January 27, 2011
- in Uncategorized by schooloftrade
Trade Management Chart for Day Trading Futures
– Trade Management Chart
o MACD at the bottom (developed specifically for our trading methods)
o Background color = who is in control
o I want to make a decision when the background color changes
§ Flatten my trade completely
§ Tighten my stop (eliminate risk)
§ Take a potion of the trade off as profit, and leave another potion in the trade.
o MACD also uses histogram bars (up/down bars that fill in the macd lines)
§ I use the background color as the most important
§ The color of the histogram tells you who is TRYING to take control.
o MACD also use a moving average cross to signals the change in direction
o Look for these as signs of things to come, a good heads up for potential moves in the future.
o Enable the chart trader function so we can manage your trades on this chart
o Trigger line is a LITTLE different on this chart then it is on the other timeframes we use.
o Flat trigger lines = flat markets, so beware
o Used most often as a trailing stop, so we keep our stop loss 3-5 ticks above/below the trigger line on the TMC.
o Also use the swing high/low indicator to make your final targets easier to find.
o We also use the auto levels indicator to make your targets easier to find.
– 1 contract trading (beginner and advanced course)
– It does not work the same way for all three targets.
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– Goal is to make us aware that after a short period of time the trade becomes MUCH higher risk if the move has not happened yet.
– Exit strategies
o Using the trade management chart
o Advanced course watch the video titled ‘exit strategies’
– Best times to trade outside of the US morning session?
o 230-330am US Afternoon session
o 3am – 630am EST Euro Session OPEN
o 630pm – 1230am EST Asian Session
o Watch the video on the blog about the 8-phases of the Eminis
– When do we look to use the dollar speed and the ATR
o We look at the speed and the ATR as soon as possible first thing in the morning. Trying to determine the market’s personality.
o I continue to monitor this throughout the day
o Watching for a change in the market personality as the day develops.
o Are we seeing slower speed now than it was at the open?
o Are we see lower ATR now than we did earlier this morning?
o Are we seeing better price action as the day develops, or is the price action getting worse.
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– Watch the video and use the notes in the advanced course
– Check the blog for a free video
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– Auto Trader
– Version 1.4 is ready…but not posted yet, I will post this asap BEFORE we start training.
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– Wave Failure, where is the best entry?
– Higher % will be to use the entry with the swing high
– Entry at the break is just fine as well, but it requires a little more experience
– Reading tape to know WHEN and WHERE the trigger line is COMPLETELY broken.
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– Time and Sales window
– Watch the quick start guide for info on setting up the tape
– Use the download section to open up the time and sales properties
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– How would I begin as a member?
o New Advanced Member
o Start with the Beginner’s Course
o Watch the Quick Start Guide in the Advanced Course to set up my charts, data, indicators, workspaces (takes 20 minutes to set it ALL up)
o Set up my Auto Trader ($1500/mo/contract
o Attend NinjaTrader Charting webinars (if needed)
o Then start working on your demo trading, moving to your live account.
– What continues to keep this market from having larger moves?
– Waiting for big news first of the year
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– Crude Oil Inventories: before the 1030am news the crude market tends to be sideways, sluggish, fake-out breakouts, and lacks the big moves and follow through.
– After the news the market personality will usually change dramatically. We see slow and sloppy before the news, so we use extra caution before the news, and then wait patiently for the reaction to the news to give us a clue for the future direction.
– Wait a few minutes after the 1030 news for the reaction to show its face, wait to see the volatility die a little and then plan your next high % pattern.
