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BC's 21 Day Green Trades Challenge
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BC's 21 Day Green Trades Challenge

  #31 (permalink)
Elite Member
Long Beach, CA
 
Futures Experience: Beginner
Platform: NT7, TS
Broker/Data: Trade Staion and AMP Futures
Favorite Futures: Futures - CL, TF, 6E, ES, NQ, YM
 
abctrading's Avatar
 
Posts: 71 since Oct 2011
Thanks: 51 given, 73 received

Hello, kbit,

Yes, learning to wait for the correct set ups for sure

I do look at bigger time frames and am looking for areas of confluence and am trying to drill down to the smaller times frames for a lower risk entry. I will take a look at the time frames you have suggested and see how they feel. Currently, I start with a Daily, and then go to 240 min, 60 min, 15 min, 5 min, 377 tick, and a few range charts depending on the instrument. I also have a tick chart that has a zig zag indie on it to help identify patterns a little easier, which I will also draw out fibs on. i have a workspace for each instrument. I will post a pic of a workspace that shows what is on one of three monitors.

Thanks again for taking some time to give me some suggestions and things to chew on. I really appreciate it.

bc

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  #32 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received


abctrading View Post
Hello, kbit,

Yes, learning to wait for the correct set ups for sure

I do look at bigger time frames and am looking for areas of confluence and am trying to drill down to the smaller times frames for a lower risk entry. I will take a look at the time frames you have suggested and see how they feel. Currently, I start with a Daily, and then go to 240 min, 60 min, 15 min, 5 min, 377 tick, and a few range charts depending on the instrument. I also have a tick chart that has a zig zag indie on it to help identify patterns a little easier, which I will also draw out fibs on. i have a workspace for each instrument. I will post a pic of a workspace that shows what is on one of three monitors.

Thanks again for taking some time to give me some suggestions and things to chew on. I really appreciate it.

bc

I understand, and what your doing sounds good but, at the same time sounds like its to much to look at...confusing.
I also look at a daily and 4hr on the 6E for example and then go directly to a tick chart. I skip the 1hr and 15m...what I'm saying is just identify the significant areas on a daily ahead of time and then just stick to your tick for day trading....keep it simple, if you go back and forth with all those charts your head will spin and your more likely to get into crap trades or get shaken out of good ones.

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  #33 (permalink)
Elite Member
Long Beach, CA
 
Futures Experience: Beginner
Platform: NT7, TS
Broker/Data: Trade Staion and AMP Futures
Favorite Futures: Futures - CL, TF, 6E, ES, NQ, YM
 
abctrading's Avatar
 
Posts: 71 since Oct 2011
Thanks: 51 given, 73 received

Day 1 - Green yay!


After a rough start this morning I was able to pull out a green day - whew!

I had 4 trades total, the first 2 in the TF were losers, the next 2 in the YM were winners. Well a least one was a true winner, my 3rd trade of the day I blew it again by moving stop too early and got stopped basically to the tick only to see it run on that big bounce before the last big drop. I missed out on at least 35 points by getting stopped out like that.

The TF had me in the hole for $250 .... really happy that I was able to make that up and then some.

I had a few more chances that I just didn't feel like taking the risk and giving back the little green that I was able to get back.

I put some notes in the chart pics if you care to check them out.

Thanks for stopping by and checking in

bc

Attached Thumbnails
BC's 21 Day Green Trades Challenge-2011-12-08_2205.png   BC's 21 Day Green Trades Challenge-2011-12-08_2222.png   BC's 21 Day Green Trades Challenge-2011-12-08_2258.png  
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  #34 (permalink)
Elite Member
Long Beach, CA
 
Futures Experience: Beginner
Platform: NT7, TS
Broker/Data: Trade Staion and AMP Futures
Favorite Futures: Futures - CL, TF, 6E, ES, NQ, YM
 
abctrading's Avatar
 
Posts: 71 since Oct 2011
Thanks: 51 given, 73 received

No trades today

So today I woke up to a computer that decide to restart or update or something in the middle of the night. By the time I had everything loaded back up and running .. it took awhile ..... I was just not feeling it today. I decided not to trade anything live as i was frazzled by the pc issues and knowing that being in the middle of rollover ... that might not be a good combo for me.

I probably had one of my worst weeks to date. Broke alot of rules and left soo much on the table.
Between the TF and YM I had 16 Trades. 7 Wins, 7 Losses and 2 B/E which netted me a Red - $ 567.00.

See pic below for detailed Weekly Performance Summary, and Equity curve line. Guess it could have been worse .. much much worse. On the bright side .. I did learn alot this week ... hopefully stuff I can carry into next week .. and also stuff I do not carry into next week. . The battle will continue!


I will be shaking the dust off my shoes and looking forward to next week.

Hope you all have a great weekend!

bc

Attached Thumbnails
BC's 21 Day Green Trades Challenge-week_ending_12-9-11.png   BC's 21 Day Green Trades Challenge-week_ending_12-9-11_b.png   BC's 21 Day Green Trades Challenge-week_ending__12-9-11__equity_curve_line.png   BC's 21 Day Green Trades Challenge-big_question_for_sunday_monday.png  
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  #35 (permalink)
Elite Member
Erie, PA
 
Futures Experience: Advanced
Platform: NT7, TWS
Broker/Data: RCG & IB
Favorite Futures: volatility
 
Posts: 16 since Jan 2010
Thanks: 10 given, 22 received


kbit View Post
I understand, and what your doing sounds good but, at the same time sounds like its to much to look at...confusing.
I also look at a daily and 4hr on the 6E for example and then go directly to a tick chart. I skip the 1hr and 15m...what I'm saying is just identify the significant areas on a daily ahead of time and then just stick to your tick for day trading....keep it simple, if you go back and forth with all those charts your head will spin and your more likely to get into crap trades or get shaken out of good ones.


Hi Brian,

IMO kbit is giving you some great advice.

My biggest hurdles were not taking all the trades, mismanaging winners (understatement) and trying to look at too much "stuff". The first two take some work but the last one is a simple fix, and now I use only Price and a couple of different timeframes for the markets I daytrade - 120-min so I can see structure & what lies ahead in both directions, a 5-min to execute from, and occasionally a shorter frame to fine tune an exit.

The actual timeframes you choose are not important as they really just impact frequency of trades, but the shorter you go the harder this game becomes and the more work YOU have to do versus letting the market do the work. Plus when all is said and done, trading is really about self-discovery so it really helps to strip away all the noise so you can be as honest as possible with the reflection in the mirror.

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