AHG - Profitable Strategy for Struggling Traders

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Quote from c.profitt:

Anek,
Thanks for the help. I want to make sure I understand you correctly. What I have been doing is Watching a 450 tick chart for my entries. When I see a trend I will wait for a pullback. Once I see the pullback ending by seeing a new bar begin to go in the direction of the trend I get back in and place my stop below or above s/r. For my exits I wait for the previouse bars h/l to be taken out by the new bar, then wait for the whole process to begin again to get back in. Is this what you are saying we should do or am I screwing up. Also wondering about the double top on Thursday morning. You mentioned you saw it but couldn't trade it due to personal trading rules you have. I was wondering if you could comment on that. I'm intested to get your mind on it.

Thanks for all your help in this thread and welcome back
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The 450 tick chart might be ok for reference but perhaps a bit slow for entries.

Your anchor chart should be at least 4x your entry chart.

If your anchor chart is say 2000 ticks then disregard this post :)

Anek
 
Quote from Techdoodle:

This is my focus right now... trend breaks.

For #1... in an uptrend with a higher high and then a break of trend,
I will wait for a retrace to the old trend support which is now resistance.

Although I haven't decided anything about the swing high where resistance is hit
relative to the highest high before the break yet.

Does this ring a good tone?

I do see how if there is a higher low still, the trend is still not broken.

Hmmm.
Never mind?

-Tech
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Tech,

Make sure you there is a swing long before shorting an uptrend break that had a a higher high. Wait for a good entry, low risk good reward and then take it.

Anek
 
Unfortunetly it was on paper. I have been having a tough week this week. So I decided to papertrade today. I picked a shitty day to papertrade. I am still having trouble with my exits. I don't know if I should take them on a smaller timeframe chart to protect my profits or if I should stick with the 450 tick chart. I have a real hard time letting my trades go until the trend line is broken, so I find myself getting in and out of trades a lot. Anyone else having this dilema? I need help!!!
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C and G,

Here is a variation for you two.

Try to see if a channel can be drawn when you see a trend.

Then buy/sell accordingly and short/cover accordingly but only with the predominant trend inside that channel.

Assuming an uptrend channel, exiting when it pulls back is not the right play, that's when you want to get back in and you want to get out before the breakout area to protect your profit, either that or adjust your stop very tightly, your choice.

This is constant scalping within the waves this will get rid of the anxiety and potentially increase your confidence because profits have been secured on previous plays.

This is precisely what a trend scalper does. Of course, as you get the hang of it, you adapt your very own variations to suit your trading personality.

Whatever you decide, make sure your risk vs reward is adequate and that you never ever get greedy and go against the trend. For instance, if an uptrend channel, don't play hero and short the resistance area.

Hope it helps.

Anek
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I had the exact same problem that you did.... try to hit a big trend would reverse on me.... exit to quickly then the trend would keep going and going and going.

Here is what I am working on to fix this....

I trade 2 contracts and one I try to scalp the swings with one and the other I ride all the way to the end until I have a confirmation to get out.

If I do a scalp I usually wait till there is a pullback below where I exit before I reenter. This helps ME from chasing my tail, keeps me in check, and makes me try to shoot for optimal exits. Sometimes I get one scalp in and other times several. But I will ALWAYS ride that last contract till the end. This method also keeps me from rooting for the market to move in a certain direction. If it moves in my favor after I have exited one of the contracts then I am making more points. If it pulls back then I have an opportunity for a reentry.

This lets me feel like I'm locking in profits while letting the market run as far as it wants at the same time.

Like Anek said though, it's also important to have the Risk/Reward in check if you are to do something like this.

If I'm not clear as to what I'm talking about let me know and I will try to explain further.
 
Note to Newcomers

You should read the whole journal before asking a question.

If you are new to the journal and I see a question that has been posted in the past I will let the regulars take care of it.

From now on I will target the new stuff to concentrate on my trading and new journal enhancements.

Thank you and make you do read it if you are interested in following it.

Anek
 
Quote from macattack:

Anek,
Question on TRENDLINE BREAKS. If you are using a trendline break as a reason to exit a long trade, would you recommend exiting as soon as a bar closes below a trendline, or should you wait for the low of that bar to be taken out by the "magic tick"?
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I've been using the magic tick for pretty much everything.

Anek
 
What's the magic tick.

This can close the gap. Long 64.5 Target 2106.

I tried to hit 55, but it ripped too damn fast. @ 65 I said fuck it and went long.
 
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