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COMMON SENSE
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COMMON SENSE

  #1061 (permalink)
Elite Member
denver, colorado
 
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Favorite Futures: ZS
 
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mfbreakout View Post
Ignored Rules of the game and got caught from the long side till i got into my senses. Still holding shorts.

Aarrrgh. I got fooled by this as well. The strong move up in the European session threw me off. Its done that a hundred times before and each time I am somehow thrown off by it. We were struggling with the high of friday and the IB and OR highs and couldn't stay above those references. Even after we failed above all these references and chopped around for 10 minutes around 8:40 cst I was still unable to short the market. My journal entry indicates that I was in wait and see mode because of the low confidence open - choppy, low participation order flow in the first 30 minutes of trading. These are all excuses - the setup was there and I need to be able to see it and put a trade on with a reasonable risk limit. Still learning.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #1062 (permalink)
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Surly View Post
Aarrrgh. I got fooled by this as well. The strong move up in the European session threw me off. Its done that a hundred times before and each time I am somehow thrown off by it. We were struggling with the high of friday and the IB and OR highs and couldn't stay above those references. Even after we failed above all these references and chopped around for 10 minutes around 8:40 cst I was still unable to short the market. My journal entry indicates that I was in wait and see mode because of the low confidence open - choppy, low participation order flow in the first 30 minutes of trading. These are all excuses - the setup was there and I need to be able to see it and put a trade on with a reasonable risk limit. Still learning.

" the setup was there and I need to be able to see it and put a trade on with a reasonable risk limit."

The moment REASONABLE RISK enters in my mind- it makes me weak/doubtful etc. What is reasonable from whose standard? My standard does not count and since we all like to BUILD our own little universe or frame of refrence- it has no value as far as market goes. But one has to pick some refrence point so it's OK to pick one as long it's just not based off what one can afford to risk/loose. Just iamgine what must be going through my mind as i shorted 78.50. I must have cursed my self a dozen times for not waiting price to come higher, i am shorting in the whole, i started remebering something from the past in the same situation when CL bounced 50 ticks against me and then reversed and on and on.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #1063 (permalink)
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mfbreakout View Post
The moment REASONABLE RISK enters in my mind- it makes me weak/doubtful etc. What is reasonable from whose standard? My standard does not count and since we all like to BUILD our own little universe or frame of refrence- it has no value as far as market goes. But one has to pick some refrence point so it's OK to pick one as long it's just not based off what one can afford to risk/loose.

Yes! "reasonable risk" has to be based on market generated information. I'm entering the trade because of market-generated information (can't make it above the OR and hold/follow-through then can't hold above high of yesterday) and so I have to determine my stop based on the same market-generated information.

In this case, if I'm trading a failed A up and also the failure to stay above the HOY then my stop needs to be either above the HOY or above the rth high of day. The reason being that if I'm trading short based on no buy orders coming in above the OR or above the HOY then that's where I'm wrong.

Trading with "reasonable" stops like "oh, I will risk 10 ticks or I will risk 20 ticks" is a losing game. One that I've played long enough to know that its a losing game. Thanks for the reminder.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #1064 (permalink)
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A up when weekly/monthly trend is bearish has no value/little value.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
COMMON SENSE-2014-11-10_1813_a_up_.png  
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  #1065 (permalink)
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Hey,

Been looking at your journal and enjoy seeing your breakdown of how you may enter and manage a trade.

Coming from a FX background, I mainly use technical setups with price action bars (i.e. pinbars, engulfing bars, etc.). Seeing your posts, it seem you (and most other equity traders) don't consider them. Only price levels and movements to and from them. Just to clarify, you don't utilize such price action bars, especially on the shorter time frames do you? If you have an answer, what's your opinion of them when analyzing a stock chart in a short timeframe?

Cheers,
Luke

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  #1066 (permalink)
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sterling729 View Post
Hey,

Been looking at your journal and enjoy seeing your breakdown of how you may enter and manage a trade.

Coming from a FX background, I mainly use technical setups with price action bars (i.e. pinbars, engulfing bars, etc.). Seeing your posts, it seem you (and most other equity traders) don't consider them. Only price levels and movements to and from them. Just to clarify, you don't utilize such price action bars, especially on the shorter time frames do you? If you have an answer, what's your opinion of them when analyzing a stock chart in a short timeframe?

Cheers,
Luke

Hi Luke,

I do look at PRICE ACTION bars. However, i look at them within areas of support/resistance. My intraday support/resistance are based of daily/weekly range. If ADR of CL is around 200 ticks, then i am interested in looking at price action bars once CL has moved ADR or a combination of ADR. Anything in between has little value for me except when out of blue massive buying/selling shows up before ADR is hit. Then that point becomes an important refrence point. Attached 3 charts- weekly, daily and intra day charts are my main charts.

I do not trade stocks. Mostly futures and trying my hand at forex also.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
COMMON SENSE-2014-11-11_0108_weekly_pa.png   COMMON SENSE-2014-11-11_0115_dailypa.png   COMMON SENSE-2014-11-11_0123_1_hour_pa.png  
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  #1067 (permalink)
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Ended up being a Scalping day for me....Scalps in GC...NQ....CL.
I am posting the one that got away= ZS....i would have traded if i had seen it...not enough monitors ....
Nice set up, and move up.
October USDA Report told of Record Crop, so Fundamentally we should be headed Lower, but not so at least for now.

Attached Thumbnails
COMMON SENSE-zs-11-11-14-tuesdaya.jpg   COMMON SENSE-zstuesday.jpg  

Last edited by sandptrader; November 11th, 2014 at 04:40 PM.
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  #1068 (permalink)
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Short ZS yesterday. Held some cars overnight and added to shorts into bounce this morning. On the pain train. Basically gave away gains from yesterday ZS trade. Context for short has not changed so staying short.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-11-11_1101_zs_pain.png  
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  #1069 (permalink)
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NG long.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
COMMON SENSE-2014-11-11_1105_ng_long.png  
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  #1070 (permalink)
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CL only shorts on my mind.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
COMMON SENSE-2014-11-11_1138_cl_short_euro_close.png  
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