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Making of a method
- Thread starter game
- Start date
Recently I have been reviewing sessions in my personal journal. However, there is more value if I share it publicly. So here goes:
The 2 major areas to work on are :
1. Avoiding early entries, especially during the Open zone.
Faster rets are justified only when there is either a clear failure or if there is a clear S/R level that is conveying information about the LOLR. The mistake I am making is taking faster rets based solely on momentum, leading to the poor combination of both high price and high information risk entries. I need to rely on the retest principle. In addition to the losses on these trades, this habit has an insidious effect on my entry level management. Incorrect entries cause losses, that then prime me for hasty exits from good entries because I have conditioned myself to expect sharp adverse movement.
2. Entry level management
Price can do the following things after entry is triggered:
1. Move favorably with force
Then:
a. Break clean
b.Come back towards entry with force
c. Come back towards entry with hesitation
2. Muddle around entry
3. Move adversely upon entry
a. Sharply
b. Slowly
I have planned a preset response for each of these contingencies and now I have to execute it. The responses were planned after looking at the characteristics of winning trades in terms of MAE and time spent before taking off.
The 2 major areas to work on are :
1. Avoiding early entries, especially during the Open zone.
Faster rets are justified only when there is either a clear failure or if there is a clear S/R level that is conveying information about the LOLR. The mistake I am making is taking faster rets based solely on momentum, leading to the poor combination of both high price and high information risk entries. I need to rely on the retest principle. In addition to the losses on these trades, this habit has an insidious effect on my entry level management. Incorrect entries cause losses, that then prime me for hasty exits from good entries because I have conditioned myself to expect sharp adverse movement.
2. Entry level management
Price can do the following things after entry is triggered:
1. Move favorably with force
Then:
a. Break clean
b.Come back towards entry with force
c. Come back towards entry with hesitation
2. Muddle around entry
3. Move adversely upon entry
a. Sharply
b. Slowly
I have planned a preset response for each of these contingencies and now I have to execute it. The responses were planned after looking at the characteristics of winning trades in terms of MAE and time spent before taking off.
FT Day 60 Nov 15th
http://www.sierrachart.com/image.php?l=1384536295437.png
Review:
Better performance in terms of control with entries and entry level management. The short at 0958 was the only mistake. I can pay more attention to the information being conveyed by the PA inside congestion if I am going to enter in anticipation of breaks from congestion.
http://www.sierrachart.com/image.php?l=1384536295437.png
Review:
Better performance in terms of control with entries and entry level management. The short at 0958 was the only mistake. I can pay more attention to the information being conveyed by the PA inside congestion if I am going to enter in anticipation of breaks from congestion.
Not an easy day!