/ES Futures Trading Strategy on ThinkorSwim

[blakecmathis]

@deansafeleen I trade it in paper every now and then just to mess around but no I've never traded the post/pre market live.

@easyman So if there are more than two possible entries on a play I'll usually sit it out. And try to make your money before 10am central. Thats just a great solid rule in my opinion. Seems to keep me out of a lot of choppy situations and keeps me out of trades when politicians are talking. I'm usually looking for long wicks, double taps, inverted head & shoulders, etc. to define my entires.

 

[blakecmathis]

Anybody else grab some green on that short play this morning!?!?!?

 

[deansafeleen]

@ blakecmathis. I did not see FE confirmation on the 2000t chart. Would you still take that trade?

 

[blakecmathis]

@deansafeleen Absolutely. FE is an amazing indicator for spotting tops, bottoms, and consolidation but I haven't been using it as much lately. Mainly looking for buy/sell signals from either the 1000t or 2000t followed by confirmation from the CCI/ATR on the 2000t.

 

[deansafeleen]

I see @blakecmathis. It looks like that trade was good for a 2 point profit. I didn't take that one because it looked kind of choppy. I'm still trying to get familiar with this setup, which seems really good.

 

[D_Tramp]

@ blakecmathis. I did not see FE confirmation on the 2000t chart. Would you still take that trade?

What is "FE" indicator?

 

[surferdude]

What is "FE" indicator?

Fractal Energy

 

[twoduds]

Very useful thread, new to /ES trading. Just want to confirm one thing with today's chart is, how to avoid the entry signal? circled in yellow. If I have understood this thread correctly than the correct entry point is the one circled in white and the correct exit point is the one circled in purple, am I correct?

 

[blakecmathis]

@twoduds Not exactly. Wait for confirmation from the CCI/ATR on the 2000t. You'll notice hows theres a double tap shelf @ 3331.50 right before the low was made. I went long for a fill @ 3331.75

 

[deansafeleen]

blakecmathis,

Double tap shelf?

 

[blakecmathis]

@deansafeleen See how it double tapped 3331.50 right before it made that low?

 

[deansafeleen]

@blakecmathis I do see that now. There have been some good trade signals of late using this setup. I have found that trading off of the 2000t chart has worked well. But do you recommend getting confirmation from the 1000t chart if you use the 2000t chart as your primary chart to get signals from, or vise versa?

 

[blakecmathis]

@deansafeleen So the buy/sell signals come from the 1000t and thats what I use to find the peaks and valleys. But those are all unconfirmed until I get shift in the CCI/ATR from the 2000t (cyan to magenta and vice versa).

 

[blakecmathis]

@deansafeleen Two pretty much perfect signals this morning dude!! I shut it down right after that buy signal at roughly 9:15ish.

 

[deansafeleen]

@blakecmathis Thanks for clarifying. Yes, I noticed them, and paper traded them both. Going to start trading live next week.

Also, what if the CCI/ATR on the 2000t comes in a few minutes after the buy/sell signal from the 1000t chart, (let's say 10 minutes after). Would this be too late to take the trade? I ask this knowing that there are other variables to consider such as price action, s/r lines, etc. Just wondering if you would take that trade or sit it out.

Thank you in advance!

 

[blakecmathis]

So let's say I get a sell signal that is unconfirmed by the 2000t and then another new high is made but theres not an actual sell signal at that high. I'll just classify that as a carry over and look for confirmation from the 2000t. I try to stay away from delayed confirmation like you mentioned. Usually looking for a clean break at the peak/valley of the trend. But at the same time it really just depends on price action, s/r, like you said. Just having a basic understanding of trend lines, candle formations, fib levels, price action, and s/r kicks this strategy into a whole nother gear.

 

[Misterputspread]

Looking at the 1000t and 2000t charts, the quick V-shaped patterns of movements almost remind me of the huge V shaped recovery the market has seen over the past 5 months. Anyone try using these indicators on a daily or weekly scale and see any success? Looks to me the price movements and wave trends are very similar when comparing on smaller and larger scale charts, especially given the recent volatility. Think it could be an interesting idea to examine something like this just in case we see another crash or correction in the near future.

 

[deansafeleen]

@blakecmathis I have been using a 2 point limit and 2 point stop loss order for my exits. However, doing so, I have missed out on some big moves. If I may ask, what is your exit strategy?

 

[RegularRob]

Any backtesting results on this? Win accuracy?

 

[blakecmathis]

@deansafeleen still working on perfecting the exits dude. Always take two points no matter what (unless you get stopped out). Depends on the number of contracts I'm trading, and the point spread on the day as well. It can be hit or miss as far as the exits go. I like to use quick reference points for exits like intraday vwap, open, yesterdays close, etc. Most of the time it boils down to a gut feeling and reading price action on the day.