Before starting the market replay practice, I did some PA text labelling between 5:30 am and 9:30 am. Special reference points such as HH/DT/LL/DB (if any) certainly helped identifying trade opportunities when the market opened. For example, my first Long was based on the DT @8:51.
Like I said before, a Naked chart is not as intimidating as before! It's quite pleasing to both eyes incl the mind's one .. smile ..
For the first hour, will focus on the following special reference points:
Fri's Value Area: 1125.50 - 1136.00
VPOCs: Bottom 1130.00 Top 1153.00 (If price trades below or above, will use 1110.75 and 1166.75 instead.)
Also depend if we have a gap up or down. If yes, one may choose to trade with the initiative buyers or sellers. Or wait until responsive sellers or buyers show up. In short, always trade with the flow or trend LOL!
1. Had a flavor on a 2-Range chart - it's quite speedy! Since I learned one may consider a tighter SL say 4 ticks (instead of 8-12 I've been using), I was checking it out. Unfortunately, too fast for me at this stage .. sigh ..
2. Brain Food - Finished 1/3 Trading in the Zone. I am going to tame the "x factor" in my petite head!
3. Price Action - Practice Practice Practice. Very inspiring hands-on.
As you are finding, Trading in the Zone is a great book. There are two lists in the book that you want to take away: 5 Fundamental Truths and 7 Principles of Consistency. I actually have these lists in my trading plan, and review every time I review my plan.
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1. Identified 2 higher probability trades (first and third trades) according to my book .. haha .. The second one was placed according to the previous LL. Technically I was following the rules and yet I was ignoring the CHOP warning. I saw them and I would like to test out IF one should stay out regardless of what trading systems/set-ups he/she is using. Conclusion: NO trade when it's choppy!! Lesson learned.
Grade: A- (Not A+ because I ignored the CHOP warning and went ahead with the second trade even it's a 1-contract one.)
Grade: B (Really tempted to give myself an A! Well, I did pay more attention to the price bars and used them to identify higher probability trades. How can I get an A? More practice LOL!!)
1. I was quite occupied playing with NJ ATM strategy and BT Exit/Profit Protection settings while trying to identify trade signals at the same time. With my speakers on this morning, I was shocked by the BT audio alerts.
How to improve: Will only try out the features after my trading session.
2. Focussed more on Price Action has somehow affected my MP Fade the Extremes trade plan. Post-trading Realization: the second Short trade should be a Long one IF I followed the MP VPOC set-up (rejection from responsive buyers).
How to improve: Stay with MP Fade the Extremes. Focus on ONE set-up at one time esp during my trading session. PA practice afterwards on other instruments such as YM/CL!
Oh, I was a little scattered and aggressive again .. Sorry!!!
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Today's Initial Balance: 1130.50 - 1140.25 (9.75 points range)
Today's Value Area as at 11:20 am: 1136.25 - 1135.25 - 1130.75 (5.5 points range)
VPOCs: Bottom 1110.75 Top 1153.00 (1130 was touched)
Price opened @1137.00
ES trades around 1125.00 as of this moment. Try to find support. IF successful, one may buy with responsive buyers. Else sell with the initiative sellers until rejection.
It's rotating down right now and extends the trading range to 16.75 points.
I scanned through the subject and would like to share the suggested 7 Steps to Success:
1. Staying focussed on what you need to learn
2. Dealing with losses
3. Becoming an expert at just one market behaviour
4. Learning how to execute a trading system flawlessly
5. Learning to think in probabilities
6. Learning to be objective
7. Learning to monitor yourself
I also like the Final Note as follows:
The more positive you feel about yourself, the more abundance that will naturally flow your way as a by-product of these positive feelings. So, in essence, to give yourself more money as a trader you need to identify, change or decharge anything in your mental environment that doesn't contribute to the highest degree of self-valuation that is possible. What's possible? Stay focused on what you need to learn, do the work that is necessary, and your belief in what is possible will naturally expand as a function of your willingness to adapt.
The following 2 users say Thank You to wgreenie for this post:
I tried out different Profit Protection settings in the afternoon and have a better understanding on how it works now. Hmm, BE/trail have their pros and cons. Really depend on one's trading style and comfort level.
Please feel free to share your tips with me. Thank you.