ES Overlap

Discussion in 'Journals' started by ElectricSavant, Dec 26, 2003.

  1. ig0r

    ig0r

    I'm aware :) But, if this system works as you say, and you frequently move a point in your direction off the initial print, slippage will kick in and you will be filling .25 to .5 off of the initial print, after all, the market is moving with you...
     
    #21     Dec 27, 2003
  2.  
    #22     Dec 27, 2003
  3. igOr,

    I am not bragging....but I will tell you, that I know first hand a market order of 250 contracts will fill without a partial where I want it to(not my money, I was a CTA once)....and IF fills become a problem I can front run on the depth with a limit order a few ticks ahead of the open. Also I have not curve-fitted this, so it does not need to be perfect, and even if I lose a tick or 2, I usually get my 1 point.

    Also we could "scale in" in the beginning 10 seconds before the open, but I do not want to go there in this journal.

    Michael B.



     
    #23     Dec 27, 2003
  4. Hello Folks,

    This first post is not as formal, because it is the first one.

    Today's USA RTH session of the ESH04 (8:30cst-15:15cst) O/H/L/C was 1096.75/1109.25/1096.75/1107.75

    Direction today was green and up.....

    So that means we will be going short and down from the RTH OPEN(8:30cst), tomorrow morning (12/30/03).

    Now is the time to ask the question, "what will the OPEN need to be if it is to cause me to bother with increasing the target from our normal 1 point"?

    Here are the #'s :

    1114.25 or greater
    1094.75 or less

    If we get a number like these above at the OPEN you are on your own. There is no time for me to post the target adjustment in time for you to use them. Our trade usually lasts 2 minutes and max 15 min. So now is the time to ask questions....or if you would like, just add a tick to the target if we get the #'s above. I suggest using a spreadsheet to calculate this, and yes it is worth it as every tick is precious. See opening post for formula description. I can email you my spreadsheet if needed.

    Now remember your execution skills are being tested if you dare to try and trade this.....It is important to time your MARKET order to hit at exactly 8:30:00 cst. Hit your MARKET button 4 seconds before that time ok?

    When you get your fill....look at your price you got and immediately enter in the target at 1 point or adjusted target with a LIMIT ORDER. Sometimes you only have 15 seconds. Worry about the 5.50 point STOP LIMIT ORDER later, but do enter it in.

    Now,...wait...but do not get side-tracked, you have a 15min. time stop to remember. It harder than you think! When the clock strikes 8:45:00cst EXIT....NO MATTER WHAT YOU THINK THE CHART IS TELLING YOU. Also, don't forget to cancel your open working orders after you hit the target, stop or time stop.

    I know I am talking to experienced traders and newer traders alike in this public forum, so please excuse the wordiness. I cannot express enough about that this is a fast moving scene at the OPEN and you need to be alert, aware and awake. Remember you only have 4 things to do at the OPEN....enter, set target, adjust target, set stop in this order. During the trade just watch and wait.....exit in 15 minutes and don't forget to cancel working orders....That's it...

    Ok, your finished for the day...or you can continue on with your normal trading. I am trading until 10:00cst in a chat room, then I go to work. I try to pop in here in the middle of the work day every chance I get.

    For you advanced traders on a day we get a 5.50 point stop which is rare.....you can reverse there with a 1.25 stop and a 1 point target.

    Michael B.
     
    #24     Dec 29, 2003
  5. dbphoenix

    dbphoenix

    I can't speak for most people, but I wish you all the success you desire. It's so nice to see somebody actually trading rather than blowing smoke.

    As for me, I can't offer anything because I'm usually in before the open. But I do agree with Daryn regarding backtesting. About a year or so ago, several of us were chewing on ORB strategies, and a couple of people said they didn't bother going back more than 20 days. That seemed, and seems, a bit too small a sample for me, but going back for more than two or three months doesn't matter much.

    As for whatever questions I might have, you've been very thorough. Some of the other journal writers should take notes.
     
    #25     Dec 29, 2003
  6. DB,

    Thank you for your kind words. I have read your posts and I know your honest, so coming from you, this is a nice and appreciated comment.

    I think there are many others here that would love to post their journals and methodologies. I think they might be scared to be dis-credited if they fail. Now, those of us that know better, realize that failure is part of trading and growing. I honestly do not care if this journal fails. If I have given an idea to a fellow trader indirectly or set an example to others, well then that's my reward.

    I know this sound corny, but I hold traders in a special place in my heart. I feel part of the crowd, and I want to help. I have blown up twice in my life and I understand what the struggle is first hand. I can blow up again too. But please folks, may I ask you if this journal fails, please don't throw me out.

    I hope others gather the courage to post their journals here in this wonderful website called EliteTrader and share their methodologies. The insecurities that we all have can be overcome ...lets make this a marvelous 2004. Ok?

    I know you can do it!


    Michael B.


     
    #26     Dec 29, 2003
  7. dbphoenix

    dbphoenix

    Unless the individual keeping the journal is looking for ways to improve his trading, the idea is all I look for (I don't understand the trading log thing; what's the point?). I've picked up ideas that others can't make work and made them my own, while other ideas that have traders wetting themselves in ecstasy don't work out at all.

    As for tomorrow, you're probably right about the first 15m. Good luck to you.
     
    #27     Dec 29, 2003
  8. Ok....where the H*** is Longshot and Gordon Gecko.....I need some spirit in here.....LOL...

    And where are those losers from the chat room...Nitro, Wd Gann, Surf, and well you know who you are......

    You know those guys in the Chat room couldn't trade their way out of a milk jug in an oreo cookie factory.....

    And then there is Scientist.....well I have no words for him...

    T-Rex ...hey guy no hard feelings? I just get frustrated ok?

    I can't pick on FastTrader he is on vacation...

    I need a Nihaba critique also. I will clear the thread to give him space. I think he is the only one that can out-talk me. I know he can out-trade me:)

    By the way HPPY nEW yEAR TO ALL YOU eLITE cRONIES OUT THERE....i HAVE STARTed dRINking Already...

    i THINK WE NEED A NEW THREAD NAMED tRADING WHILE dRUNK AND ON aTKINS



    HEHE (evil savant)

    Michael B.
     
    #28     Dec 29, 2003
  9. dbphoenix

    dbphoenix

    I guess they think you're too boring :p
     
    #29     Dec 29, 2003
  10. nkhoi

    nkhoi

    no, just an odd bird.
     
    #30     Dec 29, 2003