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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #131 (permalink)
meow
Bangkok+Thailand
 
Posts: 47 since Nov 2012
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@lancelottrader Your way to trade sounds interesting, do you still trade TF? Waiting to hear more about your system and see some charts/videos as well. Thanks in advance.

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  #132 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
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meow View Post
@lancelottrader Your way to trade sounds interesting, do you still trade TF? Waiting to hear more about your system and see some charts/videos as well. Thanks in advance.

Hi There.
I made this video back in September. It is extremely basic and simplistic, but it does a fairly good job of explaining my three setups I use. I have made a few changes since then such as using a 6 range time frame for timing entries instead of a 4 range. Also I expanded my average targets from 20 ticks to 30 ticks. It also doesn't show how I evaluate trends on higher time frames, but I think it will give you some good info.




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  #133 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
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Posts: 1,112 since Oct 2011
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meow View Post
@lancelottrader Your way to trade sounds interesting, do you still trade TF? Waiting to hear more about your system and see some charts/videos as well. Thanks in advance.

Oh, and no..I no longer trade TF. I have found it doesn't quite make the same type of moves it used to. I basically only trade CL now.

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  #134 (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

Things have continued to progress with the CL trading. Going to be adding some funds to my trading account soon so i can comfortably trade 5 contracts. I am happy, in many ways, that I put in so much screen time on CL for the last several years, that I was able to find Price action patterns that occur with a good degree of regularity. Often, those patterns can only be detected on smaller timeframes. These timeframes often generate signals that most Forum "experts" would classify as noise. Happy I never follow the crowd.

My setups often will get me in a trade way before any order flow shows any detectable changes..and sure enough..once the volume comes in, I'm already up close to 20 ticks.. Having targets of 20 to 30 ticks with a 10 to 12 tick stoploss has been working great for me. Of course you can't just take an entry with a random ten tick stop and expect not to get hit..you have to take an entry where your stop is at least behind a recent price swing or a price congestion area. Looked at Market profile for a while, but didn't find it to help me anywhere near as much as my own setups that I created from hours of watching CL on various timeframes. I apparently have a good mind for pattern recognition. Having said that, I have gotten some excellent benefits out of the 9G Dom tool..as far as seeing where large orders are etc...

Cl does a lot of tricky things..in fact it lures you in with these sudden spikes. It makes you think it's going to explode..then you jump in and it goes a quick 20 ticks against you..and possibly more. I saw that so many times, I have a setup I call "The explosive move..then quick reversal." I nail these all the time. It also loves fake breakouts. It loves to blast through a support or resistance level and overshoot it by about 10 or 12 ticks. Then it pauses and quickly reverses often for a big move. I call it, "The false break..with overshoot reversal." I use the DOM a bit to gauge my timing. I never learned these setups from anyone..all from observation. The people who get so wrapped up in waiting for the close of a 5 minute candle, would be shocked to see how much sooner I get into a trade than that. I don't need indicators to wait for or anything..and it enables me to have targets at least 2 to 3 times my stoploss.

Also, a huge help has been in my trade management..which is now virtually non existent. So many good setups were wasted on me thinking that the trade wasn't going to work or it wasn't going to hit my target..thus causing me to abort winning trades. Peeling off contracts and scaling out proved to be way inferior to all in and all out. Oil can move in such a serpentine way that you can be 15 ticks up and it can suddenly have you 8 ticks down..but then go on to hit your 30 tick target. I now hold my trades and don't interfere until the stop is hit or the target is reached. My target selection is very accurate to the point where many times the target will be hit and then the trade will totally reverse a few ticks afterwards. I will move the stop to breakeven only if it is up 25 ticks. Besides that, no interference. This has made a huge difference in my results.
Needless to say, I am finally seeing the progress I had hoped for all these years.

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  #135 (permalink)
HFF Trader
Minneapolis Minnesota
 
Posts: 14 since Apr 2014
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I think many should read your post about trade management. Statistically, in most situations, it makes most sense to go all in/out but people try to experiment with it to add 'edge' to their trades-generally doesn't work that way. Do you use any order flow info to refine your entries? Or just pure price action?

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  #136 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
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HFF Trader View Post
I think many should read your post about trade management. Statistically, in most situations, it makes most sense to go all in/out but people try to experiment with it to add 'edge' to their trades-generally doesn't work that way. Do you use any order flow info to refine your entries? Or just pure price action?

Yes, in many cases I do use order flow when deciding to take a trade. I really like an indicator called Tick Strike..I think it works very well. Also I have volume charts that are set to show accumulation every 10 seconds and I watch Time and sales to some extent, that is filtered a particular way. The 9g dom is very good too. But first and foremost are the setup types that meet my parameters...but in the cases of breakouts or reversals at strong levels of support and resistance, order flow is definitely useful.

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  #137 (permalink)
 Sk8ter 
Beaverton, Canada
 
Experience: Beginner
Platform: Ninjatrader
Trading: Currency Futures
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@lancelottrader, are you planning on posting any charts on your new method or videos like you did before? Found the videos quite useful in understanding your method. Thanks.

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  #138 (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
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Sk8ter View Post
@lancelottrader, are you planning on posting any charts on your new method or videos like you did before? Found the videos quite useful in understanding your method. Thanks.

I may make another one soon..that really goes into more detail on my various setups..plus shows how to avoid choppy market conditions. The problem is that basically there isn't much interest in my videos or this thread in general. That makes me question whether it is worth my time to make any more videos. However, I do appreciate that you are one of the few that likes what I'm doing.

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  #139 (permalink)
 Sk8ter 
Beaverton, Canada
 
Experience: Beginner
Platform: Ninjatrader
Trading: Currency Futures
Posts: 135 since Dec 2012
Thanks Given: 1,199
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lancelottrader View Post
I may make another one soon..that really goes into more detail on my various setups..plus shows how to avoid choppy market conditions. The problem is that basically there isn't much interest in my videos or this thread in general. That makes me question whether it is worth my time to make any more videos. However, I do appreciate that you are one of the few that likes what I'm doing.

That sounds like some great topics. I do hope you will make some more videos. Thanks.

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  #140 (permalink)
 mosschops 
New York, NY
 
Experience: Intermediate
Platform: ninjatrader
Trading: ES
Posts: 2 since Jan 2012
Thanks Given: 2
Thanks Received: 1


Please continue the videos - they really are very informative. I just came across this thread recently and reviewed it several times now, material is excellent - thank you very much.

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