02-17-2012 Trading box.
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Day Trading Crude without indicators.
- Thread starter mfbreakout
- Start date
short 103.72 stop loss 013.91.
35 minutes have passed since i took short position. It came down to 103.54 and then bounced to 103.71. Came down to 103.48 after 15 minutes. I ran out of patience and covered some at 103.52.
Box trading require lot of patience and price jumps back and forth close to one entry etc.. till it get to the other side of the box.
Sometimes it never goes to the other side of the box and just goes in one direction.
I have only 2 reference points 103 and 103.70.
35 minutes have passed since i took short position. It came down to 103.54 and then bounced to 103.71. Came down to 103.48 after 15 minutes. I ran out of patience and covered some at 103.52.
Box trading require lot of patience and price jumps back and forth close to one entry etc.. till it get to the other side of the box.
Sometimes it never goes to the other side of the box and just goes in one direction.
I have only 2 reference points 103 and 103.70.
Quote from mfbreakout:
short 103.72 stop loss 013.91.
35 minutes have passed since i took short position. It came down to 103.54 and then bounced to 103.71. Came down to 103.48 after 15 minutes. I ran out of patience and covered some at 103.52.
Box trading require lot of patience and price jumps back and forth close to one entry etc.. till it get to the other side of the box.
Sometimes it never goes to the other side of the box and just goes in one direction.
I have only 2 reference points 103 and 103.70.
Fighting INNER MONKEY. Box trading is not EASY regardless how easy it looks.
Attachments
HOW TO MAKE SYSTEM 1 and 2 SIDE OF THE BRAIN WORK AS ONE:
1) A chart is enclosed of 02/03/2012 trading day. Out of my notes, i randomly selected this day to trade CLH2 this morning in TOS ON DEMAND feature. I will let the entire trading session - from 8.30 am till 2.30 pm- replay and i will take my set ups.
2) I treat this as LIVE trading. One gets out of practice as much as they put in.
3) I do not want a discussion of the VALUE of this kind of exercise. Anyone who wants to discuss pros and cons of this , please do it in another thread. I will just hit IGNORE tab if someone tries to start a discussion here. I am just sharing what I do every free minute of my time , have been doing for a year and will continue to do it.
4) Ask TOS help desk regarding any questions about ON DEMAND feature etc..
5) Any other questions use PM tab , I will collect questions and will respond the collectively. No need to lengthen the journal by answering each question one at a time.
6) System 1 and 2 FREE webinar can be found James Dalton Webinars | J Dalton Trading. http://www.jdaltontrading.com/webinars.php
7) I came to realize trading Box concept and confidence to trade it from practice during ON DEMAND session. Before that I was drawing support, trend lines etc.. all day and getting no where.
That's why I say there are no secrets to my method except PRACTICE and PRACTICE.
VERY IMPORTANT: Contract in ON DEMAND should match with active contract month. For example, for 02/03/2012 , i have to use CLH2 symbol to get correct data for that day. I can not use just CL or CLG2 in symbol tab.
1) A chart is enclosed of 02/03/2012 trading day. Out of my notes, i randomly selected this day to trade CLH2 this morning in TOS ON DEMAND feature. I will let the entire trading session - from 8.30 am till 2.30 pm- replay and i will take my set ups.
2) I treat this as LIVE trading. One gets out of practice as much as they put in.
3) I do not want a discussion of the VALUE of this kind of exercise. Anyone who wants to discuss pros and cons of this , please do it in another thread. I will just hit IGNORE tab if someone tries to start a discussion here. I am just sharing what I do every free minute of my time , have been doing for a year and will continue to do it.
4) Ask TOS help desk regarding any questions about ON DEMAND feature etc..
5) Any other questions use PM tab , I will collect questions and will respond the collectively. No need to lengthen the journal by answering each question one at a time.
6) System 1 and 2 FREE webinar can be found James Dalton Webinars | J Dalton Trading. http://www.jdaltontrading.com/webinars.php
7) I came to realize trading Box concept and confidence to trade it from practice during ON DEMAND session. Before that I was drawing support, trend lines etc.. all day and getting no where.
That's why I say there are no secrets to my method except PRACTICE and PRACTICE.
VERY IMPORTANT: Contract in ON DEMAND should match with active contract month. For example, for 02/03/2012 , i have to use CLH2 symbol to get correct data for that day. I can not use just CL or CLG2 in symbol tab.
Attachments
I received some questions regarding 02/07/2012 ( Tuesday, CLH2) trading set ups. I will re post some charts of 02/07 and post Market profile chart of 02/06/2012 to see if levels marked on that chart gave clues in terms of potential support and resistance. I am not sure how to post multiple charts in one single post, so there will be multiple posts to go over set ups. For more charts, please just visit 02/07 date charts by clicking on page tab.
NOTE: I am assuming traders who asked me to go over some of the set ups have understanding of ACD and market profile. I will not answer questions regarding what is POC, VPOC etc.. and i will ask other members to refrain from answering those questions. There are many other threads where discussions of basics of a method is more suitable.
I want this journal to stay as much on set ups, charts etc.. rather than discussion of basics of a method, NEWS, ECONOMY, etc..
As usual anyone is WELCOME to post charts if they want to share set ups, execution of a set up etc
NOTE: I am assuming traders who asked me to go over some of the set ups have understanding of ACD and market profile. I will not answer questions regarding what is POC, VPOC etc.. and i will ask other members to refrain from answering those questions. There are many other threads where discussions of basics of a method is more suitable.
I want this journal to stay as much on set ups, charts etc.. rather than discussion of basics of a method, NEWS, ECONOMY, etc..
As usual anyone is WELCOME to post charts if they want to share set ups, execution of a set up etc