tampa's "short skirt" trades...

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Make the system give you precise entry numbers. the discretion will be out of your hands. You'll either trade the system or you won't.
 
Originally posted by Quah


Tampa - You sound a lot like me when I'm trying to trade something that is ultimtely up to my discretion. In your initial post, if I remember correctly, you basically said you wanted to write this journal as a way to force yourself to trade your system. I got the impression that you were not taking a lot of trades and that you were disappointed that you were not basically following the system.

In this most recent post you seem okay with not taking the winning trades because you can come up with a reason that you didn't take them - and then those feelings are confirmed when you had a reason for not taking a trade that ended up being a loser - you claim that was a correct decision - but you don't claim that not taking the winning trades were a correct decision.

The mind is a funny thing - it will do damn near anything it can to avoid pain - don't you think that you will be able to continue to justify not taking trades for one reason or another if you choose to? Isn't that what you are trying to stop doing?

(BTW - Don't take this as any sort of criticism - I could be totally wrong, and maybe my point is irrelevant. It's just that all of this sounds so familiar to me)
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I guess I wasn't clear enough on that point. I have no problem with taking trades, my problem is letting them playout. I am quick to take a loss, but equally quick to take a profit. Thus this "public" exercise.

As for the possible trades this morning - it's just one of those things. Sure I wish that I had been wild and foolish - but I did what I thought was right - right for me.

No regrets. I did it my way.
 
Originally posted by m_c_a98
Make the system give you precise entry numbers. the discretion will be out of your hands. You'll either trade the system or you won't.
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I know what you are saying, and don't argue with it. But for me this is more of a method, or style than a system.

I am not displeased. Sure, it would have been nice to take the AM trades, but it goes against everything that I know. From my observations, the chances of a follow through on an open like that are not that good. You win some, and you lose some:)
 
Originally posted by tampa


I guess I wasn't clear enough on that point. I have no problem with taking trades, my problem is letting them playout. I am quick to take a loss, but equally quick to take a profit. Thus this "public" exercise.

As for the possible trades this morning - it's just one of those things. Sure I wish that I had been wild and foolish - but I did what I thought was right - right for me.

No regrets. I did it my way.
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Gotcha. That's the best way, IMO.
 
Originally posted by tampa


I know what you are saying, and don't argue with it. But for me this is more of a method, or style than a system.

I am not displeased. Sure, it would have been nice to take the AM trades, but it goes against everything that I know. From my observations, the chances of a follow through on an open like that are not that good. You win some, and you lose some:)
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comprendo :)
 
Hmmmm...O.K., this is getting kind of embarrassing. There was yet another bull flag at 1:52 @813. Again I passed because it just didn’t look that strong, and came just after testing the high of the
day. It ran for 3+ points without me.

Oh FUDGE!

Still another bull flag at 2:11 @816.5

I took this one, and was stopped out for a 2 ½ point loss.

What can I say?
 
What can I say?

The very hardest thing about having a system is following it. You have to trade it without letting your own bias get in the way, or you might as well not trade it at all.

Brandon
 
Took a bear flag at 2:46 @811.5 Stopped out for a 3 point loss.

Now this one troubles me. Why? Well it was pushing – in fact it went against my “better judgment”. A clear trend in the one-minute chart, but no real trend in the 5 or the 15. In other words congestion, chop, or what ever you want to call it.

Geesh...and it’s my birthday.
 
Technically a bull flag at 3:04 – but it failed to retrace back to the 20EMA. So no trade.

Will I take the next set up? No. Why not?

Tick readings of +1200, and prices near the 60 minute 20EMA.

Am I a happy camper? Yes and no.

The first trade (a 2 ½ point loss) was played properly – hey, they don’t all work. The second trade ( a 3 point loss) was more of a trading on hope situation. I pushed my luck, and got my hand slapped.

So what’s the bottom line here?

Well, I basically did what I wanted to do, and that is give the trade the time it needs without second guessing it.

BTW – the trade that I announced that I would not take finally set up at 3:16, and would have worked.- - but it was risky.

So I’m not sure what the real bottom line is – I have to think about this.
 
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