Feedback appreciated. My Journal Begins...

[Redneck]

Before I begin - one thing I've respect about your from your very first post..., on - is your insightful honesty

Yesterday..., you kept a cool head

Those 2 characteristics are vital - never lose em

=================

Your responses..., to the questions I pose..., can either be rhetorical.., or not

Entirely Your choice

For the life of me, I felt like I was literally FORCING almost every trade today.

Forcing them. Pullbacks were evident,

but I forced many in.

Why (feeling you were forcing)


Aside

If you feel even a smidgen of pressure from me - let's kick that crap to the curb

This will take as long as it takes - you could for the foreseeable - simply say you were observing - no trades today

Issues/Thoughts

I had to stop trading today around 1400.

I noticed a huge issue with myself and needed to talk to my mentor.

Good control (but this is exact opposite of forcing trades - why the two extremes)


Good that you have access to your personal mentor - are friends with him..., and especially listen to him

Be sure to tell him Thank You..., and how much you appreciate him being there (and I'm dead nuts serious about this)

My mentor reminded me that market doesn't give one shit if you're poor or rich.

It could care less whether or not you have a good job, bad job, or no job.


It also couldn't give two shits about how you want money from the market.

The market doesn't give a shit about your current position in life. And it's not because the market hates you, it simply and quite very honestly, does not care.

Neutral. Always.


To be friends, maybe you should trade this way.

Many reason's, that the market couldn't give a shit about, influenced trading today.

The entire reason why I'm learning trading, is influencing my trading. Again, the mkt doesn't care why I'm learning.

The market doesn't care. Least of which, about me.

This has to be remembered. This has to be considered daily in one's thinking.


The moment I think the market cares about any of my intentions, is the moment the market becomes relentless.


It is completely neutral concerning all reasons a trader has.

Mkt is a place created to facilitate trading (yeah there is a bit more to it - but for argument's sake - let's stick to what concerns us)


Other that than - the mkt can be whatever one decides - friend / foe / nemesis / piggy bank / identity / gambler's nirvana - what ever



Ultimately - a trader must disassociate (let go) - and see the PA as data - to be acted upon (enter / exit / stand pat)



You make some very insightful remarks btw

Couple other notes on today which all relate to the above


1.Took 14 trades. Do day traders take that many? Seems high. If not, fine.

With the benefit of hindsight - go back and review the chart...., determine the optimal # of trades required to achieve - what you were trying to achieve today


Let's see how that number stacks up against 14


RN

 

[slugar]

Good job keeping your losses small.

 

[Redneck]

11/3/2014 Review. I probably shouldn't take intra-bar pullbacks.

IMHO, pullbacks were all there. I got em. YAY. However. I did not do well at all with considering Current PA in relation to the signals. I haven't yet developed the skill to put these signals in proper PA context. Something to work on--the pullback, within current PA context.



#1
1. PB to pre mkt demand line buy 4154
2. 4150.75, Below pre mkt demand line
3. Target 4159.50, pre mkt swing high or breach of 50% retrace.
(would have demand line break, only visible on lower time frames though. Exited at 50% breach, close to, yet price went to target and then some)
+ 1pt

This led me to ask the question, should I manage my trades on the 1 or 3 m TF's?

#2
1. PB on up move after exiting #1. 4159 on new DL.
2. Break of demand line, 4157.
3. Fridays high minus 1 tick, or 4163.25. Or breach of DL. (exited way too soon, and wonder if today was an adjustment to watching the 5m after watching the 1m for so long.) Bar jumped to 1 tick below profit target, so I moved my limit order one tick lower to exit.
+3.5 pts.

#3
1. Higher low PB to demand line, 4166.75
2. 4164.55, DL break
3. Target HOD, DL break, 4173.5
Stopped out DL break leading to #4 -
-2.25 pt

#4
1. lower high PB to supply line. 4165.5 sold
2. break of supply line. 4167. one tick above the line.
3. pre mkt demand line was target at 4156.
This trade angered me. I'm working on my neutrality just as the market is. stop loss too tight, and bit me in the ass. Trade went to intended target BTW.
-1.5 pt.

missed good PB at 1030.

#5
1. higher low PB, 4163.25(entry should be above 1045 bar, not in, learning 5 m bars.)
2. breach of 50% retrace. 4160.75
3. Measured move. 4169.25. or break of DL.
-2.25

#6
1. 4161.25. same PB as #5. Signal there.
2. Entry bar low + 2 tick. 4159. 75
3. Target, same measured move. 4168.25. 7 pts.
(After failure of #5, should not have taken I don't think.)
+3 points,.

#7
1. intra bar PB long. 4163.5.
2. 4161.5. 2pt behind 50% retrace.
3. HOD, minus 2 ticks, or breach of DL
+3 pt. (the lower high on this trade should be a PA alert. Price failed to get close to swing high of day, there was a zone traders were not willing to go to, who cares why)

#8
1. PB higher low. 4168. (hindsight says range)
2. entry bar low + 1 tick. 4165.25
3. HOD - 2 ticks. or DL breach.
Full stop hit DL breach, even though price didn't take out trade 7's high. WARNING?
-3 pts.

#9
1. higher low PB. 50% retrace not breach from upmove at 1055. 4165
2. 2 pt under entry bar.4163
3. HOD - 2 ticks or DL breach
-0.25 pt. (HOD retest not happening, could I take a hint.)

Morning Concluded, -3.25 pts. ( 9 trades one morning too many? Does anyone take that many?)

#10
1. Wedge B/O PB Long with wedge apex support. 4166.75
2. DL break, 4165.25
3. 4169.5. Measured move. or DL break.
(price broke DL on next bar, --wonder if 1 m chart would help to manage-and therefore I exited per plan. However, price in fact too measured move and hit target.)
B/E + 1 tick.

#11
1. 4166.5. lower high PB under supply line.
2. 4168.25. SL breach
3. bottom of trading range, or SL break.
(closed, trade lasted too long. + 0.5 pt) (target would have been reached)

#12
1. 4166.5. DL PB in channel. (1300 bar should have signaled trend reversal)
2. DL break. 4164.25.
3. Resist at 4170.
- 1.75 pt

#13
1. CHannel break PB short. 4162.75
2. above broken channel line. 4165
3. 4156-4158, DL from longer TF, or SL break. T
-2 points. Stop hit. Target later reached.

#14
1. Pullback to LTF DL. 4157.5
2. 2 tick under entry bar. 4155.75
3. Bottom of Range prior, 4161.5.
-1.75pt


All in all, down a shit load of commission, and 5 points.

First - I'm not critiquing your trades in any way - rather making an observation (my focus is on you getting into a routine right now)

Yes they (your trades) are on the 5 min chart..., but I'm not sensing you were really trading off the 5 min..., rather - albeit consciously..., or unconsciously - off a lesser TF

Am I wrong - I hope?

I also sense jitteryness / un-clarity ( I know you said you were forcing - I wonder if the forcing due to the un-clarity)

Granted I could be wrong here.., and if I am..., please say so


RN

 

[jsmacksem]

Before I begin - one thing I've respect about your from your very first post..., on - is your insightful honesty

Yesterday..., you kept a cool head

Those 2 characteristics are vital - never lose em

=================

Your responses..., to the questions I pose..., can either be rhetorical.., or not

Entirely Your choice



Why (feeling you were forcing)

Aside

If you feel even a smidgen of pressure from me - let's kick that crap to the curb

This will take as long as it takes - you could for the foreseeable - simply say you were observing - no trades today




Good control (but this is exact opposite of forcing trades - why the two extremes)

Good that you have access to your personal mentor - are friends with him..., and especially listen to him

Be sure to tell him Thank You..., and how much you appreciate him being there (and I'm dead nuts serious about this)




Mkt is a place created to facilitate trading (yeah there is a bit more to it - but for argument's sake - let's stick to what concerns us)

Other that than - the mkt can be whatever one decides - friend / foe / nemesis / piggy bank / identity / gambler's nirvana - what ever


Ultimately - a trader must disassociate (let go) - and see the PA as data - to be acted upon (enter / exit / stand pat)


You make some very insightful remarks btw





With the benefit of hindsight - go back and review the chart...., determine the optimal # of trades required to achieve - what you were trying to achieve today

Let's see how that number stacks up against 14

RN

Thanks RN on the compliments. I'm trying to be brutally honest so that I succeed. Without honesty I'm only kidding myself and don't need to be here. Today's trades show such a lack of understanding PA and honestly it's quite shameful..but that will change.

I'm no feeling any pressure from you in the forcing trades. I can assure you.

I force them for many reasons and many apply to the previous conversation with my "mentor". Needing a new career, no success with college degree, not wealthy, no future, etc... Blah Blah. I force them because this has to work NOW.

Mkt doesn't care about that. It doesn't care about my current state. It's simply price.

Good question on the two extremes. ON one hand I'm forcing. On the other, I'm walking away from it. I'd imagine I made the change because the forcing hurt too much.


I'll be sure to tell my mentor how much I appreciate him...good idea.

I'd like the market to simply be the market, an arena in which I work/play. Not even a friend. More like a leader as I follow. I'd like to follow the market instead of "outguessing" it. Silly to do that really.

To see the PA as DATA...I like that. I'm going to remember that.

Chart is attached, in hindsight of coarse, with what trades should have been taken.

 

[jsmacksem]

First - I'm not critiquing your trades in any way - rather making an observation (my focus is on you getting into a routine right now)

Yes they (your trades) are on the 5 min chart..., but I'm not sensing you were really trading off the 5 min..., rather - albeit consciously..., or unconsciously - off a lesser TF

Am I wrong - I hope?

I also sense jitteryness / un-clarity ( I know you said you were forcing - I wonder if the forcing due to the un-clarity)

Granted I could be wrong here.., and if I am..., please say so


RN

I hope you are wrong too. Nope. I often watched that right ticker to see a pullback intra-bar.

I wonder if it's from watching the 1 minute so often. All I had was the 5 m up. 60 reviewed for key levels occasionally. None of which came into play today...so much for that.

Forcing could be due to un-clarity? I'm going to have to think about that one...

 

[Redneck]

Good question on the two extremes. ON one hand I'm forcing. On the other, I'm walking away from it. I'd imagine I made the change because the forcing hurt too much.

Journal "should" contain the definitive answer

Chart is attached, in hindsight of coarse, with what trades should have been taken.

6 vs 14 = Yup too many (~ 135% over optimal)

Get some rest.., clear the head..., make some appropriate changes..., it'll all be here Wednesday


RN

 

[Redneck]

I force them for many reasons and many apply to the previous conversation with my "mentor". Needing a new career, no success with college degree, not wealthy, no future, etc... Blah Blah. I force them because this has to work NOW.

I think you know..., so no sense me beleaguering it

Mkt doesn't care about that. It doesn't care about my current state. It's simply price.

This is dead nuts true..., but it will use it against you - (rather your subconscious will) to fail... and fail miserably at that

RN

 

[jsmacksem]

This is dead nuts true..., but it will use it against you - (rather your subconscious will) to fail... and fail miserably at that

RN

Thanks. I'm keeping a specific eye on that one and the deception my sub can have on me.

What's most interesting, is finding these "issues" inside me I never knew existed. Douglas mentions these things in the 1st chapter of trading in the zone.

Painful...well worth realizing they're there though...

I'll prep tomorrow night and trade Wednesday morning session. Same plan, some adjustments made in the meantime.

Also can trade thursday morning session.

Friday is out, but I'll replay at days end.

When the day comes and I'm consistent, I can change my schedule at work to be available most mornings, and at least one or two full days a week. Why am I talking about this now? See you all tomorrow night.

-J

 

[Turveyd]

For Wednesday, sometimes it's good just to watch, don't Sim so casually watch the market get a feel for it, remove the stress of having to make calls.

You'll find yourself making good calls after a while, then work on what your doing and how you can do it, with trading.

 

[sowterdad]

11/3/2014 Review. I probably shouldn't take intra-bar pullbacks.

IMHO, pullbacks were all there. I got em. YAY. However. I did not do well at all with considering Current PA in relation to the signals. I haven't yet developed the skill to put these signals in proper PA context. Something to work on--the pullback, within current PA context.



#1
1. PB to pre mkt demand line buy 4154
2. 4150.75, Below pre mkt demand line
3. Target 4159.50, pre mkt swing high or breach of 50% retrace.
(would have demand line break, only visible on lower time frames though. Exited at 50% breach, close to, yet price went to target and then some)
+ 1pt........
............
All in all, down a shit load of commission, and 5 points.

I'm out of my league here-and also no experience here- but- regardless- foot in mouth- I will simply add some hindsight learning commentary- is easier for us all when we have a picture of what HAS already occurred !
There are different ways of viewing charts- and even PA- Trending? sideways? Prevailing trend?
Ultimately, it's about gaining a small advantage in how the method benefits you. I prefer to take "With Trend" trades and try to hold on as long as the trend momentum keeps going- In your fast time frame - perhaps that might be 4-5 bars in a good trending period?
I cannot bring up NQ apparently on stockcharts- which is the charting site i use. If I could, i would try to add some ' training wheels' (no offense- I use them ) -or graphical representations of a slowed average of momentum.-of Just as a point of outside reference- and see if anything I say has any application- it can be useful (JUst my Opinion guys-Not a PA purist myself-never acquired the ability). I would clear my past chart of trend lines for starters, add a fast ema- play around with it- 3-4-5- and perhaps A slower ema may also coincide with the direction of the next higher time frame-say 20 or 30 ,50 As a small reaction in a fast time frame will be just a fart in the wind on a higher time frame. But it gives a sense whether price is trending on the higher time frame or is sideways. A follow up- I agree with TD as to having value aiding in the assessment.

A simple guide line graphic is price is trending as long as it is making higher highs and higher lows- many of your NQ bars are indecisive- a fast ema may be penetrated by a wick- but notice that a 'trend" can continue- more is important on the open and close and whether it holds above the trend line /ema-
EMA's are lagging indicators themselves- but they give a visual- idea- It seems the trend reversals are pretty sharp and fast on the minor trends- Once a bar fails to exceed a prior bar- get ready to swing around-.
A slower ema - also gives- a reference- if your best trades are taking With Trend and try to hold for 2-3-4 bars? or with limit sells higher in the order? My best trades are those I occasionally catch that i allow to run longer- If the trade is choppy, I tighten the stop closer- always try to keep a profitable trade a winning trade and not allow it to lose- Tough on the entry to do that though- got to give it some room.
As an exercise- try going back and determine- by the ema- if you were taking trades with the new trend or were getting in wrong- just a suggestion- change the emas-or smas and see if that would have changed your decisions to enter- or to sell and get the larger gain-
Another -"different"way of viewing what is really occurring in the major way is using RENKO bars- They are interesting
Because of the wide bar volatility- you would choose the HI-LO setting vs the Close setting- and a 1 minute bar period for the higher 5 minute time frame-
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:renko-
Hmm -'lost' some of this stuff when I posted-"too many characters"-maybe it showed up as a partial post-
Out of time- quit rambling -summarize-
Your longer term trendline really had some nice pullbacks to it -5 of 6 -If you find these trend lines are valid, a buy-stop order waiting as price moves back to the trend line would give a nice early-low risk entry.
Tried to be constructive & objective- a different perspective of viewing the same chart may be instructional-
Sorry if repetitive- SD