Birth of a trader
- Thread starter frank8800
- Start date
Hey Frank,
I saw your last video (great idea btw) and noticed that you had two DOMS covering much of your charts. Is this your typical setup?
Do you feel that the DOM is giving you an edge?
For what it`s worth, I tried using the DOM myself, but found it to be a distraction that did not add any value in the end. I then started trading directly from the charts, using Chart Trader in Ninja and it works like a charm for me.
I find that I have much more space for my charts and a narrowed focus. It`s also extremely easy to place all kinds of orders and not to mention visualizing the exact levels where one might consider placing a stop.
Keep up the good work
I saw your last video (great idea btw) and noticed that you had two DOMS covering much of your charts. Is this your typical setup?
Do you feel that the DOM is giving you an edge?
For what it`s worth, I tried using the DOM myself, but found it to be a distraction that did not add any value in the end. I then started trading directly from the charts, using Chart Trader in Ninja and it works like a charm for me.
I find that I have much more space for my charts and a narrowed focus. It`s also extremely easy to place all kinds of orders and not to mention visualizing the exact levels where one might consider placing a stop.
Keep up the good work
Quote from Laissez Faire:
Hey Frank,
I saw your last video (great idea btw) and noticed that you had two DOMS covering much of your charts. Is this your typical setup?
Do you feel that the DOM is giving you an edge?
For what it`s worth, I tried using the DOM myself, but found it to be a distraction that did not add any value in the end. I then started trading directly from the charts, using Chart Trader in Ninja and it works like a charm for me.
I find that I have much more space for my charts and a narrowed focus. It`s also extremely easy to place all kinds of orders and not to mention visualizing the exact levels where one might consider placing a stop.
Keep up the good work
Hi LF,
Thanks for the encouragement. The video thing has helped, I think, and I'm still working out ways to make it more useful. I'm a little miffed at myself for deleting it today.
My normal setup is to use the DOM. I usually have the 6E DOM and chart on my right monitor, and my left monitor has the CL DOM and the 5 and 1 minute charts. I've found it very useful to place them over/under like that, rather than tabbing over to them or glancing at a different monitor. I've never tried trading off the chart, but I'll definitely look into it.
Can't say the DOM gives me an edge. In fact, it's cost me a trade or two because the setup said to do one thing but I let large order blocks spook me into doing something else. My main use for it is entering orders and monitoring my trade.
That`s my main concern right there. Unless you`re a scalper, I`m curious if it has any merit beyond confusing you.
If you have paid for the full Ninja version, I would at least consider experimenting with Chart Trader and give your charts some more space
Best regards,
LF
Missed the best trade of the day because I felt there was too much time left in the 5 min bar. Totally misread it and missed a 100 tick run with what would have been 5 ticks of heat.
Only 1 trade for BE+1. Sad.
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I was feeling a little frustrated over the missed opportunities, and was worried I'd revenge trade. Switched to sim and made 3 trades for a net of 27 ticks which included a 13 tick stop out. I keep telling myself that I'm not going to sim trade anymore. Not sure WTF it's going to take.
Only 1 trade for BE+1. Sad.
<iframe title="YouTube video player" width="640" height="390" src="http://www.youtube.com/embed/59kSBrh2Wy4" frameborder="0" allowfullscreen></iframe>
I was feeling a little frustrated over the missed opportunities, and was worried I'd revenge trade. Switched to sim and made 3 trades for a net of 27 ticks which included a 13 tick stop out. I keep telling myself that I'm not going to sim trade anymore. Not sure WTF it's going to take.
Frank, nice trade and good trade management, too. You took a confirmed with-trend entry following a double touch to the 20-EMA (which also happened to be a 50% retracement level).
You were aware of the key level that needed to break with conviction (104.40) and because that level was established as internal twin support, you were wise to move your stop to b/e as price came in to to that level, IMHO.
Since you were worried you would revenge trade, I think that's a sign you won't revenge trade
If it wasn't for that key (internal double bottom) level to be tested, I would recommend letting with-trend trades move 20 ticks in your favor before moving your stop. I cheated yesterday on a trade, moved my stop after 18 ticks, was taken out out b/e and missed the 50+ tick move in my favor as a result.
But if there's a key level, I definitely play it cautiously, and will look to reverse to the other side if indicated.
Quote from NoDoji:
Frank, nice trade and good trade management, too. You took a confirmed with-trend entry following a double touch to the 20-EMA (which also happened to be a 50% retracement level).
You were aware of the key level that needed to break with conviction (104.40) and because that level was established as internal twin support, you were wise to move your stop to b/e as price came in to to that level, IMHO.
Since you were worried you would revenge trade, I think that's a sign you won't revenge trade
If it wasn't for that key (internal double bottom) level to be tested, I would recommend letting with-trend trades move 20 ticks in your favor before moving your stop. I cheated yesterday on a trade, moved my stop after 18 ticks, was taken out out b/e and missed the 50+ tick move in my favor as a result.
But if there's a key level, I definitely play it cautiously, and will look to reverse to the other side if indicated.
Thanks NoDoji. Still feel like I'm in kindergarden. Getting better though. Biggest hurdle to overcome, I think, is fear. Can't quite put my finger on it: fear of losing, fear of being wrong, fear of -fill in the blank-. The only thing I can think of is to keep plugging away.
Didn't take all my setups and managed to cherry pick the bad ones. Second guessed myself on the best move of the day. I felt the EMA was too flat, and there was a double bottom only 10 ticks away at 104.81 that held the 07:40 bar support. Dumb.
CL Trade #1
Lots of overlapping bars, so I stayed away. After the oil report, CL made a failed push higher and I tried to get in on a 1 min chart. Very nice entry, but stopped out at the very high of the first red candle. Even moved my stop above the entry candle, but not high enough. -11 ticks.
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After I was stopped out, I started to record the trade in my journal. The bar that stopped me out was a perfect short entry for 30 ticks. Didn't see it until too late, although I'm not sure I'm resilient enough to get back in after a stop out.
The 08:33 and 08:34 bars were great setups, but the 5 min chart was bouncing off that LOD and the 07:40 bar support. I was looking for a nice small bar to stall under the 5 min EMA to go short. Didn't get it - price fell hard.
CL Trade #2
After the new LOD, got a push back up to the EMA on the 5 min chart. The 09:15 bar was a little doji at the EMA. When short under that. Was looking for a break of the 09:10 bar low. Didn't get it, so moved to BE+1 but got a tick of slip. 0 ticks.
The video says March 6th, but it's not. Can't change the name if you screw up.
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6E Trade #1
Didn't manage this well at all. Missed several trades this morning because I didn't think they were valid pullbacks. The market was not moving very well. All the ones I passed on were at least scratches. The one I did take was a stop out. -6 ticks.
CL Trade #1
Lots of overlapping bars, so I stayed away. After the oil report, CL made a failed push higher and I tried to get in on a 1 min chart. Very nice entry, but stopped out at the very high of the first red candle. Even moved my stop above the entry candle, but not high enough. -11 ticks.
<iframe title="YouTube video player" width="960" height="750" src="http://www.youtube.com/embed/8BTrIwqnplo?rel=0&hd=1" frameborder="0" allowfullscreen></iframe>
After I was stopped out, I started to record the trade in my journal. The bar that stopped me out was a perfect short entry for 30 ticks. Didn't see it until too late, although I'm not sure I'm resilient enough to get back in after a stop out.
The 08:33 and 08:34 bars were great setups, but the 5 min chart was bouncing off that LOD and the 07:40 bar support. I was looking for a nice small bar to stall under the 5 min EMA to go short. Didn't get it - price fell hard.
CL Trade #2
After the new LOD, got a push back up to the EMA on the 5 min chart. The 09:15 bar was a little doji at the EMA. When short under that. Was looking for a break of the 09:10 bar low. Didn't get it, so moved to BE+1 but got a tick of slip. 0 ticks.
The video says March 6th, but it's not. Can't change the name if you screw up.
<iframe title="YouTube video player" width="960" height="750" src="http://www.youtube.com/embed/hotLhtd6mKY?rel=0&hd=1" frameborder="0" allowfullscreen></iframe>
6E Trade #1
Didn't manage this well at all. Missed several trades this morning because I didn't think they were valid pullbacks. The market was not moving very well. All the ones I passed on were at least scratches. The one I did take was a stop out. -6 ticks.