Another front end for TWS to check out is bracket-trader. Less features then button trader but faster to learn and cleaner interface. And a lot cheaper as well. Been papertrading with bracket-trader for a few months now and it never has failed me.
Ninja Trader has the same capabilities .. just FYI... For scalping I like to have two profit targets after the first one is hit the stop auto moves to break even... then I manage the second target either by hitting "close" to close the position immediately or manually move the target if I think there is enough momentum to get a little more... any sign of resistance I let it hit the target or close it. Edit: some videos here: http://www.ninjatrader-support.com/HelpGuideV6/helpguide.html?VideoLibrary The auto breakeven one kind of shows what I mean... but I use the chart trader to manage the trade instead of the DOM.
Mark... Been looking at your charts and your entry signals... Do you have any rules you follow based on how long the signal bar is?? That is to say, if the signal bar is more than 2 NQ points tall you would pass on that signal??? I'm thinking of the stop placement here... Perhaps on a really long signal bar you could wait for another bar or two to avoid a whip saw... Thanks, Fox
Anek, I've been following the thread for a while. Very helpful. My question regarding the magic tick is: How do you place you limit order if you wait for the confirmation of the magic tick? A tick below or above the close of the reversal bar? Since the market may run away fast once it breaks, waiting for confirmation may result in the limit order is not able to be filled? In this case, will you chase the market using market orders? Thanks again for the wonderful thread.
I don't wait for it, I anticipate it with a limit order. If the magic tick happens then it happens as I get filled. If the next tick after the bar closes is the magic tick then you can hope for a limit fill or go market, your choice. Chase, never. Anek
I am sorry if I am confusing people. I am mixing Anek's/Siri's' magic tick (support/resistance/points of interest) with Piscuy's 3rd bar tick above the close of the signal bar in a microscalp. I just call that the magic tick as well because it is a signal to enter the trade. Although it never entered my mind to place a buy stop limit at the anticipated "magic tick" point in a scalp or a swing...interesting.
Ok thanks. I will look for them. Also, thanks for taking the time to answer our stupid questions. I think everyone appreciates the work you put in here except the haters.
My friday afternoon trades. Green lines or long entries, red lines short entries. Comments more then welcome. http://images.sierrachart.com/upload_2/1196628026_37_UploadImage.png