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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #791 (permalink)
Elite Member
Nashville, Tennessee
 
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tderrick's Avatar
 
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Did you try any "wicky" limit orders ?


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #792 (permalink)
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tderrick View Post
Did you try any "wicky" limit orders ?

Yes, at the bottom...I pulled an AJ....faded the move, went 40+ticks my way, but I was holding for a much larger move, basically a large pullback on the sell off....so that trade ended up a small loser....this trade was right before I walked out the door this morning and after I had posted my chart so it didn't get posted. I also took a break out and nailed a 75 tick winner...so ended up +100 for the day.....

I got to the market to late to get the wicky thing early although there was a perfect one just a few minutes prior to the market.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #793 (permalink)
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San Diego, Miami & On the lake (Summer)
 
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Hola,

Can you guys explain the ticky limit order?

peace

Hedvig

 
  #794 (permalink)
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researcher247 View Post
Hola,

Can you guys explain the ticky limit order?

peace

Hedvig

If I may, PW

Looking for exhaustion bars on the 5min chart that leave sizable wicks. Limit order placed close to the tip
of the wick looking for a re-test and bounce in opposite direction .

In one nutshell

I give Panda back his thread


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #795 (permalink)
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PandaWarrior View Post
Yes, at the bottom...I pulled an AJ....faded the move, went 40+ticks my way, but I was holding for a much larger move, basically a large pullback on the sell off....so that trade ended up a small loser....this trade was right before I walked out the door this morning and after I had posted my chart so it didn't get posted. I also took a break out and nailed a 75 tick winner...so ended up +100 for the day.....

I got to the market to late to get the wicky thing early although there was a perfect one just a few minutes prior to the market.

Sounds great...you have a chart?

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  #796 (permalink)
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VinceVirgil View Post
Sounds great...you have a chart?

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #797 (permalink)
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basically a break even day...

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #798 (permalink)
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I was at Barnes and Noble today looking for a book and I saw a book called http://www.amazon.com/Insanely-Simple-Obsession-Drives-Success/dp/1591844835/ref=sr_1_1?ie=UTF8&qid=1336440580&sr=8-1 and the basic thought was how Apple thought about complexity. I opened the book, took a few things from the jacket and thought it would apply to trading.

Here they are:

Think Minimal: 1. Chart set up 2. Number of set ups 3. Complexity of setups and information required to execute

Think Small: Risk

Think Motion: Go with the flow. Don't fight the trend.

Think Iconic: Pictures are worth a 1000 words.

Think War: Unfair competitive advantage.

The whole idea is to strip away everything that's not needed and nothing that is needed to execute a trade.

KISS

Based on this, the previous chart I posted is to complicated...it starts simple and gets progressively more complex as the day goes on thereby creating confusion. From now on, I will no longer leave all the markings on. As the levels compound themselves, I have a tendency to ascribe equal importance to ALL the levels which gives me pause about trading into those levels......I need to recognize that some are more important than others and to take the minor ones off.....leave the major levels on until they're not relevant any longer.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; May 7th, 2012 at 10:42 PM.
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  #799 (permalink)
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Quote: "The whole idea is to strip away everything that's not needed and nothing that is needed to execute a trade

> it's interesting to note that you use near-hollow candles. In my own charts, I found that filled candles can distract my focus and I cant see the EMAs

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  #800 (permalink)
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back


Took a few days off from posting. Lost interest for a few days. Had a few things to work on personally and I just didnt want to post.

Back to normal.

I am toying with the idea of posting my PnL as well as my charts. Not sure I'll go that far yet....

Anyway, after a hard sell off overnight, the entire cash session was less than half the overnight range.

I used the daily range x 10% as my profit targets. Targeting 50%+ of the daily range as a measure of effciency means if the range is 100 ticks, then 50 ticks is 50% of the daily range.

Today was 125 ticks for the cash session. I did 62. That seems reasonable to me.

I made two mistakes today. One of omission and one of commission.

I passed on a great trade and took the crappy catholic trade which resulted in a missed 20 tick profit along with a 15 tick loss. A 35 tick mistake.

The other loser was one I was watching closely to set up off the higher time frame and I got distracted and missed the early entry so i took the confirmation trade, it would have been a winner had I put the stop significantly higher. I was unwilling to take that risk and so took a stop and then a winner.

Removing one of of these two mistakes puts at least another 20 ticks of profit on the table.

I am starting to prefer these kinds of days as opposed to the hard trending days.....more opportunity or so it seems.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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