we were getting strong downward momentum. We just made a lower low and then a strong pullback into the "pull back zone" which is the dotted line. The price then held for 7 bars, showing strong resistance. And it was almost an exact 50% pull back. So I shorted and was stopped almost immediately. Then I did take a successful long trade and here is why: 1) When there is a good setup in one direction that quickly gets stopped out it tends to go in the other direction. 2) The price hit the outer band (red line) showing strength. 3) The price pulled back to the mid band -white line - giving a good entry. 4) The FYL crossed the MB (yellow crossed the white) both are indicators from the Day Trading Academy that I use. That is a bullish sign. 5) The momentum was still strong at the entry shown in the chart at the bottom where the current black dot was still above the green line at the entry. The trade went immediately in my favor where I sold at the outer band and at the first pullback. Yea, I should have held longer but I was well in the green at that point and not use to trading live anymore. I hope everyone did well today. Rob C
  2. Futures (ES) live trading journal 7/07/21 Wednesday. Nice momentum today, then it looked like it stalled out. We had 3 LHs and 3 LLs. Then the FYL crossed the MB (yellow line crossed the white line) which indicated momentum down and the BBs (plot at the bottom) were well below the redline also indicating momentum down. I shorted at the MB and set my 1st target conservative since this could easily be a pullback instead of a reversal. I got my 2 contracts covered and I set my 1 remaining contract stop 2 ticks beyond my BE. Setting your stop at BE doesn't seem to work well with Futures. I was stopped out about 15min later. Rob C
  3. Futures (ES) live trading journal 7/06/21 Tuesday. Though the plan is to sit on my hands this summer and learn and practice, but when I see really compelling trade I am starting to take them. The setup today was a simple one. There was significant momentum this afternoon with a beautiful pull back. When the price started to move upward again I went long. I set my limit order at 3 ticks below the high which was filled about 10 minutes later. I held onto one contract but when the price stalled I sold. I hope everyone had a good day. Rob C
  4. It works well as a directional indicator. I use it if it looks like a nice move will happen but you are unsure what direction. Like a breakout or a false break out, and ORB or a reversal, ABCD, etc. If it bounces right on the 50% or the 61.8% line it has a higher chance of being a reversal or ABCD pull back, etc. It gives me about an extra 10% edge. Which in this game is great.
  5. I used CenterPoint for awhile. As for locating shorts they are better than IB ONLY if you are in no hurry locating them and don't mind paying extra. Thus, using their locator service for 1/2/5 min ORBs will make trading difficult. If you are a trend trader or don't trade in the first 15min then it will work for you. As for their free short list, it is terrible. Way worse than IB and even worse than CMEG. IBs execution speed is also better than CP. I even paid extra for their fastest route and that was only adequate. The IT issues with CP were more common than IB. About once every two months I was unable to trade due to tech issues. Also, I had trouble with my stops not working. I never had a stop not work with CMEG or IB. But 3 times CP missed my stop and once was extremely costly to me and I closed my account the next day.
  6. Futures (ES) live trading journal 7/01/21 Thursday. Hi everyone, its been awhile since I posted. I have been studying and trading SIM with some advanced setups I have learned and I have not been profitable in SIM and thus no live trades to post. Also, I did so poorly last summer that I would not mind just practicing and not trading live the whole summer. But today I was trading in SIM and liked the setup too much and took it live, so I am posting it. The momentum was weak and just a slow grind upward. Then a strong drop in price with and even stronger bounce. The price will usually move well after a strong "V" but in what direction? I usually use Fibonacci in these cases. If the price bounced off the 50% or the 61.8% I will go short. But, instead it over shot past by 2 ticks and over the next few minutes created a hard top that seemed independent of the 61.8% Fibonacci. Two higher lows were created and when finally a HH. I waited for the pullback and went long. I had a conservative first target which was filled. Then I placed my stop 2 ticks below the recent low and placed my target order 1 tick below R4. I was just about to shut off my monitor, since this would be a long wait and I am not known for my patience. Then I saw a LH and two LLs. And yep I sold. It was about two hours later and it would have reached my target at R4. I hope everyone had a good trading day. Rob C
  7. This is almost the identical post I just wrote for a different BBT member, but the questions are closely related. Sorry for the delay in responding, but I am just getting back into reading the forum again. Hopefully you will still read this. When I started with a small account I only used vertical spreads. It was perfect for a small account since you get quite a bit if leverage with a built in max loss. Since you are only paying for the spread not the option they are dirt cheap and easily affordable for a small account. I recently bought GDX for about $40 a contract (40 cents per share) with a long call vertical spread with a 6 week expiration. I have an account with Tastyworks , I really like their platform. I also like their TastyTrades channel.
  8. Sorry for the delay in responding, but I am just getting back into reading the forum again. Hopefully you will still read this. I like Tastyworks and started with a small account there as well. I also like their TastyTrades channel. When I started with a small account I only traded vertical spreads. It was perfect for a small account since you get quite a bit of leverage with a built in max loss stop. Since you are only paying for the spread not the option they are dirt cheap and easily affordable for a small account.
  9. Did you read Brian's (Pezim) book yet, How To Swing Trade? I highly recommend it.
  10. Chartlog for Equities. My own Excel sheet for Futures.
  11. For day trading I have a 11 Equities setups and 7 Futures setups. Double that number if you consider long/short as a different setup. I only trade the setup if it proves a profit factor >2.0 for 20 SIM trades. Once the last 20 live trades drops below a profit factor <1.3 I stop trading it live. Earlier this year I had 9 setups that were >2.0. As the summer neared the number kept dropping. I only have one trade with a high enough profit factor to trade live. So I was thinking why bother. Last summer wasn't profitable for me either. So I thought I would trade playback SIM this summer and learn algo trading while I wait for things to pick up.
  12. All is reasonably well. Late April I took a week long seminar with advanced trading concepts. So I stopped trading live to practice them. They did not work for me and I am still not profitable in SIM/replay mode yet so I haven't traded live since. Also, last year May through August I was not profitable in Futures and stayed in SIM mode for the whole summer. So it may be the same circumstance this year as well. That is why I was thinking not to stress myself out trying to trade seriously this summer and learn algo while I wait for September.
  13. If you find a useful book/video/Udemy could you let me know the title? I read two books, with good reviews, and they were both duds. So I will start with IBs video library and go from there.
  14. I was going to try it as well. I have some experience in computer modeling. I plane to start learning in July but with the Ninjatrader algo systems since I trade more with the Futures. May I ask which platform you use? IBKR API?
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