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a loser's journal......read at own risk
- Thread starter padutrader
- Start date
if the signal bar is good then stop just beyond the signal bar is correct.
but if you are selling above a bad bull signal bar where should your stop be? beyond the nearest good bear signal bar.
if it too far do not take the trade
Brooks is not that difficult to understand: but since you are trading 5 min you will get many trading opportunities and if you do not know how to evaluate them, and take the bad ones, you will find yourself losing money very fast
https://screenrec.com/share/dpKSXl2BM9
https://screenrec.com/share/jcyoNXLGJA
but if you are selling above a bad bull signal bar where should your stop be? beyond the nearest good bear signal bar.
if it too far do not take the trade
Brooks is not that difficult to understand: but since you are trading 5 min you will get many trading opportunities and if you do not know how to evaluate them, and take the bad ones, you will find yourself losing money very fast
https://screenrec.com/share/dpKSXl2BM9
https://screenrec.com/share/jcyoNXLGJA
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closed trade
https://screenrec.com/share/HsIPufe69b
https://screenrec.com/share/HsIPufe69b
i started trading this demo on jan 27 and i have learned some things.....especially in the last 3 weeks....
that is the main reason i did this demo thing to work some things out....now i am profitable but with some deep drawdowns which are not easy to survive in live accounts.
but not with consistency i want to have......if you cannot get a win rate of over 80% in demo....better not go live.
it has been entertaining...without have the pressure of your money disappearing from under your nose
this is performance a win rate of 49% is not good enough for live.....not in 5 min
https://screenrec.com/share/IV24f8QJBX
that is the main reason i did this demo thing to work some things out....now i am profitable but with some deep drawdowns which are not easy to survive in live accounts.
but not with consistency i want to have......if you cannot get a win rate of over 80% in demo....better not go live.
it has been entertaining...without have the pressure of your money disappearing from under your nose
this is performance a win rate of 49% is not good enough for live.....not in 5 min
https://screenrec.com/share/IV24f8QJBX
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not rocket science
but cut losses and wait for something to come your way
but cut losses and wait for something to come your way
like herebut cut losses and wait for something to come your way
https://screenrec.com/share/CwisXMQhfT
Could have let my last trade run a bit longer esp. with such a tight channel before the climactic bear bar- but there was a possible wedge i was seeing so decided to lock in the profit at the retest and possible DB.
A more robust wedge seems to be forming.
This sums up some of the challenges of a pure price action approach, i.e., the interpretative element. There's wedges, channels, DTs, DBs, breakouts or failed breakouts or failed failed breakouts, etc. all at the same time. Not always, of course, but often there's just very many possibilities at the same time.
If i can clean up these little discrepancies i will be better than now. overall I avg 15pts a day, roughly.
Sounds good. If you can average 15 points per day (I assume this is per contract) you're an elite trader and should be RICH by end of this year, but probably sooner.
Right now, you're trading 1 MES, though. I equate that almost to simulator trading. But if you're as consistent and as good as you claim to be, you should start scaling up and you'll be at 100 + MES in no time.
Keep us posted and good luck.
yesThis sums up some of the challenges of a pure price action approach, i.e., the interpretative element. There's wedges, channels, DTs, DBs, breakouts or failed breakouts or failed failed breakouts, etc. all at the same time. Not always, of course, but often there's just very many possibilities at the same time.
it is just too many......and you have not mentioned the conflicting signals which make you get out way too early.
Brooks does not emphasize the importance of a good signal bar enough and i have found that is the most important
we would all be millionaires....
but you do get pretty clear entries like the one i just took in this video...it is not known how far it will go.
https://screenrec.com/share/naH4Wse1Nz
it is not rocket science: ' a handful of patience is worth a bushel of brains '-Dutch proverb.
in trading a bushel of patience is the default
sitting doing nothing for long periods of time is one of the less advertised aspects of trading.
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it is just too many......and you have not mentioned the conflicting signals which make you get out way too early.
Possible solutions:
1. Context, i.e., a big picture analysis and/or higher time frames, statistics, etc. That way you're not stuck in a bar-by-bar mode, but can zoom out and see the forest for the trees. If you're scalping - less important.
2. Only trading when things (signals) are certain and there is no conflict.
Point 2 should be mandatory anyhow, but it's easy not too and if you use a subjective framework it's easier to fall in this trap.
i think if you trade 5 min TF then you are scalping...........and you will get and want [if not why trade 5 min?] many more trade signals and that may well lead to whipsaws and overtradingIf you're scalping - less important.