In to follow. Sounds like we might have a similar trading style, other than mine is not profitable of course. I've been wanting to get that proam indicator, but haven't yet. What do you think of it? I downloaded the volume indicator but don't find it that helpful.
Looking at the retracements, I've also found 5pts to be ideal for a stop loss. However, I can't make myself wait that much, and I'm usually out at 2.5pts, to my chagrin.
Thanks Bob, as I get further along in this, I will start explaining how I'm using the ^TICK chart on the YM contract and will include some screenshots of how I have the chart setup and how it affected some of the trades.
Best time of the year to come to northern california is in the March-May time frame, everything is green, fresh and alive. I can pick people up from any of the 3 major airports, SFO, Oakland or Sacramento, however I would prefer Oakland since its easier to get to traffic wise.
We have some of the best micro-breweries in the world here, including a local pubs that serve nothing but the micro's. I think you'll really enjoy it.
One more recommendation from my friends that I found worked out great:
UniRenko 6 18 9 gives a very nice "monthly/Weekly" long term chart, giving you the bigger time frame but still all the benefits of the UniRenko chart.
Jumped into YM right after open at 6:34 and sat through the 10 ticks of heat, but it quickly recovered in about 30 seconds. Now, for the life of me, I have NO idea why I sold it for only 4 ticks. I checked my 5 second chart, when I sold it there was no heat on that cover price until about a half minute later, and even then the heat lasted for only 15 seconds. Checking back on my signal chart, I was still in the trend, no counter signals to cover, so I just dunno, chalking it up to an emotional reaction since clearly there was no logical reason.
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Second trade was me moving my stop up to cover, it was like a manual break even. A really stupid one that cost me what would have been a minimum 70 point trade (using my 21 tick trailing stop)
My third trade was my only real well planned out trade and proper response of the day. shorted at 16868, left my stop alone and waited for the pullback to end. Went into some sideways chop and got the feeling (yeah, I know) that the trend was ending and covered. Turns out I was right :-)
The fourth trade would have made me 10 points of profit, except I was worried the end of the wave cycle was coming so I set my stop to 11... to which, I was stopped out and watched it make that 10 points I was after.. and of course the PB (Pullback) signal started 4 bars early, plenty of warning, I might even have nailed it for 15, but no, paranoid me got stopped out instead by not leaving my 21 stop in place.
Last trade was more of the same, break even protection stop.
Clearly I've done worse today, not from a win/loss ratio, sure I made more then I lost, but I really dont consider money winning... I consider getting my emotions under control and winning the logic test. When I start really winning where it matters, then I'll feel a bit more satisfied that I've won.
Well Monday and Tuesday I was sick with a pretty bad bowl infection, just recovering today. Did some Sim trading and editing my Ninjatrader Strategy today. I am hoping for a win in the November bot contest :-)
The following user says Thank You to Zxeses for this post:
I was about to go live again on Friday after some awesome sim trading on thursday, but I woke up really tired, remembering my mistake of trading while feeling bad the last time, i pulled and sim traded Friday as well. Good choice as my first ten trades had nine losers.
I pulled myself together by 9 am, lots of water, b vitamins, reviewed my trade rules and then jumped back into sim and scored a 20 tick run in the russell, the rest of the day went awesome, i had even cleared my morning losses and met my goal.
also on friday I discovered the awesomeness of the default DM indicator using SveRenko 12 or 14 tick charts, but more on that coming....
btw, I've not abandoned my journal, I'm waiting on further posts until I go back to live trading. Todays SIM trading proved to me I am learning about reversal points and market mood, I'm still making mistakes with timing, I won't risk another dime until feeling the market is starting to become second nature.