boru's price action journal

boru · Mar 17, 2014

kp thanks for your post. There are so many levels to this at least for me. I feel like I'm at a point where I know enough to blow myself up lol. In my case its not the knowledge its the discipline and behavior, and I'm not there yet.

To answer your question no I'm not trading live, this is all sim. I am getting my trading plan shaped up , its been a work in progress, I've backtested entries and put in a lot of screen time on scratching. I really need to work on management. Whatever profits I've made are peanuts when I look at a chart at the end of the day, my entries are fine, like I said the work I need to do is inside of me .

Hooti posted a quote in his journal by RN , I don't want to misquote him , I'll look it up and post it . Good trading

boru · Mar 17, 2014

This is the quote I was referring to

The above experience of sliding to the side in my trading because of a conceptual error reminds me of one of my favorite quotes from Redneck:

"See.., thatâs just it.., and what many donât get â this business isn't like any other.., where one can simply work harder and eventually things fall into place

Trading; If one is not doing the exact correct things â over and over â then one is big time screwing themselves and moving farther away from success."

In other business, and other parts of life in general
we can charm our way through
we can force our way
we can out work the competition
we can out smart the others
or we can just play the odds and gamble.

It's a version of the holy grail of trading, where I think I'll become something special, or find something special that others are not seeing or can not see.

Charm, force, work, smarts or just luck will see everything fall into place.
[...or doubtless that next indicator I try will do it, or book I read.]

"doing the exact correct things â over and over"

It's a habit, a routine. A plan. Every now and then with some self correction!

I printed this out and taped it on the wall over my desk, good luck

k p · Mar 17, 2014

boru said:
Whatever profits I've made are peanuts when I look at a chart at the end of the day, my entries are fine, like I said the work I need to do is inside of me .

Well I don't know what your point count was today, but I got to 11, and that was with some crazy entries in chop and areas I clearly shouldn't be trading which I did though just to follow SLA. But regardless, 11 points is over $200 on just one contract, so when talking real money, this to me is an amazing result. Yes I lose $4 for each round trip in commissions and I had maybe 8 or 9 trades, but as Db points out, his P:L is way high using SLA, and I totally see that as well. So 10 consistent points each day is reason enough to never work again! And some days, SLA wil give you 30 or 40 points as a bonus.

k p · Mar 17, 2014

boru said:
This is the quote I was referring to

Yes, I remember this as well. Its amazing to think how easy trading can be, as long as you stick to the same thing over and over again that works. I see first hand how my biggest problem is me!

boru · Mar 18, 2014

Price is still below the mean of the daily TC however it doesn't seem to have made up its mind if it wants to go up or down. price closing above 73 will be bullish as a close below 3640 will lead me to look to the downside.

On the 60 min chart, I am not sure if the channel is "correct" I tried to find a mean then corresponding lines, price will let me know. Price did break the SL last night (blue line) so a close above 66.75 is a buy at the current time.

dbphoenix · Mar 18, 2014

boru said:
Price is still below the mean of the daily TC however it doesn't seem to have made up its mind if it wants to go up or down. price closing above 73 will be bullish as a close below 3640 will lead me to look to the downside.

On the 60 min chart, I am not sure if the channel is "correct" I tried to find a mean then corresponding lines, price will let me know. Price did break the SL last night (blue line) so a close above 66.75 is a buy at the current time.

Move your UL to the first swing high. Then copy and paste it to the first swing low. Find the midpoint of this decline and that will be the tentative mean for the "channel".

Incidentally, this is inconsistent with the chart you posted yesterday. The 3/7 high should be around 40.

k p · Mar 18, 2014

dbphoenix said:
Incidentally, this is inconsistent with the chart you posted yesterday. The 3/7 high should be around 40.

I wonder about this as well. Its obviously something to do with the Futures contract roll over. The NQH4 has the highs on March 7 at 40. The NQM4 has them at only roughly 33.

From what I read, there are different ways to combine data to make it continuous so you get years worth of data on one chart. When I use the default settings with MultiCharts I get the highs at only 33 like boru, but my individual contract for the last period shows them higher. What to do? I notice Niko's hourly charts are also topping out at 33 since he is on the June contract, but I'm not sure if his charts have the continuous data from the past added in.

dbphoenix · Mar 18, 2014

k p said:
I wonder about this as well. Its obviously something to do with the Futures contract roll over. The NQH4 has the highs on March 7 at 40. The NQM4 has them at only roughly 33.

From what I read, there are different ways to combine data to make it continuous so you get years worth of data on one chart. When I use the default settings with MultiCharts I get the highs at only 33 like boru, but my individual contract for the last period shows them higher. What to do? I notice Niko's hourly charts are also topping out at 33 since he is on the June contract, but I'm not sure if his charts have the continuous data from the past added in.

This appears to be an issue for this rollover. When in doubt, check the CME charts.

k p · Mar 18, 2014

dbphoenix said:
This appears to be an issue for this rollover. When in doubt, check the CME charts.

Using this link:

http://www.cmegroup.com/trading/equity-index/us-index/e-mini-nasdaq-100.html

It does appear the March contact does have a high of 40 for March 7, like my charts, and the June contract has a high of just above 30 (hard to tell since each level division is 20 points, but the height of the bar for March 7 certainly doesn't reach 40, and 33 is a very close approximation)

Any more hints now? I mean they don't have to match up since they are different contracts, but which do we use then for historical purposes? I'm sure there is a way in our charting package to tell it how to combine the data, maybe average it, or just use the number that has the higher volume for that day? Just guessing here though.

dbphoenix · Mar 18, 2014

"Historical" prices change over a course of months, not days, and any minor discrepancies are largely irrelevant. The limits of a trend channel are not determined by a calculator or a drawing program. They are determined by those levels at which sellers fail to find buyers and buyers fail to find sellers. Therefore, they are fluid to some extent. Those who require certainty will be out of luck.