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The PandaWarrior Chronicles

  #531 (permalink)
 
bobarian's Avatar
 bobarian 
whitestone, new york
 
Experience: Intermediate
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madLyfe View Post
i know you've been working on your trading with the trend lines for a bit and to offer a suggestion about them.. they way your are doing them is fine, but i would start your day out on a 15min chart(or whatever size, maybe 60) and mark up your lines on that for the big picture. draw in your wedge, channel single trend lines, etc.. make sure they are set to global and a diff color than your 5min trend lines.. then go about your business as you would normally..

if you get to the tops of wedges and channels look for sells.. look to sell on breakouts of those HTF patterns at prior swings in anticipation of channel/wedge reentries.. and then look for buys off those lines to continue higher if pattern reentry fails.. the revers is true for the opposite side of the patterns.. and stay out of the middle of the patterns as price is choppy in these areas..

i find this places are really prime areas to pick up trades that fall into your(anyone's) 'system' during the day.. this will also fall inline with keeping it simple and keeping the charts simple.. just some food for thought..

ive been using the 60min, and i agree with what you are saying...too much diddle in the middle can be trouble

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  #532 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
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papa15 View Post
Brian
I might have missed it, but what was the end result of your trial of MotiveWave? Did it measure up to what you need? Is it a viable option for trading with a MAC? Thanks
Papa15

I did not have the latest OS required to run the platform. But its Java based so it should run just fine. I tested it for 3 weeks on window and if it runs as nicely on MAC OS as it did on XP, it should be just fine.

I had a couple of conversations with the developer regarding some features I felt were to hard to use along with some of Ninja's ATM and chart trader features.

I particularly liked their DOM as well as the TON of built in indicators and studies. Not to much is customizable there but with the depth of what they have, I don't think customization is necessary.

Didnt see market profile there but they have built in Elliot Wave analysis along with Gartley patterns, etc.

I think its worth a trial to see. Currently I have a lifetime license to ninja so I would need to be really fed up with Ninja or want to move to MAC exclusively....both actually and currently I am pretty happy with ninja.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #533 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
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Posts: 3,165 since Mar 2010
Thanks Given: 6,329
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I've fallen into the habit of moving my stops to soon...especially on days like today. Levels were respected most of the day until they weren't but I couldn't see it. All I saw was the lack of instant gratification and took steps to protect capital. Instead, I got wacked and let it affect my judgement. Once the smoke cleared, I was able to see clearly the entries as marked by small triangles but had so little faith in myself at that point to hold the trade long enough I just elected to pass on most of them.

I also had a fat finger issue that began a series of losers....I lost focus when that happened and it took me a while to get it back.

I'm sick and tired of these kinds of days kicking my ass. I think its time to make a change....the first one is this. I will no longer move my stop unless I get a signal to go the other way. Instead, its full stop or full target. No matter how long it takes.

Green circles are actual entries I should have taken during the chop. The rest are crap.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #534 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
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+20

I felt like I was trading in molasses today. Just spike and wedge all day. Anyway, I've been looking at using HTF again in terms of trading the one min against a five min chart and to be fair, I have always sucked at that. Getting two charts to agree has always been problematic for me. Couldn't follow it on two charts....remember I come from the generation that just missed the video game revolution in the 80's. Oh well......

@Fat Tails visual EMA for multiple time frames solves the issue. I played around with the settings a bit to get it to track the actual EMA on the 5M chart and while its not perfect, its close enough.

Then I've been looking at "Puke Points". Not pivot points but puke points. Places where people need to get out of a trade. I've noticed on the 5M chart as well as the one min chart this happens several times a day. They normally coincide with a trend line or MA intersection but not always.

So today, as market structure developed, I tried to determine where those locations where and see about taking the opposite side of the trade along with following any momentum that might develop from these locations.

The chart is NOT my trading chart today although I have my two lonely trades marked....instead its about puke point identification.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #535 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
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Posts: 3,165 since Mar 2010
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+25

I fat fingered an entry earlier on, that cost me 5 ticks....then missed one that cost me ten ticks due to not paying attention.....got a bad fill on another that cost me 5 ticks and ended up +25. Otherwise a nice 35 tick day on what could have been a couple of hundred tick day.....if I was swinging for that kind of day. I'm not currently but seriously thinking about stretching targets out to the 25-30 tick range. Maybe start that next week.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #536 (permalink)
 
madLyfe's Avatar
 madLyfe 
Des Moines, Iowa
 
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Trading: CL, TF, GC
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PandaWarrior View Post
+25

I fat fingered an entry earlier on, that cost me 5 ticks....then missed one that cost me ten ticks due to not paying attention.....got a bad fill on another that cost me 5 ticks and ended up +25. Otherwise a nice 35 tick day on what could have been a couple of hundred tick day.....if I was swinging for that kind of day. I'm not currently but seriously thinking about stretching targets out to the 25-30 tick range. Maybe start that next week.


maybe implement a runner? +10 then + whatever from there?

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

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  #537 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
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madLyfe View Post
maybe implement a runner? +10 then + whatever from there?

I think I will...it makes good sense psychologically.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #538 (permalink)
 
madLyfe's Avatar
 madLyfe 
Des Moines, Iowa
 
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PandaWarrior View Post
I think I will...it makes good sense psychologically.

it should help take some risk off the table too.. i can't remember if you have a fixed stop or if it is adjusted on the fly to a proper location or not but there are a few options you could use our have it auto BE at a certain point after first tgt is filled at 10 and then reaches 20 or something to that nature...

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

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  #539 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
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So after talking to a couple of my trading buddies from around the world, mostly about the psychology of runners vs all in all out scalping, I think the time has come to turn loose the runner.

My reasons:

1. I have decent entries most of the time.
2. Most of those are worth more than ten
3. I need a very high win rate to make money at a 1:1 RR. I'm not that good yet.
4. Being in a runner eliminates the need to constantly look for new entries thereby reducing over trading issues.
5. One runner makes up for a lot of losers.
6. I'm tired of analyzing the chart bar by bar for entries. Now I will focus on exits. This should reduce my decision fatigue issue.
7. Crude is both a cruel and loving mistress. When you play her right, she rewards you extremely well. When you play her wrong, her punishment is swift and ruthless. Runners reduce my exposure to punishment.


Potential problems.

1. News. Often times the move happens just as news comes out. I no longer feel it necessary to be flat for some of the news events. But NFP, Inventory, Housing, FOMC are the major ones I can think of at the moment I will be flat for.
2. The psychology of having a few break evens to every winner.
3. The extra work of looking for reasonable targets.
4. Patience to hold to desired target. I hope taking off part of the position early will help and allow me to manage the remainder with a degree of rational thought that an all in all out position seems to deprive me of.

I'm sure there are other considerations to think about but for now, this is it.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #540 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
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You say tomotoe, and I say Tamato....

To me, I would not be changing ANYTHING. If I am consistently profitable and have found a method that meets my consistency requirements then I would stay put and continue to master it. I would then look for another long term setup that might also be an additional setup. Nothing more, nothing less.

Just my opinion on not changing anything.

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