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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1561 (permalink)
Elite Member
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Posts: 3,155 since Mar 2010
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tderrick View Post
What up, my friend ?

When you "jump on" a break of a range, do you keep a tight stop?

What is your defense on "fake out's"

I can't tell you how much money I have left on the table by "waiting for the PB" that. sometimes
never really comes. Then, when price is about 2/3's to an intended target, it's the old, "don't chase" or
"too late to the party" gag.....

I have been starting to look at order flow and find that if no serious selling comes in
at the break out, the move is fairly safe.

Someday I will be brave.

Entering on extreme trends in my demon.

..... I hope all is well with you buddy

Hola amigo!

I sometimes wait for the pullback, I prefer it actually but about 20-30% of the time, you don't get one it seems. So depending on how big the stop needs to be, I'll take the first break out move. Also, I often wait for the break of the break...sort of a confirmation type thing. If it breaks out and closes beyond my levels, I will many times take the break of the break....BOB for short. If BOB doesn't happen, then I usually get a pull back to work with.

As far as stops go, I don't believe in fixed stops. You need to hide them behind structure....and often times the structure you need to hide behind is two swings back, not one. At lot of times, the most recent swing will end up being an Al Brooks one tick wonder. You place your stop there, price comes and violates that swing by a single tick and off to the target it goes....so either put it further away or wait for the pull back one tick wonder to happen.....if you do that, you can miss the trade so its a catch 22 you must figure out how to live with.

I still haven't figured out how you KNOW where the extremes are. Just when I think it can't go any further, bang, off it goes....so I gave up trying to figure out where to take that counter trend trade.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1562 (permalink)
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prague, czech republic
 
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Great discussion. I too can relate with it. I trade brakes and rejection based on orderflow but leaning on the microstructure and bail as soon momentum fades trying to get a break even on most fake outs.

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  #1563 (permalink)
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Posts: 3,155 since Mar 2010
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Two and done


I missed the opening run. I had no plan in mind for longs. I was thinking about it but had not fully formulated a target zone for any break out and so passed on the trade. The target zone would have been Thursday's HOD, as it turns out, price turned back 10 ticks shy of that number and I would have trailed out with a decent enough trade anyway. But I didn't see it in time to make that decision. It would have been one and done.

Instead, its two and done for the day. Waiting for my patterns to appear. Entering, holding to the target zones....patience, patience, patience. It pays off.

There's probably more available today, but I'm done.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1564 (permalink)
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100,000 views

I just noticed my thread just passed 100,000 views. And without me posting 30 times a day or calling tops and bottoms or teaching anything......Who knew????

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #1565 (permalink)
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Argentina
 
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PandaWarrior View Post
I just noticed my thread just passed 100,000 views. And without me posting 30 times a day or calling tops and bottoms or teaching anything......Who knew????

Congrats....!!!! Reward for a realistic journal, from a hard working developing trader sharing his road to simplicity.....price and structure understanding, discipline, and consistency.

Keep the hard work and as far as u r making money, keep doing the same and improving what is working for u...

GT
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  #1566 (permalink)
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3 stops in a row, time to stop. Missed the big move but no room left in my daily stop limit...so no trade. Bummer. You can't believe how hard I thought about taking that trade. I knew it was going to be a good one after all the failures long. But in the end, logic and reason won out. The daily stop is there for a reason and if I violate it this once, then next time it will be easier and it could just as easily be another loser. I don't care about the number of stop outs. I do care about the dollars. So it could be ten stops in a row and as long as my daily limit isn't reached. No worries. Today, I screwed up. I missed the run up by a few ticks and instead of chasing early, I chased late which is even worse.

No more trading related activities today.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1567 (permalink)
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prague, czech republic
 
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PandaWarrior View Post
3 stops in a row, time to stop. Missed the big move but no room left in my daily stop limit...so no trade. Bummer. You can't believe how hard I thought about taking that trade. I knew it was going to be a good one after all the failures long. But in the end, logic and reason won out. The daily stop is there for a reason and if I violate it this once, then next time it will be easier and it could just as easily be another loser. I don't care about the number of stop outs. I do care about the dollars. So it could be ten stops in a row and as long as my daily limit isn't reached. No worries. Today, I screwed up. I missed the run up by a few ticks and instead of chasing early, I chased late which is even worse.

No more trading related activities today.

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Good job recognizing it, Panda! Stop out is also there for a reason to understand you have a limit in a number of attempts so you filter out any setups you are not sure about so you still have the ammo when you see the target.

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  #1568 (permalink)
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One and done

Our job is to make money but more importantly, keep it. I THINK I am one and done today. Left a lot of money on the table but the chart annotations explain why.

I have lots to do today, so thinking this might be it. Gonna watch for another 30 minutes or so and see if anything juicy turns up. Otherwise its on to other things.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1569 (permalink)
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So I stepped away for a while, came back and saw there might be more short opportunities and decided to try for more.

Had a couple of small stops, a small winner, then the news and then a decent winner.....

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1570 (permalink)
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Posts: 1,752 since Aug 2011
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Hello PW


I was looking at your charts from when you started this thread back in 2011, and I was looking at the indicators. Your chart is significantly different today from back then.

Interesting to see the changes. But that was over 100,000 views ago.

Congratulations. That's a wicked amount of views.

VV

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