Being early in market at right level......but impatient to wait for other traders to catch on.

[heavenskrow]

They write books because they have a harder time trading. I'm not saying that authors do not provide usable information. But, I am saying that the usable information has been in print umpteen years before their rediscovery of the winning trade.

I do have a question for you though, Why do you have moving averages on your chart?

I love MA's, I dont trade off them but I can visualize chop as well as something that is just starting a trend. Why do you ask? Are you a fan of VWAP?

 

[heavenskrow]

I think you can be grateful that you are early and not late. That means you have a "good eye" for trades. All you need is some patience, and posting these proves that you are willing to be patient.

Nevertheless, being myself an algorithmic trader, I don't quite understand why these problems arise. If you have a well-tested strategy, and you are following it, you are never early or late. You are just following the rules you know that give you a statistical edge. Sometimes the market will move after you are out of it, that's true, but that doesn't have to matter to you because your strategy is not supposed to catch that movement of the markets.

I don't know if you agree with me in this. I would like to know.

You are right that I need to work in patience, however my trade day is limited by the open to close. Thus, I don't have the luxury to swing trade a futures contract overnight. Thus I'm slightly impatient to "time" and hence when TF did not just bounce at the key level, but instead drifted for that day, my time was up and I had to exit..... The next I could have come in with a plan to get long as original....but I thought too much of the prior day's action in why was it not going up like it should have?

And as much as I do have a tested strategy, it's never a 100% thing.....

 

[heavenskrow]

%%
Mainly, Heavens row, study hourly charts, monthly charts.......; 5 minutes is noise; i remember Don Bright , Bright Trading did NOt like them[ 5 minute candles] also.Also found the Paul Tudor Jones[Jack Schwager] interview helpful , but actually he got interested in trading by reading Rich ''turtletrainer'' Dennis, remember?? ??? ??

I do sir. I start my big macro analysis from monthly, and actually yearly. I like to go far out as I can, and then narrow it down to trading "in the moment" which is 5min time frame since I need to be in and out by the day.

 

[heavenskrow]

If you've been having these problems for "many years"...its time for you to find someone to personally trade with you while you're trading until you've learned to control the lack of discipline. I'm not talking about online...I'm talking about someone sitting side by side with you from trade to trade.

It's psychological and sometimes the "peer pressure" of someone monitoring what you're doing while in the same room is enough to fix stuff like this.

ET has hook up threads and if you can't find someone from this forum that lives near you...try other forums, twitter or stocktwits (latter two will allow you to reach more traders near you).

Thank you! Although I dont want anyone to learn my strategy that Ive spent years figuring out....

 

[heavenskrow]

You should work on knowing how to read price action... Price was making higher highs giving you clues that it was not trying to go down.. I recommend you back test a strategy before going live.. Catching tops and bottoms is a dangerous strategy and the market loves when rookies try to do this .. Paul Tudor Jones has a much larger account then you and he probably does not trade with stops because of his large positions.. So stop trying to copy his strategy..

Ummmm well I kind of have to argue with this. It was making higher lows! And the higher lows was what caught my attention and clued me in that I was wrong... My reason for shorting was that it still couldnt make a higher high and after the 8:16 PT top, it was actually making lower highs...... until the breakout at 11:36 PT. Each time I thought it was going to tank, there was the market defending it.

And catching tops and bottoms is not something I've tried copying or attaining. It just randomly became the best method for me as I am able to pinpoint levels where the markets usually tend to reverse in I'd say 5/7 attempts. My risk is limited in that I know where I am wrong and that is a few ticks near entry, and where the market can go, somewhat have a target but sometimes it runs further than I can imagine....thus I am currently trying to get myself to trade 2 contracts so that I can leave one as a runner. But I never really tried mimicking PTJ. It just naturally became the way I trade.

 

[systematictrader]

Agreed. I've learned from Pete Carroll and Dan Quinn in how much overthinking screws them over. Gotta stick with consistency and logic.

Thats very hard to do
At least for me

The point is if u cant manage it do NOT waste 8 years like me losing money when your solutions lies at hand, which is switching to systematic trading

 

[MarketAddict]

Ummmm well I kind of have to argue with this. It was making higher lows! And the higher lows was what caught my attention and clued me in that I was wrong... My reason for shorting was that it still couldnt make a higher high and after the 8:16 PT top, it was actually making lower highs...... until the breakout at 11:36 PT. Each time I thought it was going to tank, there was the market defending it.

And catching tops and bottoms is not something I've tried copying or attaining. It just randomly became the best method for me as I am able to pinpoint levels where the markets usually tend to reverse in I'd say 5/7 attempts. My risk is limited in that I know where I am wrong and that is a few ticks near entry, and where the market can go, somewhat have a target but sometimes it runs further than I can imagine....thus I am currently trying to get myself to trade 2 contracts so that I can leave one as a runner. But I never really tried mimicking PTJ. It just naturally became the way I trade.

If something is not working out then why try to continue doing it?

 

[murray t turtle]

I do sir. I start my big macro analysis from monthly, and actually yearly. I like to go far out as I can, and then narrow it down to trading "in the moment" which is 5min time frame since I need to be in and out by the day.

%%
Actually i figured a trader or 7 could use a 5 minute with profit; but since i may use a 60, or 58 minute chart for entry. But use a weekly much more, i could not resist slamming a 5 minute noise. LOL Good points, heavens row

 

[SunTrader]

Only MA worth looking at is one with a length of ..... 1

 

[heavenskrow]

Another example of great entries, but no follow through on the day until the very last minute in the close.....Lame as hell. Really annoying when you try to daytrade futures, and it takes next session to make the move.....