Journal XburbX - My Plan

xburbx · Jul 25, 2012

Stop out

xburbx · Jul 25, 2012

Done for the day. I am going to have to do end of day summaries as posting while trading is a distraction. Two losses and two wins today. The wins were small but so were the losses. Overall small net positive. More importantly I stuck to the plan even when certain things looked tempting. I am taking images of each days trading, making notes live and then reviewing. I have made some adjustments to the plan that dialed in current rules. It didnt add any guidelines that are outside of the ones I have, just specified rules within the current ones. Personal clarity.

New money in my account is better than money in someone elses

Redneck · Jul 25, 2012

Quote from xburbx:

So RN you touched on some points that I have been batting around in my head. A nice self vs self convo.

That's what friends do

Quote from xburbx:

Response ::-- I do have this context in place as per the way you mentioned above. The part where I have been really going back and forth in my head (not in my trade plan) is where price fails in the trade. There IS a reason to take the trade with a price action reason to place the stop where I do now. My stop varies from 4 cents to 8 cents depending on the candle I enter on. This would be something I would prefer to talk with you via PM on.

Whenever you are ready

My only concern - is too much too quickly - to assimilate properly

I'll be following your lead

Quote from xburbx:

For now, I am continuing to trade with the way my plan reads.

No other way...

And now you are understanding the "it is what it is" comment I made last week... No room for shits and giggles

Quote from xburbx:

I have tried to make my rules as simple and clear as possible.

Always

RN

Redneck · Jul 25, 2012

Quote from xburbx:

MRK short

I question this trade - specifically the timing of it..., because

if my math is correct - wasn't this ~1:00 PM EST..., which would put it at the latter part of the lunch time lull

Recall my comment about when no volume exists

eta; maybe volume was coming back in???

RN

Redneck · Jul 25, 2012

Quote from xburbx:

I stuck to the plan

Good trading Today XB

Quote from xburbx:

New money in my account.... is better than- "MY" money in someone elses

Edit for accuracy - hope you don't mind (simply reinforcing an important point)

RN

xburbx · Jul 25, 2012

Rn

With my current plan I actually do take trades during that time. After I get a bigger sample size I am going to look at that for sure. I need more trades that are under as similar conditions as possible to rule in/out tendencies like that time and volume. Right now I trade anytime after 1030 am . Near eod if I take a trade there needs to be enough time to get to target. For example - I won't enter a trade at 345. Not enough ample time to form a trade I am trying to manage.

Quote from Redneck:

I question this trade - specifically the timing of it..., because

if my math is correct - wasn't this ~1:00 PM EST..., which would put it at the latter part of the lunch time lull

Recall my comment about when no volume exists

eta; maybe volume was coming back in???

RN

xburbx · Jul 25, 2012

I like it.

Quote from Redneck:

Good trading Today XB

Edit for accuracy - hope you don't mind (simply reinforcing an important point)

RN

Redneck · Jul 25, 2012

Quote from xburbx:

Most of the time the gap puts price way outside the boundary of price that I have on my screen.

fwiw

I use a bigger TF to map out the mine field..., and potential pitfalls

More than once Iâve seen;

Price gap to a S or R on the larger TF â then fail

Price gap to the other side of a S or R â then zoom off

Today for instances; it gapped into no mans land, moved up to an R, then came crashing down from whence it originated â yesterday

-------------------------

Maybe we can have a conversations about the actors, and the roll(s) they play â in due courseâ¦ of course

RN

Redneck · Jul 25, 2012

Quote from xburbx:

Rn

With my current plan I actually do take trades during that time. After I get a bigger sample size I am going to look at that for sure. I need more trades that are under as similar conditions as possible to rule in/out tendencies like that time and volume. Right now I trade anytime after 1030 am . Near eod if I take a trade there needs to be enough time to get to target. For example - I won't enter a trade at 345. Not enough ample time to form a trade I am trying to manage.

Good nuff... I also have a similar goin home time

RN

xburbx · Jul 25, 2012

Don't take this the wrong way as I know there is a lot of merit to what you are saying, but I am going to leave that out of my daily decision making for the time being. As I become more better and better at trading, I would love to revisit it.

Quote from Redneck:

fwiw

I use a bigger TF to map out the mine field..., and potential pitfalls

More than once Iâve seen;

Price gap to a S or R on the larger TF â then fail

Price gap to the other side of a S or R â then zoom off

Today for instances; it gapped into no mans land, moved up to an R, then came crashing down from whence it originated â yesterday

-------------------------

Maybe we can have a conversations about the actors, and the roll(s) they play â in due courseâ¦ of course

RN