)
CJ
Your setup is the previous day must be a long tailed black candle, then on current day you can trade a 0.2% breakout long or short.
Does the same in reverse apply.. long neck white candle(open in seg 1 and close in seg 2), then trade 0.2% breakout.??
Cheers Snip
Your setup is the previous day must be a long tailed black candle, then on current day you can trade a 0.2% breakout long or short.
Does the same in reverse apply.. long neck white candle(open in seg 1 and close in seg 2), then trade 0.2% breakout.??
Cheers Snip
Thanks for the reply all
I was in a rush writing it I try again and be more clear.
1) Does yesterdays open and close within yesterdays range have an impact on today's direction the patten which I have observed I would say yes.
To answer this question an opening range breakout trade was taken after the day in question. To methodically test the open to close relationship the day before, yesterdays price range was divided in to 3 equal segments of price. The bottom segment was labelled 1, the middle 2, and the top segment 3.
To have the correct set up you would need yesterday open to be in segment (3) and the close in segment (2)
The trade is then taken at an indicted points off the open, you would add.20% to the opening price. for long trade or short. trade.You could also try.40% breakout.
The trade was exited on the close of the same day. No stops are used.But you could use one if you like,maybe .55% once you are filled. The above is based on trading the $5 mini Dow.
Trading method 2
As above, but the open and close are in different segments, you would look for the open to be in segment (3) and the close also in segment (3) But you would only take SELLS. Add 20% to the open for a sell breakout.
Cheers
CJ
I was in a rush writing it I try again and be more clear.
1) Does yesterdays open and close within yesterdays range have an impact on today's direction the patten which I have observed I would say yes.
To answer this question an opening range breakout trade was taken after the day in question. To methodically test the open to close relationship the day before, yesterdays price range was divided in to 3 equal segments of price. The bottom segment was labelled 1, the middle 2, and the top segment 3.
To have the correct set up you would need yesterday open to be in segment (3) and the close in segment (2)
The trade is then taken at an indicted points off the open, you would add.20% to the opening price. for long trade or short. trade.You could also try.40% breakout.
The trade was exited on the close of the same day. No stops are used.But you could use one if you like,maybe .55% once you are filled. The above is based on trading the $5 mini Dow.
Trading method 2
As above, but the open and close are in different segments, you would look for the open to be in segment (3) and the close also in segment (3) But you would only take SELLS. Add 20% to the open for a sell breakout.
Cheers
CJ
cj12,
Is this correct for yesterday:
O: 10008.70
H: 10052.00
L: 9976.70
C: 10042.10
Range: 75.30
Segments: 25.10
S1 = 9976.70:10001.80
S2 = 10001.80:10026.90
S3 = 10026.90:10052.00
As the open is within S2 then no entry.
I've run this against EOD from 1999 and no entries were generated - where am I going wrong?
Is this correct for yesterday:
O: 10008.70
H: 10052.00
L: 9976.70
C: 10042.10
Range: 75.30
Segments: 25.10
S1 = 9976.70:10001.80
S2 = 10001.80:10026.90
S3 = 10026.90:10052.00
As the open is within S2 then no entry.
I've run this against EOD from 1999 and no entries were generated - where am I going wrong?
Hi Cowclown
To have the correct set up you would need yesterday open to be in segment (3) and the close in segment (2)
Trading on the 12/DEC/2003 did not have the right set up
But a do agree with you there are not many set ups, that is just one pattern im reliving I got plenty which are profitable.
Try these segments............open = 0 ..........close = C
SELLS ONLY
O/3
0/3 .
..............................
BUYS OR SELLS
0/3
C/1
..............................
ONLY BUYS
O/2
C/2
..............................
ONLY BUYS
0/1
C/3
...................
CJ
To have the correct set up you would need yesterday open to be in segment (3) and the close in segment (2)
Trading on the 12/DEC/2003 did not have the right set up
But a do agree with you there are not many set ups, that is just one pattern im reliving I got plenty which are profitable.
Try these segments............open = 0 ..........close = C
SELLS ONLY
O/3
0/3 .
..............................
BUYS OR SELLS
0/3
C/1
..............................
ONLY BUYS
O/2
C/2
..............................
ONLY BUYS
0/1
C/3
...................
CJ
from CJ
Firstly my short at 10010 a 3 lot trade or 9 pounds a point with DFF.As i said if it goes against me some 100 points I sell more, well Sunday night 2.15 UK time at the open of the Dow futures, i went short more at 10164 with an average price of 10087. so im now flat. out at breakeven.The gap late last night on low volume was a good sign the big players would take an advantage of it and take some money off the table.
As for my open/close trading I see not much of a reply is there any reason for this?
To CHOWCLOWN I see you got an attachment to downloaded but I cant seem to download it. Could you paste it and send it in an e-mail for me. or tell me how the testing went.
much thanks
CJ
Firstly my short at 10010 a 3 lot trade or 9 pounds a point with DFF.As i said if it goes against me some 100 points I sell more, well Sunday night 2.15 UK time at the open of the Dow futures, i went short more at 10164 with an average price of 10087. so im now flat. out at breakeven.The gap late last night on low volume was a good sign the big players would take an advantage of it and take some money off the table.
As for my open/close trading I see not much of a reply is there any reason for this?
To CHOWCLOWN I see you got an attachment to downloaded but I cant seem to download it. Could you paste it and send it in an e-mail for me. or tell me how the testing went.
much thanks
CJ
From CJ
I would like to do is point out some facts abot the markets and fluff about all the mis-information that is published about trading.
First, the market is not as complex as many people would like it to be. the fact is that if your looking for a holy grail of trading secrets your not going to find it in a book, video, or seminar. Infact, it is a myth.
Second, I can't believe the amount of people that use computer systems as their platform for trading. I can't believe the amount of mumbo-jumbo that some people have come up with to measure or predict the market. You got indicators, waves, angles, ...etc. The fact is you can't predict the market and the persson that thinks he can is a scam. You can't measure human nature so don't try to predict the market. The best you can do is get an educated guess based on price direction.
this might sound simplistic but all the information you need as far as method is in a simple barchart.
The fact that most people that trade don't get is that money managment is 90% of the game. trading is nothing more than gambling. i would say educated gambling but I figure most would say that gives the trader an edge. Money managment is the key after you get in to a trade.
Last, the mindset is very, very important. Most people have to understand that you are going to have some days when the market goes against you. So you can't freak out. It is part of the game. Your money managment is what will save you on those days.
I higly suggest that many read any book on Jesse Livermore. In all honesty probably the only book you will ever need.
CJ
I would like to do is point out some facts abot the markets and fluff about all the mis-information that is published about trading.
First, the market is not as complex as many people would like it to be. the fact is that if your looking for a holy grail of trading secrets your not going to find it in a book, video, or seminar. Infact, it is a myth.
Second, I can't believe the amount of people that use computer systems as their platform for trading. I can't believe the amount of mumbo-jumbo that some people have come up with to measure or predict the market. You got indicators, waves, angles, ...etc. The fact is you can't predict the market and the persson that thinks he can is a scam. You can't measure human nature so don't try to predict the market. The best you can do is get an educated guess based on price direction.
this might sound simplistic but all the information you need as far as method is in a simple barchart.
The fact that most people that trade don't get is that money managment is 90% of the game. trading is nothing more than gambling. i would say educated gambling but I figure most would say that gives the trader an edge. Money managment is the key after you get in to a trade.
Last, the mindset is very, very important. Most people have to understand that you are going to have some days when the market goes against you. So you can't freak out. It is part of the game. Your money managment is what will save you on those days.
I higly suggest that many read any book on Jesse Livermore. In all honesty probably the only book you will ever need.
CJ
o Rossored
The first trade i done today was short at 10002 but i was proven wrong so i reversed and went long at 10023 was going to stay in to the close of trading but i didt like the price ACTION the transports is flat nasdqu down divergence showing, the only one is showing strength is the Dow all other indices are trading weak to it, that could be a sign of lower prices ahead i could be wrong, but just in case I got flat.
CJ
The first trade i done today was short at 10002 but i was proven wrong so i reversed and went long at 10023 was going to stay in to the close of trading but i didt like the price ACTION the transports is flat nasdqu down divergence showing, the only one is showing strength is the Dow all other indices are trading weak to it, that could be a sign of lower prices ahead i could be wrong, but just in case I got flat.
CJ
rossored
Senior member
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Yes, I understand that. What I mean is this :
I bought YM earlier today at 10025, closed out of it in the late forties for +23.
I bought it again just now at 10045, closed it at 10065 for +20.
Also had one breakeven long earlier, and a tiny profit on a short.
So what I'm saying is, if you were long from 10023 earlier in the day, why didnt you take profits when you were, say, 20 ticks up within a few minutes of reversing your losing trade? Did you have a target in mind that wasnt met?
I'm also currently short YM as I write.
I bought YM earlier today at 10025, closed out of it in the late forties for +23.
I bought it again just now at 10045, closed it at 10065 for +20.
Also had one breakeven long earlier, and a tiny profit on a short.
So what I'm saying is, if you were long from 10023 earlier in the day, why didnt you take profits when you were, say, 20 ticks up within a few minutes of reversing your losing trade? Did you have a target in mind that wasnt met?
I'm also currently short YM as I write.
To Rossored
Yes, I can understand what you going on about, but I feel the big money is catching the big 1 day moves, as I usually hold till the close and sometimes roll in over to the next day.
I can scalp also but my big money is made by ignoring the minor swings intraday and holding for that 1 large range day yesterday I done 1 trade short on the march dow and made 103 points and i was not at the screen i just had my pager at hand.
As Jesse would say it was the sitting that made him the big money
Ps how much commistion are you paying on you trades.
CJ
Yes, I can understand what you going on about, but I feel the big money is catching the big 1 day moves, as I usually hold till the close and sometimes roll in over to the next day.
I can scalp also but my big money is made by ignoring the minor swings intraday and holding for that 1 large range day yesterday I done 1 trade short on the march dow and made 103 points and i was not at the screen i just had my pager at hand.
As Jesse would say it was the sitting that made him the big money
Ps how much commistion are you paying on you trades.
CJ
