Day Trading Grains Futures

Forums Trading Journals Day Trading Grains Futures

Viewing 15 posts - 16 through 30 (of 64 total)
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  • #206075
    vertigo3
    Member

    Thanks for the postings and the chart. Nice to “see” a chart that is legible. Thank you.

    #206074
    geosing
    Participant

    You are welcome. sorry for the black background, but that is how my screens are. Legible somewhat cuz my eyes have been working for too long. :-)

    #206067
    geosing
    Participant

    12/7/2011 Wed
    DT at 597 with a 4 cent neckline. Fixing to open down – Beans may open up.

    #206068
    geosing
    Participant

    First bar bias down. Broke the DT neckline.

    #206069
    geosing
    Participant

    Bar 2 Equal Low. Ignored. Down bias in subsequent bars.

    #206070
    geosing
    Participant

    2 PB bars done. May not post if trade triggers.

    #206071
    geosing
    Participant

    In short at 590.75. First target is 587. Back in OR, which is not good. PP did not offer resistance. Also not good.

    #206072
    geosing
    Participant

    Stopped out -3 (2 units).

    #206073
    geosing
    Participant

    Recovered the losses with another trade. I will try to post the actual Bennett setup parameters to be fair to his methodology. Mine is modified with tighter stops and re-entries. Also distracted by trades in YM today. Normally I do not trade YM much during roll-over week.

    #206064
    geosing
    Participant

    One of the pesky issues of 3rd bar breakout is the second bar. The ideal condition for a 1 bar pullback is when it is a true Inside bar, making at least a 1 tick lower high and at least a 1 tick higher low. If the second bar has an equal high or equal low, my rule is that it is not a pullback on that side. If lower high and equal low, third bar breakout over the first bar high is still valid b/o and a long entry. Taking out the low is not and requires the pullback of 2 consecutive higher lows.

    If the short entry has been taken after the second bar today, there would be my usual 3 cent gain, when the market went to the prev day DT target range. I am still evaluating this strategy.

    Will be AWOL for the rest of the week and away from the market. May still post the price action, if I get the chance to review the market.

    #206065
    geosing
    Participant

    12/8/2011 Thu
    The trader I am working with tells me that today he traded corn successfully. He strictly follows the Bennett method and just called to say he closed the long trade. I will try to document that tonight from his trading journal.

    #206066
    geosing
    Participant

    This is a nice one.

    Gap down, but buying from the get go after a quick dip in Bar 1.
    Bar 2 makes HH HL. Bar 3 pullsback, but does not take out Bar 1 low. Bias is bullish so far. First objectives are prev day RTH swing lows. Bar 4 is an equal high. We don’t see it as pullback #2. So we have to wait for further price development. (Buying this b/o can work for aggressive trader types).

    Bar 8 makes a swing high and Bars 9 & 10 make lower highs, giving the requisite 2 bar pullback.

    Bar 11 break out and entry.

    To get the R value for this trade, we look back to find the first bar that has LH, LL than the immediately preceding bar. Bar 9 qualifies.
    This account trades 2 units of one lot each with 1R and 2R profit goals. Initial stop level is discretionary depending on momentum and general market environment (e.g. dollar index), but 1R is recommended, but can close earlier and re-enter if necessary. I think Bennett recommends 0.5R or 0.75R

    Anyhow this trade develops without further heat and gets to a no loss trade by Bar 16. There was more money in the trade, but handsome profit for a blue collar trader trying to make a weekly pay check. Less than 2 hours in the market and then go off to play, teach tennis, string rackets and goof off for the rest of the day.

    #206062
    geosing
    Participant

    I think you can click on the chart for a clearer display.

    #206063
    geosing
    Participant

    12/09/2011 Fri
    WASDE day. Usually we don’t trade the open as moves can be wild. One lot attempt today.

    Simple 2 bar supp/res range and immediate 2 bar pullback, qualifying a sell stop one tick below the bar 2 low. Should have produced a profit almost immediately as beans was really tanking. Remarkable strength in corn, however, tagging along the VWAP. Delivered 1R profit in Bar 19 after taking mild heat for several bars. Almost made 2R too, but there was no position. Corn showed the most strength in grains complex. May be we get a Santa Rally for the next week or two.

    I pulled the image off of my trading buddy’s journal and did not want to fool with cropping the image etc. Sorry for the trade log from IB TWS. Not sure about the YM trade – at least it was closed by the time grains opened. :-)

    #206061
    geosing
    Participant

    12/12/2011 Mon
    Tame day in grains land, compared to the stock and currency markets which were having a selling binge for most of the session.

    Bar 4 was an equal high after the bullish first 3 bars. Breakout of this top can be an aggressive entry and works well if the opening supports it. It was gap down today with move up from the get go with hardly any overlap for 3 bars. Corn has a tendency to move towards the prev day mid point and usually tag it. Bias bullish, obviously. Anyhow, we get another high and then the qualifying pullback. And a laborious run-up and b/o. R = 4 cents. Some heat while market dips to test VWAP. Another laborious climb which terminates with a volume spike (not shown). Advantage is entering the orders ahead of time is realized today, as my order was one of the first to fill at the ask. It just tagged that target price before a sharp pullback. Could have managed the remaining better, but it hit the B/E stop. It never went to 2R profit level anyway, as there were other resistance levels, no complaint about 16 ticks for a mechanical trade (or close to it).

    Daily is still in a downtrend using bearish fundamentals as alibi. There has to be a short covering rally ahead …seasonal and all that.

Viewing 15 posts - 16 through 30 (of 64 total)
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