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COMMON SENSE


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COMMON SENSE

  #871 (permalink)
boston ma
 
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Entry point


mfbreakout View Post
FEAR of unkown freezes a trader especially when mind starts playing games with the unknown. We start remembering as to what happened in similar situation. CL did not pullback from 130 ticks up move but from 200 ticks up move last time i tried to short. I had to endure 40 ticks of pain but today SOB only went up 130 ticks. That's why my premise always has been that within 200 ticks - anything can happen. Still holding some shorts. Not interested in longs til some proof of buyers show up. Price jumping 30- 40 ticks does not count as a sign of buying for me. I look at it as a FLY buzzing around ready to be smacked again. There is lot of randomness as far as a FLY pattern is concerned except sooner or later she will get smacked if she keep buzzing around instead of flying away.

Hi mfbreakout,
I could never endure 40 tics of pain.
There must be a different trading plan.
I'm sure you are working on one
How to identify a better entry point?
How to identify a valid pullback to enter at a smaller stop?
Would a smaller stop and reentry works?
I know you accepted a 40 tic retrace because that worked for you.
I'm still struggling on holding to a winning trade and still exiting too early.
Unless i learn how to hold on longer, I could never end up profitable on the long run.
I like to get better at that first.
Any recommendations?

Thanks,

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  #872 (permalink)
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ness1g View Post
Hi mfbreakout,
I could never endure 40 tics of pain.
There must be a different trading plan.
I'm sure you are working on one
How to identify a better entry point?
How to identify a valid pullback to enter at a smaller stop?
Would a smaller stop and reentry works?
I know you accepted a 40 tic retrace because that worked for you.
I'm still struggling on holding to a winning trade and still exiting too early.
Unless i learn how to hold on longer, I could never end up profitable on the long run.
I like to get better at that first.
Any recommendations?

Thanks,

As we talked in the past, best thing any trader can do is not to take a trade unless CL has moved 130 to 200 ticks in one direction. Anything in between is noise and does not give a discretionary trader any edge. If you look at my posts you will see my best trades are after CL had moved 130-200 ticks. For example, short this morning around 81.40 area was after CL had moved from Globex low of 80.30 area. I have tried every thing under the sun for stop loss and for me it's 150 ticks after CL had moved 130-200 ticks. Traders worry about wide stop loss but i have not been stopeed out in a year since i starte dusing wide stop loss. Idea of a stop loss is to deal with an unusual event etc. In case an unusaul event comes, i just hit market order and get out. I don't sit around and see if stop loss gets hit.

Smaller stops, reentry etc comes into play when a trader is trading in the middle. Do not trade in the middle. If a trader had done ONLY one thing over last 5 weeks he would be smiling all the way to the bank. He should have shorted everytime CL bounced 130-200 ticks. Go back and look at chart over last 5 weeks. It should be pretty clear as to what was happening after CL bounced.



I will request Zakk to share his experience since he seems to be doing well.



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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Last edited by mfbreakout; October 28th, 2014 at 04:20 PM.
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  #873 (permalink)
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Trading


Trade with the trend. I have not taken many longs over last 5 weeks. Smile, get happy as CL is bouncing and short the hell out of it because you will be trading with macro bearish trend.



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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  #874 (permalink)
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Easy


mfbreakout View Post
For ness1g,

It looks so easy, now I need to find the guts to do it.
What are your thoughts when in a trade and 20 to 30 gain?
How don't you cash out like the rest of us

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  #875 (permalink)
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ness1g View Post
It looks so easy, now I need to find the guts to do it.
What are your thoughts when in a trade and 20 to 30 gain?
How don't you cash out like the rest of us

If a trader wait for hours for his set up , why should he be in a rush to book profits? I do book 30-40 ticks when i can not wait and just get in the middle of a trade. Going in the middle i know i am mucking things up and get happy with whatever i can get.

But if i am shorting CL after it has run up 200 ticks, i want 100 ticks. Look at your charts and you will see it over and over again. As far easy part, it never is. It does becomes easier if a trader look at a trade as just ONE trade. It's not the end of the world. It used to be end of the world for me till it was not.



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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  #876 (permalink)
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Everything in this video makes sense to me except tight stop loss. This is what i trade for everything. Stay out of the middle. What do all the indicators do? They get a trader to take a trade right in the middle most of the time.


NOTE: I am not a market profile trader. Market profile is not an indicator. The video shows the coceptual frame work for trading. You do not have to be a magician. Traders waste too much time looking at market/volume profile charts.




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.

Last edited by mfbreakout; October 28th, 2014 at 05:00 PM.
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  #877 (permalink)
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mfbreakout View Post
Everything up nicely and what majority of traders are doing? trading for ticks. They see high volume node here, low volume node there, a fib level here, a channel, a triangle and so on.

some are trying to following you going for severals points

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #878 (permalink)
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caught


alejo View Post
some are trying to following you going for severals points

oops you caught me.
You very good you

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  #879 (permalink)
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Who wants to trade with the trend? Trend based on 5 minutes, 15 minutes or 30 minutes. Anything smaller than 5 minutes is just noise and anything above 30 minutes requires giving up significant potential gains.
Trend is always determined by weekly/daily price action.

NOTE: One can use any MA or something similar. One type of MA does not have advanatge over the other except the ones which a trader has experience with.



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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  #880 (permalink)
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zs


Holding short in ZS from yesterday. What's the price of holding for potential big gains?



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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