Mini I.B.

Set-up is VERY simple take the first 1/2 hour of RTH and if price trades above buy, and if it goes below sell short.

For mini Russell 2000 use targets of 2 points and a stop of 2 points.

For mini S&P500 use targets of 2.5 points and a stop of 2.5 points.

So far this March the ES has triggered 4 profits and 2 lossers or a gain of +$896.00 trading 4 contracts. It tends to perform better over a longer period. But the TF continues to outperform the ES month after month.
And trading 4 contracts in the past month would have yielded +$3150.00 on the ES

The TF on the other hand trading in the past month has yeilded +$6400.00 via trading 4 contracts

*these are actual results that counted my slippage but not comm.

Staylor,

Glad to hear its been good for you. Have you looked at the GBP/USD 7-9am breakout thread? I am trading it on the same lines you posted and have been doing very good with it the last few months....playing the breakout by ear that is.

Originally posted by wirechild

A couple things I am finding as I backtest the 5B. For me backtesting means going back and replaying the first ~25mins or so and watching the actual market action. I am compiling the numbers from 1/9 - 3/13 and will post the results when I am done, it may be a few days though.

This is for ES
-A strict 2 point stop tends to yield better overall results than a variable range stop, although only slightly better.
-Entering 2 ticks above or below the hi/lo also yields slightly better results so far 4 of the losers were avoided in Feb alone.
-Using the first 6 one min bars instead of 5 also seems to keep you out of some of the losers.
-As CharterJoe mentioned, don't take the trade if the first 5(or 6) candles are red and form a up/down trend. The ones that form a V or chop around seem to work out better.
-And as I mentioned already, holding one contract for maximum gains improves the overall results as well. Basically trailing with a 2 point stop and then selling at 6+ points.

Just something to look at and consider. My backtesting is very slow, but it works out well. I will post Jan and Feb results using a few different methods to compare.

The 5-min. IB would have worked out nicely today.
Did anyone compile performance stats on the 5m IB strategy?

I've been trading the 5 IB & wanted to share some things I've been doing. I enter 2 ticks above/below the first 5 minuite bar, as Joe wrote earlier this will filter out some of the loosers. I watch a tick ch for resis or supp in the over night & pre-market, that has kept me out of some loosing trades, why go long into premarket resis? I look at the prior day for supp or resis levels & where the SPX closed, in the upper third or lower third of the prior days range, go with the trend. I do not go short/long into the RTH or 24 hour daily pivot point or take a position aginst any clear supp or resis price level unless market internals are extreme. Another thing I'm doing I haven't read in this thread is, watch the NQ!! This system seems to work a lot better when the NQ & ES are moving together, when you have NQ trying to go one way & ES trying to go the in opposite direction, I do not trade the 5 IB, there's always tomorrow, no need to push it. I also watch a 5 minuite ch of XLF as a kind of market internal to get a feel for market direction. I read in one of Larry Pesavento's books that +75% of the time the open is very near the high or low of the day. Some days the 5 IB will make several points if you hang on & watch market internals.

thanks Staylor....what happened to Joe...? Did he make his fortune and move to a remote island or just stop posting? I guess he felt under- appreciated...

Bracketing the 10 minute bar at 3 a.m eastern seems to be a good trade for those late night traders...this is a stop and reverse idea....and is a key area to play off of at that time....

Ya know Bruce, now that you mention it, I haven't seen Joe post anything lately. I sincerly hope he hasn't left us. It could be the switch to forex, I tried a practice account once & I never stopped trading, it may work for some people, but it wasn't mentally healthy for me.

Joe has shared a wealth of knowledge & information with us, when it comes to trading & making $$ on a weekly basis, I think this mini IB thread is better than most of the systems/methods that vendors sell for $$. When I find something like using a tick chart to see pre-market trendlines, resistance & support or anything else to help filter out the loosers on the 5 IB I will definately post it & try to keep this thread alive, maybe it'll help someone else as much as it has helped me!

I thought that I read on another topic somewhere around here that someone had spoken to him and that he was taking a break from trading.

Originally posted by pips2007

.....close of 30 min bar, and hang on till 3:15 cst.
DID ANYONE CHECK WEBSITE SPBANK BOOK, what is this please share

WHAT IS RTH? CAN SOME ONE EXPLAIN PLEASE, APPRECIATED.

real time hours = RTH = the day session

(duplicate post in "Mini I.B. vs 7am-9am Breakout" thread)

I have been a member of mypivots for a little over a year now, using the posts as a springboard for learning about the futures and currency markets – I’ve really appreciated the research and insight of so many of the contributors.

I’m now at the point where I’d like to begin systematically back testing one or two strategies for potential trading. I like the concept of breakouts (just finished Fisher, currently reading Crabel) – this thread and Charter Joe's 7am-9am GBP/USD Breakout thread are especially interesting in this regard.

I’d appreciate some advice from the folks here. The IB and 7-9 threads are now over a year old: do both concepts still perform reasonably well in live trading? If so, which of these would you recommend that I begin my back testing with:

1. The 30B
2. The 5B
3. The 7-9 currency breakout

I have a full time job so I need a scheduled window of time to trade in. I plan to trade single lots, primarily intraday. I am methodical by nature and prefer smaller, steady gains to wild gains… and wild losses.

Any thoughts gratefully received! Thanks.

Isaac