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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.
CharterJoe
Thanks again for the reply. Do you use any indicators to help confirm the trades on the 30B or do you just trade off of price action?
quote:
Originally posted by CharterJoe

I do trade thru any news. As I don't even know when the news is coming out....I get biased on the news so I don't watch the news or financial news, numbers, ect

As for placing orders. What I do is send a limit order 1 tick above the high and one tick below the low. with stop profits/loss OCO orders sitting there. Once an order is hit I simply cancel the other order. In other words I don't wait for it to hit then send the order the order(s) are already in the marketplace.



Hi Joe,

Just to clarify my understanding on ES for today: 1025.25 high at 9am CDT so for 30B you'd enter at 1025.50 with a stop-loss at 1022.75 and a profit target at 1027.75.
But if this is true, then you'd have a stop loss of 2.75pt and a profit target of 2.25pt, and they're not equal, is that right?

To truly make an equal stop-loss and take-profit at 2.5pt, it appears that both should be keyed off of actual entry price.

Please help clarify.

thanks,
xg
xgesxg,

I now set it as 2.5 target upon entry and 2.5 loss. On the TF it doesn't slip as bad because you are dealing with .10 cent instead of .25 Until the CME does something about the large ticks we'll have to deal with the slippage.

I use OCO (order cancels order) and bracket orders when using this system. So every day I know I will either make or lose $125 per con in the ES, and $200 in the TF. I do not do this in the 5B set-ups rather deal with slippage as a cost of doing biz....
quote:
Originally posted by CharterJoe

xgesxg,

I now set it as 2.5 target upon entry and 2.5 loss. On the TF it doesn't slip as bad because you are dealing with .10 cent instead of .25 Until the CME does something about the large ticks we'll have to deal with the slippage.

I use OCO (order cancels order) and bracket orders when using this system. So every day I know I will either make or lose $125 per con in the ES, and $200 in the TF. I do not do this in the 5B set-ups rather deal with slippage as a cost of doing biz....



Hi Joe,

Thanks for the explanation. So there's just 1 tick between the profit and stop loss orders. I'm curious of how the system fared in July...

thanks again!
xg
+1000.00 in the ES less commissions.
quote:
Originally posted by CharterJoe

+1000.00 in the ES less commissions.



joe,

thanks - that's not bad at all. i assume that's on 4-contract basis? got one more question on 30B system, when the long trade got stopped out, do you then enter short on the opposite side to make it up in the same day?

thanks,
xg
No thats just one contract from as far as It was 900 after slippage and comish....and I don't attempt to make any back with going the other direction.
CharterJoe
Do you use any indicators with the 30B trades or do you just trade off of price actions? Thanks
Gary
I just spent the entire morning reading through this thread again and again and man am I impressed! Great work guys, this is a simple system that can be applied to all markets and is the exact type of time frame that I was looking for.

It doesn't seem like it would be too hard to automate this either.

I have the same question as kylegary, but I think I know the answer since it's not mentioned anywhere in the thread.

So there are no indicators?

Thanks CharterJoe for this amazing contribution.
quote:
Originally posted by CharterJoe

No thats just one contract from as far as It was 900 after slippage and comish....and I don't attempt to make any back with going the other direction.



that's amazing especially considering the month of July is a tough one to trade...

So i'm curious of whether your result is strictly 30B or you'd added other changes to the method while you managed your trades, things like trailing stop half of the position and so on?

thanks,
xg
(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