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Trading fast markets
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Trading fast markets

  #101 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

Day 17 - good

I am in a hotel right now after a day of race tranings at Brno MotoGP racetrack. Tired physically but wanted to look what market is doing. Some rally during O/N. Decent volume in a small range where price consolidated after the Comex open. Huge numbers on volume profile - 1000,2000, I though I was looking at ES

Had my eye on a setup, but it was smallish, and lots of steps on the stair right after. Price did make a jump of 15 ticks there. Without me of course. But a minor setup. Then another one, from 15 minute, looks better but some higher wicks prior to setup. I traded it with 10 contracts. It got me in and stalled, then waited for 30 seconds in 1-2 tick range and fell back. Lost 6 ticks plus commission. 650 usd total. But it was a valid setup, so no regret there.

Then I decided to look only for a better setup and had my eye on 700 level, with HOD stood shy of it 5 ticks. In previous days 700 provided a nice swing high where stops could be accumulated. I set my order and sat on my hands. Market did nothing for half an hour. And then started to move. I was on skype and just looked as it moved to my level, triggered and made a big jump. Fast fill on 10 and 30 ticks targets.

Totals net:
1 trade (650)
2 trade 1950
----------
1300

Now I stop and get well deserved rest.

BTW, this is my 9th day of second win streak. First was 7 days and ended with a losing day, the only losing day so far. I feel good about risk management and my patience. These two are my biggest faults still, and I started Combine to improve. Looks like it is working.

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BTW I am only 4500 away from reaching the target, and 3 days still left to the minimum Combine duration. I hope to end it sooner than expected.

Trade well folks and don't overtrade!


Last edited by xelaar; May 8th, 2013 at 04:32 PM.
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  #102 (permalink)
Elite Member
Lehrte, Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: PTP / Rithmic
Favorite Futures: NQ
 
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Posts: 1,159 since Sep 2011
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Great job !

You're doing a really great job my friend !

You are pretty close to the finish line, so just stick with your patience and discipline, then you'll finally make it for sure.

Keep up the good work, cu on the Squawk Radio !

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  #103 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received



Daytrader999 View Post
You're doing a really great job my friend !

You are pretty close to the finish line, so just stick with your patience and discipline, then you'll finally make it for sure.

Keep up the good work, cu on the Squawk Radio !


Thanks! I hope too. The most important I learnt it just to treat every day as just another day. Don't go crazy, don't put difficult targets. Market decides what you take home: joy or sorrow. Be humble. Market prevails!

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  #104 (permalink)
Elite Member
Lehrte, Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: PTP / Rithmic
Favorite Futures: NQ
 
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Posts: 1,159 since Sep 2011
Thanks: 1,137 given, 1,565 received


xelaar View Post
Thanks! I hope too. The most important I learnt it just to treat every day as just another day. Don't go crazy, don't put difficult targets. Market decides what you take home: joy or sorrow. Be humble. Market prevails!

Yep, you're absolutely right. That's true 'textbook' behavior...it's really a great skill that you're able to act upon these facts accordingly...but it seems that these are truely some of the biggest issues most traders have to deal with...

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  #105 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

Day 18 - minor

Came back home after the race. Did not plan to trade, was too late in the day, but popped the chart. Saw a perfect setup, so decided to take a plunge, just one as it was already after the Comex close. Price built up and then approached my level fast, making it a nice looking action. It triggered and went few ticks into profit and hanged. Given that it was late in the day, I killed it. Ended up with 3 ticks. Price then came back and could potentially stop me out and then went some 15 ticks into profit. Still a plus day, albeit small. Did another experimental trade. Just 1 ticks loss on 1 car.

Net on the day +235

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And the trade log for last two days:

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  #106 (permalink)
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prague, czech republic
 
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Day 18 stats

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  #107 (permalink)
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Guildford Surrey UK
 
Futures Experience: Intermediate
Platform: NinjaTrader, IG SpreadBetting with ProRealTimeCharts
Favorite Futures: DAX CL NQ EUR/USD
 
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Great job, @xelaar.
This is awesome.
You can keep going through the 20th day if you want, right: 20 is minimum?
Nearly there. You will finish when you are good and ready, I am sure
Best wishes
JS

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  #108 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

Yes, 20 day is minimum, I can do as much as 40 days, limit is set at 14th of June.

Today started early and at a wrong foot. Volume not very low, steady sentiment down, but apparently not much stops build up under the lows. Pushes down produced actually by market orders, not by some liquidation.

Opened the day with a small winner, just couple of ticks, closed prematurely as price action was slow. That would be at least 20 ticks winner. My bad. Then two full losers. Two good zones, but previous lows were dated several days back or even a week. To get stops build up we need recent price action, i.e. even if there was decent rejection at levels in a past, we need first to see market confirm it by getting rejected recently: today and yesterday.

Both trades would end up nice winners, first pullback that stopped me out was 6 ticks, right to my stop, and second was 9 ticks, my stop was 6. No need to draw conclusions, even if price moved right direction after, if was not on stops liquidations, but on sheer market pressure. So it lacks a vital component of my system that allow low-risk entries with tight stops: order flow traps causing stop orders liquidation.

I will go down to 5 cars from ten now to allow at least 2 more trades (if they are losers), and I will refrain from trading until Comex opens and I have recent price action at key levels.

Currently -1150 on the day.

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  #109 (permalink)
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prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

Day 19 - a bad day

Well it's not all roses, sometimes every step you take ends up in a pile of turd. Today was one of those days.

It is Friday, but volume was high and moves were significant. O/N gold moved down and then continued down. Easy trade. But I made nearly only losses. Entries were not all perfect, but no undisciplined trades, no revenge trades, no boredom trades. I am happy in this department. A couple of entries weren't perfect in a sense they were based on price action dating a week back. Usually it is the best to have it re-confirmed with yesterday or today's price action. Since most of traders that make up a large share of volume trade intraday, older swings high and lows make not much sense in terms of already placed stops. That was a minor mistake I made.

The big mistake was inconsistency in trade management. I cut some trades short to get sure 2-3 ticks on first hesitation, and let others hang only to hit SL. It is pretty hard to cut trade that hangs around entry or in small loss, so the answer would be to let ALL trades work. 6 ticks is stop small enough to just risk it. If I would do that, I would have a positive day today. 2 trades were having 50 ticks of profit on table.

Now a time about disastrous trade. Not a Combine breaker, same 6 tick loss, but before it hit trade worked for 8 minutes (!!!! most of my trades well under a minute) and made 30 ticks profit. What is a reason it hit SL. Because I went to eat some food, left resting order on hoping that a sound would make me return to check it out, since I decided to let this trade run. Run it did. But I should come earlier, I did not even move it to BE.

Anyway, this is the lesson for me to work on next week, and very important one - I have been suffering from that sin all the time as I was trading: be consistent on trade management and let winners run.

I intend to go down to 5 contracts next week, allow up to 5 trades a day to lose (since with this trade management risk of stop out rises) 6 ticks each, so it is max risk 1500 usd plus 125 in commissions, i.e. 1625. All this risk can be mitigated by just one 30-ticks winner (almost).

This is my task for next week. No matter what - stick to this "let it loose" plan:
1. Entry with resting order, entry must be confirmed by today's price action rejected at key level
2. Leave trade with 30-50 ticks target (depending on swing sizes) and 6 tick stop
3. Watch trades but don't close with flatten button, simply wait for 1 minute (this is a compromise between 2 minute candles and closing on first sort of trouble) to close and move to BE, then trail based on 1 minute candle close, for large candles move stop into the middle of the candle.
4. Close trade on first opposing candle close.

This is it.

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As you can see today made a huge dent into the expectations, now combine is expected to finish in 31 days, instead of 25 just yesterday, but if I stick to my plan outlined above strategy will prevail and there is a chance to finish earlier than expected.

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  #110 (permalink)
Trading Apprentice
thabazimbi limpopo/south africa
 
Futures Experience: Advanced
Platform: T4
Favorite Futures: Ultra Bond, Gold, Lean hog, Dow
 
Posts: 27 since Oct 2012
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Yes today was damn tough, you kept good control on your down side and you are still very well poised to make it happen. Just keep hammering away man, you have what it takes.

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