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I've been playing around in SIM for the last two months and doing pretty good.
NinjaTrader brokerage seemed to find every possible way to screwup my account setup, so I went live after the good move this morning.
The first trade was a sim. 10:23 am PST.
Sell 7121.25
Stop: 7131.50
Target: 7026
Still Working
LIVE @ 10:42 Am
Sell: 7124.75
Stop: 7134.75 (initial)
Target:7109.75 (hit)
Time in ~53 minutes
Profit $300.00
The best part about this trade is I was doing my regular work and just glancing at it until it hit the target. I could have held for another 15 points but decided a quick win was a good start. Usually, between 9 am to 12 pm sucks unless there is a trend day.
I'm at work so I can't go into much detail, but it was another good day.
I had two short trades.
Total profit, $435.00.
One at the open, but I got twitchy and bailed. + $35.00
Second at about 6:40
Short: 7149.50
Target 7129.50 = + $400.00
Edit
3rd Trade 11:30 am Counter Trend
I entered with two contracts by accident. The stop was only $40 more than usual, so no biggie.
Short 7160.00
Target 7140.00
I saw this start to develop and decided to jump on. Moved my stop to 7157 pretty quick to lock in 3 points. It went in my favor, but I should have taken off at 7148. I had to step away from my desk so I was fine taking the smaller amount. Oh well, I still banked another $120.
All of these rules are for the NQ and one (1) contract. Same rules apply for more contracts, but I try to reduce my stop size with better entries.
My entries and exits are from a 10R chart. Anything smaller and you are just looking at noise.
Structure Charts:
35R – Good for seeing the complete day.
70R – Good to see the equivalent of a 120 min chart, but with structure.
5 min – good to see confirmation of turning points.
60 min – Just because
Daily – Keep the HTF in mind.
I trade with zero indicators. On some higher time frame charts, I use a moving average band.
If I get two consecutive stops in a row, I call it a day. I'm either not seeing the market correctly, or pressing. Either way, bad things will usually follow.
In retrospect, the trade of the day was long from ~9:00 am to 12 pm.
Friday's are usually pretty low volume and without great moves. Everyone was getting short from ~7 am to 9 am. The short squeeze that started @ 9 am (PST) was a highly likely outcome.
It would have been very low risk to go long at the turn and then get even in about 10 mins. Oh well.