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The 22 Days: A Price Action Trader shares his Journey


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The 22 Days: A Price Action Trader shares his Journey

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  #101 (permalink)
 iqgod 
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 iqgod 
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Lightened up by one contract. Can't bear to see glacial swings on two contracts.


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 iqgod 
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If there is heaven on earth, this is it, this is it.

- Pandit Jawaharlal Nehru, when overwhelmed by the natural beauty of Kashmir



Today is a textbook with trend day.

See bar 18 in the earlier 5 minute chart - that was the spike where the market showed its hand for an always in long.

Till this point I was long three contracts (I loaded up 2 more) and now am long two contracts.



Simply buying the bottom of the channel and selling the top of the channel till there is a breakout.

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  #104 (permalink)
 iqgod 
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One can never be 'too' sure of where the market is going.
If one is too sure that itself is an indicator of the next trade being a losing trade.


Ooops, I just realized that I did not have the BarNumbers indicator switched on in the earlier 5-min charts. The bar 22 (not bar 18, sorry for the slip up) is where the bull spike confirmed the uptrend



As you can see I unloaded one lot where I should have loaded up more adding to a winning position (on the top of the same bar 22). Thankfully I realized this was a panic attack and reentered the trend on the next two bars which were part of a teeny pullback (bar 24 long).

Thankfully these panic attacks are getting lesser and lesser.

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  #105 (permalink)
 iqgod 
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Market closes in half an hour.

I am long two lots. (a second long order triggered two bars earlier)



I am planning to hold one lot overnight if my first target is reached.

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 iqgod 
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Original post date/time: 28 Feb 2013 0930 IST

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  #107 (permalink)
 iqgod 
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Note to myself - first sign of the fact that I am trading with scared money?



Original Post Date/Time: 28 Feb 2013 1005 IST

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 iqgod 
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Now take a breather.

Review.

Meditate.

Then come back.

(against what Mike Bellafiore wrote: You don't take One Good Trade and then take a nap, you take One Good Trade then move on to take another One Good Trade)



Here is the completed trade:



Original Post Date/Time: 28 Feb 2013 1010 IST

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  #109 (permalink)
 iqgod 
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Note to myself: My each attempt at a swing trade is turning into a scalp. Holding is sacred. I myself had written - Trading is comfort with the feeling of loss, pain, uncertainty, rejection. Why am I running into issues? Meditate.


Original Post Date/Time: 28 Feb 2013 1015 IST

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 iqgod 
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Today is a big day for the Indian markets.

It is the presentation of the Union Budget - these are usually volatile sessions.

Hence I am trading with reduced size.

The price action remains the same.

Original Post Date/Time: 28 Feb 2013 1020 IST

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  #111 (permalink)
 iqgod 
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... while the Finance Minister has started speaking


Original Post Date/Time: 28 Feb 2013 1025 IST

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  #112 (permalink)
 iqgod 
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I increased size but compressed the size of my stops.

Bad move.

Breakeven stops taken out and I am flat.

FM continues to talk.



Looks very crowded, shows my scalps - when I had intended to swing.

Original Post Date/Time: 28 Feb 2013 1035 IST

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  #113 (permalink)
 iqgod 
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I sold at a profit fearing a rout of sellers who had their stops at the pinbar low.



Meditate now, even if the market is running away.

Original Post Date/Time: 28 Feb 2013 1100 IST

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  #114 (permalink)
 iqgod 
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Here is a better view on a one minute chart



Last three trades were roller coasters amidst volatility - the first one was an impulse trade and it had a cost associated (naturally, most emotional ones do! and the ones that pay richly twist you up for a later debt)


Overall it seems the market is headed down and gold is headed up.

The catch: Or vice versa. (dodging hurling brickbats....)

Original Post Date/Time: 28 Feb 2013 1120 IST

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 iqgod 
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It looks down down down on the chart but I still suspect it is a deep pullback for the smart money to accumulate.

Exited with a tidy profit (but if I look the shorts would have been more effective - but didn't dare to take any)



I am especially thankful for being in my full senses, meditative, composed which was why I escaped with a long bias without scathing myself.

Original Post Date/Time: 28 Feb 2013 1145 IST

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 iqgod 
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Long again.



Reason for going long: Trendline break, fast up move, test of the downtrend extreme as a HIGHER LOW - such higher low tests lead to a protracted up move.

Original Post Date/Time: 28 Feb 2013 1150 IST

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  #117 (permalink)
 iqgod 
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Covered.



Scalp again!

When really I want to be one of the "Sultans of swing".

Original Post Date/Time: 28 Feb 2013 1155 IST

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  #118 (permalink)
 iqgod 
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Home again
home again
like a turtle
to his balcony
and you know
where that is.

That was inspiration from @GaryD (has anyone figured out the meaning of the above yet, author included LOL)



The reason for being long now is that yesterday's close held and price moved upwards after the test - so a "always in long" point from now.

Original Post Date/Time: 28 Feb 2013 1205 IST

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 iqgod 
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A mad volatile session, but business as usual for price action traders:



? in title - indicates indecision :-)

Original Post Date/Time: 28 Feb 2013 1315 IST

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 iqgod 
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My final entry looks a substandard piece of work (early entry but analysis right). My exit looks super perfect.

(Refer chart below.)

So here we have the conclusions though the session has not ended yet:

1. Why do I go long with such precision and get the almost complete upride?

A: Because I am slowly getting good at price action.However....



2. Why don't I go along with the smart money - e.g. why am I not short from the open?

A: The short answer is PSYCHOLOGY.


However that needs a bit of explanation:

Refer chart:




It was apparent that at so many points the highest probability direction was down. Then why this reluctance to short?

So light bulb moments I had while meditating:

a. Bias. When start with a bias I do not see the gorilla dancing in front of the screen i.e. I see but I do not observe the actual thing that is happening in the market. I start saying 'Now, the reversal will come. Here are the fools getting in, they will be soon squished and the market will start moving upwards.

b. Short term players (and they are called that not perhaps because they scalp but because they last for a shorter term in the playing field LOL) get to enjoy the most thrilling rides. Perhaps it is thrill I am secretly longing for. My mind feels slightly numb when the best decision pops up in my head (and that opportunity will take planning, measuring, waiting it out - qualities not exactly 'thrilling') and feels a rush when a short term advantage / opportunity window is seen.

Original Post Date/Time: 28 Feb 2013 1400 IST

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  #121 (permalink)
 iqgod 
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 nakachalet 
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hey, howdy, my trading friend from mumbai.

thx for sharing with us your attempt to master the elusive trades.

in reference to your attached chart, what was your logic in setting up your reward/risk ratio as shown in your chart, pls?

do you always setup your favorite trade with reward and risk of about 1 to 4 ratio.

looking at your posted chart :

https://www.bmcharts.com/vvhgss/OfZcRWaYws.png:

shorting at 5858.25; as shown in your post;

stoploss setup at 5874.45 (about 16 pts);

profit target was setup at 5854 (about 4 pts).

so money wise, you are risking about 4 rupees to make 1....?

just curious alright?

more power to you, iqdog.


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 nakachalet 
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iqgod View Post

hi again

did you intentionally leave out your stoploss or

that you are accustomed to your unlimited resources

that sudden and unanticipated market upswings or downswings

are none of your concern at all....? L O L

have another good trading this evening, K?

a short distance trading friend from siam

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 iqgod 
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nakachalet View Post
hey, howdy, my trading friend from mumbai.

thx for sharing with us your attempt to master the elusive trades.

in reference to your attached chart, what was your logic in setting up your reward/risk ratio as shown in your chart, pls?

do you always setup your favorite trade with reward and risk of about 1 to 4 ratio.

looking at your posted chart :

https://www.bmcharts.com/vvhgss/OfZcRWaYws.png:

shorting at 5858.25; as shown in your post;

stoploss setup at 5874.45 (about 16 pts);

profit target was setup at 5854 (about 4 pts).

so money wise, you are risking about 4 rupees to make 1....?

just curious alright?

more power to you, iqdog.


Hi there!

The stop loss was placed correctly above the pinbar high - however the target should have been 4x atleast (easily, as is now apparent in hindsight, but hindsight is not a tool!) was a result of growing chicken feet. So yes I was risking 4 bucks to make 1 but that was how it was.

Thanks for stopping by!

Correction: iqdog -> iqgod LOL

As to stop losses I had mental stop losses as you can see from following the posts that only 60% trades were winners and others were calmly closed at their mental stop losses. (which was a good thing, because I had a long bias and the market went down a cliff for a bungee jump)

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 iqgod 
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(in addition to the two contracts I am already holing long)

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 iqgod 
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1-min



Same on 5-min


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 iqgod 
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"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."

Thanking @liquidcci for that summary that succinctly describes it all!

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 iqgod 
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I was not updating my journal here but I had been recording many small things that seemed to matter at that moment.

I will be putting them here now that I am reviewing them.

I hope I (and possibly someone else) finds value.

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 iqgod 
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Violated discipline twice first by entering early TWICE and by scared exit second time instead of allowing market to take out stop or target.

Now I can laugh at myself for it, but this will not do.

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 iqgod 
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 iqgod 
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From my diary on 2nd April 2014:

A breakout short.

Hesitancy even when the range broke in a clear fashion (else would have been in 2-3 ticks earlier instead of 60).

Did not hold for 10-ticks, exited at 55 @ 5-ticks.

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 iqgod 
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From my diary 14 April 2014:

Took the trade as an IRB long from the bottom of a range after a nice double bottom had formed.

However, moved my stop and ruined the opportunity to exit at a tiny 3-tick loss after the double bottom had been invalidated - instead took a 10-tick max stopout on the chin.

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 iqgod 
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Shorted by intuition, followed by healthy skepticism of no-setup entry, hence exited (correctly, after the mistake of no-setup entry - this is the only good thing).

Was slightly profitable by mere chance (had a method, had the target as that double bottom, but is not Bob Volman method).

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 iqgod 
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I was happy enough to stop trading with a small profit when volatility exploded.

Could probably have managed to stay cool, but don't go by my word.

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 iqgod 
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From my diary on 5th May 2014 (in a TST combine, rolled over for third time)

First entry was great but I was timid.

Second (re) entry was good. Exit was good.

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 iqgod 
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My stop was above the whole mish-mash of price action so I was 'safe' but does not reflect good on me for waiting so long with a losing position.

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 iqgod 
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From my diary, 21 Apr 2014


Missed (did not take, chickened out on...) this perfectly valid setup (IRB long).

Don't do it again please, iq.

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 iqgod 
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From my diary, 8th May 2014:

Here is how I took the trade since I got a great setup, allowed it to ride and reach the target.

But when I came back it seems that my covering was at the extreme end of this trend!

Crazy life.

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 iqgod 
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From my diary, 11 March 2014:

A nice range break short which eventually reached its target.

Here is how it looked when I jumped in.

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 iqgod 
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From my diary, 31 March 2014.

This was a good IRB short.

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 iqgod 
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From my diary, 29 April 2014

I recognized this as a setup similar to the one Bob had documented in his book at page 167.

Just had to patiently wait out for the right entry point and monitor the trade as it reached its target.

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 iqgod 
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From my diary, 10th March 2014:

I was chicken at 08:30 inspite of the excellent quality of the IRB long.

Then pangs of being a sucker took over and I finally jumped in at nowhere place and thankfully exited sometime afterwards.

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 iqgod 
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From my diary, 7th May 2014:

This 'long' long trade had to be sat out on my hands for a good two hours.

A double top ruined the possibility of reaching target. I should have exited at the tipping point but held on without moving my stop.

But cannot fault the trade execution too much here.

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 iqgod 
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From my diary, 29th April 2014:

Developing my eye for spotting good trades.

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From my diary, 31 March 2014:

An IRB short text-book trade, perhaps could have shorted earlier - this is where the state of mind and confidence level matters most.

The trader is the most important part of the equation.

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 iqgod 
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From my diary, 5th May 2014:

An excellent odds IRB setup, which reached target. (NIFTY50)

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 iqgod 
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From my diary, 8th May 2014:

I seem to be fixated on the countertrend setups and become elated when they win out, as if I have conquered the market.

Need to find a cure for this type of counterproductive thinking and stick to doing what is in my best interests which is simply getting a good slice of the trend.

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 iqgod 
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Diary over three solid days: 8th (Thu) 9th (Fri) 12th (Mon)

LESSONS:

1. When it is time to sit I must not count my profits and I must not close out positions.

2. When you have all factors shouting 'trend day' just place faith in your stop and swing all or most positions.

3. I bought on 8th April sure that this was a temporary bottom (sure based on technical grounds), held through a large downswing, then sold way too early on the next day. Walk your talk, this game needs outsized wins to give a trader the edge!

4. I SHORTED on a trending day. It worked out well and my confidence was well placed in my abilities, but then ended up NOT taking further with-trend entries!

5. As @tigertrader had adviced @PandaWarrior these days are opportunities to be traded, not squandered off - missing such days may skew statistics enough to make what would have been a profitable year into a breakeven or losing year.

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From my diary, 28 April 2014:

Good entry and good waiting for target to be reached.

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From my diary, 30 April 2014:

I HAVE to sit out trending days.

This is a unecessary loss of 30 good points, for nothing other than 'securing' profits.

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Which is not the same as risk taker and taking loss after loss.

However, I am happy with the baby steps, report card below:


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Perhaps it is best to attempt a $30,000 combine. Because in the above combine though the limit was 15 lots I actually limited myself to 3 in every trade. Having a huge buffer or margin of error seemed to set me free to execute. Let me see if I can 'forget' about the $500 Daily Loss Limit in the $30,000 one and produce the same results as above.

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 bobwest 
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iqgod View Post
Perhaps it is best to attempt a $30,000 combine. Because in the above combine though the limit was 15 lots I actually limited myself to 3 in every trade. Having a huge buffer or margin of error seemed to set me free to execute. Let me see if I can 'forget' about the $500 Daily Loss Limit in the $30,000 one and produce the same results as above.

Well done on your Combine!

I think the 30K Combine is probably better than the big 150K, especially if you are trading 3 contracts anyway. The hurdles for the 150 are just much higher, and in the end it won't make that great a difference if your goal is getting funded -- if you succeed at one level, they let you move up.

I have noticed a lot of people having more trouble with the 150K, including me!

I just found this thread and I look forward to your next campaign.

Bob.

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