Journal of ashes and Eminis

Phoenix,

I scalp the ES usually for 1 pt at a shot. One thing that helps my entry is using 30 second candle charts instead of 1-min candle charts. I don't know what time frame you use to enter but it seems the 30 second time frame helps with scalping as you can pick up smaller movements that might not be seen in a 1-min time frame.

Bong
 
Originally posted by Bong Recreation
Phoenix,

I scalp the ES usually for 1 pt at a shot. One thing that helps my entry is using 30 second candle charts instead of 1-min candle charts. I don't know what time frame you use to enter but it seems the 30 second time frame helps with scalping as you can pick up smaller movements that might not be seen in a 1-min time frame.

Bong
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Hi Bong,

With my trades today, it looks like your 1 pt a shot would have worked for me as well. I am going to consider that after I have a few more days of test data under my belt.

BTW, I am trading off of pure tick charts. The reason I posted a one minute chart was because eSignal doesn't currently allow drawing on tick charts.
 
6 RT / 1 contract / 0 points
3 wins / 3 losses = 50%
Hard stops/targets @ 3 ticks +/- entry price

Trades
1. Buy 10:03:07 @ 887.50 for +0.75
2. Buy 10:28:13 @ 882.25 for -0.75
3. Sell 10:30:15 @ 881.00 for -0.75
4. Sell 10:35:01 @ 879.75 for -0.75
5. Buy 10:37:24 @ 882.25 for +0.75
6. Sell 10:42:28 @ 882.00 for + 0.75

I am to be slapped silly as I broke my trading plan with regards to the maximum number of trades I was allowed to take today. The plan said three, but I took six. Part of the problem with only three is that right when I start to feel settled, it's time to quit. I will need to rethink that and possibly up the number to 5 trades for Monday.

Yesterday, maximum profits on my entries would have been achieved by using 4 tick targets and 5 tick stops. And, it looks like today, using them would have provided me with a 2 tick profit instead of breaking even. Maybe Quah has something here. Still too early for me to change, as at least the 3/3 keeps me out of trouble and keeps my stress level a little lower while I work on my entries. And, working on my entries is priority number one at the moment.
 

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Originally posted by phoenix_rising

I am to be slapped silly as I broke my trading plan with regards to the maximum number of trades I was allowed to take today. The plan said three, but I took six. Part of the problem with only three is that right when I start to feel settled, it's time to quit. I will need to rethink that and possibly up the number to 5 trades for Monday.

Yesterday, maximum profits on my entries would have been achieved by using 4 tick targets and 5 tick stops. And, it looks like today, using them would have provided me with a 2 tick profit instead of breaking even. Maybe Quah has something here. Still too early for me to change, as at least the 3/3 keeps me out of trouble and keeps my stress level a little lower while I work on my entries. And, working on my entries is priority number one at the moment.
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You may be making premature conclusions based on inadequate data. If your system relies on at least minimal volatility or daily range, whatever may have worked during the past couple of weeks may not work during the past few days. If you're concerned about entry, perhaps you should have some sort of filter that keeps you out of trading when a particular entry has no better than a 50/50 chance of success. This way, when you do trade, you are increasing the probability that you will reach your target rather than your loss limit.

--Db
 
Originally posted by dbphoenix
If you're concerned about entry, perhaps you should have some sort of filter that keeps you out of trading when a particular entry has no better than a 50/50 chance of success. This way, when you do trade, you are increasing the probability that you will reach your target rather than your loss limit.
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Is it that easy? :)

I am trying to teach my brain to be such a filter. Part of my goal is to scalp using a minumum (zero?) of TA indicators, just watching how the prices move. Though if I do come across some indicator that will ultimately help, I wouldn't be opposed I suppose. I don't intend to add TA to my short-term scalping system for at least a month, if ever. I hope I never do.
 
Originally posted by phoenix_rising


Is it that easy? :)

I am trying to teach my brain to be such a filter. Part of my goal is to scalp using a minumum (zero?) of TA indicators, just watching how the prices move. Though if I do come across some indicator that will ultimately help, I wouldn't be opposed I suppose. I don't intend to add TA to my short-term scalping system for at least a month, if ever. I hope I never do.
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I don't know that "easy" is the right word, but you'd probably be better off using something other than feelings to determine whether volatility is high enough to make your system worthwhile. If you don't want to use indicators, it could be something as simple as requiring the existence of a trend, or, if no trend, a minimum range from high to low.

--Db
 
Thanks. I need to remember to refocus on selectivety. I was intending to do more or less as you say, but didn't keep it in mind when entering the second and (even more so) third trade.
 
Originally posted by phoenix_rising
Thanks. I need to remember to refocus on selectivety. I was intending to do more or less as you say, but didn't keep it in mind when entering the second and (even more so) third trade.
More...

Maybe you haven't lost enough money yet. :)

--Db
 
Based on my own experience, I suspect the reason you continued after reaching 3 trades was that you were net negative, and not because you "started to feel settled". As soon as you reached breakeven, you stopped. The fact that this took 6 RT's is coincidental - it could've been 16 RT's. The decision to up the maximum number of trades to 5 is valid but should be separated from today's discipline breach.
 
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