S/R Emini Journal

Status
Not open for further replies.
Quote from CaptainObvious:

Discipline is the watch word. I wish I was better at it. Wishing won't get it done. I have a proven system that is right about 55% of the time and profits are bigger than losses. My system is break even at about 43%. I've been in a tweaking mode for the last month and it's cost me. Gotta' get back to basics...slow and methodical profits. It ain't pretty, but it's a damn sight better than sustaining losses, especially when I know I'm breaking my own trading rules.
More...

CO,
I know what you mean. It's like dying the death of a thousand cuts. One of the things I'm looking at with S/R is observing the position of stochastics once the S/R area is approached. Odds seem to be better if you buy when stochs are something less than overbought and sell when stochs are not yet oversold. Will this become a nice confirming indicator? Time will tell.
 
I use pretty much the same combinations with a short term tick chart for determining my entry, if the stoh is out of line with the direction I want to take I usually wait and save a tick or two.

Basically it saved me from going Long earlier because it was overbought.
.

Quote from riaamaan:

CO,
I know what you mean. It's like dying the death of a thousand cuts. One of the things I'm looking at with S/R is observing the position of stochastics once the S/R area is approached. Odds seem to be better if you buy when stochs are something less than overbought and sell when stochs are not yet oversold. Will this become a nice confirming indicator? Time will tell.
More...
 
I use pretty much the same combinations with a short term tick chart for determining my entry, if the stoh is out of line with the direction I want to take I usually wait and save a tick or two.

Basically it saved me from going Long earlier because it was overbought.
.

Quote from riaamaan:

CO,
I know what you mean. It's like dying the death of a thousand cuts. One of the things I'm looking at with S/R is observing the position of stochastics once the S/R area is approached. Odds seem to be better if you buy when stochs are something less than overbought and sell when stochs are not yet oversold. Will this become a nice confirming indicator? Time will tell.
More...
 
That's right CO. The hardest part of trading (to me anyway) is to stay disciplined after a couple of losses. Hey, we followed the rules on that one. My gut feeling was to not take the trade at all, but what's the point in having a rule based system if I'm not going to follow the rules. At times like this, we have to take our lumps and remain disciplined the next time. That's the test.

C&S
 
Quote from TraderTwink:

Well I'm 0-2 this morning, but the good news is the discipline is rock solid, so good lesson learned from yesterday. Every system results in loses. :D

Don't know if I will be in anything else today, but I will be keeping my eye on it.

As for confidence, I don't really have confidence in any of my trades. Hopefully, the market will, over time, show that they work more often than they fail. Of course that can only happen, if I have the discipline to stick to the strategy. :D :D :D
More...

Word of advice: Using 1 to 1 Risk to Reward is a negative expectancy program.
 
Well, looks like I'm done for the day. Gotta' go to work. This is my biggest issue to overcome. I have this small window of opportunity to trade, about 2 hours, 3 mornings a week, most of the time. I feel like a vulture waiting and then finally saying F it, I'm gonna' kill something. That results in entering bad trades more often than not. Somethings gotta' give.
Good hunting to those still in the market.
 
Quote from Buy1Sell2:

Word of advice: Using 1 to 1 Risk to Reward is a negative expectancy program.
More...

Thanks for the advice B1S2. That is definitely something I want to look at going forward. I feel like the way I trail my stop tends to skew my winners toward 1 pt while my intial SL is 2 pts, so possibly, it's even worse than 1 to 1. I'm very new to this method though so I still have a lot to learn about it. Unfortunately, it's a very difficult strategy to mechanically backtest because of the need to manually evaluate and set S/R levels each day.

Also as mentioned above, I am trying to rid myself of the discipline problems during slow markets, adverse conditions etc. This system is very good for that purpose as it is very cut and dry what is going to happen in the next days trading. It is also one of the reasons I find the thread so valuable - it helps to keep me honest about the trades I'm taking.

twink
 
Quote from CaptainObvious:

Well, looks like I'm done for the day. Gotta' go to work. This is my biggest issue to overcome. I have this small window of opportunity to trade, about 2 hours, 3 mornings a week, most of the time. I feel like a vulture waiting and then finally saying F it, I'm gonna' kill something. That results in entering bad trades more often than not. Somethings gotta' give.
Good hunting to those still in the market.
More...

An individual in your position needs to seriously look at not doing any daytrading at all. Take position trades only and hold them for days/weeks. When you are trying to cram your trading down to a time that is convenient for you and not for the market, you are setting yourself up to lose. Just as in a marriage, you must spend sufficient time or a divorce will ensue. As you force trades and don't spend the time needed, the market will divorce you.
 
Quote from Buy1Sell2:

An individual in your position needs to seriously look at not doing any daytrading at all. Take position trades only and hold them for days/weeks. When you are trying to cram your trading down to a time that is convenient for you and not for the market, you are setting yourself up to lose. Just as in a marriage, you must spend sufficient time or a divorce will ensue. As you force trades and don't spend the time needed, the market will divorce you.
More...
You're right! I hate it, but you're right. :mad:
Gotta' run!
 
Status
Not open for further replies.
Back
Top