jasinhbca's quest for discipline, knowledge & profits

Thanks Hooti,

I'm looking for spx of about 1180 on the first leg down, after that i'll see how things look. 1000 later this year looks possible but not locked in to that.

How was the seminar ?
 
Some days better lucky than good. Missed some good entries but still ended up + 7.25 on 2 short trades.

My time i'm able to devote to the market is quickly diminishing as my "real" work will soon require all my attention until about April 15th. Hope to trade the first hour or 2 but we'll see.

No time to post a chart today unless someone actually wants to see it.
 
Took awhile to get in synch w/ the market today. Finally found a long trade for +6.75. Very poor exit based not on PA but on a little panic on seeing the quick action and wanting to book profits . Could have been worse and I could have sold on the first pullback for +2.5. So no complaints and very happy to pick up some points while i continue to learn.

Another thing i noticed was my reluctance to trade after closing the trade. i didn't want to give up any of the days profits and potentialy missed the subsequent short trade. I think i need a separate log sheet to keep track of how often these types of psychological issues pop up. I don't expect it to be a problem but it's something i should track.

Chart attached but no notes.

Still expecting lots of downside in the days ahead.
 

Attachments

Quote from jas_in_hbca:

This is the goal. To read the chart as easily as today and believe what i see and act on it. I saw every one of these buys and failed to to take them. Why is for me to figure out. The negative a-d numbers and large new lows today was part of it. I need to place less emphasis on that. But this was helpful in gaining more trust and confidence in myself.

I mean really, look at this chart. Sometimes it's so obvious it's hard to believe.
More...

I used to watch the a-d alot. Just because it was negative is not a reason to not take the excellent reads you had. Go back and take another look at the a-d. I bet the change in a-d was significant. When a-d is negative and then changes considerably then its a bullish sign so don't take the -ve a-d as a no go. Just my experience from having it on a chart for a few years.

Great reads and great trading! Good luck tommorrow!
 
Thanks Snowman, much appreciated.

I like to keep an eye on the a-d to get a feel for what's going. Not watching the 'tick' as some do 'cause i figure it'll just confuse me w/ too much info. Keepin' it simple.
 
Yeah I know. Some people have a funky way of trading the a-d with the tick but I just never got into it. At the end of the day we all need to find our own road to success. tough.
 
This trade frustrates me. -1.25 that if i held a minute longer would have been profitable. I've been shaken out of trades before just like this so at least there's a pattern that i can turn in my favor next time, i think. I'll have to review some other trades.

Part of the problem was i hesitated a bit on the entry so felt a little unsure even being in the trade.

After the trade i checked email to clear my mind a bit and missed the reentry.

I think it's possible this was a very inexpensive lesson that will pay off in the long run.
 

Attachments

Quote from jas_in_hbca:

This trade frustrates me. -1.25 that if i held a minute longer would have been profitable. I've been shaken out of trades before just like this so at least there's a pattern that i can turn in my favor next time, i think. I'll have to review some other trades.

Part of the problem was i hesitated a bit on the entry so felt a little unsure even being in the trade.

After the trade i checked email to clear my mind a bit and missed the reentry.

I think it's possible this was a very inexpensive lesson that will pay off in the long run.
More...

Jas,

I have had similar experience and this is what has helped me with my conviction in a trade.

- I need the moving average to be at a incline higher than 35-40 degrees up/down doesn't matter. (this just sounds technical, however the idea is that there is REAL momentum in the move.)
- If the pull back BARS/CANDLES are of NORMAL (size) and SPEED; Also, its NOT a range bound DAY. I let the trade run free. and some times even add to the position AFTER it starts to move in my favour again.

Hypothesis remains the same; Object in motion will stay in motion, Slow down before STOP and then reverse direction after STOP.

Do you have a higher time/volume frame chart also open with a smaller MA. That sometimes also helps, i.e helps to stay objective and look at the bigger pictures. example IF i trade at 2/3 minute time frame i usually have 5 min chart to guide my trades (especially stops.)

I hope this helps.

EDIT: I just remembered, I also use a LOWER time/tick chart but with heikin ashi candles as a guide.
 
JP,

Your comments are always appreciated and worth paying attention to. When you told me to put a MA on my charts a while back i honestly didn't see the value. Now after a time of using it , it's starting to click.

I do look at a 5 minute chart as well.

Thanks for the advice i'll be re-reading and studying later.

I'll go buy a protractor this weekend. :D



Quote from jokepie:

Jas,

I have had similar experience and this is what has helped me with my conviction in a trade.

- I need the moving average to be at a incline higher than 35-40 degrees up/down doesn't matter. (this just sounds technical, however the idea is that there is REAL momentum in the move.)
- If the pull back BARS/CANDLES are of NORMAL (size) and SPEED; Also, its NOT a range bound DAY. I let the trade run free. and some times even add to the position AFTER it starts to move in my favour again.

Hypothesis remains the same; Object in motion will stay in motion, Slow down before STOP and then reverse direction after STOP.

Do you have a higher time/volume frame chart also open with a smaller MA. That sometimes also helps, i.e helps to stay objective and look at the bigger pictures. example IF i trade at 2/3 minute time frame i usually have 5 min chart to guide my trades (especially stops.)

I hope this helps.

EDIT: I just remembered, I also use a LOWER time/tick chart but with heikin ashi candles as a guide.
More...
 
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