trading bar by bar......an experiment

[themickey]

Discretionary does not mean improvisational. You still need defined recognizable signals. It's discretionary because signals don't always look the same, especially in the context of multiple time frames but you still must determine if a signal is valid as to your trade plan.

Yes, or discretionary because you have system trading signals, maybe multiple and you wish to pick & choose.

 

[speedo]

Yes, or discretionary because you have trading signals, maybe multiple and you wish to pick & choose.

Yeah, they will vary as to attractiveness and one's mood.

 

[volpri]

Two exact entry signals. The PA context in which the signal occurs determines whether I would take the entry or not. Then you got volatility. Then you got volume. Pick and choose? Yes, do it all the time.

 

[NQurious]

What, exactly, do you mean by trading "bar by bar"?

His reference to two leg pullbacks on a 5 minute chart but with no backtesting or trading plan indicates he has become an Al Brooks devotee and is looking to trade H2 longs and L2 shorts.

 

[SimpleMeLike]

thanks.....but will it make that much difference?

IMO, It does not make a difference on timeframe, 10 minutes or 5 minutes. I prefer the 3 minute, but i also look for confirmation


FYI: I am a not a profitable consistent trader, yet! Just offering logical reasoning.

 

[volpri]

What, exactly, do you mean by trading "bar by bar"?

Pub crawl?

 

[SimpleMeLike]

It's discretionary because signals don't always look the same, especially in the context of multiple time frames but you still must determine if a signal is valid as to your trade plan.

speedo,

This is a good comment wrote here and something I am learning as well.

 

[Frederick Foresight]

It's discretionary because signals don't always look the same

To ensure that the spirit of the rules are met as well as the "letter" of the rules, I imagine.

 

[SimpleMeLike]

took a holiday from trading for about six months...

when i was playing golf, i found it was very helpful, sometimes just to quit, when i was too confused and things were not going well as i would have liked, for a longish time....to clear the mind.

there is a similarity between playing golf and trading in the sense that both need a healthy dose of judgement: although in trading it is possible to have a system based method something which never did appeal to me.

The problem with discretionary style in trading is it is not so easy to sometimes explain why the trade was entered.

That said the aim is to use 5 min charts and try to mange the trade .....by getting out at the first sign of trouble.....so it may be a scalp or something more

padutrader,

I admire your for starting over and posting your traders and your outlook. I am intraday trader myself (not profitable yet, still testing, practicing, studying, staring, working on a adaptable trading plan) and still working at ti.

I know these post from other member may seem harsh, but man, take their opinions and suggestions and recommendations and use them towards your advantages to learn.

IMO, and what I am learning, you have to be confident in how you trade and ready to defend your way of trading and you have to be confident in that what you are doing will make money over time. Mistakes will happen, and don't let that discourage you, but you understanding your style of trading and using the journal to hold you accountable to your style of trading, than that's a good thing.

 

[speedo]

To ensure that the spirit of the rules are met as well as the "letter" of the rules, I imagine.

Requires real-time cognitive ability which only comes with experience. Buying a system rarely works....or does until it doesn't at which time the buyer has no clue what to do.