Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.
kingking
-
Content Count
15 -
Joined
-
Last visited
-
The market started off with a 60 points gap on YM and the A/D was -1300 to -1700 for most part of the day. In fact, I have a bias on the short side. I took 10 shorts with 1 win but all losses with a stop from 7-10 points. The chart showed only 3 of the loss trade (Red arrow). I real bad day becoz my market bias is right but am not benefits from such a day. Hope some of you can give me a bit of the advice.
-
On 5 March 2007, YM strated trending up on the morning to reach the pp level (12168). Price reacted at PP and formed a left shoulder. It trended a bit later up to penetrate the PP level and retraced to PP level by forming the head. Price struggled at this level and strated forming a leaf shoulder. From hindsight, this is a good opportnity to take a short position (red arrow on the chart to the right; 60 tick chart).
-
The market has been votalie for the past few days so I am preparing for another wild move. On 1 March 07, YM dropped over 100 points in the premaket from previous day. At market open I notcied A/D was at -1700 and the tick was negative. Price started crwaling up some points and attempted to move its way to S1 at 12172. Around 30 second later, I showed price reverse and I went shot at 12149 (9:31) (Red arroow) because I take the chance the price will not test PP again with a 10 points of stop placement and my usual 12 points take profit. When price start dropping, I sense the flow of price is so smooth on the down side from the DOM so I make my decesion to widen my target profit by hitting the increase target button 20 points. In the next few second, price declined rapidly so I make another 3 hits on the button. Yes three hits. I expect price should move to somwhere around 12071 S2. But when price hit the S2, I still expect price to drop further. Price start retracing and I close out my trade at 12079 (9:34) for 70 points. I could not believe it. This is the reture of a single contract! Hope to see more unrealistic profit from the market.
-
Learning from an unsuccessful trading setup on a smaller time frame
kingking replied to kingking's topic in E-mini Futures
Hi Walter, Thanks for the new thought about my stop placement, I may try to reduce it to 8 instead of 12. A 2 point stop seems to be too difficult to master. -
I paid 40US and took MBTI today. Mine is INTJ. Just wonder what is the type of the successful traders
-
Dear Traders, I am so glad to hear so much constructive feedback from traders of this forum after less than 24hrs of posting the thread. At the moment, I still consider myself as scalper and will remain to trade a single contract. I will do some statistics as to how many of my trades are stop out, knock out at 2, profit for 12, 22 and 32. I know that the most ideal stop placement and profit taking is according to price action at the market but I am still at a novice stage so that the use of a preset protective stop and profit target is more practical. I may also try to learn to explore ER2 Thanks again!
-
In the forum, I have notice some threads discuss the management of stop loss and profit target. I still want to strat a thread on this issue and hope to hear the advice of the seasoned traders. I am still trading 1 contract on the YM and trade mostly on the small time frame My current stop placement is 10-12 points. I rarely change it unless a support or ressitacne is 1-2 points around. In such a case, I will place a 14points stop placment. Neve adjust it When I have 8 points gain I will adjust my breakeven to +2 to lock in my profit. I do not trail. My profit target is 12 points but will adjust according to the market condition to only widen the target for another 10 points. e.g 22 points, 32 points My struggle with this setup is that there are times I will be knock out prematurely for only 2 points (adjust to 2 when a gain of 8) while the market can offer me 12 points and sometime even more 22 points or 32 points. It piss me off! But I am glad at other times because I captured 2 points instead of losing 10 points with the setup. Is there a better setup to refine my current strategy?
-
One of my favorite trading setup is to trade in the direction of a possible trend after price leaving the coil of a smaller time frame (60tick). But one need to pay attention on the big time frame as well for filtering (300tick). In this particular trade on the YM on 21 Feb 2007, I took a short trade (red arrow) at 12740 with 12 points of stop placement and a taget of 12 points. The reason for taking the trade was that YM form a coil between 12764 amd 12740 before 10:15. Then, price started probing lower at 10:30 to reach 12720ish and retraced to the daily S1 at 12740. This is where I short and lose my 12points. From hindsight, I should skip this trade as price tested yesterday’s low (20 Feb 2007) and rebounded (blue arrow on both the small and big time frames indicated the lows). Price trade higher on 21 Feb after bounding off this low. Next time, I will pay more attention to the support or resistance levels on the big time frame as a filter when taking my favorite setup.
-
How to be a trader and earn income passively from other sources
kingking replied to kingking's topic in General Discussion
Brownsfan019 Thanks for the reminder. I am keen on becoming a full time trader. At the moment, I need to refine my trading style and use my time wisely to learn how to trade. My reason for emphasing on passive income is that I do not want to focus my time on it . I simply seek for channel that can generate income passively that can run on its own once set. In reality there may not be any channels for generating passive income at all. Thus, the best way for me is to refoucs on how to trade. I however do not mind to hear more comments on this issue from fellow traders in this forum -
The charting software that I use has recently upgrade its platform to include strategy backtesting and automated trading as part of the software. I am still not sure how these two features can assit me to trade better as my trading appraoch include the use of pivots, volume, fib, MACD, internal for trade excution. How can one create a strategy based on all the above and backtest the strategy successfully? Please inputs your valuable thoughts
-
I am still trading part time and only trade the morning session of the US index futures. I keep a full time day job (in Asian) but am eager to learn more way to increase my income. I just wonder how traders utilize their time to make extra bugs besides extracting money from the market. Is there a way to get passive income while one is trading the market? Would love to hear some concrete ideas for my insights. Thanks
-
The attached fig shows how I use Fib to play the small time frame (60ticks chart). Price consolidate on a 20 points range from 9:30 – 10:15. Then, price trend up and make the day high of 12605 at around 10:30. For me still no trade yet as I am waiting for an opportunity to long for price pullback to the upper edge of consolidation area. I make a fib projection from the low in the morning to the high. I pay particular attention to 61%, 50% and 38% (the upper edge of the consolidation area) (see blue arrows). When price hit these levels for the first time I buy it with a 12 points stop and 10 points target for hitting the 61% and 50% retracement and a 15 points for the 38% retracement. Comments are welcome
-
Trading opportunity in the smaller time frame
kingking replied to kingking's topic in E-mini Futures
the charting software that I am currently using do not have volume delta. Any one got EL code of volume delta so I can incorporate it into my chart Thanks -
Attached is a trading window I currently use for trading the YM. On the left is a bigger time frame (300tick) and on the upper right hand corner is a smaller time frame (60tick). The lower left contain the tick chart. The bigger time frame is solely used to look at the overall price action while the smaller time frame is used for trade entry. I try to avoid trading consolidation and enter trades only on a confirm direction of a trend. On the attached charts, you can see price consolidate between 12530 and 12510 from open til 10:15am. At around 10:15, price penetrated the upper level and tested 12540. Then, price pulled back to the upper level of the consolidation area at around 10:23am. At this point, I entered long with a 12 points stop placement and a profit target of 15 points. I do not trail as I trade a single contract. Comments are welcome!
-
Introduce Yourself Here - Don't Be Shy!!
kingking replied to trading4life's topic in Beginners Forum
Dear Traders, I am King, an amateur trader from HK, China who is keen to become a full time trader. Let me introduce a bit of my trading experiences. Start trading the local stock market in HK around 2000 with the buy and hold strategy. Continue to trade using the same approach for couple more years with some profits. At a point in time I realize my so call buy and hold technique is dull and slow. Start looking at derivative market with the stock option in the US at first. Took a course but found out that option trading strategy requires enormous amount of effort and long time dedication (of course is this also apply to trading futures). Am still believing the power of option strategy as I see it work intricately in some traders. Will keep on learning options. A year and a half back, I start exploring trading index and currencies futures. Again I took a seminar but the unconventional teaching is not helpful. However, I start trading real on the currency futures and ER2 as I believe I have mastered the secret of trading futures. The outcome was the blown out of a small account. After that I simulated trade and start exploring futures resources for increasing my learning curve ranging from browsing for online forum, chatting in trading room, and reading of e-books and useful trading books. So far, I have make some progress with my trading techniques, make some cash out of it, accept stoploss as part of trading and know to let the profit run. Have recently joined TL and have been a regular patron of the future trading room for about a month. This place is full of great and wonderful trading resources ranging from trading techniques, trader’s psychology, video, and audio. Am currently trading YM but also watch for ER2. am willing to contribute my limited ideas and knowledge about the market and also would love to see more great posts from the seasoned traders of the forum