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Trading PA with 20BB and Volume pattern indicator


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Trading PA with 20BB and Volume pattern indicator

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  #121 (permalink)
 David_R 
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Ben,

I have to say, Ben, that I am impressed. You have all winners and know when and where to enter and when to stay out. Very skilled. Must be a nice feeling.

David

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  #122 (permalink)
 benbrooke 
Dallas,tx
 
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thanks David

but look at my track record I do have loosing trades
but i am learning every day

yesterday i lost $800 because i didn't noticed 123 pattern at the low and i avoided that today

its all about "screen time"
ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #123 (permalink)
 David_R 
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benbrooke View Post
thanks David

but look at my track record I do have loosing trades
but i am learning every day

yesterday i lost $800 because i didn't noticed 123 pattern at the low and i avoided that today

its all about "screen time"
ben


Ben,

I'm of the opinion that traders will have losing trades. I feel that as along as you lose less than you win then things are okay. Yes, you had a loser of $800 yesterday and still ended up making over $2000 on the day. I'll take a day like that any day of the week and twice on sundays if I could. If your goal is 100% and you feel you can obtain that consistently, then I'm even more impressed. Ultimately it's not what happens in days or weeks, but more like months. With the way you are trading you could have one loss a day and still do fantastic.

David

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  #124 (permalink)
 David_R 
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benbrooke View Post
hey guys

good day today

has i promised i tested the Stochastic and it not a big help
so i will take it out and look to see if i can find a better way

all trades grade A

trades explanation are in the chart

ben


Ben,

Can you explain your thought process on a couple of trades? Your second trade you shorted into yesterdays close and price was above the midline. It looks like you don't wait for that bar to close (the blue bar), correct? Are you shorting there because you feel the previous days close has become resistance? Are you also willing to take a short there because the slope of the midline is down at that point?

On your third trade you wait to take out the swing low instead of shorting at the midline. Why did you do that instead of shorting at the midline? Do you keep your stop the same size?

Thanks

David

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  #125 (permalink)
 benbrooke 
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David ,

the reason for the first trade is the following:

1. in a bear market the pro like to fade PD-close.
2. rubber band setups - when trading around EMA when EMA is flat price like to come back to the EMA it was a risk that i was willing to take with small stop loss.
3. PD resistance which will create a double top which is also in my "trading book"

as for the third trade , i was still thinking about the rubber band setup and i was waited for the market to break the swing low

ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #126 (permalink)
 David_R 
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Ben,

I think you should open a CL room and call trades so I can make money too. I'm not ashamed to say that I don't mind being spoon fed.

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  #127 (permalink)
 benbrooke 
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maybe some day i will

but before that i need to see if i can trade with one more trader (expect a call)

ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #128 (permalink)
 David_R 
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I'm turning my skype on.

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  #129 (permalink)
 steve2222 
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benbrooke View Post
David ,

the reason for the first trade is the following:

1. in a bear market the pro like to fade PD-close.
2. rubber band setups - when trading around EMA when EMA is flat price like to come back to the EMA it was a risk that i was willing to take with small stop loss.
3. PD resistance which will create a double top which is also in my "trading book"

as for the third trade , i was still thinking about the rubber band setup and i was waited for the market to break the swing low

ben

Excellent trading.

Couple more questions:

With the PB to the prior day pit close, you say you were prepared to take this risk with smaller stop - what was your stop?

Can you illustrate how you applied the 1-2-3 to keep you out of that trade.

Finally, for the last trade, you entered mid way through the bar. It could have closed down. How did you decide to enter where you did - was it the slope indicator went +ve at this point?

Thanks

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  #130 (permalink)
 benbrooke 
Dallas,tx
 
Experience: Advanced
Platform: Market Delta
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Posts: 430 since Aug 2009
Thanks: 216 given, 490 received


Stop loss was 15T which normally i keep 20-30 Tick stop , 15T its my normal stop for 2T/TB
as for the 123 Pattern its basically higher high and you dont want to short it this is what i see in the market all the time

if you think about that first pull back to the MA worked good (only for 1st) and if you read my journal you will see that i dont like to fade the second time around , i need to have a good reason for that .

on the last trade , i was too late for the "party" but still in the rule book

ben

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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