jasinhbca's quest for discipline, knowledge & profits

I have not been trading well the past few days . I have reduced my position size back to 1 car for most of the trades.

Used to be i generally had good entries and poor trade management. Now i am just getting bad PA reads on entry and getting stopped out. I plan on reviewing my set ups and keeping better stats. Now i just keep stats on trades taken. I'll need to keep stats on all potential set ups.

Today i'm working on deciding what set ups to track, what data to record and then create an excel w/s.

i expect to not be posting as often until i get back on track.

Frustrated but not discouraged and still stupidly optimistic.

cheers .
 
Ive found trading the 30min range breakout has been working lately. so far this week its 5/6. Today i profited 3 points off the first one, which quickly reversed and hit my trailing stop, came back into the range, hit the bottom (which was also mondays close) and reversed for a 30 point move. I caught 16 points of it, i entered when it broke the top range again. My suggestion to you is use those breakouts and mark down all the closing prices for the week on your charts. Also the previous days high and low are also critical areas. I learned this from Linda Raschke. check out her site LBRgroup.com and go to the article section. There are alot of informative articles in there. Also i have started a journal you can check out and see how i trade.
Good luck,
T
 
Quote from Tradethoven:

Ive found trading the 30min range breakout has been working lately. so far this week its 5/6. Today i profited 3 points off the first one, which quickly reversed and hit my trailing stop, came back into the range, hit the bottom (which was also mondays close) and reversed for a 30 point move. I caught 16 points of it, i entered when it broke the top range again. My suggestion to you is use those breakouts and mark down all the closing prices for the week on your charts. Also the previous days high and low are also critical areas. I learned this from Linda Raschke. check out her site LBRgroup.com and go to the article section. There are alot of informative articles in there. Also i have started a journal you can check out and see how i trade.
Good luck,
T
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Thanks T !.

I've been trying to trade first Hour O.R. B/O but am struggling with it a bit. I usually wait for price acceptance then enter and lately the b/o's have failed and trapped me. Of course today it looked like it was failing at OR Hi so i went short and took a loss.

OPening range and HOD/LOD b/o are on my list to start keeping better stats. Thanks for tip on using 30 min range.

I used to put prior day highs/lows on chart but stopped for some reason. I watch S/R on the 30 minute timeframe also.

Yep, LBR is great . been awhile since i've been there. She also hosts an occasional webinar for free.

I will definitely check out your journal.

good trading to you.

jas
 
Still here.

yesterday +4 pts, today -2.25

Plan on to keep pluggin' away until something clicks. Doesn't mean i'm approaching this passively. Still trying to understand PA and doing lots of review and reading.

One thing i'm trying to learn is using the 3 minute chart with a smaller time frame chart; either a volume chart or a 1 minute chart. I think the slightly larger time frame will give me a better read. We'll see.

Considering my long was exited around 2269 and NQ went to 2280 ish id say i haven't quite mastered this pursuit YET. The exit was based on price not making a new HH. Here's where looking at the 3 minute chart may have helped keep me in if i realized it was a normal pullback. Also i'll be noting that failure for trend to immediately continue does not mean reversal.

Here a chart for those that like that kind of thing.
 

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Hey Jp ,

I'll respond in the a.m.. Thanks for looking and your questions point out to me the obvious NOW :D

I'll soon see these things in real time; whch may result in variable stop placement or different entries.

Still working on my homework too.
 
JP,

notes on chart.

trend identification is key. is that what we're trying to pound into my thick head ?

Re: Stops. I spent a fair amount of time thinking about fixed v. market structure stops. A blend is ideal which limits entry price and may result in missed entries. Based on market structure usually requires larger stops. I'll be keeping an eye on this whether to make a change. adaptation and self monitoring are key to continued success.
 

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2 trades net + 4

first trade long -1.75. Not good enough R:R to have taken trade.Trend still up but chance of getting through HOD resistance after a 3 day rally and prior attempt failed should have kept me out. -1.75

short +5.75 little late on entry .MFE + 9.75 Gave this every chance to go lower and exited when it appeared odds had shifted. Pleased overall w/ trade management as i held through the 11:20 and 11:30 pullbacks

Watched the 1 minute chart a lot today for entries instead of Volume chart. I like it. Using 3 minute chart as well.
 

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