I am always looking for high probability signals and one signal I have always found power behind is when an entry signal fires off on multiple markets around the same time.
Today both CL and GC fired short just after 1PM EST... well just before I was done in the room I called out short short short because ES, NQ, TF, and YM all fired short after both CL and GC broke lower from their signals and here is the outcome... a great opportunity no matter which market you chose.
Though RP0 is far and few between - they certainly can be powerful.
NCEP3.1 COP signalled too late in the AM to qualify and early in the PM to qualify.
So as I have been going through Trading Classes at the lunch hour I have also going step by step creating my plan and this is what I am thinking of doing...
They always say KISS - so in I am! I have selected the Entry Method YM NCEP3.1 COP
and as everyone knows I truly wanted to put together a 1 Trade a Day Plan and so I am basing my research on this.
So far it is panning out quite nicely but I still have another 90 trade setups to view and calculate before I will complete my most optimum stop & target tool(s) as well as start time.
So far it seems that MAX stop is 15 ticks... as for target it is too soon in research to know but I have a feeling Alla's Average and EOT will come into play for me.
I am checking start times ranging from 1 hour pre-market to Open and I am thinking of checking the hour after Open just in case I can work in a more favorable Pacific Time!
Some More Examples:
6) CHARTS:
Thank you - awesome visuals and I appreciate you explaining on the chart so I can visualize it with you. Your plan looks good to me - let me know how forward testing in sim goes. If you need any help along the way or if you just need a second look at trades to add my ideas let me know.
I want you to look in detail at these charts. This is how your chart examples should look while simming and recording all you can on the trades you take during your forward testing. This is what will help you fine tune your trading plan based on the nuances you recognize happening in the market over and over again with high probability.
4) Trade Management:
You should note that the EOTID hook and SECS changing color usually happen together becaus EOTID info is in this aspect of SECS. Be sure you confirm that 12 tick stop on CL (at least eyeball it to be sure to sim forward) is not too tight due to this markets volatility.
What does tighten stop mean at the tag of ID & TA - how close? A set number of ticks or do you use support and resistance etc...? I mention this because in strong beginnings of trends ID will cycle with small pullbacks into the next pop. I agree that taking the trade off instead of playing in chop is a smart idea. Lock in your profits as soon as you can and that's whether you have a set target or you wait until the tools meet the criteria when it happens lock it in.
5) Higher time frames:
This is where you have to remember to stay consistent. News is an obvious one (for now) and it is always great to understand that the trend is your friend... avoiding countertrend trades will reduce the risk. Glen has the DOW70 rule whereby if the DJIA is up or down 70points + he will only trade in that direction.
2) Selected Markets:
I am sure you know my stance - you will have to decide for yourself if you wish to follow this as stringently. Just as I always recommend starting with 1 contract - I also always recommend starting with 1 market.
Market Trade Times:
Devoting all day to the markets in the long run may be tiring and or cause overtrading. That being said the first hour pre-market does often have good movement so I encourage you confirming that the signals at this time are generally good. Will you stop once you reach your 2 point target? What is your plan where this is concerned?
3) NCEP2.5 and NCEP3.1 Plan:
You have a pre-determined max stop of 12 ticks on both markets - confirm this... CL is generally more volatile so it may or may not be enough - only you will know if this is a good risk reward. You are aiming for 8 ticks or 2 points on ES but your stop is 12 ticks... As for CL is 2 points equal to $2 or 20 ticks? If it is then the risk is less then the potential reward - just not sure if you will get stopped out a lot due to CL's volatility.
The tools confirming the trade are great because they include cycles/trend and volume with price action.
Also remember a true RP0 trade has both EOTID and EOTTA below the 25 line when it triggers.
This member has decided to use both NCEP2.5 & NCEP3.1 in his plan...
As you can see he did think his daily goals through however I did add some recommendations...
* 1) Financial goals:
Though your overall goal of 2 points a day average are attainable - I will remind you that you will have losing days. So please create your goals based on attainable results. If your goals are not attainable (even in the slightest) it will cause additional emotions to enter your trading and this is what you don't want.
I always always recommend that the first goal is to be profitable... and to build it from there a little at a time so that they are within reach of where you are and where you want to go. I am glad to see that you are earning your contracts... I would also recommend if you do have a losing day and dip below the earned contract that you remove it until it is re-earned.
Have you also thought of taking out your initial investment when you earn it? So if you start with $5000 account cash it out when you reach $10,000.00 and start over. This means starting again with 1 contract and earning your way back up.
This is in amazing detail and very thorough. This member took a gander through our different available analysis and spent time in the Main trading room asking questions pertinent to what he wanted to accomplish and how to get there.This member also incorporated his personal preferences so that the trading plan was unique to him.
I am grateful that he was willing to share his work because this is a great example of starting on the right foot, thinking through your goals, how you want to attain them, and then putting it to paper.
I did offer recommendations through out and I will include this information so you can see my perceptions as well. I will share a few pages a day so you can get ideas for setting your own plan in action.
As you can see this member truly put amazing effort into incorporating the information he needed.
You could add to this by incorporating links to our website that add to your plan that would take you to the indicator pages and NCEP movies where you can access answers to any of your questions. A one place stop designed for you.
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