Matcha's Dow E-mini Journal
- Thread starter Matcha
- Start date
Quote from ~~~:
Matcha .. it's ok! You are still very young, so it's ok to made all kind of mistakes when you are young. When i was young.. i was extremely foolish and naive ..the brutal reality made me a strong and wise person. Sweetie, it's okay to love fashion.. just don't be like Carrie Bradshaw who spent 40K on manolo blahniks but no $ to put down as deposit for her NYC apt lolGood !!! trading is your priority now and when you made lots of $$$$.. you can go shopping in tiffany, gucci or chanel like a queen ..
I am not a day trader so my strategy of trading is different... You have one good man, Bolimomo as Sifu and NoDoji is a day-trader, you can learn much from them.
You have already offered lots of advice!
haha, Love Carrie! I like Jimmy Choo and Louboutin more than Manolo! Lanvin Flats are great pieces too! Lately I just can't wear any heels, have been sitting in front of computer too long...
Okay Grasshopper. Here is my tip of the day. Here is your "wax on wax off" practice on multiple time-frames. It is quite easy with TradeStation's charts.
First: Do you use Google maps online? Are you good at reading maps in different magnification levels? Pick a city. "San Francisco, CA" for example. Then use the up/down arrows to zoom in and zoom out. When you zoom in, you see more details. When you zoom out, you get a bigger picture. Different magnifications serve different purposes. When you need to go from San Francisco to San Jose, you need a lower magnification so you can see the freeways. So you know US-101 will take you there. But when you get to San Jose, you want to find Main Street in down town, you cannot stay in that magnification level. You need to zoom in to a level high enough that it would show the street details. Practice. Zoom in... zoom out... zoom in... zoom out.
In price chart reading, it is similar. The daily/weekly charts are the lowest magnifications. They give you the big pictures. The 60min, 30min, 15min are intermediate magnifications. They gave you more details on multi-day trends. The 1-min and tick charts are the highest magnifications. They show you the price movements sometimes tick by tick. On a given chart (e.g. @YM): Go from the lower magnification (e.g. daily, weekly) to 60min, then 30min, then 15min, then on to 1min, then on to 144 ticks, 64 ticks, etc.. Slowly zoom in... drill down on the details.
On the chart itself, you just need to type in "daily", "60 min", "15 min", "1 min", "144 tick", "64 tick" etc.. to change the periodicities. It's the same price chart, but show different zoom levels. Zoom in. You see the price movement details (e.g. 3 waves, consolidation areas). Zoom out. You see the bigger moves. The reversals. The "Changing of the Guards". Drill yourself to read the same price data series in different views. Once you get used to it, you can mentally map the data from the higher time-frame to a lower time-frame. Then put the 2 charts of different time-frames side-by-side. You should be able to correlate the two. (Or even three. Or even four.)
Note: The "trend" in lower time-frames can be part of a "range" in higher time-frames. That's what gives you the advantage. You use the higher time-frame to help you. e.g. If in a higher time-frame the price is in a range, then you fade the "trend" on a lower time-frame when price gets close to the high/low of the range.
The enclosed chart example: DIA on 7/8/10 Thu. On a 5-min, you know it is in a range. On a lower time-frame (42 tick), it looked as if price was trending down. At about 9:00 am, this was a 2-stage down run on the 42-tick. Because on 5-min it was in-range, you can more-or-less confidently fade the down move and long it, betting that it would move back to the top of the range.
Hi Matcha,
Congrats on another profitable week!!!!!
Like everyone has talked about not to overtrade, I, too have reduced my number of trades on Friday to 5 trades, 4 BUYs and 1 SELL. The SELL was a loss! Bias was still to the up side. I agree that it is easier to analyze at the end of the day with less number of trades. In this case less is more compared to the previous 3 days, I had 12, 13 and 14 trades!!!!
I noticed your Trade A & B are both BOPB setups. Those are great G-Rated setup as NoDoji had said. Most of my mistakes this week had been chasing the market after the BO. Next week I will focus mainly on trading with the trend AND waiting for a PB. Only G-Rated stuff.
Boli has some great ideas on monitoring multiple timeframes. How many monitors do you use for trading? May be you can have all the charts displayed in at the same time. I used 2 monitors (I wish I have more) and have 4 timeframes displayed - 30, 5, 3 & 1 mins.
Have a nice weekend and great disciplined multi-timeframed trading next week!
--po
Quote from PatientOperator:
Hi ~~~,
You made me flush.
I concur with you 100% that everyone on this thread are nice and friendly. It all started with Matcha and all of her genuineness and openness in her journal. It is contagious!!!
Thanks for your sharing of your experience and your encouragement.
--po
You and Matcha are sooooo welcome! .... You and Matcha are kinda "two of a Kind" coz one is so sweet , another one is so charming!
OMG! i really hope you two are going to be very successful in trading.
have a great weekend.
Quote from Bolimomo:
You have 2 big sisters NoDoji and ~~~ watching over you. You are safe Grasshopper! Be confident to fight your way through the wooden dummy alley.
(more later)
haha.. 2 big sisters lol, but in chinese culture "Sifu" is so important ... honestly, Matcha is a lucky gal to have a "Sifu" like you.
Today is world-cup final and i am listening to my dear pet - Paul the Octopus.. i am hoping Spain will be the Champion coz i speak spanish and i like Spain.
Boli ..enjoy your sunday!
Not sure if that question was directed to me or Matcha. As for me, I have over 20 monitors. But it's just me. I have a tendency to go overboard. After 20 years of working as an IT guy.
My setup:
http://www.elitetrader.com/vb/showthread.php?s=&postid=2727114#post2727114