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Short term TF trading


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Short term TF trading

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  #161 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Buenos dias.

I needed an extra day to recover after my New Orleans bachelor party weekend, so I spent Sunday evening and yesterday with my mother for mother's day.

Good to be back trading today. It was also good to get away for a long weekend and not think about trading for a while (I can be obsessive about it).

I'm probably done for the day today, and will work on a trade mgmt video as requested.

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  #162 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

As I said, I did not trade yesterday. Here's today's results. Overall decent, but I had one loser that was too big for my liking so it hurt the performance a bit. Still a profitable day.
Here are the trades today:


and here is this week's daily P/L

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  #163 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


Screenr - indextrader7: Trade Management

As you can see. This is REALLY not rocket science. Simply using support and resistance levels on my shorter and longer timeframe charts to find areas where there might be opposing orderflow (previous swing levels) and placing stops, as well as profit targets, that make sense - given that market structure.

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  #164 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Screenr - indextrader7: Trade Management (Part 2)

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  #165 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

Thank you so much for this thread and all the videos and time you have put in, I have read so many books and threads and journals this is easily one of the best things I have come across since I started.

Thank you!

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  #166 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Makes me very happy and satisfied to see that my work here is helping some people. Good stuff.

Positive on the day.
Here's the trades today (a good many small winners because I kept going for larger profits and the markets were chopping around not giving it up)


And the daily P/L for the week (didn't trade Monday)


Overall, for me, this was one of those really rough/difficult trading days, but I stayed in the right mindset and was able to walk away slightly profitable. So today is actually a big win day.

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  #167 (permalink)
Hot Springs, Arkansas
 
Experience: Beginner
Platform: ninja
Broker: optimus
Trading: ES
 
catdriver's Avatar
 
Posts: 30 since Feb 2012
Thanks: 234 given, 40 received

Hi IT7,

First off, great journal,

it's nice to see a pure (my definition) trader doing it and doing it well.
I'd like to echo @cmmichaels post and say that i hope your videos and time posting
is helping you as much is it is us

Secondly, i'd like to request that on your next daily recap, you go over your entry's
and which chart (2 range or 250 tick) do you use for them primarily, or is it a heat of
the battle, seat of your pants type thing.

Looking back on a few of your videos, i see your entry's are sometimes little double
tops (bottoms) on the range chart or they could be price action related on the 250tick.

...just wondering and once again from one SEC'r to another, thanks

Mike

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  #168 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


catdriver View Post
Hi IT7,

First off, great journal,

it's nice to see a pure (my definition) trader doing it and doing it well.
I'd like to echo @cmmichaels post and say that i hope your videos and time posting
is helping you as much is it is us

Secondly, i'd like to request that on your next daily recap, you go over your entry's
and which chart (2 range or 250 tick) do you use for them primarily, or is it a heat of
the battle, seat of your pants type thing.

Looking back on a few of your videos, i see your entry's are sometimes little double
tops (bottoms) on the range chart or they could be price action related on the 250tick.

...just wondering and once again from one SEC'r to another, thanks

Mike

Doing this has been helpful to me too. I think the biggest way is that it causes me to clarify/quantify my own (often subconscious) methods when people ask me how I do this or that.

I can go over entries, sure.

You're on to something there about the multiple timeframes. Often times a price action pattern on a smaller timeframe will simply be a candlestick pattern (a hammer for example) on the longer timeframe. Once you really get used to price action and multiple timeframes, you almost see them all regardless of which one you're looking at.

I'll do my best to be more aware of what I'm looking at when I make decisions and bring that to a video for you. Just thinking about it now, I can say for sure it's very situational. For example if we're in a very fast trend, I'll be watching the shorter timeframe for small pullbacks which barely even print on the 250 tick. When price reaches levels of support/resistance, I often look to the lower timeframe to see how price is reacting to the level.

In any good trade, I'm fading weakness. More times than not it's a bad trade if I'm chasing strength. That's really the whole deal.

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  #169 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received

IT7 I have another quick question as well if you don't mind me asking, you say you only started trading full time in Feb. How did you find trading around a job it is quite tricky I can at least trade the last 4 hours of the US I'm over in the UK. Were you still trading this way just around your day job?

Thanks again.

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  #170 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012



cmmichaels View Post
IT7 I have another quick question as well if you don't mind me asking, you say you only started trading full time in Feb. How did you find trading around a job it is quite tricky I can at least trade the last 4 hours of the US I'm over in the UK. Were you still trading this way just around your day job?

Thanks again.

I was a financial advisor, so I could schedule all my meetings and work after lunch.

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