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Ready Aim Fire Bullseye
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Ready Aim Fire Bullseye

  #31 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

Thanks for the advice!


bluemele View Post
Advice:

Ok, firstly, I am not an expert, just expounding on what I think is 'right' or more 'right' than 'wrong'. There are no right's and wrong's and it is up to you to decide to take it. However, if you do not heed my advice, then comments get weaker and weaker over time. So, you can choose to heed, or not, no worries either way and you decide if you like them or not. My guess is that you will not like many of the comments but will come back later in time and adapt them. (IF YOU KEEP AT THE SAME SYSTEM!)

I will break your trading down into the GOOD, the BAD, and the UGLY:

Firstly, the Ugly:

1. Why do you need your DOM on your screen? Please explain as to me it adds absolutely NO VALUE except a bunch of numbers moving very quickly to distract you.

2. Why do you need a volume chart on your screen. These are tick charts, so to me, you have your volume up/down screaming at you with each bar. If volume is light then bars slow down, if volume is heavy, bars speed up. If there is a lot of down volume, bars go down, if there is a lot of buying, guess what.

3. Your dot should be on the active bar for the price. Whether it be an SMA 1 or whatever, the little dot should be NOT on bar close. Because it could be a very long bar and a lot of movement and you have to look at your price marker to the right to figure that out.

4. I would remove any price markers besides actual price on the right side of your screen. Just more noise. Keltner tends to have price settings etc..

5. I believe chart trader would help you out. You have heard that before.

6. Your 144 MACD takes up too much space. Go ahead and stretch it out by holding cntrl key and adjusting on right column if you want that space. To me you want more room for price action, fibs, trendlines etc..

7. Turn the centerline to black regardless of above or below. The centerline is the 26 moving average. The dots are the 12 moving average. When they come together that is the same as the 12 & 26 colliding on that timeframe. That is what the midpoint is. The value of this is that the MACD is a very common indicator and other traders use it.

8. Remove the 'text and markers' from your screen. Use the toogle trades indicator to get this from showing if you need to, but too much junk on the screen and once you make a trade, let go of it and this helps.

9. Put your commissions into NT. There are forum posts on how to do this. it is in options. This helps you convert the thinking that SIM = LIVE.

The BAD!

1. Sim = LIVE, do everything in your power to believe this. You didn't show anything that caused me to think otherwise, but a bad habit just to not reinforce.

2. Record your whole screen. Hard to see it when you are bouncing out and in. Shouldn't be doing that while trading or bother with it while you are not trading either in my opinion. You don't need to sell us a course right now. Focus on trading.

3. I didn't see your 100% ext. or real Fibs. Your fibs were all real small areas etc..

4. Know your keyboard shortcuts for a trendline, fib etc..

5. Have the larger target areas defined on your screen so it is like a plane landing or taking off. You are ready for it. This is for both entry and exit. Maybe you do this on longer term charts which is fine. I SAW NO TARGETS FOR YOUR ENTRIES!

6. What longer term charts are you looking at? Please explain. This isn't bad, just confusing to me.. Your targets should be coming off these areas and charts.

7. When you are coming from the top, the term is 'support' on the midband or 26MA MACDBB. When coming from below, RESISTANCE.

8. You were not focused on the MACD's at the beginning. You went that way later and you were much clearer. Slow down, focus on long terms and settle in to an area to get interested. At first when it was moving quickly you were just trying to hold on with one arm and ride the bronkin buck. Relax, move your eyes off the 144 chart and settle in until you know you want to trade around here. I need some of my own advice.

9. You kept saying the market is "quick, quick, quick..." No need. The market is just the market. If anything you are slow. Just relax, no need to define that and just take your eyes off the charts, slow down your heartrate.

10. You mentioned trading is exciting. To me, trading is boring. Losing money while trading can be exciting until you are done for the day. TRADING = BORING.

11. You are focused on fundamentals "I'd like to help out those stocks and bonds" "I don't believe the economy is as bad...." Who cares, and as Big Mike has taught me, TRADE WHAT YOU SEE ONLY.

12. You said that trading is not for the 'faint of heart'. Why? You could dissect this and figure out what it means to you. Clear it out of your system.

13. Your entry on the first trade that was recorded was truly awful. Profitable but awful. That is where you will lose money in my opinion. Let it go and get the next one. Your other entries were much better after that, but that is the trade you want to erase even though it was profitable.

14. I didn't see a significant amount of price action. Few trendlines, channels, wedges, etc.. Something to work towards in my opinion, but you could have been doing them on your longer term charts, so...

15. You said once or twice "Lose Money". Take the word Money out of your vocabulary when you trade. This helps on the Psychological. Always talk in Points if you can and not ticks. Something Horst taught me well.

16. You are scalping. Yes, you can make money scalping, but over the long term it will ware you down in my opinion and the goal is to grow larger trades if possible but do what you think is right.

Good:

1. Good Patience and explanations. You know what you are doing!

2. Good entries on the last 2 trades. I liked them, especially the last one.

3. You were exceptional to let the trend run out of steam and then look for a trade!!!

4. Good use of Fibs when you used them.

5. Very good attitude on the "More trades will come".



Again, please take this from my limited context. My comments will get much shorter from here. Aloha!

Thanks for the advice! You are a sharp cookie, took a lot of time to respond, and I appreciate it greatly. I will work to digest your comments.

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  #32 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received

More comments...

1. I would change the name of the journal. Unless you like 'Ouch'.

2. You were caught watching the DOM go up and down. It is 'sparkly' and can keep you from properly assessing the market.

3. You didn't reference your 610 or other MACD's when you were in your trades.

4. Your 4181 seemed too spread out to me.

5. I would put the 'dot connector' on the MACDBB so it shows you the angle's but up to you.

6. You didn't have a target on your first trade. Dangerous or maybe I just didn't hear it. You did mostly continuation trades which is fine, but if market conditions change you could end up for a shock, so just know that in these conditions this is working well.

7. I would change the commission from 4.00 to what your broker is EXACTLY for each side. Build this account up to 50K, then go live or something but this helps make it real.

8. You had trendlines on your chart, but you weren't using them.

9. It is OK to take 10 ticks if you feel the move is no longer there. 10 ticks is 10 ticks! If you change your mind the change your mind.

10. To get currency in the trades window, it is a dropdown above.


Good trading today. One thing to me is that I would not have a 'daily goal' of 2 points. It is good to have that, but your goal could be "I will trade what good setups I am exposed to".

You did much better today.

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  #33 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received


Where can I find the download for the hide/show text and markers?

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  #34 (permalink)
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Futures Experience: Intermediate
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Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


HighRise1202 View Post
Where can I find the download for the hide/show text and markers?

https://futures.io/local_links.php?action=reportlink&linkid=958&catid=19&page=1

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  #35 (permalink)
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houston
 
Futures Experience: Intermediate
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Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

+ .4 TF 9-27-2011

Had trouble seeing bar setups today. Missed a good shoulder head shoulder at 9:05. No mid-band pushes.
Should have closed first trade at 2.5 + when it reached the trend line. Would have called it a day.

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  #36 (permalink)
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bluemele's Avatar
 
Posts: 2,547 since Jun 2010
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Nice trendlines today! Big improvement.

Nice patience!

Your entry was a little too patient in my opinion, but I think you will get better with that over time.

Very rangy day today wasn't it. Then a nice breakout to long. Good vision, good insight! Very impressive. A lot of improvement from your first vid just a few days ago.

Much more calm.

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  #37 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

- 2.5 TF On Overconfidence

Five gifts after days of profitability. First two were shorts going against strong downs on big charts. Fell for head fakes.
Last three were shorts when many charts were showing up. Took mid band push (MBP) before BBs turned.
Also ignored trend line or failed to see conflict between trend line and MBP.

I am resolved to show up tomorrow with my eyes open.



Last edited by HighRise1202; September 28th, 2011 at 06:24 PM.
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  #38 (permalink)
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bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received

Days like today you learn a lot in my opinion. You were 'reversed' on your thinking as far as long and short.

To me, I used to be the same way. The key that changed it was either 'don't always TRUST the indicators' or, interpret them a different way. There was a lot of hidden divergence today or what Henry calls "Going down for Gas" or "Going up for Gas" or whatever he calls it.

I traded like you for over 1.5 years, then Horst straightened me out and said, "You know this could actually bounce and continue etc." and that is where I changed my thinking. He calls it a mid-band push or whatever now, not sure, but like you mentioned the mid-band push was going up against the MACD's. Pretty much all of them.

I can tell you my least favorite thing is to enter and then get knocked out immediately. haha..

I also like the new title of your thread! Very nice!

One other thing, you will save yourself some headaches if you move to chart trader. I think you lose focus when you are trying to bounce around and enter. The DOM can also have buy/bid, sell/ask so you don't have to spend so much energy on the entry.

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  #39 (permalink)
Elite Member
houston
 
Futures Experience: Intermediate
Platform: nt
 
Posts: 407 since Sep 2010
Thanks: 266 given, 269 received

+ 1.0 TF 9-29-1-2011

No trades during first hour of trading. Two trades before open and five after.


Last edited by HighRise1202; September 29th, 2011 at 01:52 PM.
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  #40 (permalink)
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I went through the video in fast forward and I didn't see your trade?

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