jasinhbca's quest for discipline, knowledge & profits

[jas_in_hbca]

Here's the other wed. trade I should have held to my 25 tick target. The first short.

 

[NoDoji]

Quote from jas_in_hbca:

Here's the other wed. trade I should have held to my 25 tick target. The first short.

A rule I implemented that made a huge difference trading CL is never exit a trade break even unless price has gone at least 10 ticks in my favor or a new trade signal arises in the opposite direction of my position.

 

[jas_in_hbca]

Quote from NoDoji:

A rule I implemented that made a huge difference trading CL is never exit a trade break even unless price has gone at least 10 ticks in my favor or a new trade signal arises in the opposite direction of my position.

Thanks, ND. Good to hear that.

On Thursday I added to my rules move stop to -2 once trade moves +10. Since I often enter on a break of S/R i'm willing to allow price to come back to test the area + a tick or two.


BTW, that Stonehenge video is hilarious !

 

[Redneck]

Quote from jas_in_hbca:

I noted the other day that i'm continuing to manage trades in a way that keep me in my comfort zone. I'll have to accept being uncomfortable until I develop the proper habits. I may have to step away from the desk after placing a trade if that's what it takes. Friday I did a good job of nervously staying in my trades.

Below is an excerpt from DB's thread

http://www.elitetrader.com/vb/showthread.php?s=&threadid=279387


Do you see anything that would help with remaining in a working trade longer


RN

Quote from dbphoenix:

And here we go.

And the afternoon:

 

[Redneck]

Quote from jas_in_hbca:

I was trading sloppy just focusing on the current PA.

I'm now back to reading the chart left to right and anticipating more rather than reacting. This is how I believe I should be trading.

Careful with that first sentence - Current PA is what we trade

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Solely focusing on current PA - okay at times we need to take in the bigger picture (have/ maintain a view of the overall) - and like you said left to right....

But actual trading - focusing on current PA is an absolute must

RN

 

[jas_in_hbca]

Quote from Redneck:



Do you see anything that would help with remaining in a working trade longer


RN

Thanks RN. Yep, Trend lines. I'm probably inconsistent in using them. Which tells me either use 'em or don't but be consistent. I'll use them.

 

[jas_in_hbca]

Last week I was getting good entries then mismanaging trades. This week so far can't even get good entries. I 'm taking trades I believe I should be taking but win rate is very low so i'm really questioning what i'm doing at the moment. (again though last week I felt fine)

Yesterday and today had V moves around 7:00 which perhaps then reduces volatility and trade opportunities.

There are things I need to do to improve my results. Entering in a strong trend is a weakness of mine yet seems to offer the best R;R. I need to trade these. Entering today around 6:50 at 93.79 was a trade I considered but passed on because unsure of the entry. Actually probably more nervous than not knowing the entry.

Also the little triangle BO at 7:39. The big black bar at 7:35 made me cautious.

I guess i'm still looking at reasons to not take trades rather than accepting the uncertainty and just trusting the trend. If that's true then I can fix it. Eventually. Nothing is coming quick.

 

[NoDoji]

Quote from jas_in_hbca:

Also the little triangle BO at 7:39. The big black bar at 7:35 made me cautious.

That little triangle breakout was the only long I could get into after the news (per my plan). The big black bar sucked in the first round of shorts, then the other smaller black bar sucked in the second round of shorts. So the break of the triangle made sense to me.

 

[jas_in_hbca]

It occurred to me yesterday that I've spent most of my time studying entries . Next I've spent a good amount on exits , trade management and my mental errors/psych side. What I haven't done is spend enough time on the Set up. The set up should come from the context of a HTF and the entry should come from my trading time frame ; the 1 minute. My plan says I should be doing this but I'm not nor do I have enough specifics as to define the context of a set up on the 5 minute.

Maybe it won't make a difference. After all, the 1 minute has the same info, just more bars. I think it will though. I think I've been taking scalpers entries which reduces the win rate and/or lowers my target.

I also think it will help because another trader PM'd me and pretty suggested what I've just said. Always nice to hear another trader confirm what you suspect.

Today I did not trade. Just reviewed charts and study materials and wrote up how I will approach looking for set ups on the 5 minute. I'll be using the same tools; EMA's, TL's, channels and S/R on the 5 minute to come up with , hopefully, criteria to help me avoid chop and from taking reversals too soon. I'm not sure how long this will take but I think I have the knowledge within me to come up with something testable very soon.

If I can do this I think it has the potential to dramatically improve my results.

Fingers crossed and nose to the grindstone...

 

[Redneck]

Bingo


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If your charting package allows scrolling - scroll the 5 min chart so it is clear (yesterday's PA is all the way over the the left) then just watch the 5 & 1 min charts (how 5 - 1's = 1 - 5)

Once the first 5 min bar closes watch how the next 5 min bar is made in relation to that first 5 min bar (so on and so forth for each subsequent bar )

In addition, for each 5 min bar, watch how the 5 - 1 min bars are made


The 1 & 5 are the easiest to correlate imo.., but once you get it... they all become easy


RN