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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #121 (permalink)
shots fired
Boise, Idaho
 
Posts: 71 since Feb 2013
Thanks Given: 28
Thanks Received: 10

Thank you! Going to watch it now.

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  #122 (permalink)
shots fired
Boise, Idaho
 
Posts: 71 since Feb 2013
Thanks Given: 28
Thanks Received: 10

thanks for making the video. It was of little interest or help to me, however. I might want to consider changing my experience level from intermediate to beginner because your video was way over my head. My type of trading is price action trading. I do not have any indicators on my chart except a 20 ema. I mainly just look for second entries shorts and longs, and look for two-legged moves. It is about as basic as you can get, I suppose. My instrument is the ES. I have traded stocks for about a year, and have only been trading the ES for about 6 mos. I practice on the simulator more than I live trade. Thanks for taking the time to make the video.

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  #123 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


Trading continues to improve. Here's a video showing yesterday's afternoon breakout move on Cl utilizing some order flow techniques.


Failure is not an option
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  #124 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386

This shows good examples of my 2nd wave setup..shown after Non Farm yesterday.


Failure is not an option
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  #125 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386

Haven't posted on this thread in a while. I revamped my system and have been testing it for the last couple of months. Utilizing price action, 3 distinct setup types, and my knowledge of market conditions, I now go for 30 tick targets with a 10 tick stop loss on Cl. Some may think that is extremely difficult. I have been having great success with this. My ticks at the end of each week far surpass what i was doing before. I used to be very heavily involved in managing my trade..either manually or with automated trailing stops. I no longer do this. I usually will break myself even when I'm up 25 ticks..but that's about the extent of my involvement. I only take what I believe to be super high probability entries and ignore everything else.
I base my entries off of higher time frames..but time my entries off of small ones..in order to keep my stop at 10 ticks. That obviously takes a lot of precision..but it is giving me a nice 3:1 risk reward ratio. You can do well even with a 40% win rate and I'm doing better than that. Will give updates in the near future..but this is working well for me so far.

Failure is not an option
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  #126 (permalink)
toucan94506
danville ca usa
 
Posts: 51 since Mar 2012
Thanks Given: 6
Thanks Received: 41


lancelottrader View Post
Haven't posted on this thread in a while. I revamped my system and have been testing it for the last couple of months. Utilizing price action, 3 distinct setup types, and my knowledge of market conditions, I now go for 30 tick targets with a 10 tick stop loss on Cl. Some may think that is extremely difficult. I have been having great success with this. My ticks at the end of each week far surpass what i was doing before. I used to be very heavily involved in managing my trade..either manually or with automated trailing stops. I no longer do this. I usually will break myself even when I'm up 25 ticks..but that's about the extent of my involvement. I only take what I believe to be super high probability entries and ignore everything else.
I base my entries off of higher time frames..but time my entries off of small ones..in order to keep my stop at 10 ticks. That obviously takes a lot of precision..but it is giving me a nice 3:1 risk reward ratio. You can do well even with a 40% win rate and I'm doing better than that. Will give updates in the near future..but this is working well for me so far.

Great job lancelot!!!

I look forward to reading your postings

cheers

toucan

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  #127 (permalink)
 Sk8ter 
Beaverton, Canada
 
Experience: Beginner
Platform: Ninjatrader
Trading: Currency Futures
Posts: 135 since Dec 2012
Thanks Given: 1,199
Thanks Received: 130


lancelottrader View Post
Haven't posted on this thread in a while. I revamped my system and have been testing it for the last couple of months. Utilizing price action, 3 distinct setup types, and my knowledge of market conditions, I now go for 30 tick targets with a 10 tick stop loss on Cl. Some may think that is extremely difficult. I have been having great success with this. My ticks at the end of each week far surpass what i was doing before. I used to be very heavily involved in managing my trade..either manually or with automated trailing stops. I no longer do this. I usually will break myself even when I'm up 25 ticks..but that's about the extent of my involvement. I only take what I believe to be super high probability entries and ignore everything else.
I base my entries off of higher time frames..but time my entries off of small ones..in order to keep my stop at 10 ticks. That obviously takes a lot of precision..but it is giving me a nice 3:1 risk reward ratio. You can do well even with a 40% win rate and I'm doing better than that. Will give updates in the near future..but this is working well for me so far.

Very nice. Looking forward to hearing more about your new system.

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  #128 (permalink)
 Sk8ter 
Beaverton, Canada
 
Experience: Beginner
Platform: Ninjatrader
Trading: Currency Futures
Posts: 135 since Dec 2012
Thanks Given: 1,199
Thanks Received: 130

@lancelottrader, any updates on your new system?

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  #129 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


Sk8ter View Post
@lancelottrader, any updates on your new system?

Thanks for asking.. The system is going very well..in fact in the 5 years I've been trading, this is the best I have ever traded consistently. And it's obvious to me, that it is not just a fluke or temporary luck. I see no reason why it will not continue to work. I am going to describe some basics and a few details. It will not be overly complicated or technical. If anyone wants any specific questions answered , they are welcome to post them.

I use mainly 3 charts..A time chart (1 minute up to 30 minutes mainly for indentifying key levels) a 6 range and a 2 range chart. Obviously the first thing I do is identify all major and minor areas of Support and resistance, along with highs and lows of the previous days, etc. I color code the areas with lines I draw signifying where I consider some major price congestion to occur or areas I refer to as "speed bumps". I then map out a plan..utilizing 3 setup types and formulate several what if strategies before the 9am est Oil session opens.

The three setup types, basically, consist of 1. A reversal trade 2. A pullback/continuation trade on a strong fresh trend and 3. A breakout or what I call a "power Move". It's a combination of these steups at key price areas combined with the context of the market..or prevailing market conditions. I try as early in the session as possible to classify the particular market conditions of that day (Choppy. Chaotic volatilty, strongly trending..types of price swings etc.) Many traders seem to pick price areas and decide to go long or short at those areas..without fully taking into consideration the immediate market conditions. As I have mentioned in many of my earlier posts and videos, there are key times of the day when price tends to move stronger than others. You obviously don't want a slow or dead market when you are trading for 30 tick targets. And that is what I do..go for 30 tick targets with a 10 tick stoploss.

For my reversal setups, I have a few different types of entries. There is the double bottom or double top entries. Usually a 2nd fail during the session of a high or low of the day. Also, I have a single fail reversal..where price hits a level and quickly reverses. If I feel I am getting this type of setup (and Cl often changes direction extremely fast), I enter quickly so my stop is behind where the lowest or highest price swing just went. I don't wait for indicators or candle's closing to enter. It is purely a price action entry. On other reversal moves that I feel need more confirmation, I will wait for a 6 range candle close..or sometimes a 1 minute close... But..waiting for higher timeframes than those, can cause a late entry.. If I wait for the 6 range or 1 minute close, I generally like to wait for a pullback to my 10 ema...and also to an area where my 10 tick stop is in a place that makes sense. I also have a reversal setup that relies on a double fail of price to penetrate an area.

I will post at a later date, my other 2 setup details (The continuation trade and breakout trades), along with some rules I follow and trade management. Also I'll write a bit more how I take entries in order to keep a 10 tick stoploss.

To be continued..

Failure is not an option
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  #130 (permalink)
 Sk8ter 
Beaverton, Canada
 
Experience: Beginner
Platform: Ninjatrader
Trading: Currency Futures
Posts: 135 since Dec 2012
Thanks Given: 1,199
Thanks Received: 130


@lancelottrader, thanks for the update. I am looking forward to hearing more about your new system and seeing some of your charts. Hoping that I can learn something and apply to my trading to improve my results.

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