My quest to build a solid trading system

[Alexspeed]

Quote from reflection:



Added 1 clip at 1242 but stopped out at 1237 which i thought was important resistance. The mistake here was that i should have had a wider stop? Market low at this point was 1234 and moved back to 1250 so i have the rest of my weekend to figure out what went wrong.

Haven't been feeling too good this week with all those big mistakes and bad luck setting my account quite lower.

Based in the 5min or hourly chart you bought at a short term high, daily you could hold it and weekly you should hold it. It is a question of what timeframe you are trading the trade!!! And if you know this you can set stops.
You also can see the market trending in an channel, where you can buy on the bottomline and sell at the topline.

For your Journal you can add the timeframe for every position in what you are trading, this makes it easier to specify your stops and goals!!!
For identifiyng the trend I use at every timeframe a MA at 5 candles. This I think is the best indicator for me.

 

[Alexspeed]

Quote from reflection:

Its technical and macro related decisions but most of my daily trading comes from trading breakouts as well as figuring out what technical patterns are likely to happen again in a specific scenario. I believe markets move in cycles and my job is trying to figure out in what kind of cycle we are in and where we are in and have a strategy that is able to take advantage.

I only look at 50y 100y graphs for the really big big picture. Not really to pinpoint daily spots but these help me decide what the big picture we are in. In this case i believe we are in a bear market although closer to the end than the beginning.

What I can say is that:

Looking at the 50y or 100y timeframe AND with the Macropicture behind is so what of complicated!!!! For Example you have to add many many many thing to the chart and build it around: FED Funds rate, political decisions, tax decisions.
Another one is do you use a linear or a logarithmic chart?

When you ask me, it is to complicated for quite everybody who not read thousands of books about that.

If the politicans decise any studiply things we could easily slide to 4000 with the DOW. So much can happen.

 

[Alexspeed]

Quote from reflection:



Added 1 clip at 1242 but stopped out at 1237 which i thought was important resistance. The mistake here was that i should have had a wider stop? Market low at this point was 1234 and moved back to 1250 so i have the rest of my weekend to figure out what went wrong.

Haven't been feeling too good this week with all those big mistakes and bad luck setting my account quite lower.

Based in the 5min or hourly chart you bought at a short term high, daily you could hold it and weekly you should hold it. It is a question of what timeframe you are trading the trade!!! And if you know this you can set stops.
You also can see the market trending in an channel, where you can buy on the bottomline and sell at the topline.

For your Journal you can add the timeframe for every position in what you are trading, this makes it easier to specify your stops and goals!!!
For identifiyng the trend I use at every timeframe a MA at 5 candles. This I think is the best indicator for me.

 

[reflection]

Quote from Alexspeed:

Based in the 5min or hourly chart you bought at a short term high, daily you could hold it and weekly you should hold it. It is a question of what timeframe you are trading the trade!!! And if you know this you can set stops.
You also can see the market trending in an channel, where you can buy on the bottomline and sell at the topline.

For your Journal you can add the timeframe for every position in what you are trading, this makes it easier to specify your stops and goals!!!
For identifiyng the trend I use at every timeframe a MA at 5 candles. This I think is the best indicator for me.

I like using the 60 minute charts myself but for exact entry and exit I use both 1 minute and 15 minute charts.