Long 10062
Target 10072
Target 10072
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Tradersaavy's Discipline Journal
- Thread starter tradersaavy
- Start date
Out at 10071.
I changed the target from out at band piercing to out at band touching just because the pattern is a bit sloppy, prior to entry.
I changed the target from out at band piercing to out at band touching just because the pattern is a bit sloppy, prior to entry.
I want to try something here.
I am going to papertrade that I only got out with 1/3 of my position.
The reason is that the 3m is now set up with a signal. If the 3m target hits at 10083 I will then look at the 5m to see if it has a signal.
If the 5m has a signal when the 3m target is reached, I will take another 1/3 at the 3m target and let the 5m run and determine a new target for the remaining contracts.
I am going to papertrade that I only got out with 1/3 of my position.
The reason is that the 3m is now set up with a signal. If the 3m target hits at 10083 I will then look at the 5m to see if it has a signal.
If the 5m has a signal when the 3m target is reached, I will take another 1/3 at the 3m target and let the 5m run and determine a new target for the remaining contracts.
This was very interesting.
I kept going up 2 timeframes.
I went to the 3m after the band was hit on the 1m.
I went to the 5m after the band was hit on the 3m.
The 5m had signals so I stayed in.
When the 5m band was hit I looked at the 7m. The 7m had signals so I stayed in.
When the 7m chart band was hit I looked at the 9m and the 9m chart did not have signals so all profits would have been taken.
As well, this is as far as the move went.
I will continue to monitor this and backtest this. This may be good information for the multiple timeframe method that I have always wanted.
I kept going up 2 timeframes.
I went to the 3m after the band was hit on the 1m.
I went to the 5m after the band was hit on the 3m.
The 5m had signals so I stayed in.
When the 5m band was hit I looked at the 7m. The 7m had signals so I stayed in.
When the 7m chart band was hit I looked at the 9m and the 9m chart did not have signals so all profits would have been taken.
As well, this is as far as the move went.
I will continue to monitor this and backtest this. This may be good information for the multiple timeframe method that I have always wanted.
On this last selloff, there was a 1m sell signal.
After the 1m chart band was hit I looked at the 3m.
There was a signal.
Right now the 3m band is being hit and as I look at the 5m chart there IS NOT a signal.
Could this mean the end to this sell off ?
After the 1m chart band was hit I looked at the 3m.
There was a signal.
Right now the 3m band is being hit and as I look at the 5m chart there IS NOT a signal.
Could this mean the end to this sell off ?
Staling a short in YM now.
Most of the signals are in place.
Good trend to counter from,
divergence is creeping in,
band piercing to show that price should whip down soon (how much, we never know)
Most of the signals are in place.
Good trend to counter from,
divergence is creeping in,
band piercing to show that price should whip down soon (how much, we never know)
if we shoot to new hights again
i might get one of those multiple timeframe set ups that was discovered in yesterdays journal
i might get one of those multiple timeframe set ups that was discovered in yesterdays journal
short YM 10091
current target is 10084
current target is 10084
out at 10083.
It's funny playing these countertrend trades because you're going against strength and almost every trade that I get in, I start thinking, wait, this is too strong, what am i doing going short against this strong uptrend. (or vice versa)
This is where discipline is even that much more important.
On this trade I looked at the 3m too see if it had a signal. If it did I would consider staying in and taking partials.
I did some backtesting last night and the trade that I found yesterday where you keep looking up timeframes to see if you should stay in a trade does seem to be a good strategy.
However, it does not occur too frequently. At least not in the backtest timeframe that I looked at last night which, done by hand, was only the last 2 months.
It's funny playing these countertrend trades because you're going against strength and almost every trade that I get in, I start thinking, wait, this is too strong, what am i doing going short against this strong uptrend. (or vice versa)
This is where discipline is even that much more important.
On this trade I looked at the 3m too see if it had a signal. If it did I would consider staying in and taking partials.
I did some backtesting last night and the trade that I found yesterday where you keep looking up timeframes to see if you should stay in a trade does seem to be a good strategy.
However, it does not occur too frequently. At least not in the backtest timeframe that I looked at last night which, done by hand, was only the last 2 months.
right now there is a long signal in YM
at 10085 with a target of 10091
BUT I will not take it.
The divergence is kind of weak
and the trend is kind of weak
and it's going into lunch time.
Now, the question is, if I didn't just have a winning trade would my discipline kick in and avoid this trade or would I take it because I hadn't had a trade yet for the day ?
at 10085 with a target of 10091
BUT I will not take it.
The divergence is kind of weak
and the trend is kind of weak
and it's going into lunch time.
Now, the question is, if I didn't just have a winning trade would my discipline kick in and avoid this trade or would I take it because I hadn't had a trade yet for the day ?