jasinhbca's quest for discipline, knowledge & profits

[NoDoji]

RN said when in a trade...and working -look for reasons to stay in ..not exit.

Friday was a good example of me not doing that (chart attached). Both of these trades while not strongly working had at least equal reasons or more to be more bullish than a cause for exit. Strong up day and support still below. Lesson learned; hopefully. Ready to come back tomorrow with better discipline, patience and a smidge more PA knowledge.

Look at the PA between 10:06 and 10:18, specifically the highs of the 10:07, 10:15, and 10:17 bars, which I call the "trough" levels. Now look at where price pulled back to during the 10:32 bar (same price level). That pullback shakes out all the nervous longs and baits reactive traders to short, which offers the strong hands plenty of liquidity to add to their long positions, or initiate new positions.

I've discussed this a few times on ET.

You may find it useful for developing "second mouse" entry methods to avoid being the one who gets shaken out of a position.

 

[jas_in_hbca]

As always, good stuff RN and very helpful to me. Funny I was thinking about the triad over the weekend. And how my conscious is over analyzing and not allowing the subconscious to do it's work. I think that could be going on. Who knows.

To paraphrase you: We are paid to manage the trade consistently. We are paid to follow PA consistently.

Excellent.


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ND, I've been thinking about those second mouse entries. Also trying to keep them in mind so I don't get shaken out. Thanks

 

[jas_in_hbca]

Down about same as prior week.

It's been a weakness in my trading of too often exiting on the first pullback or stall in price. I then miss a good move. Almost always my early exit is an emotional decision. This past week I got in my head to hold through pullbacks. And so I did. Watched a couple +6/+7 trades reverse to exit at BE/ +1 and several +3 trades exit BE/ +/- 1. None of these trades would have then gone back in my favor had I continued to hold. maybe one 1 would have. Based on my plan I would/should have exited at the + 6 and +3's. (Hit channel targets or resistance areas along with price weakness) But the exercise was to hold through pullbacks and remain calm. Not sure why I did it but just felt like something I needed to do. Maybe to get rid of that panicky feeling of ' omigod, you're losing profits quick get out before they're all gone!"

So now back to trading the plan and taking those target exits and exit signals before targets are hit. And hopefully holding when I should be holding.

I liked my entries overall last week. Missed a couple. Just tradin'

 

[jas_in_hbca]

Finally a good week. Actually best week since I've started this journal.
+30 NQ pts, only 8 trades. I've had better $$ weeks when trading CL but this was a best as far as NQ points and Discipline.

The focus the past week was to execute: 1) entry 2) Management & 3) Exit, per plan. I'm tracking it. Goal is to have at least 80% of trades with perfect execution in all 3 areas.

My entries were 100% per plan. Management , stop placement and am I holding through normal pullbacks, was only 75%. Exits, am I exiting at target or on other criteria before target, was 75%. I think I have overlap on Management and exit. Can't properly exit if I don't manage correctly.

Reviewing my goal each session keeps me focused on the process of trading. Once I can maintain an 80% 'efficiency ratio' for lack of better name then i'll change goal to 90% or add the goal of taking more trades.

Not taking enough in plan trades needs to be worked on but for now just want to make sure I'm executing the trades I take properly. Yesterday I had poor focus. Took 1 trade, exited too soon, did not follow plan, and pretty much called it a day. I like I'm not forcing things and that all my entries were solid.


PnL for Mon -Thursday trades attached and then chart of my 1 trade today.

Next week i'll be at home with the dog while roofers install new roof. Hoping to get some trades in early every day before the tearing off and hammering starts.

 

[Redneck]

Very…, Very Nice J

Not for the result…, rather for following the process

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Success is a process… successful trading is following the process - results be damned

Being it’s the weekend – I suggest we relax….then come Monday.., it’ll back to the zone/ mindset we go

Good Job Sir

"That's Like You"

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Aside

Leaking roof sucks big time

RN

 

[jas_in_hbca]

Thanks, RN. Yep, got my 3x5 cards; I am a decisive and consistently profitable trader....

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No problems with leaky roof plus haven't had significant rain here in a couple years. But roof was old when we bought the house and that was quite a while ago. Lot's of termite damage on fascia boards that'll need to be replaced. Later this month new paint. Right now based on the exterior we're 'that house' currently bringing down property values for our neighbors.

Enjoy the rest of your weekend.

 

[jas_in_hbca]

Only time for a quick update.

Did not trade Monday, too distracted and busy with roofers.

-4.50 pts for week.

Felt unfocused too often. Thursday I should not have traded. Tired, frustrated, overtraded.

More disappointed in myself than anything else. Then I start questioning my commitment level. Then I get back to lighten up ,it was just an off week.

It always comes back to when I'm rested and focused I trade well. Creating and maintaining that mindset i'll keep working on.

Roof looks good.

 

[jas_in_hbca]

Still here. Took a couple days off but mostly the markets have been quiet. Small moves, low volatility. Not good trading. I had been feeling good about my discipline and ability to consistently take valid entries so I decided to try trading 2 cars. The plan is to take one off relatively quick for 2-4 pts and then hold the other for a runner or target. Often this strategy, in review, produced greater profits and fits my psychology better. Unfortunately , my timing of trying this coincided with the slow markets. I've had a lot of small losses on acceptable trades but now they're of course doubled and the opportunities for catching a few runners are slim. Drawdown. There have been some lapses on my part. Entering out of boredom or holding a trade too long because the slow movement made me complacent.

I think I've got that straightened out. I'm reducing number of trades and being especially patient. I'm hoping volume and volatility will pick up after Labor day next week. This type of lack of action reinforces the need to take advantage of the days when the market is moving. I've too often had some good days then get too cautious and miss several more good trades. Next time I hope I can recognize the opportunity and take the trades.

 

[jas_in_hbca]

It's been difficult the last few weeks. Today was the first day in awhile where I felt like I knew what I was doing. Ended the week slightly above BE after commish.

I'm still trying the 2 car scale out. My hope is that it will increase my profits and alleviate some mental mistakes by locking in a fairly quick profit. The other day I was booking profits on first car then letting second come back to BE. I think I was using the 2 car strategy as way of letting myself out of decision making. Let the second run to infinity or BE. Not a good idea. Each car needs to be managed based on overall strength of trend, S/R areas and targets. Occasionally, I expect, i'll get a couple lucky ones where the decision making is easy and the second one runs fast and far but more often i'll still need to be actively involved.

I'm not yet convinced this will work better for me . I may go back to the all-in, all-out method.

Today my first trade the second car was a slight loss. Trying to balance giving the trade room vs not giving back too much in profit. Stop placement was off by a tick or two and I did get stopped at the high of the PB. And when I say it was off I mean it was my mistake in placing it where it was. Too focused on PnL I think.

+ 16.25 pts today. Chart attached showing the 2 car trades. I included first channel and then the re drawn channel

Good long week end all !

 

[jas_in_hbca]

August was a real gut check for me and the hangover lasted the first week of September. After last week I believe I'm back on track. My set ups are occurring with more frequency and having follow through. The NQ was more tradable. Hopefully it continues. I expect it will and that August was just slow summer markets.

Last week finished + 29.25 pts. Any green is good but I'm still trading 2 cars so my expectation is higher. I was profitable every day except Friday which was +1.25, BE after commish. Only had time to trade half day Friday. The consistency was a good confidence boost. A couple out of plan trades but overall pretty good. The 1 + runner strategy worked well Friday. Was able to get +3 on 1st car and BE on second on one trade. That was all the trade had to offer and had I been trading one I would have likely gotten BE or worse. But that's only one trade so still waiting until I compile more stats on trading 2 vs 1.

It feels like I'm back to where I was in July which is my focus is back to the mental game; proper discipline, focus and taking trades. No guessing and hoping a trade works just having the patience for my set ups to occur then managing them. It's good place to be again.