Uncle's Trading Journal

Quote from ammo:

its based on amount of time it spent at each price,no volume used ,just time,ledges represent a large working seller or buyer at a certain price,nips represent large amount of buyers and sellers at a price,a mean,when we return to those areas ,say in the last hour ,the previous buyers at 4240 were happy to get out for break even and it stopped rising
More...

Thanks again -- and the start time and end time for it is the period shown on the graph? so for the first one it is 2 years and the latter two it is 90 days, correct?
 
if we drop lower the bottom of the nip is 4117 appx and if it fills that cleavage its marked on the chart...use short and long term chars,do a little detective work and draw a conclusion,always nice to know if it's going up or down,to where? then enter a trade ... ultimately ,it's going to that widest nip at 3957
 

Attachments

that ledge at 4270 on the upside should be enough buyers stuck that would be happy to break even and stop a retrace, bring in new sellers,take these extremes as your entry and exits ,boring but profitable
 

Attachments

Quote from Uncle:

Thanks again -- and the start time and end time for it is the period shown on the graph? so for the first one it is 2 years and the latter two it is 90 days, correct?
More...
yes, get the larger picture and work your way down, then enter on a 30 minute single day graph
 
Quote from Uncle:

I had intended to keep my risk constant in pips not dollars (around 7-10 pips) -- but market has been really fast and moved against me by twice my stop within seconds.. a little de-stabilizing but managed to get out both times with losses of ~25 pips
More...

Not that it is so obvious and easy...try to adjust your size given the volatility in the markets.... trend reversal areas are usually filled with hightened volatility.
 
Quote from jokepie:

Not that it is so obvious and easy...try to adjust your size given the volatility in the markets.... trend reversal areas are usually filled with hightened volatility.
More...
and add if your suspicions are confirmed,close if not
 
Thank you for your helpful comments/graphs/and feedback -- I managed to come back with one good trade on the long side and ended the day with 14,550

Will be spending the night re-examining what went wrong and how i ended up getting stubborn and how my position sizing should've been reduced once volatility is confirmed to be outsized.
 
you have to be able to read the market and you have to have conviction to trade,it's very hard to read yourself,sometimes when wrong, you just throw in the towel and wait for another day, keep the losing days small,nice recovery ..hang in there..when getting close to your daily limit ,up or down,lower size to protect acct from damage or on a great day ,from giving it back
 
You must log in or register to reply here.
Back
Top