25th April, 2017
Pre-market Simulation Trading.
Not much action in the Pre-market hours.
After a small advance off the open it stayed in a pretty tight trading range.
Made a couple of trades, but ended up just working for the broker.
Pretty hard to trade anything when the market is stuck in a 3 or 4 point range.
Just after 7:00 am we got a breakout to the upside.
Using the 10,000 and 2,000 tick charts I got some early entries and picked up a couple more points.
The 30 minute chart would have gotten us in later, but still made our point target.
Now onto the Open Trade
All indications showed the market should advance off the open and that is exactly what it did.
Took 2 contracts long at 2378.50 just before the opening.
Hit first target at 2379.50.
Because there were no near term overhead resistance I did not have a clear target for the second contract. I initially set it at 2380.50.
As the market moved up I pushed it up to 2381.00 where it was taken out.
Profit for the trade about $170.
Back to the simulation.
The market was pushing higher so I started using the 10,000 tick chart to get some intra-bar entries.
Testing this theory in conjunction with the 30 minute bars since the 30 minute bars are to slow when the market is moving fast.
Basically the same rule structure only applied to the faster 10,000 tick chart.
Enter on the open of the next bar when the current bar closes with a naked close signal.
Also watching the 2,000 tick chart for pull backs and re-entry points confirmed by a naked close in the direction of the main 10,000 tick and 30 minute charts.
I made a number of trades on the way up taking 1 point out of each one.
The market found resistance around 2387 which is just below the high from back on March 16th.
This is where things go a bit tricky there was a pull back that gave me some sell signals on the 10,000 tick chart. I ignored these because logic dictates that after a long run like there will be a pull pack.
So, I stuck with the long position I had and actually added to it when the market rallied off the pullback and the 10,000 tick chart gave another buy signal.
The 10,000 tick chart is a faster chart and you can get whipped back and forth by it.
Taking the second long position lowered by average cost and brought my target down into the range that appeared to be forming on the 30 minute chart. The market rallied into my target and I went flat.
Now up $400 in the simulation.
The Rally exhausted itself just short of the resistance level forming a nice double top and then gave me a short signal. But, there was no follow through to the short side and the market moved into a consolidation period.
I got tricked by a couple of signals going long, short then long again before I got a good trade, covered the losses on the first two and came out with a profit.
Have to learn how to stay out of these sideways markets.
Finished the day with a profit of $464 in the simulation account.
Not much action in the Pre-market hours.
After a small advance off the open it stayed in a pretty tight trading range.
Made a couple of trades, but ended up just working for the broker.
Pretty hard to trade anything when the market is stuck in a 3 or 4 point range.
Just after 7:00 am we got a breakout to the upside.
Using the 10,000 and 2,000 tick charts I got some early entries and picked up a couple more points.
The 30 minute chart would have gotten us in later, but still made our point target.
Now onto the Open Trade
All indications showed the market should advance off the open and that is exactly what it did.
Took 2 contracts long at 2378.50 just before the opening.
Hit first target at 2379.50.
Because there were no near term overhead resistance I did not have a clear target for the second contract. I initially set it at 2380.50.
As the market moved up I pushed it up to 2381.00 where it was taken out.
Profit for the trade about $170.
Back to the simulation.
The market was pushing higher so I started using the 10,000 tick chart to get some intra-bar entries.
Testing this theory in conjunction with the 30 minute bars since the 30 minute bars are to slow when the market is moving fast.
Basically the same rule structure only applied to the faster 10,000 tick chart.
Enter on the open of the next bar when the current bar closes with a naked close signal.
Also watching the 2,000 tick chart for pull backs and re-entry points confirmed by a naked close in the direction of the main 10,000 tick and 30 minute charts.
I made a number of trades on the way up taking 1 point out of each one.
The market found resistance around 2387 which is just below the high from back on March 16th.
This is where things go a bit tricky there was a pull back that gave me some sell signals on the 10,000 tick chart. I ignored these because logic dictates that after a long run like there will be a pull pack.
So, I stuck with the long position I had and actually added to it when the market rallied off the pullback and the 10,000 tick chart gave another buy signal.
The 10,000 tick chart is a faster chart and you can get whipped back and forth by it.
Taking the second long position lowered by average cost and brought my target down into the range that appeared to be forming on the 30 minute chart. The market rallied into my target and I went flat.
Now up $400 in the simulation.
The Rally exhausted itself just short of the resistance level forming a nice double top and then gave me a short signal. But, there was no follow through to the short side and the market moved into a consolidation period.
I got tricked by a couple of signals going long, short then long again before I got a good trade, covered the losses on the first two and came out with a profit.
Have to learn how to stay out of these sideways markets.
Finished the day with a profit of $464 in the simulation account.
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