ES tonight

rathcoole_exile said:
yep it was a beauty !!
hope you caught it too ?
Click to expand...

not that low but caught yesterday's general bais though , the ES 857 entry today for the short was lovely too unfortunately I came out way too early but still better than my recent performance.
 
thurs 23 apr

today's triggers will be: ...............................I've recently been following YM M9 too:

850.0 breakout Long ................................................... ....7930

843.0 reversal Short .................................................. .....7870

831.0 reversal Long ................................................. .......7770

824.0 breakout Short ..................................................... ..7700
 
today's triggers will be: .....................................and for YM M9 :

859.25 breakout Long .................................................. . ...8040

853.75 reversal Short .................................................. .....7975

843.75 reversal Long ................................................. ......7860

838.25 breakdown Short ............................................... ... 7790
 
Pivots

I trade cable and pivots work well in that too. Today there was a great bounce off MP, PP and S1. Will post a chart if anyone interested.

Had 2 questions about PP`s :

1) What exactly are the calculations for the floor trader PP ? On mypivots.com, FTP is not covered.

2) Strangely, in IG index, there is a calculation like this : Open+Hi+CLose+Todays open/4. I say strangely cos this works just as well. R1, s1 is calulated in the same way. And strangely as I dont seem to find this calculation elsewhere.

But overall, pivot points are great, I am new to them, and loving them.

Cheers
CT
 
traditional FTPs are calculated:

R4 = R3 + RANGE (same as: PP + RANGE * 3)
R3 = R2 + RANGE (same as: PP + RANGE * 2)
R2 = PP + RANGE
R1 = (2 * PP) - LOW
PP = (HIGH + LOW + CLOSE) / 3
S1 = (2 * PP) - HIGH
S2 = PP - RANGE
S3 = S2 - RANGE (same as: PP - RANGE * 2)
S4 = S3 - RANGE (same as: PP - RANGE * 3)


but I also like Camarilla PPs:

R4 = C + RANGE * 1.1/2
R3 = C + RANGE * 1.1/4
R2 = C + RANGE * 1.1/6
R1 = C + RANGE * 1.1/12
PP = (HIGH + LOW + CLOSE) / 3
S1 = C - RANGE * 1.1/12
S2 = C - RANGE * 1.1/6
S3 = C - RANGE * 1.1/4
S4 = C - RANGE * 1.1/2



and one of my set-ups uses DeMark PPs:

The value of X in the formula below depends on where the Close of the market is.

If Close < Open then X = (H + (L * 2) + C)
If Close > Open then X = ((H * 2) + L + C)
If Close = Open then X = (H + L + (C * 2))

R1 = X / 2 - L
PP = X / 4 (this is not an official DeMark number but merely a reference point based on the calculation of X)
S1 = X / 2 - H

Where R1 is the upper Resistance level, PP is the Pivot Point, S1 is the lower support level.
 
Last edited:
combotrader said:
in IG index, there is a calculation like this : Open+Hi+CLose+Todays open/4.
Click to expand...

i think there is an error somewhere.
there ARE two ways of working out a PP:

one using a division of 3: ((HIGH + LOW + CLOSE)/3)

and one using a division of 4:
((OPEN+HIGH + LOW + CLOSE)/4)

But the "OPEN" always refers to the Open of the previous session, ie the one that corresponds to the Hi/Lo/C and NOT Today's close.
I've seen hundreds of people confused by this. Personally I just use the /3 formula.
The previous session Open is only important for me when calculating DeMark PPs,
but only in that I need to see the relationship between O and C : > < =
 
rathcoole_exile said:
traditional FTPs are calculated:

R4 = R3 + RANGE (same as: PP + RANGE * 3)
R3 = R2 + RANGE (same as: PP + RANGE * 2)
R2 = PP + RANGE
R1 = (2 * PP) - LOW
PP = (HIGH + LOW + CLOSE) / 3
S1 = (2 * PP) - HIGH
S2 = PP - RANGE
S3 = S2 - RANGE (same as: PP - RANGE * 2)
S4 = S3 - RANGE (same as: PP - RANGE * 3)


but I also like Camarilla PPs:

R4 = R3 + RANGE (same as: PP + RANGE * 3)
R3 = R2 + RANGE (same as: PP + RANGE * 2)
R2 = PP + RANGE
R1 = (2 * PP) - LOW
PP = (HIGH + LOW + CLOSE) / 3
S1 = (2 * PP) - HIGH
S2 = PP - RANGE
S3 = S2 - RANGE (same as: PP - RANGE * 2)
S4 = S3 - RANGE (same as: PP - RANGE * 3)



The Cam and FTP calculations above are exactly the same, have you noticed that ? On mypivots - the Traditional and Woodie calculations are the same, but for Cam its different. Persoanlly, I prefer the traditional and woodie, but find MPs important too. DeMark was first mentioned to me by a hedgie - but as a time indicator - not for range projections. Seems weird - as Demark give very different levels ?
Early days for me with this yet though.
Posting a chart soon boss.
Ta
Combo.
Click to expand...
 
Irritiatingly, I only have half the mornings data on Ninja trader, and thats no good for 24th. Instead I am sending you 23/04 data, which is more complete. In fact the MP of the MP is at 4619 - and you can see that price reacts at the level as well. I do this often - get the 25% as well as the 50% range.

For the 24th, get a 5 min cable chart and draw MP between pp and s1 at 4577. This smashed up thru PP - would have been a payday trade. Did I take it ? Hell no...at work...should have put limit orders on....
 

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combotrader said:
In fact the MP of the MP is at 4619 - and you can see that price reacts at the level as well. I do this often - get the 25% as well as the 50% range.
Click to expand...


nice one. no doubt some clever aarse will tell us it was a Fib this or an Elliot that, or a Gann thingymagingy, but as long as price keeps doing what it does at these points, i don't care :)
 
combotrader said:
rathcoole_exile said:
The Cam and FTP calculations above are exactly the same, have you noticed that ?
Click to expand...

sorry, I screwed up :eek: and posted the wrong formula for Cams, which should have been thus:

R4 = C + RANGE * 1.1/2
R3 = C + RANGE * 1.1/4
R2 = C + RANGE * 1.1/6
R1 = C + RANGE * 1.1/12
PP = (HIGH + LOW + CLOSE) / 3
S1 = C - RANGE * 1.1/12
S2 = C - RANGE * 1.1/6
S3 = C - RANGE * 1.1/4
S4 = C - RANGE * 1.1/2

apologies for the confusion. guess i need a nap ....
Click to expand...
 
Hi RE

I understand you use the weeklypivots. I should explain that what I put in was the daily pivots only - and just the FTPs. I dont get camarilla - are the levels there divided by 12 to get a monthly view or something else ? Anyway its quite similar to FTP.

I know that many use the monthly pivot as well. I will start to use this from tomorrow.
If you use monthlies how do you find them ?

Good trading mate.
CT
 
if you can't accept that only 2 or 3 trades out of 10 will be small winners, and that 2 or 3 will be scratched for even and that 3 or 4, even 5 will be losers, with possibly only 1 in 10 trades being "payday" then you shouldn't even consider trading
Click to expand...

Is it the way you trade? Or does it apply to every successful trader? I don't wanna start a heated debate, just curious about the validity of the statement from a veteran. :)
 
leovirgo said:
Is it the way you trade? Or does it apply to every successful trader? I don't wanna start a heated debate, just curious about the validity of the statement from a veteran. :)
Click to expand...

everything I say is Holy Writ and you are not allowed to challenge or question anything I say because my ego is so huge and I suck up to my mentor socrates even though he was banned long ago for being a knob
any attempt to question my assertions will be met by rudeness or nasty put-downs and I will try to deflect the discussion away from your argument


sorry, Leo, i've obvioulsy been spending too much time with N_T

to answer your question, it's not the exact way I trade, I do try to have a higher winning %
But it's certainly the philosophy behind my trading or trading mentality. In other words, i try to train myself to be comfortable to accept the situation and not panic if only 1 in 10 trades is a "winner", on the basis that I've cut my losses short, broken-even elsewhere and am now prepared to let my profits run

When Marcus (BSD) was still posting here regularly, he gave examples time and time again of successful Professionals who more than make a living with a profit strike rate of 10-20% only.

I believe it is the downfall of many newbies that they focus on the winning % rather than overall profitability (look at the recent examples of nonsense posted by mrsoul)

cheers
r_e
 
combotrader said:
Hi RE

I understand you use the weeklypivots. I should explain that what I put in was the daily pivots only - and just the FTPs. I dont get camarilla - are the levels there divided by 12 to get a monthly view or something else ? Anyway its quite similar to FTP.

I know that many use the monthly pivot as well. I will start to use this from tomorrow.
If you use monthlies how do you find them ?

Good trading mate.
CT
Click to expand...

i don't strictly use the monthly pivots, but i do refer to previous areas of S&R on a weekly chart dating back for many years
 
rathcoole_exile said:
I believe it is the downfall of many newbies that they focus on the winning % rather than overall profitability (look at the recent examples of nonsense posted by mrsoul)

cheers
r_e
Click to expand...

cheers R-E. I was just trying to wind you up. From my personal experience, the worst thing was hopping from one set up/strategy to another or amending my rules whenever there was a slight hint of drawdown. Hence, consistency is the key for me whether it is scalping, day, swing or position trading. A trading plan just unfolds itself as long as it is well-laid.

good stuff here mate.. (y)
 
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