jasinhbca's quest for discipline, knowledge & profits

Quote from jas_in_hbca:

Exactly.

I was in the state of mind of ready to take heat on the second trade but then outsmarted myself by watching the ES too much.
lesson learned , i think.

trades 3 and 4 attached. trade 4 not entirely proud of. trade 3 if anything should have exited sooner but i don't think it's too bad
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I would not recommend looking at other averages (ES or YM) when trading NQ (An average). Reason is that even though they are co-related byt not hundred percent for the very reason they track indicies that have fairly varied composition by weight.

Using it for Confirmation of a trend makes more sense than Exhaustion.

Moreover if you put that ES chart next to NQ now you will see the cables in ES never gave you a trend reversal. you ust got spooked with a difference price action in ES>

NOW since you use volume chart inNQ and ES. DO not use this to compare. 888V in NQ NOT EQUAL to same in ES. IF you do wanna look for corelation - put two in same time frames. 3/5min for short term.


Exit should always be determined in its on Lane/ Channel.
Our brain work like a feedback loop, we see error and we correct the course. more like a steering wheel and eye coordination. IF you do not see a turn ahead - would you move your steering coz some one is taking an exit and turning ???
Sorry for a crude example, but I hope u get the geist.
I know you know this. its about hammering the nail so deep and hard in ur head that you will turn the steering without thinking about it.

GL
 
thanks JP. great advice.

I had laser focus MOST of the day but focused on a couple wrong things. Still i think something good must have been etched in the gray matter today.

been noticing a few new nuances this week that will eliminate some of my common mistakes. Lots to review today too. Interesting action - a weeks worth of possible set ups in one day
 
How interesting to feel so close and yet realize how much more i need to learn. A fair amount of cursing today.

2 charts of my 1st trade

Problems i see in my trading are, as JP has pointed out, i'm not weighing the overall trend enough and then I get shaken out by my poor read of PA. I think that's the problem anyway. Notations on chart.

As noted on chart i only entered w/ 1 car because unsure of entry. Had i entered w/ 2 i would have exited 1 at first hour low which would have likely kept me out of the next 2 losing trades. Hey it's Monday, i'll play quarterback as much as i like.
 

Attachments

another look in shorter timeframe. Used 500 vol as market a little slow

You can also see my attempts to disrespect the multiweek low (in pink) and sell above it. Genius !

Was slightly profitable on first trade so did 2 cars on second trade for a full stop.

I'll post 1 more chart of my last trade in the next post when the cursing really started.

(BTW, i'm kidding on the cursing, it was mild and I'm really not frustrated at all. I really am learning some good stuff and reinforcing some positive beliefs in my methods )

:cool:
 

Attachments

Quote from jas_in_hbca:

last trade. only 1 car . Again 2 cars ..blah..blah..blah..
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Do you really think 2 cars will help u manage the EXIT better ??
You should try it (Offcourse live), but i am little skeptical of this at your stage.
I would rather suggest entring a secong car after the trade has moven in your direction already (few ticks). This will ensure you a certain cushion to work with and still give flexibility to manage it with two cars.
Scenario when entring two cars at ONCE does not help if you still have a poor PA read and cannot easily sit through reactions to higher momentum. There will be times whne the trade will instantly move against you and hit stops (on Bracket orders) as they tend to me hard stops and can very well fall victimi n a high volatility.

All being said.... sit in peace and answer this to ur self....


1. ARE YOU STILL FOCUSSING ON ENTRING AND EXITING BASED ON PRICE and NOT TREND ???
2. DO YOU LOOSE FOCUS ON THE TREND AFTER YOU ENTER A TRADE AND YOUR ENERGY SEEMS TO BE FOCUSED ON MANAGING YOUR PnL IN GREEN?


GL
 
Quote from jokepie:

Do you really think 2 cars will help u manage the EXIT better ??
You should try it (Offcourse live), but i am little skeptical of this at your stage.
I would rather suggest entring a secong car after the trade has moven in your direction already (few ticks). This will ensure you a certain cushion to work with and still give flexibility to manage it with two cars.
Scenario when entring two cars at ONCE does not help if you still have a poor PA read and cannot easily sit through reactions to higher momentum. There will be times whne the trade will instantly move against you and hit stops (on Bracket orders) as they tend to me hard stops and can very well fall victimi n a high volatility.

All being said.... sit in peace and answer this to ur self....


1. ARE YOU STILL FOCUSSING ON ENTRING AND EXITING BASED ON PRICE and NOT TREND ???
2. DO YOU LOOSE FOCUS ON THE TREND AFTER YOU ENTER A TRADE AND YOUR ENERGY SEEMS TO BE FOCUSED ON MANAGING YOUR PnL IN GREEN?


GL
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I'm certain of very little at this point. I do think 2 cars is worth trying. I think my entries are generally better than my exits so if i could scale out, psychologicaly i'm better off and likely profit wise i'm better off. I've reviewed past trades and although it's somewhat guessing as to where i would have definitely exited, it looks like conservatively i'm no worse off.

Your idea of entering 1 then look to add 1 after a few ticks is very interesting. I had really only thought of pyramiding after the trade was strongly in my favor. I'll give that some thought.

1. lately i've been confusing pullbacks with false breakouts. I'm not reading trend properly.
2. You're right. I realized earlier today after in a trade i notice i'm focusing too much on the right edge , smaller time frames rather than big picture. Too much focus on pnl ? Maybe. i'm not use to some of the pullbacks we're getting. Not normal for me to have a trade MFE + 5 then retrace back to even and then after exit move MFE +>5. That's a focus on price that is different than what i'm used to and i'm now trying to adjust to that and stay focused on dominant trend.

Thanks, buddy .
 
Quote from jas_in_hbca:

I'm certain of very little at this point. I do think 2 cars is worth trying. I think my entries are generally better than my exits so if i could scale out, psychologicaly i'm better off and likely profit wise i'm better off. I've reviewed past trades and although it's somewhat guessing as to where i would have definitely exited, it looks like conservatively i'm no worse off.

Your idea of entering 1 then look to add 1 after a few ticks is very interesting. I had really only thought of pyramiding after the trade was strongly in my favor. I'll give that some thought.

1. lately i've been confusing pullbacks with false breakouts. I'm not reading trend properly.
2. You're right. I realized earlier today after in a trade i notice i'm focusing too much on the right edge , smaller time frames rather than big picture. Too much focus on pnl ? Maybe. i'm not use to some of the pullbacks we're getting. Not normal for me to have a trade MFE + 5 then retrace back to even and then after exit move MFE +>5. That's a focus on price that is different than what i'm used to and i'm now trying to adjust to that and stay focused on dominant trend.

Thanks, buddy .
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AT this point focus only on the trend identification. That is only edge and for that matter is trading at its core.
I suggest do try 2 car strategy as I personally have used it. Just be careful that you will have to now adjust to inflated $ (win/loss) and your emotions need to be trimmed accordingly especially whne the trade goes against you.
Adjust ur stops (acording to r/r) and stick with them.

Oh yes, dont think if you add to your position as pyramiding. its a all together different trade based on the a SET trend and confirmation that you have with an earlier trade. Your first trade acts as a mile marker !!
GL.
 
Mostly watched chop till my eyes were sore. Missed the open run as i wasn't set up at my desk yet.

took 2 shorts that weren't bad entries. had good discipline in being patient and took some heat at the right time.

-1.50 pts on 1st trade x 2 cars
-.25 on second trade , 1 car

reviewing my set ups today to try to avoid the recent bad trades
i've taken
 
internet out again last 2 hours. vz coming back tomorrow

2 trades + 10.5 points total

Good entries but made some mistakes on exits that i think are easy to correct and not some kind of curve fitting idea.

First trade a gimme entry i immediately recognized. It was like the defenders moved away from the basket giving me an easy layup. Or like driving a car, JP. I took it. Trade management has been on my current daily goals list which includes be willing to sit through pullbacks. So i was long had a target which i later realized was too high (mistake 1) and then ignored the PA quick reversal (mistake 2). Price came back to my entry and support so i held and it slipped into the support area until i was stopped out. So MFE of 3.5 or 4 to -2.25. Probably another mistake in there. Third mistake was not enough attention to larger trend still being down. Should consider looking to take long profits sooner.

Second trade short. exit 1 car a bit above 1st hour LOD +4 . The other car had MFE +20 and i should have exited cause at some point i think you have to just take profits. Held through a long pullback and panicked on the exit near the high of the retrace for +11.

Good lessons and despite the mistakes good for the confidence.

No trading for me tomorrow . Will be at home but won't have access to internet most of the day.
 
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