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Old Apr 20th, 2012, 09:58 PM   #73
toucan
 
 
Join Date: Jan 2004
Location: Danville, California
Posts: 127
Killingtheta:

I agree with indextrader7 on what/how to choose for tick size. Most traders that I've talked to chalk it up to their own personality and how they intend to trade their own system.

When I switched to futures 5 years ago, I knew that I wanted to use tick charts because futures moves seemed to be quite a bit shorter than stock moves. But, I didn't know what size to use and it took me almost a year to settle on different tick sizes for each of the futures symbols that I trade. I now just review the tick sizes a couple of times per year and only make small changes.

For example: I am a very visual person and trade what I see on the chart. I like to see the actual setup form without having to analyze a lot of data. The problem that I had to solve was a two edged sword. If I used too large of tick size, then I missed a lot of setups and had to analyze what happened inside the large bars. If I used too small of tick size, then I saw too many setups and many of them were false and failed. In addition, I have limited room on my monitors and didn't want to display/use longer term charts for additional trading information. Other traders that I know use 15min to 60min charts and they trade by analyzing candle stick charts and it works for them. I just want to trade what I see on the chart.

Indextrader7.... today was a rough trading day with lots of false moves. Very few trades with half losers/half winners.

A great thread.


toucan
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Old Apr 20th, 2012, 10:20 PM   #74
indextrader7
 
 
Join Date: Apr 2012
Posts: 75
Quote:
Quote from d08:

Excellent thread, the recaps are clear and logical + interesting.

Btw, on 4/16 just before the inverse H&S there was a regular H&S which you didn't take for some reason, it tested the neckline again after some minutes.
Yes, there was a good looking inverse H&S there, it appears about 1:24 into the video. The thing is that since it was such an uptrend, I wasn't really looking for trades from the short side. I try to be patient and wait for the trades that make sense with the trend/bias. I'm not always so patient though!!

Good find though. A solid pattern.
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Old Apr 20th, 2012, 10:22 PM   #75
indextrader7
 
 
Join Date: Apr 2012
Posts: 75
Quote:
Quote from toucan:

Killingtheta:

I agree with indextrader7 on what/how to choose for tick size. Most traders that I've talked to chalk it up to their own personality and how they intend to trade their own system.

When I switched to futures 5 years ago, I knew that I wanted to use tick charts because futures moves seemed to be quite a bit shorter than stock moves. But, I didn't know what size to use and it took me almost a year to settle on different tick sizes for each of the futures symbols that I trade. I now just review the tick sizes a couple of times per year and only make small changes.

For example: I am a very visual person and trade what I see on the chart. I like to see the actual setup form without having to analyze a lot of data. The problem that I had to solve was a two edged sword. If I used too large of tick size, then I missed a lot of setups and had to analyze what happened inside the large bars. If I used too small of tick size, then I saw too many setups and many of them were false and failed. In addition, I have limited room on my monitors and didn't want to display/use longer term charts for additional trading information. Other traders that I know use 15min to 60min charts and they trade by analyzing candle stick charts and it works for them. I just want to trade what I see on the chart.

Indextrader7.... today was a rough trading day with lots of false moves. Very few trades with half losers/half winners.

A great thread.


toucan
Completely agree about finding the right timeframe. Too short and you get too many false signals/noise. What do you use for TF?
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Old Apr 20th, 2012, 11:18 PM   #76
toucan
 
 
Join Date: Jan 2004
Location: Danville, California
Posts: 127
Indextrader7....

What do you use for TF? I use 400 tick.


cheers

toucan
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Old Apr 21st, 2012, 01:03 AM   #77
indextrader7
 
 
Join Date: Apr 2012
Posts: 75
Quote:
Quote from toucan:

Indextrader7....

What do you use for TF? I use 400 tick.


cheers

toucan
50 and 250 I think. But I've had a few at this point.
    Quote
Old Apr 23rd, 2012, 11:21 AM   #78
indextrader7
 
 
Join Date: Apr 2012
Posts: 75
Done trading for the day. Really focused on trading short term swings on my lowest timeframe today (50 tick). Took 18 trades in an hour, which is very busy for me. I'm kind of at that point in trading where I have a couple different ways I can trade profitably, and I'm trying to figure out what I enjoy the most, what works best, and what is applicable to different market environments.

Win % = 10/18 = 56%

Avg win = 7 ticks. Avg loss= 4.75 ticks.

Win:loss = 1.5

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