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The Logical Trading Journal
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The Logical Trading Journal

  #71 (permalink)
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@iNeo

Hi, thanks for update.
Did you know that in Europe, we changed clocks back one hour yesterday.
Also, would appreciate what EOR and WOR mean and what times are you using for these (please in CT).
No rush. Stay on task :-)
Thanks
Have a good one

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  #72 (permalink)
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jmsUK View Post
Hi, thanks for update.
Did you know that in Europe, we changed clocks back one hour yesterday.
Also, would appreciate what EOR and WOR mean and what times are you using for these (please in CT).
No rush. Stay on task :-)
Thanks
Have a good one

WOR = Weekly Open Range. Its the Asian session range of Sunday - the first day of the week. 6:30 PM to 1 AM central.
EOR = Euro Open Range. Its the first 5 minutes range of the Euro/London session. 2 AM - 2:05 AM.

I think we change our clocks 1st Sunday of November - this coming weekend.

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  #73 (permalink)
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iNeo View Post
WOR = Weekly Open Range. Its the Asian session range of Sunday - the first day of the week. 6:30 PM to 1 AM central.
EOR = Euro Open Range. Its the first 5 minutes range of the Euro/London session. 2 AM - 2:05 AM.

I think we change our clocks 1st Sunday of November - this coming weekend.


Thanks for your reply.
Could you please clarify a couple of points for me mainly in regard to time difference?
Yes I agree, looks like you change next Sunday.
At the moment, London is 5 hours ahead of Chicago.

You have the Sunday opening at 18:30CT and the finish of the session 01:00CT
I see the opening time as 17:00 =23:00 London time normally ie when time zones are synched .
Yesterday’s opening time was 22:00 London time = 17:00CT (after our time change and Far East)
What happens between 01:00 and 02:00 CT? I have prices but maybe you call that a dead zone.

In regard to Euro opening time 02:00CT (=08:00 London normally), does that relate to the normal time difference of 6 hours or have you adjusted for time difference?
In other words do you prefer to use the 08:00 London time for start of session or 07:00? I think of 08:00 as the start, but value your opinion.

One other thing, do you take the whole Sunday session through to the open of Europe for the opening range or just the opening 5 minutes on the Sunday.
Many TIA

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  #74 (permalink)
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jmsUK View Post
Thanks for your reply.
Could you please clarify a couple of points for me mainly in regard to time difference?
Yes I agree, looks like you change next Sunday.
At the moment, London is 5 hours ahead of Chicago.

I see your point now. Didnt get it before. I was thinking, "why is he telling me that they changed their clocks"? Duh! . Thank you.

Its not been too long since I have started using this method so I havent crossed all the t's etc. Checkout this thread if you want to know exactly how I am trying to trade: https://futures.io/trading-journals/17308-day-trading-crude-without-indicators.html. mfbreakout's journal is what you should follow to learn this method.


jmsUK View Post
You have the Sunday opening at 18:30CT and the finish of the session 01:00CT
I see the opening time as 17:00 =23:00 London time normally ie when time zones are synched .
Yesterday’s opening time was 22:00 London time = 17:00CT (after our time change and Far East)
What happens between 01:00 and 02:00 CT? I have prices but maybe you call that a dead zone.

In regard to Euro opening time 02:00CT (=08:00 London normally), does that relate to the normal time difference of 6 hours or have you adjusted for time difference?
In other words do you prefer to use the 08:00 London time for start of session or 07:00? I think of 08:00 as the start, but value your opinion.
Many TIA

Between 1 and 2 AM central is dead zone, you are right. I havent adjusted for the daylight savings time difference when I calculate the Euro OR so thank you for pointing that out. Ideally, I should be keeping track of when the local exchange times change. Today's 2 AM and 3 AM range was close but not close enough or the algos that trade it arent programmed to consider the DST time shift in London either and thats probably why my first trade worked (sort of), I dont know .


jmsUK View Post
One other thing, do you take the whole Sunday session through to the open of Europe for the opening range or just the opening 5 minutes on the Sunday.
Many TIA

If you are asking about the weekly open range (WOR), then its the asian high/low range of Sunday, 6:30 PM - 1 AM, not 2 AM.

Think of it as 4 different ranges:
Asian Range = 6:30 PM - 1 AM
Euro Range = 2 AM - 7 AM
Euro Open Range = 2 AM - 2:05 AM
NY Open Range = 7:30 AM - 8:15 AM (except inventory Wednesdays when it is 7:30 AM - 9:45 AM).

The WOR is the first Asian range of the week.

These are the dynamic levels made available to lean against each day. Use a confirmation tool of your choice (cumulative delta, stochs, macd, whatever) at these levels to enter a trade or not. And use Mark Fisher's ACD method for the big picture. Its been 3 weeks since I have been actively trading this and so far I am convinced this method of trading has a high probability of success. The more screen time I get, the better I will become.

Hope this helps.

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  #75 (permalink)
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iNeo View Post

Hope this helps.

Yes thanks it does help. All thing considered, I will wait till next week to investigate this methodology after the normalization of time change. It's hard enough at the best of times but introducing another uncertainty, makes it more difficult.
Thanks again.

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10/29/2013 Journal

7:13: Missed short from Asian low at 6:30. Kept watching as everything told me to short around 98.16. Will wait for pit session now.
8:00: Short 98.19 from Asian low and retest of developing OR.
8:02: Stop to par after 10 tick move in favor
8:03: Support at Euro low. Should see WOR high. Thats my exit 97.76
8:19: Goofed up again. Let it come all the way back. That went 37 ticks in favor. 6 short of where I wanted to get out. Wasnt quick enough. Got to stop thinking and trade the charts.
8:22: Short again 98.16. This could test OR high so will reshort if stopped. Order flow is right here so going now.
8:25: Should have had some patience. Stopped and reshort 98.21. But the brakes that the algos put on between 97.86 and 97.82 would rival those of a Nissan GTR. I was just taken aback not anticipating that. Should have flattened as soon as I saw that. Now hoping this is a failed A up. Stop to par.
8:37: More goof ups. Failed to execute so far. 2 losses now when there were clearly 2 trades that were both winners. Trying 1 more short from 98.31. Will go into hibernation if stopped.
8:41: Major attempt to push down here, so far big fight to keep it above 98.20. Need to see it break. Stop to par.
8:57: Now they go. It couldn't get more disappointing. Got to rethink my execution. 1 mismanaged trade changes things around so much, hard to believe what just happened. Hibernation time. I am just glad I am not trading the live trader prep account. Got a long way to go.


Last edited by LogicalTrader; October 29th, 2013 at 11:00 AM.
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  #77 (permalink)
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daytarding


iNeo View Post
7:13: Missed short from Asian low at 6:30. Kept watching as everything told me to short around 98.16. Will wait for pit session now.
8:00: Short 98.19 from Asian low and retest of developing OR.
8:02: Stop to par after 10 tick move in favor
8:03: Support at Euro low. Should see WOR high. Thats my exit 97.76
8:19: Goofed up again. Let it come all the way back. That went 37 ticks in favor. 6 short of where I wanted to get out. Wasnt quick enough. Got to stop thinking and trade the charts.
8:22: Short again 98.16. This could test OR high so will reshort if stopped. Order flow is right here so going now.
8:25: Should have had some patience. Stopped and reshort 98.21. But the brakes that the algos put on between 97.86 and 97.82 would rival those of a Nissan GTR. I was just taken aback not anticipating that. Should have flattened as soon as I saw that. Now hoping this is a failed A up. Stop to par.
8:37: More goof ups. Failed to execute so far. 2 losses now when there were clearly 2 trades that were both winners. Trying 1 more short from 98.31. Will go into hibernation if stopped.
8:41: Major attempt to push down here, so far big fight to keep it above 98.20. Need to see it break. Stop to par.
8:57: Now they go. It couldn't get more disappointing. Got to rethink my execution. 1 mismanaged trade changes things around so much, hard to believe what just happened. Hibernation time. I am just glad I am not trading the live trader prep account. Got a long way to go.



Think about ONE GOOD TRADE at time. Book 30 ticks when price is within previous day balance area. Look at your

trades between 8.19 to 8.57. Seems like a very very busy mind. Try to take trades when mind and prices are not jumping.

What's the RUSH?

Just something to think about.

8.41 " Major attempt". When major attempt is underway we do not need to guess- the whole WORLD can see it.

Looks to me you are trading because you may be afraid off missing a move.

Today was a difficult day. How do we know next time another trading day will be similar to today's day?

When price is trading in a balance area, price action will be very similar.

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  #78 (permalink)
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mfbreakout View Post
Think about ONE GOOD TRADE at time. Book 30 ticks when price is within previous day balance area. Look at your

trades between 8.19 to 8.57. Seems like a very very busy mind. Try to take trades when mind and prices are not jumping.

What's the RUSH?

Just something to think about.

8.41 " Major attempt". When major attempt is underway we do not need to guess- the whole WORLD can see it.

Looks to me you are trading because you may be afraid off missing a move.

Today was a difficult day. How do we know next time another trading day will be similar to today's day?

When price is trading in a balance area, price action will be very similar.

Thanks mfb. I keep forgetting and get ahead of myself. Why do I get fixated on levels. Why I let 37 ticks get away from hand hoping for 6 more ticks, I cannot explain. You are right. There is no rush. Tomorrow is another day. Then the day after and so on. Must focus on one good trade at a time.

Thanks for the support.

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  #79 (permalink)
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10/30/2013 Journal

6:00: Price rotating within a 35 tick range since Asian start. Currently at support area at 97.50. Orderflow suggesting long but will wait a bit. See if the 97.40 low gets taken out and what happens then. Been in a downward move since the close yesterday. Could continue.
6:18: That was a good break of 97.40 - decent selling. Could see some folks getting out of their shorts here. MIPOD here at 97.20 so expect rez. No trades yet.
6:52: Yesterday still affecting my judgement today. Scared of pulling the trigger. Was eyeing the long from this double bottom at 97.10, couldnt pull the trigger. Dont know if it will work but previously I would have been long 10 ticks ago.
8:02: Short 97.39. Nissan GTR brakes applied at 97.40. Saw it today on time.
8:11: There wasnt a good place for a stop so I stuck with my standard 12 tick stop. Has held so far. Trade is still good.
8:15: OR does not form until 9:45 today being inventories day. So expect slow movements until then but who knows. Just trading what the charts tell me. 1 good trade is all I am looking for.
8:17: Stop to par. Having difficulty going down.
8:43: Didnt know it was going to be this slow but hanging on. Large sell order at 97.40 so easing off on the stop a little.
9:03: Couple of big buy orders absorbed so far at 97.40. Order flow still in support of the short but so far today seems like yesterday. Have to be patient and stick to the charts.
9:06: Stop to par. Having difficulty again going down. If this is anything like yesterday, I want no part of it.
9:09: Out with 20 ticks. This could blow down but I am done.
9:20: The stacks are so thick. Liquidity providers having a good time today.
9:25: Whats the element of surprise here? Everyone sees the resistance here. So why is price still hanging around right at resistance?
9:31: This isnt allowed under TST rules but for practice long 97.09. Its a Nissan GTR trade.
9:34: Exited a bit early for 20 ticks. Should have waited till 97.40. Good learning experience.
9:38: Long 96.95. Stop to par.
9:50: It either clears 97.10 or gets my par stop. Order flow is still long.
9:52: Out with 31 ticks. Taking premature exits today after recent screw ups. 20-30 ticks is good enough for me.
9:58: Seems like a failed A down, people should be long and most likely we should see 97.50 which would be a great area to short because of the confluence of WOR low and OR high and Asian low.
10:17: Entering passive mode now. Got 61 ticks today and want to keep them (had 1 loss trying long at 96.90 area). Maybe done for the day. This is the psychology I am working towards. Should be in passive mode right from the start. Let the trades jump out at you rather than go looking for them. Such a vast difference in today's trading vs yesterday. Both choppy, range bound days but different state of mind.

Hindsight Analysis:
In hindsight, the order flow was much better today than yesterday. Probably why I did better. I didnt take at least 2 entries that really jumped out at me. The 3rd touch of 97.40 (97.48) was a no brainer short. I watched and let it go but then did something stupid and gave 12 cents back. I was done at 9:52.

Analyzing my trading so far, it looks like range bound days are better for me. I have become better at reading order flow. On breakout days, when price breaks out of the OR, I really do not have any setups. Once it is outside the OR and away from the 3 ranges, I got nothing to lean on. So I have to focus on the early on trades while I have levels to lean on otherwise, just leave it alone. Also have to recognize days like yesterday early enough. I am going to call a day like yesterday and ACD fail where its not an A or a failed A or a C or a failed C - nothing at all. Also noted that yesterday was a Tuesday - day before crude oil inventories and FOMC - a dual event that occurs once every 6-7 weeks or 8 times a year. Will try to see if that is a pattern going back in time and observing in the future.

If tomorrow and Friday go like today, I have enough confidence to start trading the live trader prep account starting Monday. I will leave a few days in this combine for practice if I need to switch to it once I start the LTP.


Last edited by LogicalTrader; October 30th, 2013 at 11:58 PM.
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  #80 (permalink)
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@iNeo


Remember EIA at 09:30CT

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