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Short term TF trading


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Short term TF trading

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

Highlight my mistakes for the day in this video.

Screenr - indextrader7: 5-29-12 recap

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

I'm looking for a flawless day today. Not a perfect read on the market direction, but rather a perfect read on myself. I don't want to make impatient entries, no trade decisions based on the last trade/missed trade, and no adding to positions creating a position larger than 8 contracts.

These are my process goals today. The rest should take care of itself.

Kick the tires and light the fires.

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



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

T1 hit so half off, stop moved down to protect profits on 2nd half

out 761.6 for 2nd half (due to slowing momentum of down swing on shorter timeframe, but premature exit as I type this, oh well). That'll be it for me today.

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

Who would like to take a shot at the reasoning behind that short entry?

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

It looked like it was a nice retest of that swing low from earlier which looked like it was the low of the day for quite a while maybe it was more of a significant level than that?

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


cmmichaels View Post
It looked like it was a nice retest of that swing low from earlier which looked like it was the low of the day for quite a while maybe it was more of a significant level than that?

Good analysis. I'll put up a chart showing all the thought process, including a big concern entering the trade.

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


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

Hope you guys are in this one. Same setup again.

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


Came across this tonight, and I think I'm going to (possibly, given our conversation here and further research) start focusing on it as a trade performance metric.

I'm using it as daily P/L : daily max drawdown. That is... each bar on the chart below is a ratio of the P/L for the day to the maximum drawdown experienced during that day.


Is anyone else keeping up with this stat? Please post here, or PM me regarding this if you're a profitable trader and keep up with this, or if you have any insight into this stat at all!

I am CLUELESS as to whether these results are awful or great. Intuitively I put a "benchmark" at 1:1 as this seems like a good level to be over. Should I be over 1:1 more consistently? That's what I really want to know.

Looking forward to hearing from ya'll.

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