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Five A Day
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Five A Day

  #41 (permalink)
Elite Member
Birmingham UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IG/eSignal
Favorite Futures: Dax
 
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ratfink View Post
From an EW view dropping under the week's lows ought to get fairly traumatic for bulls, on the other hand ES above 47-48 ought to get a bit squeezy towards 60-65 again first...

And here we are as advertised. ES above 66 and then holding a bigger pullback could yet again open the door much higher. Dax stuck in pointless post-holiday micro range all morning, so maybe we'll look tomorrow for continuation or fail at resistance.

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  #42 (permalink)
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Sometimes less is more.

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  #43 (permalink)
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Waste of effort day really, other than self-study. Ended +5 points after a 5:3 wins to losses scalping, so clearly woeful R/R at play, just good practice on platform/trade management, so that's still useful I suppose.

I am becoming comfortable with a more relaxed approach to entries and have realised that I do 'know' early on when I'm wrong (market disagrees with me) or more importantly when I have done wrong (broken rules/impulse traded/etc) and can get out quickly in either case. Just not selecting well enough, still too keen to be 'always in the game' as opposed to stalking. May have to introduce a one-an-hour speed limit.

Sadly I have not yet got past the Big Psycho - when I'm in a losing trade I have an almost comfortable resignation to it, whether I kill it or get stopped out, yet when I 'know' I am in a good trade (market agrees, no rules broken, good entry, will get to target) then I suffer an almost unbearable pain - weird and discomforting it is and hence I cut most target hitting trades well short if not even at birth.

Work In Progress

Travel Well
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  #44 (permalink)
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Hard day today, lost a hat-full of points on a stack of dumb trades (rules, window, out of...) - then had a major epiphany by realising that a huge problem was not knowing what type of trader I was trying to be. Realised that I look for swings and trends but then behave like a scalper mixed up with a baseball hitter and consequently get risk/reward and trade management upside down big time.

So, deleted yet another significant chart that I have clung onto for what I can see were purely sentimental reasons, and now have a simpler layout again - 1 medium-term context/structure screen, 1 short-term context/structure screen and 1 screen purely for entries with a clear plan of how and when to prioritise each, ideally with minimal functional interference.

Interesting change in perception and action after the modifications and promptly hit 4 good scalp winners. Still didn't fill the morning's hole but we are progressing, if I can get past the idiotic rule breaks.

Hard day ended as a good day, but then all learning days are. Am I a closet scalper waiting to get out? Or are there really two of me?

Travel Well
 
  #45 (permalink)
The Narrow Road
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ratfink View Post
Hard day today, lost a hat-full of points on a stack of dumb trades (rules, window, out of...) - then had a major epiphany by realising that a huge problem was not knowing what type of trader I was trying to be. Realised that I look for swings and trends but then behave like a scalper mixed up with a baseball hitter and consequently get risk/reward and trade management upside down big time.

So, deleted yet another significant chart that I have clung onto for what I can see were purely sentimental reasons, and now have a simpler layout again - 1 medium-term context/structure screen, 1 short-term context/structure screen and 1 screen purely for entries with a clear plan of how and when to prioritise each, ideally with minimal functional interference.

Interesting change in perception and action after the modifications and promptly hit 4 good scalp winners. Still didn't fill the morning's hole but we are progressing, if I can get past the idiotic rule breaks.

Hard day ended as a good day, but then all learning days are. Am I a closet scalper waiting to get out? Or are there really two of me?


Before you hit the DOM and make the trade you will know what stage of the day it is and your intention for the trade. Just write it down and stick to your stops !
  • CORE Trade: You trade the DAX - it moves 100-125 points in a day ... it takes GFIs1 sometimes 3 hours to get in profit or before he is stopped out. How often have you had 30 points in crap trades within the same 15 point range ??? A Core trade is going for the big swing ... it might need a bit of room before it is wrong.
  • SWING Trade: Your stop will be above/below the relevant HH / LL
  • SCALP Trade: If you see 3 points profit and you know that you would chicken out (maybe multiple times on the same bar) for 3 points loss .. that is your exit point

Good luck .. to both of you !

p


Last edited by podski; May 30th, 2013 at 03:37 AM.
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  #46 (permalink)
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podski View Post

Good luck .. to both of you !

p

Thanks @podski , that's a good 3-way list.

The irony is that if I had listened to my own system and @GFIs1 then it would have been a very different day, but that is the nature of the beast within that I fight every single day. We'll see what has been tamed by end of the year.

Travel Well
 
  #47 (permalink)
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scalpy progress

Decided to sit more comfortably with having a high mix of scalps in the day. Win ratio is solid - another 5:3 yesterday but ended flat due to smaller winners, today so far 8:1 for +15 points, with the morning compromised by a typical impatient swing attempt.

Have removed yet more clutter from screens. Need to work on better target holds for scalps and more patience required in general, otherwise will die by a thousand cuts instead of just half a dozen.

Less in front of the eyes is definitely making for a more relaxed attitude, though the need to actually believe the eyes is still high priority. Looking forward to next week and continuing to develop a mix of scalps with just two or three core trades per day.

edit: Just scalped another +5 to end a tidy morning. Note to self for next week - Work On The Sitting.

Have a good weekend one and all. The sun is returning to the UK.

Travel Well

Last edited by ratfink; May 31st, 2013 at 07:08 AM. Reason: early day finish
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  #48 (permalink)
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Busy outside the box so a quiet two trade day, just a couple of hours, ended +11. Steady progress for now.

Travel Well
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  #49 (permalink)
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Fair day, caught up in small move trades, always seemed to be distracted/cooking/etcetera when the good setups were on the table, frustrating from that aspect but finished +19 points, happy enough for now.

Still getting used to the revised layout and developing a new approach - to concentrate on 'reaction/safe entry?' first then 'what might it mean?' second, in order to get away from a more typical focus on structure and pattern that usually builds a growing bias and disbelief of eyes. Still need to have both in place but swapping the look order is my way of 'Breaking A Habit.' Well, one of them.

Travel Well
 
  #50 (permalink)
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Finished European session with +14 from scalps, so 4 consecutive positive days.

Bit seat of pants stuff in today's volatility, missed a cracking setup and took a few trades off after taking heat, cost me a lot of points but I'm taking it as deserved punishment for jumping the gun on trades that are against the plan. The reward is simply learning to manage my way out of dumb trades pretty well. One day I'll stop putting them on in the first place. Yeah, Right.

Dumped another 4 sentimental charts off the screens and put one of Al's on. Well you know. The One. Ha. Simpler layout getting more so every week, though some would still say Daliesque.

Travel Well
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