For the coming week, I would like to focus on managing the following when I am going to place a trade:
1. Reluctance/hesitation to place a trade upon completion of an Inside Bar
2. Being too cheap and strive to enter at a better rate (other than placing a trade 1 tick above or below the signal bar)
Certainly it's advisable to focus on one thing at one time. For me, they're related and need to tackle at the same time.
How am I going to improve on that?
1) To address Item 1, I understand placing a pair of breakout trades does not meet my trading style. For example, indicators such as SMA/EMA are in favor of a Buy. I prefer placing just a Buy Stop based on an Inside Bar and not both. The Buy Stop may not get triggered and instead Sell Stop ends up as a profitable trade. Certainly this had happened a few times last week.
Fix 1: Run the strategies (long and short) live and I simply watch how they evolve. No manual trade management.
Fix 2: Only place one Stop order that's in favor of the overall trend or how I interpret the trend direction. If it works out to my favor - great! If it does not (incl not getting triggered), no regret and wait for another Inside Bar opportunity.
2) To address Item 2 is easier than Item 1.
If Fix 1 is on, they're already programmed to enter 1 tick above or below the Inside Bar. Certainly sim trade experiences told me slippage may happen (happened less than expected so far).
If Fix 2 is on, it's my commitment to follow the entry rule, ie placing a Stop order 1 tick above or below the Inside Bar. NO more attempt to enter at a better rate. This bad habit MUST be completely deleted from my system!!
I have solicited N's comments on Item 1. His response:
i) Give it a try hon you got nothing to gain except confidence.
ii) Risk you must take to gain what you need.
iii) You must go with your instinct.
Sooooo, I am undecided at this point. A rough recall on how my strategies have been doing for the past two weeks. I believe they're 100% profitable on a daily basis even some days had 1 or max 2 losing trades.
Often times there is no right or wrong, no black or white answer. Just pick one, learn from it, and move forward.
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The following user says Thank You to Big Mike for this post:
You will notice from the enclosed that I have some short dash lines of different colors. The CMIPivotsDailyDashV7 is part of Jeff's template. Unfortunately, I did not know how to set up its parameters properly weeks ago. This weekend I finally did .. with Jeff's guidance of course.
If interested, you will find the indicator from Post #1 of Jeff's Three Set Ups Thread.
Be sure to update the User Defined Values daily and get the prices from
I had a thorough discussion with Nelson minutes ago. He encourages me to place trades manually. It's more challenging (esp to my nerves) yet I will benefit more. Soooo, Fix 2 for the coming week. Wish me Luck (I do need that .. smile ..)!
FYI: I went through all Inside Bar trades for the past 30 days again. One should be very comfy with the impressive historical results. Did the SMA/EMA help? Not much .. though SOH is a trade decision/strategy too.
Initial Balance: 1077.25 - 1069.50 (7.75 points) Value Area as at 10:30 am: 1077.00 - 1073.50 - 1072.00 (5 points)
Price opened @1071.00
Today's High and Low as at 10:30 am: 1077.25 - 1069.50 (matching IB)
VPOCs: Top 1087.50 and Bottom VPOC 1068.50 (1059.25 next on the line) Overnight High and Low: 1072.25 and 1065.50
My expectation: Mr Market will rotate either Up to Down to extend the daily range LOL! He enjoys doing that .. smile ..
Last edited by wgreenie; July 12th, 2010 at 10:33 AM.
Reason: Updated VA
After waiting for 2+ hours, we had an Inside Bar and followed by a second one! Did I take it? Tried twice and decided to cancel the Buy Stop order seconds before it would get filled (details per enclosed).
Since we had a slow morning, I spent more time looking at S/R (plotted by the new indicator) and get myself familiar with the colors say gold for previous day Close etc. Plus I have a 5-minute Volume chart up which I used before and seldom studied it. Running a 15-minute CL chart does have lapse time and I will start studying the volume chart this week.
Seemed like I'm fine in placing a Stop order based on the suggested entry price and not trying to get a better rate!
- 1 Long in the morning (+12)
- 1 Short in the afternoon (-16)
My strategies had it's "first" red day -4!!
Since I have not placed any trades, I officially "outperform" them today .. haha ..
Having reviewed both trades again, the morning one was an A trade! I missed the long tail red bar with divergence (reasonable high volume too) immediately before the 2 Inside Bars. My focus must be on the first Inside Bar (waited for 2+ hours) and I couldn't see the red bar before it ...
I did not take the Short in the afternoon because the volume was below 1,000 when it's triggered. Guess the major players had not returned from their lunch break.
Hmm, was my focus on the volume chart and that's why I missed the long tail red bar? I couldn't recall though I must confess that I was in and out of the trading room today. Nelson was fixing the big hole in the gym. I was called to help with wood delivery or beverage etc etc. When I detected an Inside Bar might be close to forming, I did tell him I had to stay close to the computer and he understood.
What grade should I get? I'd say a C+. My emotion buddy is under control (so much better than last week) and no numbed fingers even I was trying to place a Stop order twice. Certainly could still feel my nerves' cracking a little.
Officially I am done for the day. I will leave the CL volume chart on this week. So far I've found the yellow ADXVMA may be a trend reversal signal to me. I'm not 100% sure and will monitor/study it more. I know the volume chart is a great tool .. really depend if I may benefit from it. If not, I always have the option to put it aside and pick it up at a later date.
1. A 15-minute yoga session (2 days in a row after at least 2 months' lapse). I really missed the hot yoga sessions I used to have when I was in Toronto (2-3 times/week). Bought an Xtreme yoga mat early this year. It's quite interactive and easy to use. No excuse not to use it .. though I could have found hundreds of reasons not using it for months. Busy is the Number 1 excuse and it's true!! You are my witnesses .. smile ..
Oh, I am going to schedule a regular yoga session in the afternoon, say around 3:00 pm when I should have finished reviewing the CL trades. I believe it's critical for my mental and physical health. Hey, to have a clearer mind may enhance my trading skill LOL!
2. I prepared and sent out a Summer note to my friends - long due as summer was officially here 2+ weeks ago. Threw in 2 weekend photos and a crispy update. I used to email regular "photo" updates all the time. Have been very occupied for months + no reason to take some photos (depend on our mood too) .. haha ..
A few peers have not heard from me for a month. Started knock .. knock .. to check me out.
3. Mon to Fri schedule as follows (+/- 15 minutes dev):
8:00 am - 8:15 am Visioning Exercise
8:15 am - 9:00 am Getting ready for a Successful Trading Day
9:00 am - 12:00 noon CL Trade(s) (mostly Inside Bar set up with occasional Outside Bar/Reversal ones)
9:45 am - 11:00 am TF Semi-auto Trade (possibly 1-2/week or NIL as it does not trigger very often)
12:00 noon - 1:00 pm Lunch Break
1:00 pm - 2:15 pm CL Trades (If I do place trades, I plan to adjust PT to 8 (from 12).)
2:15 pm - 3:00 pm Trade Review
3:00 pm - 3:15 pm Yoga (will eventually extend to a 30-minute one)
Note: Will post trade recap in-and-out.
Now I'm happy that I won't be sitting in front of the monitors all the time.
The following user says Thank You to wgreenie for this post:
I sure you might have already noticed but........in case you haven't..........on your losing CL trade.....different people got different results according to their trade management........I got +8+1 because I move the stop to b/e +1 after the first target (+8) has been achieved.......Shodson goes for +24 and does not move the stop.......I don't know if his orders were filled but I do know that the market hit his target. So......not everyone suffered a loss that took the same trade with the same entry.
The following user says Thank You to Jeff Castille for this post:
Yes Jeff thanks for your kind reminder. We are looking at the same chart/Inside bar set up yet have different results all because of different money/trade management. I looked at the afternoon trade and asked myself if I could stay in a trade for 30+ minutes with a 25+ SL. I would probably grasp an opportunity to exit upon completion of the first 15-minute bar. That's me!