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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #931 (permalink)
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Upupandaway View Post
I'm wanting to know what is your signal? I posted a chart with some easy questions. I'm wanting to know why you triggered on some of these trades you have.

The exact reason is that the indicator triggered the trades. However the chart you posted is attached with my thoughts outlined as I watched price action.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #932 (permalink)
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Ok I get it. You have a "script" or something running in the back ground. The arrows are generated, you didn't manually place them their right? If that is correct, are you willing to show me? I mean what do you use to generate your signal?

I'm guessing that is what you have going on. ITrade2Golf has self generated arrows, from a "script" whatever that is. But not willing to share the ins and out's of it. Why I dont know, are you willing to share those with me? I mean I'd like to know what you do that I dont. Can you tell me that? Will you do tell me that I guess is the better question. Thanks

You can see from my charts they have all the indicators up their. Probable also part of the problem, to much going on, to much to have to remember. Anyways...

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  #933 (permalink)
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Sorry to disappoint but there is no script. If I had one, I'd share it. I put the arrows on there to clearly identify my trading areas. My trades are 100% discretionary and manually entered.

What I meant was, the indicator showed me it was time to take a trade. Look at my chart with the arrows and see if you can figure out what it was about the indicator that said it was time to trade. It's simpler than you think.

It far less than perfect but followed with a high degree of consistency, it's net positive. And it would be even more positive if I held my trades longer or if in the first several days of using it, I didn't trade against it.

There are some reasons I believe it works but those are immaterial at the moment. The indie is freely available here on the forum but again, I think the indie is not the issue. I'll pop over to your thread and reiterate a couple of points. After those points I'll be offline the remainder of the weekend.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #934 (permalink)
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OH! Well I noticed the moving average but I didn't think that was the indicator you where talking about. I also noticed the "wave like indicator" but again didn't think you meant that. Why did you trigger on them.....humm let me look again...

humm...I see sometimes candles hit of the MA, the wave indicator seems to be above or below the ma before you take any trade at all. What's the rest?

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  #935 (permalink)
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PandaWarrior View Post
I'm trying to decide if its safe to post today.....is @tigertrader around?

Guess I'll just have to take that risk.

Today's 5M chart opened with the possibility of more selling. I got to the chart a tad late to catch the first signal so took a follow on trade. It went about 10-12 ticks my way, then reversed and stopped out.

Then I saw the support it stopped at. So promptly marked all visible S/R off higher time frames. Now I knew it would be either a strong short day or weak longs on the smaller time frames and counter trend on the larger ones.

I waited until the HTF resistance had been broken, then went long with the first signal. I think it might be a good thing to use conservative exits on weak longs. So took trades off at 1XR and had one come back against me for almost a full stop. Then waited another one out while it ground around and I got out with to little.

As my zero hour approached, I was pretty close to grinding out a minimum day and once the noise started in the house, I decided that was enough. End of week and I'm pretty much wiped out. Spending the rest of the day with my kid. She has some reading, some math and something else I am supposed to help her with today. Should be fun. Afterwords, we head to the library for a program and then off to Sonic Burger for a strawberry slushy. That should get me through to around 2PM. After that, who knows. Oh, and I think I am on schedule to install an window air conditioner for my dad. Depends on if it gets bought today or not. I hope it gets bought very late today so I can install it tomorrow morning when its cooler. Its supposed to be 110+ this afternoon.

Work space is more condensed from yesterday. I have a 30in HD monitor so figured I could get everything on it except the dom. I'll put those on the side monitor. Makes the trading chart a tad small but I think I can handle it.

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Above you said "Then I saw the support it stopped at. So promptly marked all visible S/R off higher time frames. Now I knew it would be either a strong short day or weak longs on the smaller time frames and counter trend on the larger ones. "

I'm not sure I'm seeing what "support it stoped at" as you say. I'm not sure I see what your seeing. Could you explain just that portion again, and how you "knew it would be a strong short day or weak longs on smaller timeframes" Thank you

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  #936 (permalink)
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Upupandaway View Post
Above you said "Then I saw the support it stopped at. So promptly marked all visible S/R off higher time frames. Now I knew it would be either a strong short day or weak longs on the smaller time frames and counter trend on the larger ones. "

I'm not sure I'm seeing what "support it stoped at" as you say. I'm not sure I see what your seeing. Could you explain just that portion again, and how you "knew it would be a strong short day or weak longs on smaller timeframes" Thank you

Look, I am still learning here. I just started deciding if it gonna be a strong short or weak long last week. Its based entirely on an admittedly VERY WEAK understanding of multiple time frames. Please do not ascribe to much to what I say. I've been in sales my entire adult life....I'm good at sounding like I know what I'm talking about without really knowing.

That being said, all the higher time frames were short. I assumed the 5M would also be short and it was for a very short time. But it stopped in mid air and that made me look for support I hadn't seen before. Then I went back to the higher time frames, marked the S/R on those and copied them to the lower time frames.

At that point, the 5M would turn short again and we would have a strong short day meaning all time frames were short or we would have what looked like a decent trend on the lower time frames like the 15M and 5M while the higher time frames just looked like they were experiencing a counter trend move or correction. And that's exactly what happened.

So I say if the lower time frames are in disagreement with the higher time frames, the move is "weak" meaning the lower time frames are fighting head winds trying to go opposite of the higher time frames. If its with the HTF, then its strong. Thats it.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #937 (permalink)
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PandaWarrior View Post
Look, I am still learning here. I just started deciding if it gonna be a strong short or weak long last week. Its based entirely on an admittedly VERY WEAK understanding of multiple time frames. Please do not ascribe to much to what I say. I've been in sales my entire adult life....I'm good at sounding like I know what I'm talking about without really knowing.

That being said, all the higher time frames were short. I assumed the 5M would also be short and it was for a very short time. But it stopped in mid air and that made me look for support I hadn't seen before. Then I went back to the higher time frames, marked the S/R on those and copied them to the lower time frames.

At that point, the 5M would turn short again and we would have a strong short day meaning all time frames were short or we would have what looked like a decent trend on the lower time frames like the 15M and 5M while the higher time frames just looked like they were experiencing a counter trend move or correction. And that's exactly what happened.

So I say if the lower time frames are in disagreement with the higher time frames, the move is "weak" meaning the lower time frames are fighting head winds trying to go opposite of the higher time frames. If its with the HTF, then its strong. Thats it.


Your patience is admirable...

You can get help from teachers, but you are going to have to learn a lot by yourself, sitting alone in a room.
Dr. Seuss
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  #938 (permalink)
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I've had a rough couple of days. Not able to get in the zone so to speak. Seeing the market more or less ok but for some reason, hesitating to enter, and worst of all, not holding trades even close to long enough.

Today I worked hard on this. While I had several set ups I really liked, I only took three, one I scratched, one I lost and the last one I made sure I held long enough. I just broke even on the day. Holding the last trade was good. I was in it for 2 hours. By far my longest trade ever. I have had 20 min trades and once I held for about 35 minutes. That one was a loser. But today, I didn't really care if it lost or won, I just wanted to make sure I gave it the chance it needed to win. I needed to feel what it felt like to hold. To be totally transparent, I left the computer for a bit. In fact, I left the house. I needed to run a real fast errand but would have been back in around 20 minutes. I deliberately stayed away for 90 minutes. It was eating at me. I text'd my friend to get a price update. Finally I made it back and moved my stop to support and got out a few minutes later.

The trade filled my first target and my last target was missed by around 15-20 ticks. I held it from that point until it broke support and then I exited. It made my day net positive but I don't care about that at least at this point. What is important is I finally gave a trade plenty of room and plenty of time to succeed.

Tomorrow, my plan is to take my set ups, and just sit. No matter how long it takes. I will not trade again until I either get stopped out, price fills my targets or price action says its time to be in the market the opposite direction.

I'll have some more time tomorrow for chart mark ups and analysis as my kid has some activities that do not require my input or presence.

Right now I am reading some threads, trying to listen to Suri Dudella's webinar and makeing sure my kid is doing her summer homework, answer questions, etc.....Suri is losing....may have to pause him til tonight.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; June 27th, 2012 at 06:04 PM.
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  #939 (permalink)
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Panda thanks for being so honest. That is truly the hard part of trading. Doing what your rules or system says to do no matter what is an inner war worth fighting but so so hard.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #940 (permalink)
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liquidcci View Post
Panda thanks for being so honest. That is truly the hard part of trading. Doing what your rules or system says to do no matter what is an inner war worth fighting but so so hard.

Well I had an aha moment last night. I call myself a trend follower which by definition means you find an established trend and get on board or you find a turning point in the market and get in there. I suck at the turning point thing, so not even going there but established trend is easier.

But then the aha moment came. I am a trend trader (aren't we all?) and yet I refuse to do the one thing trend traders are suppose to do, find a logical exit point and get out there or hold until your definition of trend has been violated. I have never done either. So am I a trend trader or not?

Turns out I am not although I want to be. Instead I have been a "Market Timer". One of those guys the dudes with the series 7 licenses say will always lose money trying to time the market. The trouble is this, timing the market is ok, just stay in the damn thing until it says its over. Forget the noise. Pull backs.....I laugh at them. I buy more on the pull backs.....at least that's what I told my clients when I held the dreaded licenses. Now I'm trading. Pull backs....hate them, gotta get out before they turn my winner into a loser.

So today, hesitated pulling the trigger knowing I was gonna have to sit a long time in the market. I tried a couple of times and got out to soon on both of them. Finally I got a winner in terms of time in market.

Tomorrow, time to do it right. time in market with reasonable and clearly visible locations to trail stop. Otherwise, just wait.

I calculated the trades from yesterday assuming I did it right, (I didn't). There were three entries. All winners of at least 4XR. That means it took about 3 minutes total to enter, set stops and position targets. The trades were live approximately 95 minutes total between the three of them. Which meant the vast majority of the day should have been spent sitting still and reading a dime store mystery or learning a new language or playing online poker or making coffee or, or, or, or........anything but screwing with the trades. At one point, I had three hours between set ups. What to do.....just wait.

Sit all day for exactly 3 minutes of "work". I have not been prepared to do this at all. I have been prepared to draw trend lines, S/R, change chart colors, indicator settings, time frames, bar types, you name it, none of it key to trading correctly. I added up yesterday's profit potential based on my scale out areas and risk and it worked out to risking around $2000 to make almost $5000. Not to bad. And I got zippo out of it....well not completely zippo, I got a serious case of nausea at the stupidity of it all.

Tradings not hard. Any fool can read an indicator, but the pro's actually do what the indicator says they should do when they say they should do it. Both entry and exit. In this context, an indicator can be any method you enter and exit the market with regardless of what is drawn on the chart.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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