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T For Trading

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  #371 (permalink)
Al,India
 
Experience: Advanced
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I have been in process of formulating my trading plan over last fortnight..and its fact it is not an easy task..takes huge time and labor...perhaps never ending process....keep on always refining and defining things as they evolve. I was reading "Trading Rules that Work" by Alan Jankovsky...im just in fisrt quarter of book...but had x-rayed once before actual read. Unanimously most would agree that trading ( could be ) as simple as positioning to right side of net Order Flow....and the author too emphasize numerous times on it. But this might not be easy....if it would have been so easy like learning A, B ... C...then every one would have positioned themselves so.

One more point from there , i am trying to incorporate - What is justified and whats not. Simply put trades taken under defined trading plan are justified and even those which were profitable but not according to trading plan are best considered unjustified. No doubt those trade ( PnL doesn't matter ) could be defined by some one "other's" plan.
But as a trader i cant deny the "Other's" plan..especially if trades falling under that closely relate to mine.
Just a bit of tweak - If emphasis is on positioning along with nett Order Flow and quit when its not. And often what's going to happen next with "Opposite" Order Flow can be well defined in other's Trading Plan. So why not i incorporate that too as an opportunity.

Perhaps i might be mixing thin line between Trading System and Trading Plan at this time but hope soon i can clearly distinguish what should be justified under my trading plan and what should be avoided even if it seems with higher odds. Just like this Short opportunity after successful Long.






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  #372 (permalink)
Al,India
 
Experience: Advanced
Platform: NinjaTrader
Broker: RKG
Trading: NiftyFuture
 
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Overshoot phenomenon over SP is common...its still in developing stage as p shape ( with larger structure).
Mini SP point is naturally obvious for smaller structure which evolving as standard bell.
TPO stacking from Friday B period was important.
When i started today it was just in middle of bell...had to go towards one side.
Short taken first in B2 cell had to scratch...i had expectations of going and testing lowers 2ndSD around 5671.
But its simply stalled...had to follow what price is doing...and took long...didnt waited for too much this time....balance activity combined with opening rejection...every thing self evolving.



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  #373 (permalink)
Al,India
 
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Posts: 1,561 since Feb 2010
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This day was as best ever fruits of labor...for indulging in journal activity. Its not so that PnL was concerned...its much bigger than that....i cant express how i am feeling ( perhaps not greedy by today's result ) right now....but i was seeing every flow of market and its doing what i was thinking. My actions are according to some repeating , perpetual phenomenon of general four step development..which helps me to retrieve higher odds events and utilize natural bar by bar development according to that. Root logic is simple - one has to understand when market is poised for balancing and trending.

Little late recognize of OTD ( Open Test Drive )...but its ok...what was important to realize where it would be heading after that - right at lower 2ndSD. That was the basis of Short.
Time consumption ( marked in rectangle ) was important in lower 2nd SD. Its standard implication are that , more weakness to come in. But it might be also sign of End Of Auction...and start of new development. So was not in hurry to sell again.....rather i could perceived whether next auction is up or down it can be tracked by a simple moving average...dont bother to predict which way to go. A dip below previous low and making an excess like structure was sufficient to give hint of actually EOA and start new one. Took Long for target of day's VWAP.






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  #374 (permalink)
Al,India
 
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Snapping yesterday's ( 1 and 2 ) and today's ( 3) trades. These locations are marked on 15-min chart.

26-Sep-12 : It turned a small loosing day. I was little aggressive, at trades location 1, though there were factors that make the situation 50:50 to any side and also not a good reference level to initiate a short but i finally sorted these to perceive as continuation to down side. Structure at A was not good for this, but it was still in downslope so waited till it finally turned up. I was already aware of this being not a good location for short....structure wise it should have been with pullback. 2nd short at location 2 was taken with this in mind, but structure at B eluded my vision and forced me to quit premature.





27-Sep-12 : I was aware of single opening tick at 5700...which was making a fake impression of sell-open-drive. Rather i was fully confident of this as a movement in restricted zone and a buy opportunity.







Today being Sep expiry, and Oct contract is already last traded with 40 point premium to Sep closing..so a natural gap might be visible during tomorrow opening. I am interested to see...if today's last move is really a expiry driven move to 5650 and value will be maintained higher with higher prices of Oct series or Oct prices will be taken down.



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  #375 (permalink)
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When i see this value driven move...there is no visible separation of Expiry from 27 Sep to 28 Sep....
And no reason to fade the opening...it was just a clear buy



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  #376 (permalink)
Al,India
 
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28-Sep-12 :

In first long trade , i was full confident....had not expected such fast move in just four bar including entry bar.
It was a situation like "Act first think later"
I had secured a location for second trade in my mind - i had to take it on VWAP test...otherwise not. Over waiting diminished attractiveness towards it when it really came...i was not much confident. Another reason was demand zone which had been signified by propulsion of Bar "A"....it looks me gravitating price anytime, making my perceived importance of VWAP test random. Another expectation grafted from first trade was, second should also move fast.
Just waited for 3-4 bars, nothing boosted my confidence and so scratched.






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  #377 (permalink)
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Posts: 1,561 since Feb 2010
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  #378 (permalink)
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An excerpts from Tools and Tactics for the Master Day Trader



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  #379 (permalink)
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I think bears wanted better price to sell....or something else...still rotating.
Indecision for me....either sell Low of day now....or buy above first supply zone now.

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  #380 (permalink)
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This was really not easy... neither simple...but i could not left excusing its non trending. This was a day which i do not wanted to miss after understanding my trade plan. Had a small losing short in opening...which cautious enough me that its not easy today to garner this. Finally could derive some plus points with long.


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