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Mini I.B.


Set-up is VERY simple take the first 1/2 hour of RTH and if price trades above buy, and if it goes below sell short.

For mini Russell 2000 use targets of 2 points and a stop of 2 points.

For mini S&P500 use targets of 2.5 points and a stop of 2.5 points.

So far this March the ES has triggered 4 profits and 2 lossers or a gain of +$896.00 trading 4 contracts. It tends to perform better over a longer period. But the TF continues to outperform the ES month after month.
And trading 4 contracts in the past month would have yielded +$3150.00 on the ES

The TF on the other hand trading in the past month has yeilded +$6400.00 via trading 4 contracts

*these are actual results that counted my slippage but not comm.
Thanks for all the info on this method..have been following it for a couple of days and am just curious regarding the stop..you place it -2.5 below/above the high or low of the 5-6 min range ..if the range is wide how do you feel about the risk/reward ratio? The range this A.M was about 3 pts..if we enterd 2 ticks above high and placed stop -2,5 below low of range risk would be around 5.5 pts ..is this the norm.? Greatly appreciate any input you could give me as I am very intrigued by the posts

Thanks
quote:
Originally posted by CharterJoe



The 30B high on 5/22 was broken at 10:25! @ 9:21 the setup was not even complete, the market wasn't even open so I assume you are on a different time zone. It almost stopped one tick and then went for a profit. If you like it trade it if not don't. The stop is not placed -2.5 upon entry but upon the market at the hi/lo. Gotta go 9:58

The 5B (first 5min) today was 2.25 and yes that has been the norm here of late. Yesterday it was 3.25 if I remember correctly. The number for the 5B contracts and expands weekly during times of high $vix prices it has been 6 points or larger.
And I enter 1 tick above the high which was 953.25 my stop was 950.50 and target was 955.50. that was a stop of -2.50 and a profit of 2.5 points it happened to be a profit. I don't know where you got 5.50 from. Basically all this is is buy a tick above the five min high and place stop one tick below low and profit the same ticks as the loss...
Thnaks for clarifying that point...I misread and was looking at a stop -2.50 below the low ..not 1 tick..thanks
dchfd,

This "system" has worked for me although there are times I adjust due to recent market activity. Like todays 5B low was also just above todays pivot point by my RTH's numbers so this weighs more heavily in my book as there was extra support holding up the lows, a firm foundation so to say. So its a lesser risk so more was laid on the table.

This system is every changing I used to noticed a profound "V" formation in the winners and since this big run up the market is short of a "V" and more of a spike and pause like an upside down "L" or like a mini plateau (spelling???) missing one side...Another thing that I am watching is how it moves off the VWAP the ones that spend equal time above and below the 9:30 forward vwap are not the good trades, rather for longs I am seeing it hug the upper side of the vwap for the whole 5min or at least the majority of the time. although I am not filtering anything I am adding cons to the trades that are adding any extra insight to whats going on.
Hi Joe! Thank you SO MUCH for all the info. I'm on the NQ, and I set a stop loss 1 tick above/below the first 5min bar. I just started trading this Monday, with no losses for 4 days straight.
Have you tried the NQ much with the 5B method, and if so, what are your results, generally speaking?
Thanks for the tip of setting the profit target the same as the range of the first 5min bar. Your experiences are invaluable.
Piper
I'm new to the forums and was recommended to look at this thread, which I'm please to say I have. I think I have a good understanding of this method, but won't say 100%. In any case, thank you to everyone that has contributed to this (esp. CharterJoe).

I been playing with the mini ES using this method this morning and with the 5B the range was H969.50 - L966.25. Price traded above so I got in @ 969.75 and set SL @ 966.00. I set my target @ 2.5pts which it traded up just shy by 1 tick. It didn't seem to have enough steam to push back up so took profit at 1.75pts. Good thing too...eventually it never made the 2.5pt target but came down through the stop price. Was this the correct setup?

I didn't trade the 30B...did anyone else? Looked like it triggered a short though.

Thanks in advance.
piperian,

I don't watch the NQ during this time so I can't tell you much about it. I trade the NQ's when things slow in the ES 11:00-2:00.

The best future for this is the euro 8:20-8:25 range. And the ZB for the same time. So far the 6E has made 67 ticks in the last 8days...
yes dvd2000g, thats correct.
edit on the other post, 2 up 52 ticks in 10 days....one of the trades was a different set-up.
I read in a past post that waiting for 6 bars for a high/low instead of 5 filtered some of the losers..do you find this to be effective or are you just using 5 ? Thanks for your willingness to answer these questions..I know it is sure is a great help to me
quote:
Originally posted by CharterJoe

dchfd,

This "system" has worked for me although there are times I adjust due to recent market activity. Like todays 5B low was also just above todays pivot point by my RTH's numbers so this weighs more heavily in my book as there was extra support holding up the lows, a firm foundation so to say. So its a lesser risk so more was laid on the table.

This system is every changing I used to noticed a profound "V" formation in the winners and since this big run up the market is short of a "V" and more of a spike and pause like an upside down "L" or like a mini plateau (spelling???) missing one side...Another thing that I am watching is how it moves off the VWAP the ones that spend equal time above and below the 9:30 forward vwap are not the good trades, rather for longs I am seeing it hug the upper side of the vwap for the whole 5min or at least the majority of the time. although I am not filtering anything I am adding cons to the trades that are adding any extra insight to whats going on.

(duplicate post in "Mini I.B. vs 7am-9am Breakout" thread)

I have been a member of mypivots for a little over a year now, using the posts as a springboard for learning about the futures and currency markets – I’ve really appreciated the research and insight of so many of the contributors.

I’m now at the point where I’d like to begin systematically back testing one or two strategies for potential trading. I like the concept of breakouts (just finished Fisher, currently reading Crabel) – this thread and Charter Joe's 7am-9am GBP/USD Breakout thread are especially interesting in this regard.

I’d appreciate some advice from the folks here. The IB and 7-9 threads are now over a year old: do both concepts still perform reasonably well in live trading? If so, which of these would you recommend that I begin my back testing with:

1. The 30B
2. The 5B
3. The 7-9 currency breakout

I have a full time job so I need a scheduled window of time to trade in. I plan to trade single lots, primarily intraday. I am methodical by nature and prefer smaller, steady gains to wild gains… and wild losses.

Any thoughts gratefully received! Thanks.

Isaac