This is another student submitted live trade example of a second entry long. This was submitted by Jorge. He did not manage to catch a runner on this one, but he made the attempt and still made an extra tick on his runner portion of the trade.
This was a trade with matching lows for a signal bar, which makes it OK to use either bar as your signal bar. The first one was a doji, so Jorge wisely waited on a better opportunity and was rewarded with a much better signal bar for his patience. Notice too that he counted the double top as a new high in this case.
Note that it was a bit congested, but even so, there was room to scalp out. With that thought process, it was still a good range type trade, but also a 2nd entry in an uptrend when you are looking for prices to retest the highs. You might not take that trade as a 2nd entry alone, but you could use range rules instead, as it does qualify as a range entry with a triple test.
Thanks for sharing and nice trade Jorge.
Super nice! I took the same trade yesterday!
How do you do to record in Ninjatrader?
Jorge,
Nice patience and great capture! Good work :).
Awesome trade and great patience.
Nice timing on the music too 🙂
Thank you so much for sharing. Great video great trade
Well done! The “bread and butter” trade as Mack says!
Cool day trading tunes
Nice job on Patience
Thanks for posting Mack! I looked at my daily journal and I took the same trade. These posts in addition to your daily chart lessons let me know I’m on the right track as I’ve only been at this a few months. Thanks again.
Jorge and Mack – many thanks for sharing!
Interesting.. it seemed that the order was placed at 3225.75 but filled at 3225.50. (slipped back and order placed). I understand that it’s rare but can happen.
Great job, Jorge! How long have you been trading?
Does anyone knows if ninjatrader 8 has this tick counter on the bar yet?
Hi Everyone! Thanks for the comments! I’m glad you liked it and could relate to it as well.
@juanmbaldi: I use “OBS Studio”. It’s a free/open-source application that rocks! It may look intimidating at first but once you grab the basic concept and configure it, it’s very very easy. There are many tutorials on YouTube. Check it out.
@Geoff: haha I noticed that too!. When order is filled the main beat starts. What a coincidence 🙂
@Wildwex: Wow, I missed that! Thanks for pointing it out. I don’t recall ever seeing that. This is SIM and I know the NT engine tries to be as close as possible as live trading (avoiding immediate fills and such) so I don’t know if it was a glitch or intentional. I saw the slippage Mac had the other day (which I understand is strange on the ES) but slippage in our favor it’s really new to me. Have you seen it on the ES?
@mgriego: started in January/2019, so basically one and a half years (all in SIM). I estimate that it would take me that same amount of time (or more) to become a *consistently* profitable trader…which should be our final goal 🙂
Very nice, Jorge! Also I thought it pretty clever the way you first opened the trade way up there and it was all ready for you to place where you wanted it when the time was right. Never thought of doing that. It certainly saves the time to open a trade when speed is necessary. Even today I missed getting in several times in a trade I wanted due to the time it took to even open doing the right click.
Well done, Jorge. Thanks for sharing.
Space music <3 ;D
Nice trade Jorge and thanks for sharing. It’s great to see Mack allowing us to have a forum here to discuss each others trades.
I must admit I wouldn’t have taken that setup. Two reasons: 1) The pullback wasn’t quite back to the EMA (nor your blue support line); 2) With five overlapping bars, most of them with long stems (and the bar immediately preceding your entry bar being a doji), that’s a fair share of congestion.
That’s just my two cents. Keep up the good work and thanks again for sharing!
@Frantz: Hi. Thanks for the well thought out feedback, really appreciated. My comments on your points:
1) I remember during the trade that it wasn’t bouncing precisely at the blue support line I had there and as you can see in the video I moved the line a little bit up (maybe confirmation-bias?). If you see Mack’s chart lesson for that day you can see he has the blue line (overnight highs) but then he created separate support/resistance lines for that small range that eventually formed (which was a couple of ticks higher) ..so in hindsight it wasn’t bouncing precisely at the overnight highs (where I had my 2x blue line). I was looking at it like as an important “level”: a general support/resistance area that might span a couple of ticks. Perhaps support moved a little bit higher after the overnight breakout? That was my thinking at the moment. And regarding the EMA…well it was close 🙂
2) Great observation. Fair.
Thanks!