200810 US PM session trading recap.

17. Long low range (support)
18. Scale-in on BOF. Closed at high range (+5.25 +4.50)
19. Short PB. Closed at swing low / channel line (+5.50)
20. Long PB (ABC) & 5m 1st cross buy. Closed at IBL & 5m prior swing high (+8.50)

Total for the day is +28.50 pts.

Mich62 

200810 US PM session trading recap. ... Total for the day is +28.50 pts.

I haven't been stopping in that often. I dipped in today to get caught up.

I find your 10-second charts refreshing. They show the same types of opportunities that, for example, 5-minute charts show, just more of them. (And shorter ones, of course.) I definitely like this.

I like the level of detail that the quicker charts reveal. There are things going on at any resolution level, and trades can be had at any of them, so it's a trader's choice what they use. But for me, the finer detail is particularly rewarding. Trading there just works better for me, anyway.

I use low-number volume charts for YM, which give a similar view, at least during RTH. After hours, volume and tick charts compress the action due to the lower volume of trading, which they represent as less significant. Have you tried or considered tick or volume charts?

Whatever, it's good to see simple clean charts and trading that's working.

Nice job.

Bob.

bobwest 

I haven't been stopping in that often. I dipped in today to get caught up. I find your 10-second charts refreshing. They show the same types of opportunities that, for example, 5-minute charts show, just more of them. (And shorter ones, of course.) I definitely like this. I like the level of detail that the quicker charts reveal. There are things going on at any resolution level, and trades can be had at any of them, so it's a trader's choice what they use. But for me, the finer detail is particularly rewarding. Trading there just works better for me, anyway.

Thanks Bob, much appreciate it. It's good to hear it works for others too.

Some might call it 'noise' but it's really in the details (in the moment) we can see supply/demand shift or the force/pressure between the buyers and the sellers. The lower time frame also enables the use of tight stops.

“Success in any endeavor requires single-minded attention to detail and total concentration.”
– Willie Sutton (aka, “Slick Willie, the famous bank robber)

bobwest 

I use low-number volume charts for YM, which give a similar view, at least during RTH. After hours, volume and tick charts compress the action due to the lower volume of trading, which they represent as less significant. Have you tried or considered tick or volume charts?

Thanks for the suggestion. I've tried tick and volume charts in all kind of settings but really miss the time component. I want to see how much price has traveled in a certain period of time (range of the bars). Also I find it hard to deal with the fact they are sometimes very slow and sometimes very fast (too fast for me to find an entry). I like the even pace of the time chart. Thanks again for chiming in.

Mich62 

I've tried tick and volume charts in all kind of settings but really miss the time component. I want to see how much price has traveled in a certain period of time (range of the bars). Also I find it hard to deal with the fact they are sometimes very slow and sometimes very fast (too fast for me to find an entry). I like the even pace of the time chart.

Interesting point about the pace. Tick and volume charts are variable in that sense.

I might put up a short-term price chart and watch both to compare.

Thanks.

Bob.

200811 US AM session trading recap.

1+2. Long PB. I preshed the 'Sell Ask'-button after price bounced off of the swing high to book some profit but also had a sell stop at BE. Both were executed and I was short. Closed immediately (-0.25 -2.25)
3. Long CPB/BOF. Late entry near high. Closed at high (too early) (+3.25)
4. Short CPB (ABC) (+10.00)
5. Long PB & 5m MR (-2.00)
6. Re-entry long for MR
7. Scale-in long. Closed near swing high (+5.75 +3.75)
8. Long PB (+5.50)
9. Long CPB (-5.50)
10+11. Long 5m PB. Closed near channel line & prior swing high (+6.00 +4.75)
12. Long 5m PB. No follow through (+1.75)

Total US AM session is +30.75 pts.

200811 US PM session trading recap.

13. Long BOF & Test (-2.75)
14. Short back below IBH. Closed at channel line (+5.50)

Total for the day is +33.50 pts.

More winners (64.29%) than losers and average win is twice average loss. I am satisfied with it although I missed some good entries and some bigger swings. But that's okay.

bobwest 

Interesting point about the pace. Tick and volume charts are variable in that sense. I might put up a short-term price chart and watch both to compare.

Interesting, please let me know how you like it (or not) when you get to it.

bobwest 

Interesting point about the pace. Tick and volume charts are variable in that sense. I might put up a short-term price chart and watch both to compare. Thanks. Bob.

Mich62 

Interesting, please let me know how you like it (or not) when you get to it.

I tried it yesterday, and it confused the hell out of me, looking at too many things. Scattering my attention is one of my problems anyway.

There is a big difference near the open, before and after, because volume and tick charts compress all the low-activity trading into a much smaller number of bars, so everything such as trendlines or MA's carried forward from the pre-open hours are different. Also, I am not used to considering the pre-open trading as equivalent to the post-open, and indeed things are very different because of the radically different participation levels, which I think matter.

But the main thing is just that, even though I did get things adjusted so there was a rough near-equivalence -- at least for the price action during the RTH hours -- there were still slight differences, and then there was the problem of too many charts and too many mental adjustments needed to switch between them.

I gave it up and everything was instantly better. I think that either way would have worked fine, but mixing them did not.

Bob.

200812 US session trading recap.

Today was a trend day up. I traded long & short as I always do. I traded off the 10s chart as I've been doing lately.

- I had 10 long trades, 9 winners and 1 loser (90% win-rate) for a total of +39.25 pts.

- I had 17 short trades, 7 winners, 9 losers and 1 even (41.18% win-rate) for a total of -8 pts.

Total for the day is +31.25 pts.

It's obvious. It pays to trade with the trend! It's okay to time an entry on the 10s chart but it's very easy to get distracted by the minutiae of the 10s chart and forget to pay close attention to the 1m and 5m higher time frame trend as signaled by the ema20. Therefore I need to pay more attention to the 1m and 5m higher time frame trend and less to the 10s chart. Important lesson learned.

Mich62 

200812 US session trading recap. Today was a trend day up. I traded long & short as I always do. I traded of the 10s chart as I've been doing lately. - I had 10 long trades, 9 winners and 1 loser (90% win-rate) for a total of +39.25 pts. - I had 17 short trades, 7 winners, 9 losers and 1 even (41.18% win-rate) for a total of -8 pts. Total for the day is +31.25 pts. It's obvious. It pays to trade with the trend! It's okay to time an entry on the 10s chart but it's very easy to get distracted by the minutiae of the 10s chart and forget to pay close attention to the 1m and 5m higher time frame trend as signaled by the ema20. Therefore I need to pay more attention to the 1m and 5m higher time frame trend and less to the 10s chart. Important lesson learned.

Very good lesson there. Keep up the good work, Michel!

I am not there yet :-(

Thursday August 13th resulted in a loss of -47.75 pts after a roller coaster ride.

I went from 0.00 to -57.75 to +12.25 to -4.00 to +15.25 (highest of the day) to -13.00 to +1.75 to -21.50 to +1.50 to -57.75 to end the day with -47.75 pts.

Did one trade in the MES for +3 pts because I felt the MNQ was more volatile as normal (which wasn't) and I had a difficult time to read the price action of the MNQ. I hope a detailed review of all the trades tomorrow will reveal what mistakes I've made and why I had difficulties reading the price action. I also hope to find an explanation for the wild swings in PnL which I don't like at all.

I missed the webinar "Dealing with August burnout ..." with Linda Raschke but will certainly watch it later because I think I can use it.