NexusFi: Find Your Edge


Home Menu

 





The Pandawarrior Chronicles II


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one PandaWarrior with 136 posts (1,249 thanks)
    2. looks_two Big Mike with 14 posts (61 thanks)
    3. looks_3 bobwest with 12 posts (47 thanks)
    4. looks_4 tturner86 with 12 posts (39 thanks)
      Best Posters
    1. looks_one PandaWarrior with 9.2 thanks per post
    2. looks_two Big Mike with 4.4 thanks per post
    3. looks_3 bobwest with 3.9 thanks per post
    4. looks_4 tturner86 with 3.3 thanks per post
    1. trending_up 49,839 views
    2. thumb_up 1,758 thanks given
    3. group 57 followers
    1. forum 283 posts
    2. attach_file 16 attachments




Closed Thread
 
Search this Thread

The Pandawarrior Chronicles II

  #71 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

I try to use non trading days to learn something....or to simplify or to solidify something I've been working on....and I've done all three today.

1. Decided to incorporate an RTH 5M chart. Turns out there are a few valuable uses for an RTH chart..... Mainly directional filters and potential chop identification vs a globex chart.

2. Solidified a couple of issues I've been having with where to take profits. This will be much more systematic from now on. In other words, instead of guessing or using my panic mode to take profits, I'll be using pre-determined profit locations. More on this later.

3. Simplified my entry chart a bit more. Not much mind you, just a little. But each incremental reduction in the amount of required input necessary for a trading decision the better.

None of these are things you should decide on a trading day. Rather wait until you have or take some down time (I call these "Buffer Days" and they should be planned into your schedule each month) to think each item through and decide without the pressure of the market intruding on your rational thought process.

Lastly clarified issues related to trade location, number of trades available per day with regard to my trading rules and set ups and rearranged my chart locations slightly.

Looking forward to the remainder of the week.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Exit Strategy
NinjaTrader
Futures True Range Report
The Elite Circle
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
 
  #72 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

This is not something I traded, just validation of what I've been thinking and working on.....turns out it was a decent day to have traded but that's the way it works out....regardless, I'm glad I took the day off to work on a few things.




Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #73 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404


Interesting day.

I like the revisions made to the charting setup yesterday. Easier to read.....in fact the easiest trade of the day I passed on because it looked TERRIBLE at the time...but I did see it in real time.....its just something I've NEVER done before and is what is right vs what is comfortable.

The "normal" trades were a bit more difficult. For one thing, I recognize how far away from the actual resistance line we were when I took the trades, secondly I also knew the first one was a bit early and the next two were reminiscent of the one I passed on just in the middle and working with a potential weak resistance zone.

There may be more trades later today but I'm done at least for a little while. Gonna just sit and watch for maybe two more hours tops and see how price action flows today.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #74 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

And for the curious Georges out there, the RTH 5M chart.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #75 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

Its a long read but well worth it....been following this guy for over ten years and he's uncannily on target with his analysis....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Attached Thumbnails
The Pandawarrior Chronicles II-thoughts-front-line.pdf  
Started this thread
  #76 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

Ok, now I am done for the day.

Tried to get and stay long in the pull back....should have been scalping....so had a couple small losers and scratches....then broke short, got filled on the pull back to resistance.....held to PZ2....

Also cleaned the chart up a bit....too many hand drawn lines.....the method works without all that although sometimes it helps and sometimes it doesn't.

Now I'm pretty tired and I haven't eaten yet. So I'm done with trading for the day.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #77 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

Got some food in me, cleared my head and decided to try and add some value to the process here. This journal is supposed to do two things; 1. Help me stay on track, 2. Add value to the readers and get them to vote for me in the contest thread.

So adding value is the way to accomplish both objectives. With that in mind, I'd like to pontificate on today's price action.

Today was pretty typical in terms of price action. A head fake higher out of the ORH....and then a couple of bars back and forth and then the impulse move down....followed by a pull back to the break out zone and then continuation short. SO far so good.....its 6:05AM and I'm fresh and patient. No issues with waiting and waiting. Just sit there and see how price sorts itself out.

Take the trade, hold to the first profit zone. I had designs on the lower profit zones but once price stalled at the first one, a deep pull back is almost guaranteed. So trail out and wait for the next set up.

This is where it gets dicey. Starting to get hungry now, patience is a little thin, more in the mood for instant gratification.

Got a long on the 800T chart. This is ok, just have to be aware of the HTF. For this reason, I traded small size, small stops and BE pretty fast....which led to a bit of chop in the pull back areas.

However, once the pattern completed, a new short following the pattern of the first one is in order.....which played out nicely. As I write this, I have left a ton of money on the table. I took profit at the PZ2 only to see it collapse to PZ3 and further.

As a trader, I executed ok today....BUT the patience issues set in while I was hungry and I admit I had a bit of fear of giving any back....but each trade stands on its own, regardless of what the PnL is.


So the value add from this is simple.

1. If you have an edge and you can recognize it real time, then only execute on that edge. Leave everything else to someone else. Its all the in between trades that rob you of mental and financial capital.

2. If you have some sort of reasonable way to project profit objectives, stick to them. More often that not, those will play out in your favor if you are patient.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #78 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


PandaWarrior View Post
Got some food in me, cleared my head and decided to try and add some value to the process here. This journal is supposed to do two things; 1. Help me stay on track, 2. Add value to the readers and get them to vote for me in the contest thread.

So adding value is the way to accomplish both objectives. With that in mind, I'd like to pontificate on today's price action.

Today was pretty typical in terms of price action. A head fake higher out of the ORH....and then a couple of bars back and forth and then the impulse move down....followed by a pull back to the break out zone and then continuation short. SO far so good.....its 6:05AM and I'm fresh and patient. No issues with waiting and waiting. Just sit there and see how price sorts itself out.

Take the trade, hold to the first profit zone. I had designs on the lower profit zones but once price stalled at the first one, a deep pull back is almost guaranteed. So trail out and wait for the next set up.

This is where it gets dicey. Starting to get hungry now, patience is a little thin, more in the mood for instant gratification.

Got a long on the 800T chart. This is ok, just have to be aware of the HTF. For this reason, I traded small size, small stops and BE pretty fast....which led to a bit of chop in the pull back areas.

However, once the pattern completed, a new short following the pattern of the first one is in order.....which played out nicely. As I write this, I have left a ton of money on the table. I took profit at the PZ2 only to see it collapse to PZ3 and further.

As a trader, I executed ok today....BUT the patience issues set in while I was hungry and I admit I had a bit of fear of giving any back....but each trade stands on its own, regardless of what the PnL is.


So the value add from this is simple.

1. If you have an edge and you can recognize it real time, then only execute on that edge. Leave everything else to someone else. Its all the in between trades that rob you of mental and financial capital.

2. If you have some sort of reasonable way to project profit objectives, stick to them. More often that not, those will play out in your favor if you are patient.


Truly Excellent points, there..

Failure is not an option
Thanked by:
  #79 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404

Today's impulse trade.

I saw the shorts happen but to be honest, after the sell off yesterday, another 2 dollars overnight I was expecting some sort of pull back today.....so I passed on the initial shorts and of course they ran 70 ticks or so, then I thought maybe I was wrong and went short on the pull back.

This failed pretty quick (BE) and I knew it was over for the shorts in the near term. Besides, while I was sitting there, price took out the swings to the long side, then rolled over and took out the lows and bounced pretty hard....

Since the London session was mostly flat to long, I figured longs would be the way to go especially at or after the open. With the gap nearly 100 ticks away, seemed reasonable to look for longs.

At the open, things heated up pretty quick and I just jumped in....and it went straight up.....I had planned on adding to the trade but it never really pulled back enough to get a second position on. So while it was a great trade, it wasn't with full size. To bad.

Not sure if I'll trade much the rest of the day. Will have to see something pretty compelling at this point to make me want to take further risks today.



Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #80 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
Thanks Given: 6,329
Thanks Received: 13,404


Now I'm done. At least until I get something to eat and take my blood pressure meds!!

+80ish ticks on the day.

I'm starting to think another 3 dollar run from here might be possible....its not slowing down at all....time for food and meds though.....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread

Closed Thread



Last Updated on March 13, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts