Making of a method
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.FT Day 51 Nov 4th
Review:
I naturally gravitate towards quicker exits. I need to use this to my advantage by combining quick exits with quick re-entry. Going forward, the immediate focus will be on forming guidelines to balance entry test levels with re-entry. The goal is to participate in the trend.
http://www.sierrachart.com/image.php?l=1383582658515.png
Review:
I naturally gravitate towards quicker exits. I need to use this to my advantage by combining quick exits with quick re-entry. Going forward, the immediate focus will be on forming guidelines to balance entry test levels with re-entry. The goal is to participate in the trend.
http://www.sierrachart.com/image.php?l=1383582658515.png
FT Day 52 Nov 5th
Review:
Avoiding the short scale in at 0847 would have kept the trade risk free and allowed me to stay in it. I should avoid scaling in during choppier movement so as to keep the position risk free for the break. Scale ins can be done once the break has left value behind.
http://www.sierrachart.com/image.php?l=1383668569888.png
Review:
Avoiding the short scale in at 0847 would have kept the trade risk free and allowed me to stay in it. I should avoid scaling in during choppier movement so as to keep the position risk free for the break. Scale ins can be done once the break has left value behind.
http://www.sierrachart.com/image.php?l=1383668569888.png
The uncertainty is not present in the price movement. The uncertainty is present in my ability to read the immediate pressure.
Thus, if my read and execution become masterful, losses will vanish. Only scratched trades and profits will remain.
If the uncertainty comes from me, what is the point of gathering price data for probability measurements? The trade is put on because of imbalance. Whether that imbalance will persist is beyond the realm of probability. It is truly unknown.
Thus, if my read and execution become masterful, losses will vanish. Only scratched trades and profits will remain.
If the uncertainty comes from me, what is the point of gathering price data for probability measurements? The trade is put on because of imbalance. Whether that imbalance will persist is beyond the realm of probability. It is truly unknown.
From what I can see, you are expecting all your trades to follow through immediately, that is only possible if you have managed to identify the exact conditions under which such behavior is more likely to happen, but that is way too hard, at least at this stage of your learning curve (I am just extrapolating from my experience).
Perhaps, you will in the near future, be able to identify those precise spots, but they are not in the places you have been finding trades, or else you wouldn't be getting stopped out so often.
So I see two possible solutions, focus on finding the perfect entries (the ones followed by immediate action) and avoid the rest or give more room to your current entries, so that you can actually join the trend once it starts.
FT Day Day 53 Nov 6th
Review:
There are times when a fast exit is good and times when it's not. The criteria for exit has to include not only expectations about future movement but also recognition of past movement. When entry has momentum behind it, it can be given more time because the opposing force has to gather enough momentum of it's own to reverse the trend. When entry is being taken from a relative standstill position or if adverse movement is occurring off anticipated S/R, the trade be exited more quickly.
Mistake of the day was the execution error of not taking the short at 0922. The dominant trend was not yet established so I was required to enter the sequential swings.
http://www.sierrachart.com/image.php?l=1383757201390.png
Review:
There are times when a fast exit is good and times when it's not. The criteria for exit has to include not only expectations about future movement but also recognition of past movement. When entry has momentum behind it, it can be given more time because the opposing force has to gather enough momentum of it's own to reverse the trend. When entry is being taken from a relative standstill position or if adverse movement is occurring off anticipated S/R, the trade be exited more quickly.
Mistake of the day was the execution error of not taking the short at 0922. The dominant trend was not yet established so I was required to enter the sequential swings.
http://www.sierrachart.com/image.php?l=1383757201390.png