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Long downdraft in the early morning. Saw it bottoming but first 3 trades were when it was really still too flat. The next 7 trades were in the right direction, but was overloading, bad sim habit, so did not count those as good. The next 8 trades were good, with the trend, and 6 profitable. The last 5 I lost discipline again.
Concerning the 8 trades that were good. Following MA's and perry's system seems to work best when capturing momentum of a good trend. Not catching it early enuff can stop you out. I'm still primarily going for 4 tick with a 4 tick stop. On these trades, the 1 minute can be a bit herky jerky, but having those MA's in your favor is still critical. Especially on a big rebound day like this, the HTF MA's are going to take a long time to catch up.
Even with reviewing my trades, I am not sure of my thought process of which chart to look at, which to confirm, which to trade, which to exit. Too many charts. And very busy charts. I was hoping that the Multiple Time Frame methodology was going to get it down to a chart or two. Too many charts distract and I start 'simming' instead of trading.
I still like the looks of the 5 range chart, I added that to the spreadsheet. It supports the good trades too.
I don't feel like I am getting closer to mastering this system, (I know, 2 whole weeks, but played with over a year) and the new Perry thread seems to have quieted down quite a bit from his last thread. I'm going to go thru the old ones again. Maybe the simpler solutions are the better, at least for me.
Hi rpm123. Nice journal setup and goals. I noticed you've been trying to get some solid organized rules around Perry's method continuation? You seem to be doing fine on small scalp trades. I've been trying to do less scalping on my own but will revert to it if I'm stuck in a range, or I'm not up to holding out of longer trades than I'm used to for the day. On Perry's method refit, I kind of gave up trying to get the settings "right" on 3min. I found I liked the 5 range settings of the ppma's and the MTF set from Perry's 5 range template, on most other time frames works fine for me because the MTF seems to color fade the bars , flat(faded) vs. trend type (solid) more to my liking. So when there's a "good" Perry setup ( and I'm not trying to scalp for just 4 ticks) , I enter on the candle, then adjust my stop up hopefully eventually to BE+1, then see if the ATR band 1st target and/or 2nd target is reached. I try not to take a trade on "faded" bars unless I'm trying to scalp highs and lows in a tight channel on purpose or unless there's a setup for a countertrend scalp trade , like off a bollinger band failure or a price action breakout-pullback type of setup. I've been using mostly the one time frame chart. I have a 1131 tick chart on the side to check for CJ Booth type of setups, but have found I hardly glance at it except to see a bigger picture of overall price. I would tend to agree I'm not sure Perry's method continuation, (or Perry V2 as I like to refer it) covers all aspects of a trading methodology. There was not much talk about stop or trade management. The "matrices" settings are confusing and don't seem completely tested. I would hope Perry will eventually post templates for most any time frame. However I found the MTF and ppma's great entry tools in combination with my overall trading style which involves some Brook's price action, and using s/r levels(fat tails vwap) with YTC pat or PATs trading ideas:
@Cloudy
Awesome. Thanks for the tips. Yeah, I'm only trying to scalp right now to see if I "see" perrys setups, which I am struggling with a bit. Especially moving from range to minute. Your comments were spot on and I'll spend some time following them up in the near future. Not ready to bail yet on perry. Bailing too quickly has been one of my faults. thanks again.
Kept it down to 6 trades. Good.
4 out of 6 profitable. Good
Followed rules once. Not so good.
I am re-liking the 5 range again. Like seeing the big picture there.
The 1 minute for entry.
and the 3 minute for confirmation.
No 5 and 15 tomorrow. Take it on down to 3 charts.
Another beautiful day. Ended early. Up $562. Beautiful trend, will work to milk them more. Right now practicing my entries. Connection problem, can't do a full analysis right now, but found great perry setups.
Also put up an experimental chart I used to trade, to see how it compares. Had a previous love affair with anaSupertrend by @Fat Tails, and MACDBBv4 from @TheWizard (which @monpere mentioned in the "if you could only live with one indicator" thread, so looking at it, plus I always liked the way @Tiberius used the ESFXtrader_CCIBarCounter_v7 to color the bars, and finally added the ATRTarget I only just saw on perrys new 5 range chart.
I need to do more analysis comparing the new chart to perrys charts. I'm getting a bit more use to perrys v2, the minute and 3 minute are helping me with entries. The 5 and 15 were not helping me stay in the trade, so went to his 5 range for that. Plus this new one at 4 range to help me "see".
Having a big St Paddy's day party tomorrow, so maybe Sunday, I'll get back to analysis. We're halfway thru the month contest, so I want to take a larger view. I know one thing - I will be keeping up a journal AFTER the contest too. The next two weeks I want get better on entries, but also stay in longer than 4 ticks, trailing.
I'm enjoying reading your journal. I too am using 5R (i go to 6R when it is very fast and 4R when it is slower), 1M and 3M, with a "rotator" in behind that i have stripped down and can do a quick check of bigger time frames. Like you, i especially like how the 5R moves, but i have seen that having the 1-3-5-15m up or 1-3-10M helps me see the picture and longer setup too. So--like you, i'm in the throes of adopting/adapting the new perrydigm--i liked the old 5R/12R all on one chart--so i'm still trying to sort it all out too. I am appreciating the fade colours--tells me when i'm being stupid by jumping in too early--i need to learn that there's plenty of time to hop on the train. Enjoy St. Paddy's . . . .
Flat morning, stepped away for breakfast, made it back to catch the tail end of that nice run. Will post results later. But re-tooling is on my mind. My winning trades are based on just a few of the things on the chart. I'm going back to EP (Early Perry) for one-chart trading again. We'll see if my instincts to change are correct.
Even though I had a great day Friday, and decent learning days before that, I see myself wandering to some old charts, old habits, and not achieving comfort with the PerryDigm 2. No disrespect, but I am finding the charts too busy, something I have tended towards before, and need to simplify my visual. I also have had trouble returning to minute charts and needing to watch multiple charts. It seems like with multiple charts you can always find a reason to not enter a trade.
But I realize I do not want to throw in the towel on the PerryDigm. It's solid logic, it's just getting indicators and charts that speak to you. Or more properly let you "see' the market. So my goal is to revisit PerryDigm 1 and rebuild my understanding and rebuild my charts to my liking, and hopefully the success that will follow.
A lot of different participants of the PerryDigm threads have already done this, tweaking this and that, for better and worse results. There are a few standout contributors that I hope to offer the sincerest form of flattery and steal all their good ideas.
Goals for the charts:
I want to try and build a single chart to watch and trade from. Let it have the Multiple time frames if possible.
I want to place the valuable but "busy" indicators in other panels.
I want unmistakable visual and aural clues and alerts.
Trading Goals: (just this 2 week journal has shone the light on many foibles).
I want to develop great entry rules, stick with it rules, and exit rules.
Pick charttrader, atm, and or dom trading once and for all.
I want to revisit my money management strategy.
I want to revisit my accidental trading.
I want too revisit my bored trading - patience.
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