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Breakout Journal - a journey to full time trading


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Breakout Journal - a journey to full time trading

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  #261 (permalink)
Chicago, IL
 
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Came across a thread on the Sierra forums yesterday and just thought of it now reading that you where trying Sierra for the combine. In your previous posts you had some charts with trend channel bars, I dont know if you still use them but they are possible to make with Sierra's flex renko bars, here is the link from their forums New Renko Function - Flex Renko, Hybrid, Trend Channel - Sierra Chart

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  #262 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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mongoose View Post
Came across a thread on the Sierra forums yesterday and just thought of it now reading that you where trying Sierra for the combine. In your previous posts you had some charts with trend channel bars, I dont know if you still use them but they are possible to make with Sierra's flex renko bars, here is the link from their forums New Renko Function - Flex Renko, Hybrid, Trend Channel - Sierra Chart

@mongoose

Cool! Thanks for the link. I still use them but selectively.

Robert

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  #263 (permalink)
Legendary Data Wizard!!!
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Combine Update:

I am taking some time off from my public journal so I can focus on trading. I found I was having a bit of performance anxiety while posting combine results. I will periodically post updates as the combine progresses.

I started trading CL along with UB since UB can be a bit of a sleeper. I found that I was forcing trades in UB because it was not moving. CL allows me to trade when UB is dead. This changes the dynamics of the combine. At this point I am looking to finish the combine being in positive territory. If I trade consistently for the rest of the combine I still have a chance of hitting my numbers.

I made some adjustments to my trading this week; I am focusing on a single setup. The setup consist of playing the breakout out of consolidation area. I am posting this from my iPad so I will post a chart later. I find that I am able to easily identify setups and cut losses quickly when I am wrong. Yesterday I had 4 winners and 6 losers but I ended breakeven. The prior day I had 1 winner and 2 losers and ended +18 ticks for the day. This is a big change from prior weeks where I would be decisively negative when I had more losers than winners.

Until I get this down I will be using only one contact. However, based on last weeks results I believe I can comfortably trade 3 contacts on CL and stick with 1 contract on UB once I get up and running.

Robert

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  #264 (permalink)
danville ca usa
 
 
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Silver Dragon View Post
Combine Update:

I am taking some time off from my public journal so I can focus on trading. I found I was having a bit of performance anxiety while posting combine results. I will periodically post updates as the combine progresses.

I started trading CL along with UB since UB can be a bit of a sleeper. I found that I was forcing trades in UB because it was not moving. CL allows me to trade when UB is dead. This changes the dynamics of the combine. At this point I am looking to finish the combine being in positive territory. If I trade consistently for the rest of the combine I still have a chance of hitting my numbers.

I made some adjustments to my trading this week; I am focusing on a single setup. The setup consist of playing the breakout out of consolidation area. I am posting this from my iPad so I will post a chart later. I find that I am able to easily identify setups and cut losses quickly when I am wrong. Yesterday I had 4 winners and 6 losers but I ended breakeven. The prior day I had 1 winner and 2 losers and ended +18 ticks for the day. This is a big change from prior weeks where I would be decisively negative when I had more losers than winners.

Until I get this down I will be using only one contact. However, based on last weeks results I believe I can comfortably trade 3 contacts on CL and stick with 1 contract on UB once I get up and running.

Robert

silver dragon...

In the past I found it very difficult to trade a single symbol.... each symbol only gives so many setups each day, and I tended to push my luck when that symbol for that given day didn't move enough for my setups to appear, or to make money that day. It doesn't work for everyone, but I trade 4 currency futures, 4 index futures and 4 others crude, oil, gold and copper. It takes some practice to continue to look through the charts, but what I end up with is being able to select "good" setups from those symbols that are moving and not trading other "less profitable" setups/symbols for that day.


Just my thoughts

toucan

 
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  #265 (permalink)
Newcastle, Australia
 
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VinceVirgil View Post
Hello SilverDragon,

One statictic I have notoced that seems to be in conflict at his early stage oif the combine, it the amount of time you hold losers.

Holding losers too long have a detremental effect, not just to you pocketbook, but particularily, to your phsychological capital. Siitting for an extended time watciing a particular trade hover between a tick up, a tick down, a tick up, a tick down, a few ticks up, a few ticks down for an extended period of time, only to end in loss, is a frustrating experience.

Good trades are ussually good from the start. It stands to reason that bad trades are likewize.

Have you considered the concept of a time stop, as it relates to price action?

Once you enter a trade, you enter with an initial stop. Evaluating and reevaluating a trade while you are in it, as time goes on, may allow you to close it out with a small loss quickly. You can always get back in. One of the metrics that are commonly measured is the length of time in a losing trade vs the length of time in a winner. I know of no other way to cut a losing trade time then to actually close it out. This also goes to the point of keeping your losses small. It is evident that you must have closed out your winners early, because it looks like your winners were not enough ot overcome your losses.

Your winning percentage is good. i dont know the details, but is there a way you can see yourself sticking with your winners longer? Adjsuting your approach to facilitate that circumstance? I dont know your system, but your winners should be held longer than losers. I am not aware of a successful approach that is otherwize.

Just a simple observation.

VV

I believe that you are correct on good trades are good from the start.
As an example of a long trade that is going sideways.
The way I have implemented time stops in the is to wait 3 bars then move the stop to under the low of the current bar. As each bar closes move the stop up to the new low. Ie squeeze the trade into either going in your direction or close it out for a small loss.
Neil.

Sent from my GT-N8000 using Tapatalk HD

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  #266 (permalink)
Legendary Data Wizard!!!
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Attached is my chart markup from today. Putting boxes around the consolidations has really helped me stay away from placing trades in chop. I draw these in real time. Its fascinating to watch how price stays within the box. Entry is pretty simple; I place a stop entry above or below the box about 5 to 7 ticks out and wait for the breakout. Sometimes its further depending on where support and resistance is located.

I am getting comfortable with the entries, now I have to let the position run to the target or let it get stop out. I left 30 ticks on the table today because I closed the position out early. 3 out of 4 entries would have hit and exceeded my original target.

Robert



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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  #267 (permalink)
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Hey Robert

Just wondering how it's going. Hope everything is good.

Xav

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  #268 (permalink)
Legendary Data Wizard!!!
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Xav1029 View Post
Hey Robert

Just wondering how it's going. Hope everything is good.

Xav


@Xav1029

Hi Xav,

All is well!! I have been hiding out and lurking in the futures.io (formerly BMT) shadows. Seriously though, since I started combine I have not done as well as I would have liked so I decided to cut out all distractions and outside influences. I have been talking / working with some other traders and made some adjustments to my trading. Seems to be ever evolving, however, I think my current setup may be the one or close to it. Its very very simple and limits my trades to 1 to 3 trades a day. I am currently on a 4 day win streak. I plan on posting details but I dont want to jinx it. Every time I think I am there the bottom falls out. This time I will wait and see approach.


Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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  #269 (permalink)
Market Wizard
Ilsede, Germany
 
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Hi Robert,

good to hear from you and glad that things are going well !

I completely understand and agree with you on the point to consequently cut out any distraction from your Combine and completely focus on your trading. I'll proceed the same way when I (hopefully) start my Combine on NT by the end of March.

So, I wish you best of luck, you'll definetly make it...hope to hear you on the Squawk Box at TST soon !

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  #270 (permalink)
Legendary Data Wizard!!!
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CL

I hit my entry this morning with a 2 target entry. First target hit and I chickened out on holding the runner. Ended +11. The price went 30 ticks lower after I exited the trade.

Last week I found a correlation between baseball and trading which is helping me (psychologically) get over my hesitation on my entries. Now I have to make progress on letting my trades run their course.

Robert



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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