what am I ?

Ahh good old Friday, This one is a bit different, usually Friday is a day that I quickly accept that I got nothing done and quickly sprint to get some thing done and squeeze in work over the weekend convincing my self that the week ends Monday.

Truth it s Friday at 5 pm is when we start to lie at our selves. some write of Friday and start to lie Thursday knowing that starting to fix the situation will take more then a day. I knew this and told myself that atleast it means I get some work done on Friday.. As I help a friend now, he calls me on Friday asking what the index is that I mentioned to him at the begining of the week is.

I told him no. not to deviate from what is needed and to dwell on his failures (instead of an half ass attempt to convince himself that he got some thing done.)
Geez at least look it up ! are you that dumb that you you try to convince yourself you did something by asking me to do it for you?

Funny names of journals I have created
What am I?
followed by a JH wana be

Now i give vague ideas cause people do not want to listen so i have to entertain them but in every post there is a clue they don't amount to anything , only in hindsight. Yet if you follow them you stay clear of danger.

Im in the same boat. Should not be trading. but I am dealing with a gambler no idea of statistics and the value of keeping track. once he learns that he should be a head of me. From my eyes he is only a day behind me. Only difference is that I have found a topic to challenge.

If he makes it through yesterday he will be essential part of the team.
Cheers to Jack this Friday !
 
Great that was fun now for my own reality check.

Writing this shows a deviation from my past 2 days of work.

One bad call (the 500th) ended up paying off. I took from that, a lesson untested to not allow for any deviation any retrace any thing out of a small channel with the width of bar.

The next day, yesterday, I came in late and used instinct that told me to buy. Remembering my untested lesson of no space for leeway, I exited and had to renter and exited again. All the while price was going up with little retraces. I missed the move of the day cause I was too tight.

I learnt that my instinct seems to be correct more then me. the past 3 ideas I have made in the past week all have some validity to them.

To folow my instinct I have to trust it and have confidence. This brings in stuborness by nature.

The problem is that instinct does not have an exit strategy. It doe not keep track of %'s and is very vague.

I remember this issue before not as clearly related to instinct, What i begun to do was after entry look for a reason for an opposite side entry Exit when one develops. It did not fail but was not used or recorded.

Many will argue that clear rules are needed. Some will say a TA and programming may be a fix. I have a rebuttle for the above line that compares a TA to the more vagueness of the sub conscience mind


Lets put this weeks issues in point form instead of this journal type of entry that I will sadly not reread. I hope I do
 
Before doing so, Another issue that poped up this week was a thread I had started it was hit by a problem. Instead of fixing it I started recording trades. I'm not sure if it was wrong to do this. It proved to be very useful.
Where the other thread was now seems to have been a distraction.

I know what is to come. a problem in my calls will arise that will eat up profits and I will go back to finish my distraction instead of fixing my problem here. As much as it seems one is the solution for the other, the reality is that nothing every gets fixed.

1. Switched from channel thread and jumped in to markets recording calls.

2. begun waking up late cause I doubt my system will work over time even though all recent work seems to be looking good.

3.Idea how much risk (allowing price to take a break form me) I should tolerate. A quick fix would be a set amount, maybe based on average candle size or a break of previous high or low.... The best idea would be to reverse instead. This would mean that I see a reason to exit under the same criteria as I did to enter. JH rings a bell yet again.

4. I held on to a trade too long, I the held on not long enough. the strategy was changed base on revenge. Stick to one or figure out something (above)

5. Sleep and eating have become issues that pull me out of the market for way too long. I am left trading low volume which on its own is boring as hell making me less interested but it seems safer risk is controlled (so may be profit though) but in general making small mistakes does not eat away at profit as much)

6. Putting aside candle formation, which I think played a 50% part, yesterday I had a candle break out of a trend. price was just glued to the top of this channel making a bunch of FTT's volume was low. suddenly a candle broke out with volume. Before the next candle opened, confirming or reversing the break out I decided not to enter. Volume was really high but for some reason I did not like it. This seems like a good thing but it may also mean that I miss all break outs.

7. Today we had a break out, naturally, I was not in the market in the morning. We noticed a triangle at 3 pm yesterday and left with instructions to buy or sell. Since I was absent I made quick rules to confirm entry.

before the close, price broke to the bottom of the triangle. by morning it reversed broke back down then it came back in and broke the top all of these were fakeouts. that could of costed money when fees are included in the numbers . Then price broke out again to the bottom and looked like like if was confirmed just then it reversed, came back in and finally went the way we had hoped for and went right up to our target drawn YESTURDAY and reversed
 

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Perfect..

Reality is that the following could have happened. Atleast for the old me

If I was in the market I could have been faked out 3 times. Maybe I would choose to be persistent as the triangle is still held and try on more time going short for the 4th break out that looked like it was going to happen and then reversed.

Some how that big fake out would of caused me to panic and I would loose money repeatedly trying to re-enter.
After that I would of told myself there is a gap between reality and the markets and not taken the last trade that was the one that gave the days profit.. Missing that there was no simple lesson to be learnt on the fly as holding was wrong and then holding became right. I would side line myself like I did yesterday and miss out on yet another big move.

2 days of this issue ! attempt, fail,fail, sideline with strong instinct telling me to go in again!

Look the issue is not about risk here. its about how to go about it. take the hit of the break outs but stick to the plan and when the real break out happens you exit on target. (avoiding the 500th trade issue)

Or just stay short through the triangle and zoom out a bit, I was favouring the short position. i could of road out the triangle. being in the market. This is all going back to the same issue of what risk tolerance can I handle. It is a direct function of the cost of my fees that dictates how many break even trades I can take and how fast my orders execution is .
 
The right to not read is available to a reader. "a" is being generous at this time". uploaded have dropped maybe to 1 or under ? people have been weeded out. Now we look at quality and genuineness of a new trader a bit more lost then me who wishes to speed through the mental emotional BS.

Again, you need not read, I surely wouldn't. Even if I am the writer I probably will skim through this. If it does not interest you skim down. to short posts that have calls in them.

disinterest(sleep hunger) left us with limited data to look at.
It alos left a halved attempt to keep track of call. Messy, it is my biggest accomplishment. It is also a track record of my biggest mistake as we were keeping track of DU/VOL/channels before very systematically.

That was aborted metal issues were labelled "platform issues". historic data was missing, but present data was still flowing.

Interest comes with action and money. This cant be done on the ES. only on currency's and gold which trade also trade 24 hours. There are other benefits to trading gld.

Conflict arises. To reignite interest I need to trade "real" money should I get a propfirm and drop money down?

THE prop firm will prefer volume of orders This will mean that i will need to be IN. With only a few opportunities arising I will be glued to trading to get every trade and also take advantage of the fee structure.

This is a huge deviation. good or bad who knows.

conversely I can trade gold tonight. Problem here is that it is unfair to assume the same rules apply to both as they are so different.Reason for failure will be doubtful meaning the whole thing is wast of time.

Also as much as I hate think of swim, I would rather deal with the occasional false signals then use MT4. Think or swim seems so much more clearer. MT4 feels like it is limited in view and volume bars just suck (im sure it can fixed but at what cost)

MT4 has the historical data needed, the limited zoom capabilities (which you can only understand if you use TOS) limits control and in doing so it creates and environment that requires repeated decisions to made based on the same information. something I was seeking at the beginning of the year.

Many good things but I would have to change to gold and currencies.
There is no answer to this one. TOS is what works. ES is what works. I cant trade real money on TOS.

I will have to use TOS as my playing ground but entry will be on MT4.


Its all just babbling about nothing but each issue some how takes a small bit of edge away. 8 of them each taking away 1% add up fast for some one that would be lucky to have a 10% edge
 
Too much was missed. all work is a write off. my number are skewed by the fact I was not in the markets when break outs occurred.

paper trading historically bar by bar without knowing what occurred in the present may be a solution. It will eliminate the excruciating pain of waiting through low volume trades with nothing to do and wasting time. my states will be more accurate as I will not miss action. I will be able to adjust my work time.

As much as I hate it, It is yield better results. my one fan probably stuck around simply cause I was in real time.. sorry dude. Oh it's probably me downloading my own charts by accident.

Fridays report concludes.

Another wasted week. Another change in direction for the better or worse.
 
Quote from TheMagican:

Here...
More...

Thanks for the chart again,

I have been trading gold (dried up my account)

Any ways, I see your break of decreasing volume. It is is just about the only thing that is clear.

You put your point 1 at the low. this is very precise.
I put mine before and I have my point 2 where your 1 is.

Here we can see a few days ago I had new point 1. Volume has not yet broken like you look for.

I'm curious to see how you draw up the coming up channel.

But I just cant help but feel like how ever you draw a channel makes not difference. Its how you trade them.

Between my last point 3 and 1 rice just stayed stuck to the top of the channel. Going short expecting a bounce down would of lead to multiple mistakes.

These are the same lines I drew before. we have since seen price
fall to the lower line (I don't remember why i even had 2 yellow lines.)

If your channel differs then mine then you would of not caught that bottom ?
 

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Stop loss at 1573 for now. (sick and tierd of paying these fees.)

As for take profit ? hmmm 1900 ? lol

If I get stoped out Ill think of a short in that area of a bit lower.
 
So I got stopped out, I think this was my first trade i put on the forum that ended with a lose. maybe my second.

This trade was really out of my bounds as not only was it not intra day, but it was a position I could of kept for weeks if it went my way.

It should not be counted with other intra day strategies. Having a target of a couple of hundred dollars is different then trying to catch a portion of the days range.

I have been trading other normal trades but have not been uploading them.
The market is in a situation I am not too comfortable trading with so it is more testing my strategy in this sort of situation.

Looking at the daily + chart of gold we are finishing up a trend. The hope is the next trend is up.

Previously, we have seen support at the 1525 level 3 times since the past year or so.

We would expect that to be our buy entry for long or short depending on the direction one chooses.

The issue with my entry was a mis match of time frames. Since I was placing a order on a much higher time frame then i am used to , I took ques from a much too small time frame to time my entry,

From a 5 min chart a bottom was seen, It was meaningless on the daily chart.

The trade did go my way on the 5 min time frame. but naturally it failed while waiting for the 1900 target lol

The loss was real and since it was journaled here I will have to make it up to be fare.

But the trade will not be counted towards balances of other strategies.

This will be our ultra long term strategy,

So far we are down by the above loss.

LONG TERM STRAT
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I may not be here so the buy is at 1525. with a 10 $ stop
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If not we may see another opportunity AROUND 1457 level
 
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