counter trending in the stock index futures

Quote from diversions:

counter trending IN THE STOCK INDEX FUTURS



I do 2 things that are considered uber dumb around here

1

All I do is look for counter trend plays

2
My trading is completely indicator based.
I am swimming In various oscillators and time frames



3
My problems are
1
I cant hold onto profits. I don’t get that spotting the high and low of the day following a furious run is a valuable skill and should be enough for one to make a living -check out the pic it is a example of a typical day for me. I catch the turns and still lose
Yet I am struggling I have only 4 k in my account an I feel like I will blow it real soon

I lost maybe 40 k an will tell you that my determination to trade for a living has been one of the more painful things I have encountered in my life


2
I am in a maddening quest for the Holy Grail and I can’t stop looking for smarter and smarter ways to spot support and resistance
(one of the great tragedies in my life was reading the mark Weinstein interview in market wizards. I feel that the markets r as deep as the dark night and one can always learn.
Problem is the game is about making money not the art of it)

I resolve to
1
give up methodology refinement
2
Let my profits run
With this journal I hope to accomplish these. I will also happily share my entrys with
those interested over time and my reasoning (I am still paranoid about that)


Ok folks I await your zingers, hopefully I will bump into some worth while people here
More...




Try support & resistance, friend. Draw straight lines. Read some articles on it.

Indicators don't work! :P
 
I SOLD OUT 7467
I CHICKENED OUT WAS SUPOSED TO HOLD OUT FOR 75
BUT HEY THAT WAS A 4 TO 1 RISK REWARD
SO I DONT CARE IF IT WAS THE BOTTOM OF THE DAY
GOOD THING TODAY WAS I HELD OUT FOR THE PERFECT SETUP
AND WAS REWAREDED FOR NOT TAKING THE SEMI PERFECT ONE
THE NEGATIVE IS THAT I RAN OUT ABIT EARLY
I TOLD MY SELF THAT IF I EVER RUN OUT EARLY FROM A TRADE
I CAN DO THAT AS LONG AS IT IS THE LAST TRADE OF THE DAY
SO THIS IS MY LAST TRADE TODAY
MADE 150 AFTER COMMSSION - MY CURENT BALANCE
4575
ONE DAY I WILL FIGURE OUT HOW TRADE STAION KEEPS SCORE
 
out at 1238 brake even as the market had moved enough for me to bring my stop to brake even
if it drops like a stone from here so be it

i would not get in under these conditions so why stay in just cause i happen to be there
 
I do my counter trend with the NQ and I do my trend with ES, although I have to admit a couple of my setups I use are earlier on trend and depending on time/tick frame could be seen as counter trend. I use NQ for counter just to seperate it from my trend trades. I will scale in with a predetermined uncle point, ie I am wrong and its time to take my punishment. There is no latitude on it either. I don't double down, just have support/ resistance points I use to add when my setup is still valid. I also will take into consideration time of day and type of market the day has been to that point as well as range. I actually don't allow much wiggle room on the trades and often don't leave myself room to add. I can always try again and if I miss it, so be it. Where as I don't always put a target in right away on a trend trade, I have the counters setup to put in an intial target and a drop dead stp, which I can adjust after in, but have just in case it blows out as soon as I enter, and it has. There's my quick 2 cents.
 
You must log in or register to reply here.
Back
Top