HPT 7min Vs 60min Trend Indicator for NinjaTrader Software

As many of you know, I'm testing out NinjaTrader to backtest my Quotetracker strategies.
Making custom indicators for NinjaTrader reminds me of when I was taking my first Visual Basic class. You basically spend 10min making the indicator and hours debugging for errors you've made.

I just got done setting up the basic 7min vs 60min Trend Signals for NinjaTrader; an indicator that I've given out in my basic Quotetracker Chart setup.


I did notice some small discrepanices for this indicator between Quotetracker and NinjaTrader as you can see from the LONG red arrows in the above chart.

I tried posting the code here, but BLOGGER has issues with the code and it doesn't post correctly, so I've put a Free Download link to the "HPT Seven Vs Sixty Minute Indicator" and I've added this indicator to my free download section.

Note- This file is written in C#. If you don't have NinjaTrader you can still view this file by unzipping the file and opening it with Notepad or Visual Studio.

Additionally, this indicator may be improved upon by using the MAX and MIN function in ninjatrader for finding the 60min high and 60min low respectively, as opposed to how I wrote the code (ie. High[60] , Low[60]). Based on how I wrote the code, I don't believe adding the MAX/MIN function will make a big difference, because it also looks back to the 30 period bar. I will likely improve this indicator in the future. If anyone has any suggestions or ideas, please leave a comment.

HPT 7min Vs 60min Trend Indicator for NinjaTrader Software

As many of you know, I'm testing out NinjaTrader to backtest my Quotetracker strategies.
Making custom indicators for NinjaTrader reminds me of when I was taking my first Visual Basic class. You basically spend 10min making the indicator and hours debugging for errors you've made.

I just got done setting up the basic 7min vs 60min Trend Signals for NinjaTrader; an indicator that I've given out in my basic Quotetracker Chart setup.


I did notice some small discrepanices for this indicator between Quotetracker and NinjaTrader as you can see from the LONG red arrows in the above chart.

I tried posting the code here, but BLOGGER has issues with the code and it doesn't post correctly, so I've put a Free Download link to the "HPT Seven Vs Sixty Minute Indicator" and I've added this indicator to my free download section.

Note- This file is written in C#. If you don't have NinjaTrader you can still view this file by unzipping the file and opening it with Notepad or Visual Studio.

Additionally, this indicator may be improved upon by using the MAX and MIN function in ninjatrader for finding the 60min high and 60min low respectively, as opposed to how I wrote the code (ie. High[60] , Low[60]). Based on how I wrote the code, I don't believe adding the MAX/MIN function will make a big difference, because it also looks back to the 30 period bar. I will likely improve this indicator in the future. If anyone has any suggestions or ideas, please leave a comment.

April 23 Trade Summary

I used the NYSE A/D and NYSE TICK to leverage myself into a short setup that was my big winner for the day. My goal is to find one good setup per day where I can use increased size with a profit target of 0.7-1.4 pts when trading ER2.

P/L= $402

This weekend I reviewed some of my recordings and noticed some good things that will help me in my trading. I noticed that I'm missing out on making more money because my trading execution platform was limiting my abilities. I have been trading from the basic IB order entry page, which is a really slow way to make trades if your looking to make your money by scalping. I was watching some of my videos and some of the ninja trader instruction videos and realized that I'm missing a lot of trade signals by not having a trading execution system that is fast enough to take my trades. So, today I started trading from IB's Book Trader, which with a single click, will execute my trade within a second. I missed about 3 scalp trades this morning from being to greedy in waiting for my entry to get hit. I was trying to sell the ask when the price was on the bid, and buy the bid when the price was on the ask. With time I should get better.

SCALPING-
My motivation to start scalping more is from reading an old chat transcript posted over at Linda's Rascke's website. The chat transrcipt was an interview with trading coach Jeff Quinto from Photon Trading. He said that he tells his new traders to make many scalp trades and to look for 3-6 ticks as a profit target and to stratch the majority of trades. Doing this will give the trader more exposure and experience in the markets and should help that trader in their execution skills. This is also something that Dr. Steenbarger; from TraderFeed, talks about in his new book "Enhancing Trader Performance". The chat talked about when you should PRESS trades, by adding to winning core positions, and that he never adds to losers. If he has a loser he cuts it, because something has happened that he didn't expect and he doesn't know why, so he exits the losing trade. I also like how he went over the time frame he holds his trades. He said that he holds winners for an average of 6-7 minutes and 3 minutes for losing trades. This is interesting because my winning trades normally last 3-6minutes, and my losing trades normally last longer than 3min, sometimes 15min from averaging into the loser, so this is something I need to work on. I need to start looking to cut my losers as soon as they are a few ticks against me, or after 3minutes when scalping. To checkout the chat transript checkout Linda Raschke's website.

Here is my new monitor setup showing Book Trader for ER2 and YM along with all my other charts that I use to trade with.





Market Observations-

I missed the big move in ZN, I saw the setup and didn't take it. I was skeptical because there was light volume between 7:30-7:40am, and I was expecting a pullback, but it never happened and the trend continued. O'well, at least I'm getting better at my intraday analysis on ZN. I guess I should have gone long on JPY if I was afraid of the higher risk trading ZN.



Tommorow should be interesting with these key #'s out tommorow:

07:45 ICSC-UBS Store Sales
08:55 Redbook
09:00 Bank of Canada Announcement
10:00 Consumer Confidence
10:00 Existing Home Sales
01:00 5-Year TIPS Auction
01:00 4-Week Bill Auction

The weather out here in Cali is looking beautiful, so I'm going to enjoy it. Have a good day ya'll.

March 12 trade summary

Today I lacked confidence because of the lack of volume and choppiness the markets displayed the majority of the day. I got a good signal right after the preferred key time of 8:30am PFT for a long signal below VAL. The trade went 0.8pts my way and I thought it would run right to my target, so I put in a trailing stop 3 ticks above my entry for protection only to be stopped out and see the price then rally and hit my target 1 minute later. I should have exited at the tick high and I would have gotten a 0.8pt winner instead of a 0.3 winner. Also, I wanted to go long at 793 for a low risk entry right before the afternoon breakout based on what I was seeing in the NYSE A/D chart, however, I kept thinking that it was a bad trade because the last few days the market rolled over during this time period because of the action in the bonds, so I ended up missing the upside afternoon breakout because I wasn't quick enough to get a good entry and I thought it wasn't worth chasing a long entry when price was above VAH. I made a reversal trade on NQ, but that was more of a wash trade in which as soon as I exited my short I went for a long scalp on ER2 and made 0.2pts(could've made 0.5pt but adjusted price target lower because I was impatient).

Overall, I didn't do well today because I failed to realize that given the lack of volume and choppy price action that I should have taken quicker scalps, instead of trying to hold for big winners.

I'm beginning to see that following the NYSE and NASDAQ A/D chart is great. I'm beginning to think that this market internal for the exchanges may be a better indicator for short term setups then NYSE TICK.



I'm going to checkout Ninja trader and Trader DNA software as discussed in Dr. B's book, because realtime analysis of my trading metrics may be helpful in evaluating and learning to improve my trading in relation to the type of trade, position size, and the time of day the trade was taken.