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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.
Jimmy, go here, register to get the freebie
and see what you think.
http://www.futures-day-trader.com/
Back to the OP's 5IB, I like the system, I just haven't tweaked it yet.

oops....almost forgot. SIM trade ANY system/method you find.
This 1minute time limit on editing makes it tough for me sometimes..sorry.
Just wanted to say thanks to Charter Joe and Piperian and all the other contributer to this thread...it seems like just what I've been looking for. The 5B allows me to enter early and complete the trade before 11:15EST when the J.O.B. calls.
You guys do all of us a great service by sharing your expertise.

I'm trying the ES/5min setups with 2.5target/entry, .25 above/below the hi/low of the 1st bar. Using Joe's V/inverted V filter. So far, so good.
Guys,. can someone tell what is I.B? haven't heard about that. is it a type of trade setup? thks and appreciate it
also what is 30min 5B
Originally posted by emini_grail

Guys,. can someone tell what is I.B? haven't heard about that. is it a type of trade setup? thks and appreciate it

It's the Initial Balance.
Originally posted by emini_grail

also what is 30min 5B

Charter Joe explains it in the 4th post on the first page of this topic.
IB = initial balance

I think this is one of the best threads / systems out there, Thank you Joe!

The 30 IB hasn't been working well lately, but that will change, some months it rarely fails. Since Joe started this thread I've kept a daily journal on the 5, 15 & 30 min breakouts, there's nothing like looking at data to tell you whats working & whats not. Trade what is working it's that simple! When trading the 30IB be aware of numbers/news at 10:00, place your order with a trailing stop or bracket order as soon as possible, the market can move 5-6 points very quickly on news or data. Some days there is a 10:00 reversal, a shakeout before the breakout kinda thing, the 30IB will trigger then reverse, usually when thats the case it has triggered aginst the overall or hourly trend, when that happens the 7th 5min candle will violate the 6th candle in the opposite direction of the 30IB trigger, be nimble & go with the 7th candle ONLY IF $nyse ticks & market internals confirm the reversal, I don't have the sats in front of me but if memory serves me correctly in the case of a 10:00 reversal the 30IB high is usually taken out by more than 2.5 points. I think Joe says in here somewhere he likes to watch Ford to get a feel for market direction, some people like to watch IBM, I prefer to watch Goldman GS & XLF,financials make up a large part of the S&P, so it usually pays to trade in their direction.

What works best for me is Joe's fathers method, the 5 IB, stay n until the momentum fades. To keep me in the trade I watch a 3 min ch with a 34 sma & 8 ema, the 34ma on the 3 min ch = 20 ma on 5 min ch. Whether I use the 8 or the 34 as my stop is a judgment call, based on the gap if there is one, momentum, supp & resis, pivots & market internals such as $nyse ticks & the uvol-dvol ratio which is very important as is advancers vs decliners. The 3 min 8/34 works great when the market moves. On a slow choppy morning where the uvol-dvol ratio is near parity, half the stocks are up & half are down it's much better to take a point or so & be done, a flat market will chop you up so I get out & wait. Learn to read the market.

This is how I use Joe's mini IB system. Keeping records is very important in deciding when/how to screen your trades. Be aware of the prev close, if the overall or hourly trend is up & the market closed in the upper 30% of yesterdays range, then the odds for a long trade working out increase & vice versa
Great forum! Question when looking at the 5b & 30b: When looking at the candles, do you include the wicks & tails that are at the top & bottom of the candlesticks in your high/low?
Every price traded is used.
(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