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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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  #21 (permalink)
 Big Mike 
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banbrooke View Post
Big Mike,

i learn alot about strengths and weaknesses

my major weakness is holding the position more then 3 bars i get very nerves and always second guess my trades , since most of them are counter trades i think its harder but it fit my moto of buying low selling high

as i mention in the last post i am working now on with trend ideas in addition to my setup
and i might use your ideas if thats ok :-) (BTW love your post on your method and advice)

my biggest strengths are drawing the correct trend lines and this help me to get right in profit.

thanks for your help

Ban.

Awesome, and good job on trend lines. If you can draw them well then you are better off than most right there.

I can't specifically give advice about CT trading, but I can give advice about fear. Fear is two fold. While you are in a trade, you can face fear of losing (stop), and you can face greed, which is the fear of missing out (bigger target).

It is easy to sometimes say you should ignore your nerves, or your gut, and man up and just do it. Let it ride. See what happens. But, that does not work in trading. You can't take all emotion out. Without emotion, you have no feel for the market.

The trick is to have the experience and with it, wisdom, to know what to do as you start to feel things things in a trade. The best advice I can give is to pick one single thing to work on, and focus on it the entire day or week, then grade yourself on that daily. For instance, let's say you trade 3 contracts and your third is a runner. Maybe you should have your daily focus (and do it for a week, even two weeks) be to let your runner go. Then grade yourself on it each day to see how you did.

But don't just let it go blindly. I think a good way to see the difference in blindly allowing a trade to stay on and not, is to ask yourself this question. "If I take my runner off now, and I post about it in my journal, will I have a good reason to show why I took it off?". In other words, you want to look smart on your journal, right? This added pressure is good. Because it forces you to make the best decision you can make, which is to only take the runner off when it makes sense to do so. It can be taking it off immediately, way ahead of "plan", or letting it go until it reaches a 100 tick target. The right answer is always to do it when it is "best" to do so. This kind of pressure is what you want.

Mike

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  #22 (permalink)
 benbrooke 
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Thanks you!!!

i really appreciate your input

Ban.

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  #23 (permalink)
 cclsys 
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"appreciate if you guys can help me find with trend setups (No indicators :-))"

Well, you seem to have some sort of MA and also BBands, right?

Simple rule worth exploring might be:

higher pivot high above the MA = bull;
lower pivot low below the MA = bear.

Or descending trendline upside breakthrough above the MA;
Ascending trendline downside break beneath the MA;

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  #24 (permalink)
 benbrooke 
Dallas,tx
 
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hey guys,

as promised , i have a new setup to trade with the trend setups.
i took Big Mike advice and my friend advice to minimize my counter trend setups and it works very good for me .
i also find out that i am more conferable with the trend trades.

i added a new chart to my system based on Big Mike envelope and also i replaced volume pattern with volume stop (volume stop V4 already include churn bars)

if you like to know more about Big Mike system check out the GREAT thread



so here is my trades

Trade 1: with trend trade
Grade A - Both target filled (second exit at Fib target)

Trade 2: with trend trade
Grade A - Both target filled (second exit at Fib target)

Trade 3:Counter trend trade
Grade A - Both target filled bought on TL break at the low Fib Target

Trade 4: with trend trade
Grade A - Both target filled (second exit at Fib target)

Trade 5: with trend trade
Grade F - My error on DOM took 2 Ticks loss and second target filled

Thank you all

Ban.

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  #25 (permalink)
 David_R 
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Ban,

Nice job! It looks so simple, but of course its not. Nice way to end the week.

David

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  #26 (permalink)
 benbrooke 
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David

its not so hard as well , the hard part for me is keeping the trades on but i am getting better every day.

Ban.

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  #27 (permalink)
 David_R 
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Its not hard. Hmmm. i wish I felt that way. I'm my own worst enemy.

Staying with the trade is hard, but once you are in profit it should be easier and not more difficult. Don't you think? Since oil is trending down you know you were going the right direction. today you could have trailed just above each 5 minute candle and not been stopped out until the end of the move. Also, since you were trading with the trend you could also set target 2 at a fib extension of the prior swing. In other words, where you entered you second trade on the pullback to the midline you can run a fib extension of that retracement swing. Target could be the 127.2 or 161.8 of that swing. both would have been hit and then some. I know its hindsight, but if you don't see a reason to get out like a trenline break or whatever you look for then don't. Just some thoughts.

How long have you been trading. You have advance in your member info.
David

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  #28 (permalink)
 benbrooke 
Dallas,tx
 
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I have been trading now for the last 4 years , first year lost alot (15K)
you mention that its easier to stay in a trade while you in profit and i find it harder becouse i want to get out and "bank the money" i find myself very anxious to get out , but i know i will not lose on the trade.

the futures.io (formerly BMT) bands are good for my second target then fib ratios , it look like people respect those level more often

David , how long you been trading?

ban.

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  #29 (permalink)
 David_R 
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Ban,

I know exactly what you mean about booking the profit. I know its not easy to sit through all the oscillation.

Well, I can't say I've been trading, really. Its more like losing. I've been trying now for 3+ years. I've lost more than 15K on a number of occasions. The reason why I have not been posting is because I've blown out again and don't really know what to do about it. I know I need to correct some things like having a written plan and following the rules. I find myslef breaking rules and then revenge trading and over trading and before you know it I'm down on the day much more than i should be. I started my journal at the suggestion of Mike. It really seemed to help to go through the charts and post them and review them. I then find myself doing the same bad habits like going counter trend because i think I can tell that Prof money came in. Sometimes it turns out to be a good trade, but mostly I lose on those trades. I took a course from the guy and can't get it out of my head and keep doing those trades.

I also had a day job, but got laid off in Oct 2008 and only have had temp positions since then. When I see someone make $1000 trading for not even an hours work I think I should be able to do half that or even $300 of $400 and build up to a day like you had today. Who needs a job. I think I was not treating trading with the respect it deserves and I've paid the price many times over.
Sorry about the ranting.
David

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  #30 (permalink)
 benbrooke 
Dallas,tx
 
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you seem like you really need help
i like your journal and i think you should continue do this.

if you like maybe i can help you (just support from one trader to another)
my skype is banbrooke1

thanks
Ban

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