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Beth's Journey to Make Her Millions
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Beth's Journey to Make Her Millions

  #371 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Price Action Practice via Market Replay

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 ..

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-es-pa-market-replay.jpg   Beth's Journey to Make Her Millions-es-06-10-5_10_2010-4-range-pa.jpg  
 
  #372 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Pre-market Homework for Monday 17 May

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!

Happy & Successful Trading!

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-premarket-homework-17-may-mon.jpg  
 
  #373 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Weekend Recap


Items Accomplished:

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.

Non-trading Items:

1. Organic rosemary buns .. haha ..

2. Tandem bike ride .. smile ..

Beth (Back tomorrow .. night-night ..)

 
  #374 (permalink)
Elite Member
Madison, WI
 
Futures Experience: Advanced
Platform: Sierra Charts, ALT
Favorite Futures: ES
 
aslan's Avatar
 
Posts: 614 since Jan 2010
Thanks: 342 given, 1,077 received

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.

The following 2 users say Thank You to aslan for this post:
 
  #375 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received


aslan View Post
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.

Thanks aslan! I will follow your step and have them posted on my trading bulletin after digesting the materials.

Beth

 
  #376 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Trading Morning on 17 May

Goals Accomplished:

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.)

2. Price Action Practice

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!!)

Confession:

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!!!

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-trade-log-17-may-2010.jpg   Beth's Journey to Make Her Millions-es-06-10-5_17_2010-4-range-.jpg   Beth's Journey to Make Her Millions-es-06-10-5_17_2010-30-min-.jpg  
The following user says Thank You to wgreenie for this post:
 
  #377 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Bracket Trader (BT) - Profit Protection Settings

Sos please! I'm not sure if I have the following in good order:

1. Exit Mode MUST be a 2-step one else the Profit Protection Settings will not kick in. This applies to 1-contract trades as well.

2. Trail Trigger @1.00 (same as BE Trigger) and Trail Increment @0.25

When price moves 1.00 in my favor, Profit Protection will kick in and starts moving my SL to BE, then 0.25 as price continues moving to my PT??

Trail stop has always been a mystery to me (have not used it so far). Would be nice to understand how to benefit from this feature. Appreciate any tips please! Thank you.

Beth

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Beth's Journey to Make Her Millions-bt-profit-protection.jpg  
 
  #378 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Market Profile

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.

Happy & Successful Trading everyone!

Beth

 
  #379 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

The Disciplined Trader by Mark Douglas

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.

Beth

The following 2 users say Thank You to wgreenie for this post:
 
  #380 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Bracket Trader (BT) - Profit Protection Settings


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.

Beth


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