I live in Sydney Australia and
for almost two months now I have been paper trading with live data on the ninja trader platform looking at scalp trades using a specific entry system called Boomerang scalp trader.
It is, its creator claims designed specifically for the ES. however can be used on other indices/eminis . not only does he use this system but he also recommends looking at the " tape bias" such as the Trin and Tran, s&p and few other indicators on the opening bell and through out the day to indicate a bullish or bearish day on the ES
Living in Aus presents a problem for me to trade the ES even on the Globex as the price doesn't see much short term volitiliity suitable for scalping when the US market is closed(imo) at the moment it opens at 11.30pm Aus time
Howver I read where one trader is using the system successfully on eminis such as the
6E. So ihave been getting used to using Ninja Trader and this system mainly on the Euro and Aussie dollars with only limited success and failure
I have a few questions at the moment ...
1. what factors influence currencies such as the aus and Euro $$ on an intraday basis that I am able to easily research each morning ,and during the day,such as Trins or Trans (or whatever) I am looking for specific suggestions here:cheesy: that will suggest to me that we may be having a bullish or bearish "currency day"?
2. watching these two currrencies (6A & 6E)on a 4 range chart over the past two months suggests to me that the one currency pretty much trends (short term) in the same direction as the other, why is this and how can i use this or other indicators to my advantage?
3. people on this and other forums talk about short trem trading in the first couple and last couple of hours of the market as there can be more " noise" (read: less trending) in the in the middle the of the trading session. But with the Globex eletronic exchange virtually open 24hrs a day, this can be quite a confusing statement as the " normal trading day" for the aus $$ is different to the Euro which is different to the Yen etc
So if I want to sit at home in Sydney Australia (GMT+10 hrs) and trade the Euro or any other currency for that matter , at what point in the 24hour clock does the intraday data
that indicates a bullish or bearish time ahead no longer become valid.
ie: when trading the ES it is suggested to look at the tape bias before the USstock market opens for the day ...to get a possible indication of the coming days direction how can I apply this to other indicies such as the 6A and 6E and at what time of day do they no longer be valid
4. I beleive (correct me if wrong) that the currencies tend to gravitate around their opening price. It may trend up or down in the course of the day, but on a neutralish day will probably close pretty close to the open. So it can be a good idea (i beleive) to have a horizontal line that at the open of the day, that remains a reference point throughout the day to remind you if you may be looking at a currency that is near the extreme of its trading range and is likely to return back towards the equilibrium? iepen price
So whta is the refernce hour for both the 6A and 6E?
Our local stock exchange opens at 10am , however the 6A seems to be active from about 8AM )local time). So at what time specifically do I start looking at the appropriate
influencing factors for the upcoming day
What are the appropriate hours for the 6E?
Or does it all just revolve around what wall street does during its "OPEN" hours?
5. I use a 4tick range bar and am having some problems getting stopped out of otherwise correctly bisaed trades. ie: I'll go short only be to stopped out on a small reversal which then continues on what other wise would be a winning trade.
I believe ATRs are commonly used to calculate a stop that allows room for your trade to breathe.
Can this be set on a " range bar chart" Or does being a "range" chart negate this concept?
If it can be used, what is an appropriate " range" to set my stop?
If not could I possibly use say a 5min or other time frame to calculate the ATR before setting the stops in my trades.
6. What is a tick chart?
Think this is plenty for my post :clap:
Thanks for your help
Greg
for almost two months now I have been paper trading with live data on the ninja trader platform looking at scalp trades using a specific entry system called Boomerang scalp trader.
It is, its creator claims designed specifically for the ES. however can be used on other indices/eminis . not only does he use this system but he also recommends looking at the " tape bias" such as the Trin and Tran, s&p and few other indicators on the opening bell and through out the day to indicate a bullish or bearish day on the ES
Living in Aus presents a problem for me to trade the ES even on the Globex as the price doesn't see much short term volitiliity suitable for scalping when the US market is closed(imo) at the moment it opens at 11.30pm Aus time
Howver I read where one trader is using the system successfully on eminis such as the
6E. So ihave been getting used to using Ninja Trader and this system mainly on the Euro and Aussie dollars with only limited success and failure
I have a few questions at the moment ...
1. what factors influence currencies such as the aus and Euro $$ on an intraday basis that I am able to easily research each morning ,and during the day,such as Trins or Trans (or whatever) I am looking for specific suggestions here:cheesy: that will suggest to me that we may be having a bullish or bearish "currency day"?
2. watching these two currrencies (6A & 6E)on a 4 range chart over the past two months suggests to me that the one currency pretty much trends (short term) in the same direction as the other, why is this and how can i use this or other indicators to my advantage?
3. people on this and other forums talk about short trem trading in the first couple and last couple of hours of the market as there can be more " noise" (read: less trending) in the in the middle the of the trading session. But with the Globex eletronic exchange virtually open 24hrs a day, this can be quite a confusing statement as the " normal trading day" for the aus $$ is different to the Euro which is different to the Yen etc
So if I want to sit at home in Sydney Australia (GMT+10 hrs) and trade the Euro or any other currency for that matter , at what point in the 24hour clock does the intraday data
that indicates a bullish or bearish time ahead no longer become valid.
ie: when trading the ES it is suggested to look at the tape bias before the USstock market opens for the day ...to get a possible indication of the coming days direction how can I apply this to other indicies such as the 6A and 6E and at what time of day do they no longer be valid
4. I beleive (correct me if wrong) that the currencies tend to gravitate around their opening price. It may trend up or down in the course of the day, but on a neutralish day will probably close pretty close to the open. So it can be a good idea (i beleive) to have a horizontal line that at the open of the day, that remains a reference point throughout the day to remind you if you may be looking at a currency that is near the extreme of its trading range and is likely to return back towards the equilibrium? ie
pen priceSo whta is the refernce hour for both the 6A and 6E?
Our local stock exchange opens at 10am , however the 6A seems to be active from about 8AM )local time). So at what time specifically do I start looking at the appropriate
influencing factors for the upcoming day
What are the appropriate hours for the 6E?
Or does it all just revolve around what wall street does during its "OPEN" hours?
5. I use a 4tick range bar and am having some problems getting stopped out of otherwise correctly bisaed trades. ie: I'll go short only be to stopped out on a small reversal which then continues on what other wise would be a winning trade.
I believe ATRs are commonly used to calculate a stop that allows room for your trade to breathe.
Can this be set on a " range bar chart" Or does being a "range" chart negate this concept?
If it can be used, what is an appropriate " range" to set my stop?
If not could I possibly use say a 5min or other time frame to calculate the ATR before setting the stops in my trades.
6. What is a tick chart?
Think this is plenty for my post
:clap:Thanks for your help
Greg
