jasinhbca's quest for discipline, knowledge & profits

Quote from jokepie:

Just noticed something - Pointing it out. May be it helps.

Look at your chart. Imagine your ARROWS on the chart were actually drawn on a transparent Sheet (tracing sheet). Now move THAT SHEET little to the LEFT. (I hope it does not sounds crazy). Only a few candles !!!

Do you see it. ????
More...

Protractors and tracing paper. This is getting good.

I see that if i want to take these trades there are earlier entry clues: ?

1st trade the MA acts as resistance as well as price moving to a prior s/r area. price shows rejection and LH and LL

2nd trade also a few LH bars and price rejection ( close well off the high of the bar) AND at a resistance area.

3rd - same resistance area around 2295. strong thrust bar down through MA

I'm I seeing what you're seeing ?

It's all about context. What did price do at this area before ? Is price showing signs of rejection, LH, LL ? That's how i usually try to see it.

I'm also trying (not today but working on) to get in trades sooner so that if the move stalls i have a better chance of getting out w/ small loss. Part of this is accepting the uncertaintity of entry and to avoid waiting for too much confirmation.

Whataya think ?

And lastly i think my edge is my patience and focus. i did not have that today.

Thanks !
 
Quote from jas_in_hbca:

Protractors and tracing paper. This is getting good.

I see that if i want to take these trades there are earlier entry clues: ?


If you do move all the trades few bars to the left - IT translates that you entered LATE in each case and by almost the SAME AMOUNT OF time may be a minute or two. Its just a matter of response time and it will get better in due time. It just tells you that you are on the right path.




1st trade the MA acts as resistance as well as price moving to a prior s/r area. price shows rejection and LH and LL

2nd trade also a few LH bars and price rejection ( close well off the high of the bar) AND at a resistance area.

3rd - same resistance area around 2295. strong thrust bar down through MA

MA is NOT a resistance. Its like a ONE WAY sign on the street - Price may or may not follow it. Price is the ultimate. ONLY ASSERTION to be drawn from MA is that when they are stretched at an angle up or down. that is the direction of the momentum. Steeper the angle, longer you can STAY in the trade. DO NOT USE for ENTRIES. Just managing trades or exits.

You know humans look for structure, HL LH etc.. same thing with the "Great dipper" in the sky its just a mere RANDOM arrangement of stars. I do not focus too much on them.

your 2nd trade was one of the better trade than the other two. Money is IN the anticipation of the MOVE. 1st and 3rd were just a lil too late.

Especially in the 3rd trade ...did you feel you froze after the price started to break faster and harder after failing to make a new high ? and you WAITED looking for a pull back to enter ?
Freezing is due to waht i mentioned earlier - need more experience to get confidence to hit the trigger.
Looking for pullback - is because you want or looking for structure.

Pull back entries work better on LONGS than on shorts, SHORTS are just Inherently uncertain trades.


Part of this is accepting the uncertaintity of entry and to avoid waiting for too much confirmation.
Whataya think ?

You said exactly what i babbled above. Your Professional edge is to deal with Uncertainty and accepting is the first step. Imagine you were on the floor of CME with floor trader and its your 3rd trade. As the High/Top failed you could hear roars or SELL orders but you waited until you could start hearing BUY louder than SELL and then SHORTED??? LARGE UGLY reds or GREENS are your EDGE...thats where the Main action is..momentum...pullbacks are COVERS or Speculator buys!!!


And lastly i think my edge is my patience and focus. i did not have that today.

Thanks !
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You are doing fine !!
dont focus on the results, just execute or Just do it. !!! heheh
 
Very embarrassed to say that my trading continues to implode.
And to be perfectly honest i feel i'm disappointing those who have been trying to help me. (JP and a couple people who have PM'd me.)

6 trades -8.75

Was trying to not hesitate today. The bigger issues were not taking good set ups. The market was volatile and choppy and i should have been more patient. By the tine the nice uptrend started i was done. I'm also still trading "hope" .
I was short going into the LOD which was strong support. It held and reversed and my MFE of 7 turned into a 1 pt profit. I kept giving it more time figuring if it reversed through LOD it would be a great trade.

I'm determined to get this right and be very profitable. I must get back to patience, focus and acting quickly when the set up is there. I think i should write down reminders of what clear exit signals are. ie The LOD was a bullish reversal bar on the 5 minute chart. That's a pretty solid reversal signal i saw develop and ignored.
 
Quote from jas_in_hbca:

Very embarrassed to say that my trading continues to implode.
And to be perfectly honest i feel i'm disappointing those who have been trying to help me. (JP and a couple people who have PM'd me.)

6 trades -8.75

Was trying to not hesitate today. The bigger issues were not taking good set ups. The market was volatile and choppy and i should have been more patient. By the tine the nice uptrend started i was done. I'm also still trading "hope" .
I was short going into the LOD which was strong support. It held and reversed and my MFE of 7 turned into a 1 pt profit. I kept giving it more time figuring if it reversed through LOD it would be a great trade.

.....
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OMG. I just had the same feeling , same day as you had too..
Hate to disappoint the traders who have been so supportive and giving me best advice and want me to succeed(not many people will do that).
Today's volatility made me sick on my stomach too.. the volatility also created the larger risks. and I over traded too.
I think we should forget about all the feelings now. Foucs focus on the setups, focus on analyzing the trades after market. Focus on "think probablities". Never give up!
 
Quote from Matcha:

OMG. I just had the same feeling , same day as you had too..
Hate to disappoint the traders who have been so supportive and giving me best advice and want me to succeed(not many people will do that).
Today's volatility made me sick on my stomach too.. the volatility also created the larger risks. and I over traded too.
I think we should forget about all the feelings now. Foucs focus on the setups, focus on analyzing the trades after market. Focus on "think probablities". Never give up!
More...

Matcha,

thanks for the reply and sorry you had a rough day too. Somewhere in our traders mind i'm sure we learned something.

You got it - giving up is not an option. focus and a positive attitude always.

GL tomorrow. Let's both trade well !
 
I recommend, find some time and read this quick read...!!

"reminiscence of a stock operator" A biography of the greatest wall streets best. Back in the Days. His theory's still work 100 yrs later..
and its inspirational.

Trust me...I have blown up a/cs after a/c to get where i am . I wish I hadn't. I had some one to guide me instead of market FISTING me for years to teach me how to dance.

There is a quote from the book: - " I can't help making money" Sweet.

Something that helped me in Day trading was that I started trading on a 5 min chart as if it was a DAILY CHART. I created an illusion and soon it became a reality.
Jas - gave you the link to the thread before. I know it will take time for this concept to sink in...or might not even work for you. But I believe in sharing and teaching makes my Game better. So I have all the selfish interest in this. So should you do.

Look at the same chart from today - remove the time and price axis from it. and think WOULD you have traded it differently if each candle took a DAY ??

Have a good weekend,
:D
 
We all travel the same road don't we. I've read Livermore and at least 100+ books over the past many years. I too have blown up stock accts by being incredibly overleveraged on margin. Not proud of it still have a few scars, but that's for talk over beers or some good wine sometime.

I've checked out the other thread you mentioned and a few others in the psych area here.

I do like your idea to look at the 5 as if it were a daily and i'll pull out the Livermore book again.

Despite my set backs i feel more prepared and confident than ever before. i have a pretty good idea of what i NEED to do and part of that includes just focused screen time.

Thanks JP, You have a great one too !
 
2nd trade . not a great entry but made up for it with a good exit.

only made 1 point but traded what i saw and avoided hoping for more.

The 2B sell off the highs would have been a good entry. I need to study these more.
 

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