MSHEINER

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

traderwep
rank: <50 posts
rank: <50 posts
Posts: 28
Joined: Sun Aug 27, 2006 3:49 pm
Reputation: 0
Gender: None specified

MSHEINER

Postby traderwep » Mon Aug 28, 2006 2:52 pm

i have the msheiner on a 1minute YM 24hour chart. i cannot find an explantion of how it might be traded/interpreted as a scalping tool.

also, on the use of the midpoint and dynamic s/r for scalping--does that work for index futures such as ym and es, or is it stocks only. i notice that most of the charts posted are stocks. i only daytrade the index futures--mainly es and ym.

thanks for any guidance.

wayne

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11396
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon Aug 28, 2006 3:46 pm

Maurice Scheiner's original post

https://www.tradestation.com/Discussion ... c_ID=48589

How to scalp the market and make a steady daily income.

First of all let me tell you that I have been trading actively for 15 years successfully but most important I make a daily steady income. I work a few hours per day and enjoy the rest of the day playing tennis or golf.
The first 5 years of my trading career I was looking for the Holy Grails. I bought every indicator – oscillator – and strategy that was available. I most probably spent over 20K for all this garbage. I was trading very low numbers of future contracts or shares. Thanks God I did that. I preserved my working capital. There is no indicator, oscillator or strategy that works 100% in all market, all the time. Trust me don’t waist your time. The market changes face constantly and if one indicator or strategy works in one particular time frame, I promise you that it will not work when you start trading it. Especially if it was optimized. After all, the one constant of system trading is there is no perfect system.
THERE IS NO HOLY GRAIL
So now let’s go to the positive side of the story.
If you are an investor or a swing trader the following method is not for you. Stop reading.
I scalp the market in a very conservative way, but most important I keep my target reasonable and I keep my losses as small as possible.
Since I am a day trader, I only look at yesterday’s market open, close high and low.
I started this trading method with 1 contract or 100 shares of any stock or future contract that I wished to trade and build slowly some equity. If I made $1500 profit more or less I then increased it two 2 contracts or 200 shares, if I lost, because I lose once in a while I went back to 1 contract and so forth. Rome was not built in one day, and go slow but steadily. I first let the market show me for the first two hours what it wants to do. I have my coffee and listen to all the prophets on CNBC. So if you are trading for example the Russell or Mid Cap wait 2 hours (exchange time) from the open and do nothing.
The Method:
I have attached a picture so when you read this message try to follow it with the picture open it will be much easier for you to understand.
Open a chart 500 ticks or whatever you prefer and draw lines from yesterday’s open, close, high, low and every minor peak and valley, of today’s first two hours.
Look for an open space in between the support and resistance, the space must big enough for you to scalp the market with a cushion between those lines.

Let me give you a visual example so you will understand better.
Open the ER2H06 chart with 500 ticks for Friday Feb 3 2006.
Draw 4 lines in purple color to identify that this lines are yesterday’s (Feb 2 2006) open, high low and close. So we had lines:
High at 738.20 ( can't see on the attached picture)
Low at 723.80
Open at 737.10 ( can't see on the attached picture)
Close at 727.60

Now up to 10:30 exchange time I had the following peaks and valleys:
728.60 at approximately 08.45am which was a high
722.80 at approximately 09:01am which was a low at that time
725.80 at approximately 09:15am which was an intermediate
722.00 at approximately 09: 38am which was a new low
725.20 at approximately 09:54am which was another intermediate
What I am looking for is a non clustered area
When I look at 10:30am, the lines I had a fairly large empty space was between the 725.80 line and the 727.60 (which happened to be the line of the close of yesterday).
Now you need a little cushion to make sure that this support/resistance will be well penetrated.
So I always add 0.30 points to the line number 725.80 + 0.30 = 726.10
I immediately placed on the matrix window 20 contracts at buy stop 726.10
I also immediately put a limit order at 726.10 + 0.50 = 726.60. As soon as I got filled I places my stop loss at -10 from the line below my entry line which was the 725.20 lines so my stop loss was at 725.10 (I don’t know how to use these new OCO/OSO orders

I got filled at 10:35am and got out at 10:37am less than 2 minutes.

Profit was 20 X 50 = $1000.00 less $100 commission (That trade happened to have no slippage, but expect slippage)
$900 for me is a very good income. I then went to visit a friend and enjoy the rest of the day quietly. My risk at 725.10 was a little bigger than I had hope but trading has its risks.

Now let me tell you what not to do. Don’t scalp tops and bottoms. It is impossible to guess where they are going to be, I assure you no one knows. The only thing I can tell you is that the market flows very nicely between any sorts of resistance and support and if you catch a little portion of it be very happy. Try it you will like it, but start very small (1 contract or 100 shares of any stocks) after that it’s just a matter of growing slowly but steadily. Be reasonable with your expectations (profit) and don’t be greedy. The longer you stay in the market the higher your chances of losing. One more thing, always know in advance your entry point, profit target and stop loss. If you trade without knowing in advance what your entry point, profit target or your stop loss are, you are only hoping and I promise you that you will not make it as a day-trader. (96% don’t). If your first scalp of the day is profitable – stop trading, I always do.
If you have any comments please don’t be shy
Cordially
Maurice.

PS: If anyone wants to share his/her scalping method lets talk and share ideas.
Maurice Scheiner's original post

https://www.tradestation.com/Discussion ... c_ID=48589

How to scalp the market and make a steady daily income.

First of all let me tell you that I have been trading actively for 15 years successfully but most important I make a daily steady income. I work a few hours per day and enjoy the rest of the day playing tennis or golf.
The first 5 years of my trading career I was looking for the Holy Grails. I bought every indicator – oscillator – and strategy that was available. I most probably spent over 20K for all this garbage. I was trading very low numbers of future contracts or shares. Thanks God I did that. I preserved my working capital. There is no indicator, oscillator or strategy that works 100% in all market, all the time. Trust me don’t waist your time. The market changes face constantly and if one indicator or strategy works in one particular time frame, I promise you that it will not work when you start trading it. Especially if it was optimized. After all, the one constant of system trading is there is no perfect system.
THERE IS NO HOLY GRAIL
So now let’s go to the positive side of the story.
If you are an investor or a swing trader the following method is not for you. Stop reading.
I scalp the market in a very conservative way, but most important I keep my target reasonable and I keep my losses as small as possible.
Since I am a day trader, I only look at yesterday’s market open, close high and low.
I started this trading method with 1 contract or 100 shares of any stock or future contract that I wished to trade and build slowly some equity. If I made $1500 profit more or less I then increased it two 2 contracts or 200 shares, if I lost, because I lose once in a while I went back to 1 contract and so forth. Rome was not built in one day, and go slow but steadily. I first let the market show me for the first two hours what it wants to do. I have my coffee and listen to all the prophets on CNBC. So if you are trading for example the Russell or Mid Cap wait 2 hours (exchange time) from the open and do nothing.
The Method:
I have attached a picture so when you read this message try to follow it with the picture open it will be much easier for you to understand.
Open a chart 500 ticks or whatever you prefer and draw lines from yesterday’s open, close, high, low and every minor peak and valley, of today’s first two hours.
Look for an open space in between the support and resistance, the space must big enough for you to scalp the market with a cushion between those lines.

Let me give you a visual example so you will understand better.
Open the ER2H06 chart with 500 ticks for Friday Feb 3 2006.
Draw 4 lines in purple color to identify that this lines are yesterday’s (Feb 2 2006) open, high low and close. So we had lines:
High at 738.20 ( can't see on the attached picture)
Low at 723.80
Open at 737.10 ( can't see on the attached picture)
Close at 727.60

Now up to 10:30 exchange time I had the following peaks and valleys:
728.60 at approximately 08.45am which was a high
722.80 at approximately 09:01am which was a low at that time
725.80 at approximately 09:15am which was an intermediate
722.00 at approximately 09: 38am which was a new low
725.20 at approximately 09:54am which was another intermediate
What I am looking for is a non clustered area
When I look at 10:30am, the lines I had a fairly large empty space was between the 725.80 line and the 727.60 (which happened to be the line of the close of yesterday).
Now you need a little cushion to make sure that this support/resistance will be well penetrated.
So I always add 0.30 points to the line number 725.80 + 0.30 = 726.10
I immediately placed on the matrix window 20 contracts at buy stop 726.10
I also immediately put a limit order at 726.10 + 0.50 = 726.60. As soon as I got filled I places my stop loss at -10 from the line below my entry line which was the 725.20 lines so my stop loss was at 725.10 (I don’t know how to use these new OCO/OSO orders

I got filled at 10:35am and got out at 10:37am less than 2 minutes.

Profit was 20 X 50 = $1000.00 less $100 commission (That trade happened to have no slippage, but expect slippage)
$900 for me is a very good income. I then went to visit a friend and enjoy the rest of the day quietly. My risk at 725.10 was a little bigger than I had hope but trading has its risks.

Now let me tell you what not to do. Don’t scalp tops and bottoms. It is impossible to guess where they are going to be, I assure you no one knows. The only thing I can tell you is that the market flows very nicely between any sorts of resistance and support and if you catch a little portion of it be very happy. Try it you will like it, but start very small (1 contract or 100 shares of any stocks) after that it’s just a matter of growing slowly but steadily. Be reasonable with your expectations (profit) and don’t be greedy. The longer you stay in the market the higher your chances of losing. One more thing, always know in advance your entry point, profit target and stop loss. If you trade without knowing in advance what your entry point, profit target or your stop loss are, you are only hoping and I promise you that you will not make it as a day-trader. (96% don’t). If your first scalp of the day is profitable – stop trading, I always do.
If you have any comments please don’t be shy
Cordially
Maurice.

PS: If anyone wants to share his/her scalping method lets talk and share ideas.Maurice Scheiner's original post

https://www.tradestation.com/Discussion ... c_ID=48589

How to scalp the market and make a steady daily income.

First of all let me tell you that I have been trading actively for 15 years successfully but most important I make a daily steady income. I work a few hours per day and enjoy the rest of the day playing tennis or golf.
The first 5 years of my trading career I was looking for the Holy Grails. I bought every indicator – oscillator – and strategy that was available. I most probably spent over 20K for all this garbage. I was trading very low numbers of future contracts or shares. Thanks God I did that. I preserved my working capital. There is no indicator, oscillator or strategy that works 100% in all market, all the time. Trust me don’t waist your time. The market changes face constantly and if one indicator or strategy works in one particular time frame, I promise you that it will not work when you start trading it. Especially if it was optimized. After all, the one constant of system trading is there is no perfect system.
THERE IS NO HOLY GRAIL
So now let’s go to the positive side of the story.
If you are an investor or a swing trader the following method is not for you. Stop reading.
I scalp the market in a very conservative way, but most important I keep my target reasonable and I keep my losses as small as possible.
Since I am a day trader, I only look at yesterday’s market open, close high and low.
I started this trading method with 1 contract or 100 shares of any stock or future contract that I wished to trade and build slowly some equity. If I made $1500 profit more or less I then increased it two 2 contracts or 200 shares, if I lost, because I lose once in a while I went back to 1 contract and so forth. Rome was not built in one day, and go slow but steadily. I first let the market show me for the first two hours what it wants to do. I have my coffee and listen to all the prophets on CNBC. So if you are trading for example the Russell or Mid Cap wait 2 hours (exchange time) from the open and do nothing.
The Method:
I have attached a picture so when you read this message try to follow it with the picture open it will be much easier for you to understand.
Open a chart 500 ticks or whatever you prefer and draw lines from yesterday’s open, close, high, low and every minor peak and valley, of today’s first two hours.
Look for an open space in between the support and resistance, the space must big enough for you to scalp the market with a cushion between those lines.

Let me give you a visual example so you will understand better.
Open the ER2H06 chart with 500 ticks for Friday Feb 3 2006.
Draw 4 lines in purple color to identify that this lines are yesterday’s (Feb 2 2006) open, high low and close. So we had lines:
High at 738.20 ( can't see on the attached picture)
Low at 723.80
Open at 737.10 ( can't see on the attached picture)
Close at 727.60

Now up to 10:30 exchange time I had the following peaks and valleys:
728.60 at approximately 08.45am which was a high
722.80 at approximately 09:01am which was a low at that time
725.80 at approximately 09:15am which was an intermediate
722.00 at approximately 09: 38am which was a new low
725.20 at approximately 09:54am which was another intermediate
What I am looking for is a non clustered area
When I look at 10:30am, the lines I had a fairly large empty space was between the 725.80 line and the 727.60 (which happened to be the line of the close of yesterday).
Now you need a little cushion to make sure that this support/resistance will be well penetrated.
So I always add 0.30 points to the line number 725.80 + 0.30 = 726.10
I immediately placed on the matrix window 20 contracts at buy stop 726.10
I also immediately put a limit order at 726.10 + 0.50 = 726.60. As soon as I got filled I places my stop loss at -10 from the line below my entry line which was the 725.20 lines so my stop loss was at 725.10 (I don’t know how to use these new OCO/OSO orders

I got filled at 10:35am and got out at 10:37am less than 2 minutes.

Profit was 20 X 50 = $1000.00 less $100 commission (That trade happened to have no slippage, but expect slippage)
$900 for me is a very good income. I then went to visit a friend and enjoy the rest of the day quietly. My risk at 725.10 was a little bigger than I had hope but trading has its risks.

Now let me tell you what not to do. Don’t scalp tops and bottoms. It is impossible to guess where they are going to be, I assure you no one knows. The only thing I can tell you is that the market flows very nicely between any sorts of resistance and support and if you catch a little portion of it be very happy. Try it you will like it, but start very small (1 contract or 100 shares of any stocks) after that it’s just a matter of growing slowly but steadily. Be reasonable with your expectations (profit) and don’t be greedy. The longer you stay in the market the higher your chances of losing. One more thing, always know in advance your entry point, profit target and stop loss. If you trade without knowing in advance what your entry point, profit target or your stop loss are, you are only hoping and I promise you that you will not make it as a day-trader. (96% don’t). If your first scalp of the day is profitable – stop trading, I always do.
If you have any comments please don’t be shy
Cordially
Maurice.

PS: If anyone wants to share his/her scalping method lets talk and share ideas.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

brwkem
rank: 50+ posts
rank: 50+ posts
Posts: 82
Joined: Fri Jun 23, 2006 2:00 pm
Reputation: 0
Gender: None specified

Postby brwkem » Mon Aug 28, 2006 5:01 pm

Dont you miss alot of moves waiting the first two hours?

User avatar
TheRumpledOne
rank: 10000+ posts
rank: 10000+ posts
Posts: 11396
Joined: Sun May 14, 2006 9:31 pm
Reputation: 45
Location: Oregon
Real name: Avery T. Horton, Jr.
Gender: None specified
Contact:

Postby TheRumpledOne » Mon Aug 28, 2006 5:59 pm

Read what Maurice wrote!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

BlowFish
rank: 50+ posts
rank: 50+ posts
Posts: 68
Joined: Fri Aug 25, 2006 8:09 pm
Reputation: 0
Gender: None specified

Postby BlowFish » Thu Aug 31, 2006 8:10 pm

brwkem wrote:Dont you miss alot of moves waiting the first two hours?


"I work a few hours per day and enjoy the rest of the day playing tennis or golf. "

Seriously though If you need more cash its much much easier to trade more contracts than "forcing" more points.

Cheers,
Nick.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

jgear55
rank: <50 posts
rank: <50 posts
Posts: 37
Joined: Sat Aug 26, 2006 3:45 pm
Reputation: 0
Gender: None specified

Postby jgear55 » Mon Sep 11, 2006 5:55 am

can somone post the Screen shots from that tradestation thread, i dont have TS so i cant login...

zapzinig
rank: 50+ posts
rank: 50+ posts
Posts: 131
Joined: Fri May 19, 2006 8:57 pm
Reputation: 0
Gender: None specified

Postby zapzinig » Wed Sep 13, 2006 10:45 pm

jgear55 wrote:can somone post the Screen shots from that tradestation thread, i dont have TS so i cant login...
Here is the screen shot
Attachments
ms_Scalp.jpg
screen shot
ms_Scalp.jpg (71.45 KiB) Viewed 2752 times

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “TheRumpledOne”