SPX Trading Strategy for ThinkorSwim

[rfb]

This was a tricky one. It was right as price was turning over. Luckily was able to get in and out for a quick $500 scalp. I also used @Hypoluxa suggestion (I know still being tested) and put in the 9:00 ES price into GANN. It showed a high of 3913 which the opening push almost touched with a high of 3912.54 before it turned so I was not surprised it peaked there.

Hopefully everyone else either stayed out or came out a little greener!

Small profit of $220 on the 3910 call today. Looked choppy. All good though! Congrats on yours!

 

[Martian]

Small profit of $220 on the 3910 call today. Looked choppy. All good though! Congrats on yours!

I did the same play. But i sold for loss. where did i miss. I entered at 7:51, my entry was 24.50 ( may be a min late). What was your entry ? Feel kind of bad about it; as i was not able to handle this set up.

 

[hientp]

I did the same play. But i sold for loss. where did i miss. I entered at 7:51, my entry was 24.50 ( may be a min late). What was your entry ? Feel kind of bad about it; as i was not able to handle this set up.

be patient, when you got the signal, just wait a little bit, don't just jump in the market price set your limit lower than market price about $1-$2 depend, if market go against you have to be get out quick use active trader on TOS

 

[germanburrito]

hopefully this brings clarity and not the opposite, i added bollinger bands to the errgon indicator sometimes it will call tops and bottoms.

#
# TD Ameritrade IP Company, Inc. (c) 2008-2021
#

declare lower;

input longLength = 2;
input shortLength = 10;
input signalLength = 26;
input averageType = AverageType.EXPONENTIAL;
input nDEV = 21;
input N_AVE = 21;

plot ErgodicOsc = TrueStrengthIndex(longLength, shortLength, signalLength, averageType).TSI - TrueStrengthIndex(longLength, shortLength, signalLength, averageType).Signal;

plot ZeroLine = 0;

ErgodicOsc.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
ErgodicOsc.SetLineWeight(3);
ErgodicOsc.DefineColor("Positive", Color.UPTICK);
ErgodicOsc.DefineColor("Negative", Color.DOWNTICK);
ErgodicOsc.AssignValueColor(if ErgodicOsc >= 0 then ErgodicOsc.Color("Positive") else ErgodicOsc.Color("Negative"));
ZeroLine.SetDefaultColor(GetColor(7));


def deVS = StDev(ErgodicOsc, NDEV );
def AVERAGE = Average(ErgodicOsc, N_AVE);

plot UPPER = AVERAGE + 2 * deVS;
plot LOWER = AVERAGE - 2 * deVS;

 

[rfb]

be patient, when you got the signal, just wait a little bit, don't just jump in the market price set your limit lower than market price about $1-$2 depend, if market go against you have to be get out quick use active trader on TOS

Agreed and I pretty much did the same as described. Trade went negative after a small positive gain. I waited and lowered my exit price for the small gain. FWIW, I got in at 24 and exited at 25.10. Small gain, but profit nonetheless.

 

[Arkitekt]

I did the same play. But i sold for loss. where did i miss. I entered at 7:51, my entry was 24.50 ( may be a min late). What was your entry ? Feel kind of bad about it; as i was not able to handle this set up.

What call did you buy? I played the 3910 also.

I honestly got in a bit before 9:50 which helped my chances. Along with using GANN, I spent about 3 hours studying 10 min SPX charts last night looking for patterns and signs specifically at market open so I was feeling good about the decision to jump in a little early. I'm sure it will backfire on me at some point but today it worked out.

 

[Hypoluxa]

What call did you buy? I played the 3910 also.

I honestly got in a bit before 9:50 which helped my chances. Along with using GANN, I spent about 3 hours studying 10 min SPX charts last night looking for patterns and signs specifically at market open so I was feeling good about the decision to jump in a little early. I'm sure it will backfire on me at some point but today it worked out.

For the open on SPX....and trust me...I've done a ton of backtesting over and over.....but as I have mentioned before, a 9:30 MACDBB crossover is a no go as it normally doesn't last long...whether a put or a call situation. A 9:40 crossover will have some traction for a bit, def enough for a very successful scalp. But I've not seen many like this morning with a 9:50 crossover...so maybe that's a short lived deal and a sign of caution going forward.

 

[barbaros]

I did the same play. But i sold for loss. where did i miss. I entered at 7:51, my entry was 24.50 ( may be a min late). What was your entry ? Feel kind of bad about it; as i was not able to handle this set up.

Don't feel bad. This was a pretty difficult trade for options.

 

[Martian]

What call did you buy? I played the 3910 also.

I honestly got in a bit before 9:50 which helped my chances. Along with using GANN, I spent about 3 hours studying 10 min SPX charts last night looking for patterns and signs specifically at market open so I was feeling good about the decision to jump in a little early. I'm sure it will backfire on me at some point but today it worked out.

3910 March 12th call. I am still not sure what did i miss. I waited for the full confirmation, there was no buy warning on today's trade.

 

[barbaros]

3910 March 12th call. I am still not sure what did i miss. I waited for the full confirmation, there was no buy warning on today's trade.

warning and confirmation arrows happened in the same candle, so confirmation takes higher priority. you will see this in faster moving bars and crosses of the zero line.

 

[hientp]

3910 March 12th call. I am still not sure what did i miss. I waited for the full confirmation, there was no buy warning on today's trade.

your contract is up $26 by now, but your call was good, you don't know how low it could go down, option contract is up down like roller coaster, you should manage your risk well.

 

[Martian]

your contract is up $26 by now, but your call was good, you don't know how low it could go down, option contract is up down like roller coaster, you should manage your risk well.

No, it never went to 26, i entered into trade when it was 3910 and it only went to 3912 and plunged down and never went to 3910. I had cut the losses as it did not work for me. It sounds like i entered/chased the wrong one. the SMAs crossed at 9:30 am ET, but the white dot crossed at 7:50 am as @Hypoluxa explained.

 

[rfb]

No doubt all, this is a very choppy trading range. Conservative to stay out and be patient as @Hypoluxa has stated many times over. Good day to take care of errands!

 

[barbaros]

No doubt all, this is a very choppy trading range. Conservative to stay out and be patient as @Hypoluxa has stated many times over. Good day to take care of errands!

It is also a good day to practice your pattern recognition and drawing skills. There has been many channels and pattern through out the day.

 

[rfb]

It is also a good day to practice your pattern recognition and drawing skills. There has been many channels and pattern through out the day.

Very true. Also noticed a triangle formation on the 5 min SPX chart. Which popped up thru and now back down into the triangle. Again, very choppy and one must be extremely nimble and quick if playing certain formations with different time scales. I prefer the patience aspect!

 

[Hypoluxa]

It is also a good day to practice your pattern recognition and drawing skills. There has been many channels and pattern through out the day.

Price action worked again with GANN. At noon the price was 3904 and 2pm was 3902...both had the same info...if it broke 3906 the target was 3919...well it took forever, but it did hit 3917...only $2 away...I'd call that a success for GANN once again.

 

[hientp]

Price action worked again with GANN. At noon the price was 3904 and 2pm was 3902...both had the same info...if it broke 3906 the target was 3919...well it took forever, but it did hit 3917...only $2 away...I'd call that a success for GANN once again.

Can you explain how to use GANN at the beginning of the day or anytime during trading hours?

 

[Hypoluxa]

Can you explain how to use GANN at the beginning of the day or anytime during trading hours?

go to the GANN board by opening my post from there:
https://usethinkscript.com/threads/gann-square-of-9-indicator-for-thinkorswim.5816/post-55657

 

[bhaskar_madugula]

Today not good day, lost it choppy day

 

[rad14733]

hopefully this brings clarity and not the opposite, i added bollinger bands to the errgon indicator sometimes it will call tops and bottoms.

I'm going to give this a go... I haven't even considered combining ErgodicOsc and Bollinger Bands, even though I've combined BB's with a lot of other indicators... I have added a MA line to ErgodicOsc, as well as pullback dots, however...