Florida traders checkin....

[Tarhini_Trade]

I am a finance major at Florida International University and Senior Analyst at the university's fund. I trade live, so it is my source of income but I am also going to work overseas all summer at an investment firm in Abu Dhabi.

 

[jpdwilson]

Lakeland here

 

[mslcwt1]

With the recent notices of attendance, I was wondering who, if anyone, might be trading S&P Emini Futures?
Mike

 

[jpdwilson]

I do.

 

[Robshope]

South Central Georgia, around Moultrie/Tifton. About an hour from Tally.

 

[astoria]

Lake Worth ..just over the bridge from Palm Beach.

trade Es and have trading portfolio.

 

[mslcwt1]

For ES traders (astoria, jpdwilson, ..), I've been looking at "True Strength Index" indicator. Anyone have any experience with it?

Trying to make a "simple" system. Basically trade after price action moves across the MA's, the True Strength Index crosses '0', the Directional Movement Oscillator crosses "0".

Seems that as it crosses the "o" line, appears to be a good indicator for 1/2 to 1 pt trade.

On a 2 minute chart or 5 minute chart also.

Using Sierra Charting.

Thoughts??

 

[astoria]

Are you simply trying to scalp or run with the trend by using "true strength index"?

Why 2 minutes and or 5 minutes? Are you trading minute movement or price.?..try using price range 2 to say 6 and see how it looks....

What is DMO supposed to contribute?

 

[mslcwt1]

Correct - looking for signal to make a scalp - 1/2 pt to 1 pt.
The 2 minute chart I watch for signals and the 5 I use to confirm.

Not sure how to respond to "Are you trading minute movement or price?"
I guess my understanding of your question would be I'm trading a setup. (??? Is that a good response?) I'm trying to manipulate a few indicators to give a good setup that is tradable for 1/2 to 1 pt consistently and filter out "weak" price moves. I'm using the 3 m.a.s (actually 1 is the average line of a keltner channel - since it's based on ATR, the last one is a "zero lag" EMA - it's in sierra charting but I'm not so sure it's not "zero" lag, seems like it would have to be some lag) as a filter to indicate approaching trade - as price moves across them and pops out one side or the other, the TSI & DMO confirm a "strong" move and when they all "line up", take a trade.

The DMO is a 2ndary filter that keeps me out of weak price moves. - see attachment for some weak examples, like thru the slow times of the afternoon. Threw in the same previous chart showing "textbook" setups.

 

[mslcwt1]

I've been using this trading 1 lot (I have to use real cash or I don't trust results - ie no sim) & I have been getting hit by weak price moves.

The extension of the previous statement is the "exit on a bad trade rule". I've been using the red line ma as a close limit once I"m in the trade.

 

[mslcwt1]

The last 3 charts have been from February 19, 2010.

Goal is to get consistent then ratchet up contract size.

 

[mslcwt1]

Here's 3/19...
Took 2 trades
1 pt each.
Added volume to the chart ...

 

[mslcwt1]

Trade method

Wait on a setup - good MA crosses, price crossing MAs, DMO & TSI crossing zero, strong price movement with accompanying volume.

Make a 1- 1 1/2 pt trade.

Stop is the nearest MA.

Be a skeptic. Try watching the market more than trading the market.
Only trade if you know you are going to walk away positive.