I was hoping for trend day but no. Friday like always in range.

1 trade: -1.25pts

I've done weekly review of my charts. This weak wasn't easy but tradable. I skip too many signals. I see it, I anticipate it but my doubts don't allow me to take those trades. "This might fail, that matching lows concern me etc" Turns out those trades was great. I have to be a little bit riskier. Just a bit.

Week #1: -1.5 ES pts

I didn't post in a while. I spent almost a week to read entire The PandaWarrior Chronicles journal. But it worth it. It was interesting to watch him how he progressed as a trader. Even if you don't trade CL definitely check it out. It made me think a lot. Then I rewatched old presentations of Linda Raschke. I always liked her approach. "Do your homework, anticipate but never react etc" I always dreamed to be swingtrader with overnight positions. But back in the days we didn't have micro contracts. And I was not able to cover overnight margin. You know rookie traders are always undercapitalized. So do I. But now we have micros. And it changes everything. Why the hell do need to scalp? When you can have 70% winrate and still lose money. Like why are you doing this? Scalp with 2:1 risk/reward ratio? Technically it's possible but for most people it's hard to be at least breakeven. I remember why I started searching for some scalp technique. Not only small account. Second reason was greed. If you looking for some setups on daily/120/60 mins chart you didn't find many signals. Some days you'll be flat. Instead I looking at very small and noisy time and tick charts and looking for something. Scalping gives action. More action --> more mistakes by trader --> more losing trades --> worse winrate. I just feel like 2-3 trades per week is better than 2-3 trades per day. It's all about managing runners which give great risk/reward. So that's my thoughts after Panda's journal.


So few changes I wanna make to my trading style:
1. Daily preparation with daily and hourly charts.
2. Managing runners.
3. Low winrate but good risk/reward. I just wanna have some room for my mistakes. It's ok to take bad trades. You don't need to be right 100%. No one cares you're right or not. You can be wrong 65 times and still make money with 35 good trades.
4. Price action for entries. Unchanged.

I don't know how long it takes to develop this system. I did some risk/reward modeling with really interesting results. I should do some tests to be sure it works.

And I upgraded to Elite few days ago. It's about time

One month has passed. For now I'll be focused on execution and psychology. Cuz they're my biggest problems. I read 120 pages of this thread: Big Mike's day trading method and advice. There are many good ideas for improving psychology. And I should admit I never paid much attention about it. I was like "just gimme profitable method and I'll figure everything else out" Unfortunately it doesn't work this way. If you can't execute trades properly, miss a good trade after a loss etc it doesn't matter which method you use, you just screwed in this business. Another 100th indicator doesn't help.

So Big Mike suggests the rule of 2x2: Trade 2 week w/o changing anything. Don't change chart/indicator/instrument/timeframe/stops etc. Just 2 week of sim trading. After you can only change 2 things. Then again 2 week of trading. I'll give it a try.

I changed a bit my method, it's still price action but I added only 1 indicator to highlight market structure. I've known it for a long while. I remember I spent months on testing this thing and by far it's my favorite indicator.
For the next 2 weeks I'll post my trades and will not change anything.

My instruments for now are CL and NQ. I don't wanna trade ES anymore.

I added LBR310 indicator bc it highlights safe entries with trend. The problem is range market. I need to identify when it ranging and skip those entries. Years goes by and I have same problem.. Like I understand when it's ranging/choppy but still it's all relative. You may say it's a trend inside a range and vice versa. I should make some kind of strict rule about this.

LBR310 can be used:
1. Slow line (green/magenta) just turned positive and fast line(histogram line) turned negative - look for buy opportunity
2. Anti - slow line turned green (doesn't matter below/above 0) and fast line pointing down - look for buy if fast line just turned up.
3. Divergences.
I will be used only 1.

Some questions I wanna answer after those 2 weeks:
1. Should I make trade BE after XX ticks or no?
2. How should I tight stop with runners?
3. How to define range to avoid it?
4. How should I combine PA with LBR310?


Today
CL - 4 trades/-21 tick.
Pretty bad.

CL - 3 trades/-31 ticks
NQ - 7 trades/-43 ticks

CL - 2 trades/-13 ticks
NQ - 2 trades/-103 ticks

CL - 3 trades/+91 ticks

alex, good trading. you're entering at good areas for the most part, in my opinion. that is the first major hurdle for most people.

perhaps look into entering at those same areas, but only when the market shows signs it is absorbing orders from the other direction. stop will feel a little more protected, and you will be getting in on those who got faked.

best of luck!