jasinhbca's quest for discipline, knowledge & profits

[jas_in_hbca]

2 Short PB in trend

entry 3724.00
stop 3726.25 2.25 above prior swing high

target LOD 3718.25

Trade management: At break of 3722.25 minor support stop to BE

Comment

I don’t see this trade on the chart

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


Monday - we do it all over again - but until then.., get some rest this weekend


RN

Thanks RN. Trade should be there on the second chart in my previous post.

You have a good weekend too .

jas

 

[Redneck]

Trade should be there on the second chart in my previous post.

A Second Chart!!!!! :eek:

Completely missed it - man it's getting harder to find good help these day

The 2nd trade - is Solid as well

Notice the retrace..., testing the 50% level of the zone



My Apologies for missing the second chart


RN

 

[Redneck]

When I close my platform down....

What type of day do I want it to be

What type of day will I have made it


RN

 

[jas_in_hbca]

The day will begin with me knowing that proper focus comes from staying engaged with the market. Talking PA out loud if necessary, making notes on the chart and remembering that the best trades work quickly. If they are not working quickly then no need to stick around.

Remembering to watch context, be aware of ranges and anticipate entries.

If I do that then the day ends well; win, lose or draw.

This is what I expect of myself and that is how they day will end.
The battle is won before it begins.

 

[Redneck]

RN

 

[jas_in_hbca]

The day will begin with me knowing that proper focus comes from staying engaged with the market. Talking PA out loud if necessary, making notes on the chart and remembering that the best trades work quickly. If they are not working quickly then no need to stick around.

Remembering to watch context, be aware of ranges and anticipate entries.

Done. Did what I intended then quit shortly after second trade. (Have work that needs to get done and market looking choppy)


As far as discipline, I'm not going to worry about missed trades for now. Just trying to develop the daily habit of being rested, focused, and engaged with the market. Also focused on managing the trades per plan. (Tight stops in congestion and target exits)

After I develop these habits then I can solve the problem of missing trades, if that is an issue.

It's a new month and since I log all my trades in excel by month it's a good time to see how my results will be after the next 20 -40 trades while I stick with this focus on focus.

At that time I'll see if I need to tweak anything. i.e. structure stop vs tight active exit management. Today's first trade would have not been stopped if I just left it alone. Oh well, not concerned with that right now. And I can't help but repeat the idea of scaling out really appeals to me. Would of worked nicely today but again not the focus right now.

+5.25


Trade 1

Long TL break

Entry 3718.25
Stop 3715.00 3.25
Targt swing highs 3724 – 3727

Per plan, little follow through immediately so exit –1.25

Note: Structure Stop would not have been hit


Trade 2

Re entry off HL

E 3718.75
S 3715.50 3.25
T 3724-3727

Management : At 3722 stop to BE –2 ticks
At 3724 stop to 3720.75 lower dashed TL break, continue to move higher below TL

Exit at target zone on possible failure at resistance + 6.50

 

[Redneck]

I’m following you.., so I’ll not comment on today's trades

I will say – be careful of not hind sighting your trading to death at this point

As you stated – focus is on being rested / focus / engaged

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


Note on the trade plans;


Be brief... yet to the point – with each

We don’t have the time to write War and Peace – but neither can we afford to be half assed

Entry = Entry Signal / Entry Price

Stop = Breach (invalidation) of the Signal / Stop Price (any more than a breach is pissin $’s away)

Target = Way (how are you going) to Manage / Target Price

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

This next bit may sound confusing

Once you've identified the initial stop loss – entered a trade – and price starts moving in your favor....

Forget the initial stop loss altogether … which includes moving the initial stop loss as an option

Instead…, try and actively manage each trade

Granted – some trades will initially move in your favor…, then move against you…, and you end up exiting at the exact same price the initial stop was placed

But – while price does this..., you’re not remaining anchored to that initial stop price – instead you’re flowing with price


I want you to refrain from being anchored to any given price.... protected.., hell yes – anchored – no


This way…, in your head – price never can go too high.., too low…, or too far

It simply does what it does…, evolves…, as you’re rolling (evolving) with it


At some point – you’ll get good enough to tell when the balance of control is/ has shifted…

By not remaining anchored – this skill will come quicker



Hope this makes sense – if not.., let’s discuss

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

As to the chart – a smaller zone on top of a bigger zone

RN

 

[jas_in_hbca]

This next bit may sound confusing

Once you've identified the initial stop loss – entered a trade – and price starts moving in your favor....

Forget the initial stop loss altogether … which includes moving the initial stop loss as an option

Instead…, try and actively manage each trade

Granted – some trades will initially move in your favor…, then move against you…, and you end up exiting at the exact same price the initial stop was placed

But – while price does this..., you’re not remaining anchored to that initial stop price – instead you’re flowing with price


I want you to refrain from being anchored to any given price.... protected.., hell yes – anchored – no


This way…, in your head – price never can go too high.., too low…, or too far

It simply does what it does…, evolves…, as you’re rolling (evolving) with it


At some point – you’ll get good enough to tell when the balance of control is/ has shifted…

By not remaining anchored – this skill will come quicker



Hope this makes sense – if not.., let’s discuss

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

As to the chart – a smaller zone on top of a bigger zone

RN

Umm, a little confused. What are we (me) trying to accomplish here ? By not moving stop it allows for less decision making and thus more focus on current PA ?

What do mean be actively managing the trade ? I thought that involved trailing a stop, if appropriate. Actively understanding PA ?

And you said once price starts moving in my favor forget the stop. On my first trade it did not move in my favor (actually 1 tick MFE) so is it OK to move stop up in this case ? Speaking in general never mind that in this trade if I had left the stop alone it would have kept me in.

Thanks, RN !

jas

 

[Redneck]

Umm, a little confused.

Yeah – This one’s gonna take some e-splainin

And I have 9 dozen thoughts – so each line break will be a different though – but all on this subject

And you said once price starts moving in my favor forget the stop.

No Sir…, I never said forget the stop loss – nor would I ever

A SL is the only thing that protects our ass... our capital.., our career

I said; try and divert your focus to actively managing each trade

Big difference

What do mean be actively managing the trade ? I thought that involved trailing a stop, if appropriate.

Using a trailing stop – is passively managing – basically its a set and forget

Reading & rolling with price - is actively managing

But to read and roll – one can’t be anchored to (essentially focused on) anything other than what price IS currently doing

We have a tendency to become fixated on/ with our stop loss – which is bad – and here’s why....

Along with my 9 dozen thoughts

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

In your post earlier today – you essentially described wanting to get in the zone

“Focused and engaged with the mkt”

I’m trying (probably pitifully so): to explain how to do this

To get / remain in the here and now (the zone) – we can’t consciously (or unconsciously for that matter) be looking back

We must only be looking / focused on - right now

So….

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

What we are trying to accomplish is this;

Give you a means…, and a mechanism – by which – immediately after entering / setting a stop loss – AND – assuming price goes in the trade’s direction…

You can separate – from the entry and stop loss – and immediately engaged / actively managing this trade – by being/ remaining in the right now

So that – you are able to

Get / remain engaged with the PA

Stay focused

Eventually – be able to identify when the balance of control has shifted.., earlier (this can only be accomplished when one is in the here and now)

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

Splitting a trade (in order to separate yourself)



To get / remain in the here and now – it is imperative we separate – then distill – trading down into its smallest functional steps (components)

Remain with each step (component) while it relevant – but then immediately abandon it and move to the next step – once it becomes outmoded (price has moved on)


Each trade plan contains 3 components

Signal / entry price
Breach of signal / stop price
Way of managing / target price

But also

Each trade contains 2 stages

Enter / set a stop loss

Then (assuming it goes in out direction)

Manage / exit



Split each trade into 2 stages (which has nothing to do with the trade plans – each plan still has 3 components

We’re merely combining the first two (entry/ initial SL) in our thinking…, AND by our actions

Then setting them aside (assuming the trade moves favorably)

We actively managing / exit


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

We absolutely must keep in mind where we entered and initially set our stop loss…

But..,

After the trade moves in our direction – we need to set those two in the background – and immediately & completely focus our attention/ action on reading PA / managing the trade

In real time – meaning right here / right now – and keep our self in the here and now

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

A drawback of our (the human) mind – it can only focus on 1 thing at 1 time

How often do you find (or have you found) yourself releasing the here and now – and diverting your focus back on where your initial stop is / what should you do with it

(this is rhetorical btw.., I already know the answer)

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

I’d like you to start treating the entry / initial SL – once the trade moves in the trade’s direction – as yesterday’s new

And solely focusing your attention on managing the trade / exiting (iow staying in the here and now)

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

Aside

I realize what I’m saying sounds bizarre..., (look so I set an initial SL – then moved it – what’s the big F'n deal)

The big deal (and I can’t yet explain so you will appreciate how big a deal it is)

Is a mindset

A mindset that will gain you access to the zone... so that you are able to enter and remain in the here and now

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

So.., if what I’ve said is still confusing – please say so.., I’m willing to spend as long as it takes

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

In a nutshell;

Enter / set an initial SL

Trade moves favorably – set aside the entry / initial SL

Actively manage the trade.., exit

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


This is another big mental step J – but.., hell..., we’ve taken them before – so we may as well take another

What say You Sir

RN

 

[jas_in_hbca]

I agree ...it does sound a little bizarre

I'll give it a go.