Catching Big Waves - a trader's journal of surfing the the markets
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One way to trade based off price action and RULES set by ACD- every day. No guessing ( well some). and that some guessing- all it does takes profits away.
I do get stopped out 2-3 times a day and have 2-3 losers with stop loss. For my style of trading- 80% of the days CL trading is a battle and then we have 20% of trend days.
I never did catch that long trade. I was "background trading" on two monitors while doing other things on another two, so I really did not try that hard. It is very rare that I set a buy limit like I did today, but had CL retraced that far, I had a stop loss of 35 ticks and a PT of 100. The trade analysis was valid, my entry long today was not.
summary;
3 short trades
-11
+11
+75
Net 75 ticks.
I wanted to go long since this morning, and was going to pass on the countertrend with the double bottom, but then thought, "well, if you don't think you should go long until it gets there..." lol. Always questioning myself, today it paid off. But, it was somewhat reckless with that obvious DB on a major fib.
Flying to Denver tonight, most likely no more trades for me until after Christmas.
The following 2 users say Thank You to GaryD for this post:
Nice trading Gary. I better start learning about Fibs to get major support/ resistance. I did take personal coaching from a Fib. trader but drawing lines after lines just got too much for me. maybe this time it will make sense to me.
The following user says Thank You to mfbreakout for this post:
Merry Christmas and Happy New Year! Have a safe flight Gary.
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
1) tried 1) short 96.90 with stop loss 97.21. + 30 ticks.
2) A up confirmed @ 97.50. Price is at a level where quite a sell off started last week. short 97.54. stop loss 97.71. cover 96.80. + 70 ticks. Had to wait 40 minutes to get paid.
Done for the day.
The following user says Thank You to mfbreakout for this post:
This thread has been nominated in our "Best of Trading" series, in the category of "Best Thread Of The Year". Voting is currently taking place, cast your votes by following the link below:
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The following user says Thank You to Big Mike for this post:
It does seem like just a lot of lines on a chart at first. It used to feel like we measured nearly every obvious prior wave and place an alternate and an alternate exhaustion on the chart, until there were lines everywhere. Then what? lol
I found that chasing indicator signals alone, without some sort of structure to plot them against, was a frustrating way to trade. I seemed to be great at taking the trade at the wrong times, and passing on the right times. Or, waiting for the perfect pullback, only to have the market run right over me.
There is a method to the madness. It's not a perfect one, but it's enough of one. Keep at it, it does start to come together if you practice it long enough. Try drawing on an hourly chart for several markets and see what happens.
Thanks Mike. Merry Christmas to you too. Thanks for all your work in making futures.io (formerly BMT) what it is today. You've helped a lot of traders, both directly and indirectly.
Looking forward to a great trading year!!
The following 3 users say Thank You to GaryD for this post:
