Since you are posting a journal I assume you are looking to spark up some convo about your plan and maybe looking for some help. With that being said I'm curious about your entry, do you use the same conditions or a similar set of patterns each time ? What conditions are you looking for to signal you that there is a good chance there is money up for grabs from the party on the wrong side of the trade?
entry is one piece of the puzzle, I'll ask about other parts of your plan later.
Good trading to you.
The following user says Thank You to zr1trader for this post:
I like Your use of tick charts, as I feel they present certain patterns of price in a "cleaner" manner. using the fib retrace can be a tool for entry, You can also use the fib expansions for your tgt(s),or triggers to trail stop.
You have the right idea of keeping an eye on larger time frames also and not getting lost on looking at only the tick charts. I like to Keep an eye on the highs and lows of the different trading sessions, NY asia, eur. The market likes to go where the most orders are. Otherwise how will the exchange make money if they don't fill the most orders they can? That is usually why the saying , "the market goes where there is the most pain for the most people", because they have to fill all those pending orders (usually stops) in orders to make commission. the big guys need that liquidity from all the suckerz too... to enter/exit . Some things to think about, the repeatable behavior of participants in the marketplace.
Just my 2ticks
Last edited by zr1trader; March 12th, 2013 at 02:23 PM.
Here is an example of using those fib extensions as tgts, I like the 4.23 and 5.76 exits. EOD so Right now I'm looking at the 4.76 exit door. . can tighten up trail too, Another way to skin the cat with fibs
I'm more of an all in all out guy,If I am going to cut it shorter than expected i'll tighten the trail. Personally, I leave the scaling to the deeper pockets that like to scale for liquidity reasons. I do know others who like scaling out at the fibs. Different strokes for different folks. Your biggest asset is between your ears. Cheers
Last edited by zr1trader; March 12th, 2013 at 03:43 PM.
Thanks for your comments zr1trader. What I am trying to do is find retracements to buy/sell, and then close the position at a measured extension. Generally, I look at what measured moves have traded in the past, and then look to participate in the next in the series.
I welcome your comments. My trade plan is under construction, if you will.