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2015 TST Combine #1_David
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2015 TST Combine #1_David

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2015 TST Combine #1_David

I've been around futures.io (formerly BMT) a while and have gone through a lot of different methods of trading. As I looked back on my first journal I see that at the time I was using moving averages and multiple CCI's. I've looked at Market Profile and a method called the 3X trend that uses multiple Stochastics, a keltner and moving averages. I done some studying of Wyckoff, but there has been some difference of opinion as to what is Wyckoff and what is not. My main education of Wyckoff came from Gary Dayton and his chart reading course. I've taken that twice and it has helped me to see things in a different way. The focus is to try and trade the market by it's own actions without indicators. I think I've come to a conclusion for myself that looking at the market via the use of trendlines, volume and support and resistance is the way to go, but I like to use something other tool as an aid.

My most recent method and the one I intend to stick with uses the software by Daytradethemarkets.com. The software plots order flow, support and resistance and volume divergence type of indications in real time. Additionally, they provide a nightly report that provides analysis based on market profile for a bigger picture bias. I will attach some recent charts.

Another conclusion that I came to some time ago is that ones methodology really plays very little in one's success at trading. I think the CCI method that is shown in the first post of my (David_R's trading Journey) journal looks pretty good. I think the 3X trend method is pretty good. They all work and they all fail. The main key is to be patient for things to setup and be disciplined in how you trade your method. I have and do struggle with the patience and discipline, but I find that it is improving. I know it's the answer to success.

I've done a number of combines. More than i wish to admit. I've failed them all. I ended 2014 with a failed combine because i hit the daily loss limit. I've started a new combine in 2015 and am 4 days in. I have not had a losing day and I am close to half way of meeting the profit objective. I admit that I did not journal on futures.io (formerly BMT) for most of the Combines I've been in. I did intend to start the journal before the combine, but better late than never.

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First three days


Here are charts of the first three days of trading. I allow myself to trade CL and the stock indexes. Generally that means the ES, but unless it's trending I really don't like ES. I am open to other markets such as gold etc, but don't want watch too many markets.

There are two charts for the ES. One loser that I stopped myself out of and 2 winners. One of the winners recovered the loss of the stop out and one was today (1/8) for about 6 ticks in total. I waited about 15 minutes for the trade to progress and that was a test of my patience. I decided to close out.

There are three charts for CL. Three winning trades. One of them small and counter trend, so I was very nimble with it. The other two were with a down bias and totaled about 55 ticks in total. I am trading 2 contracts and am allowed to trade 5. I like at least 2.

Questions, comments, feedback, input, criticisms are all welcome. If you want to discuss the software itself lets do that in day trade the markets vendor review thread.

David

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Top Step Trader Statements up to yesterday. Does not include profit of about $550 today

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Good start to your TST Combine


David_R View Post
Top Step Trader Statements up to yesterday. Does not include profit of about $550 today

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Hi @David_R

Good start to your TST. Keep it up. As you have already stated, patience and discipline is very important in trading but the methodology is also important. I like the DTTM software very much, in fact my charts are set up similar to theirs, (using GOMI delta volume in my case). Good luck and good trading for the rest of the TST combine.

Regards,

Dudley

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Dudley,

Thanks. I do appreciate the support. I agree that methodology is important, but there are many way to go about it. Regardless of the method one must have the patience and the discipline. I find the DTTM software pairs well with other analysis such as some of the Wyckoff principles.

D

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Chart indications

Just a quick overview of what the things are on the chart.

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1/9/15

Today was not so good. I think I jinxed myself with this journal. Just kidding. I forced things and was impatient. I took three losers that came to $500 in total. Days like today remind me how important it is to wait and be patient. I look to get back on track next week. Below is a chart for today. I'll post the account info when it is updated for today.

David

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Another conclusion that I came to some time ago is that ones methodology really plays very little in one's success at trading. I think the CCI method that is shown in the first post of my (David_R's trading Journey) journal looks pretty good. I think the 3X trend method is pretty good. They all work and they all fail. The main key is to be patient for things to setup and be disciplined in how you trade your method. I have and do struggle with the patience and discipline, but I find that it is improving. I know it's the answer to success.

David, this is the most important thing you've written so far....all methods work and they don't....its up to you....

Glad to see you making progress in this regard.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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I have not traded since last week. I just didn't see anything I felt comfortable taking at the time I was looking at the market. This is a positive thing in my eyes because more often than not I would try and make something happen. Since I work a day job I trade when I get a chance.

I did trade the ES and CL today and ended up on the day about $300. The ES was a long and I took 1.5 and 2.25 points because I thought long was counter trend. It went much further. I shorted CL and took a 10 tick loss on two contracts for -210, but re-entered short later and took +37tics and the second was 0. I had taken the trade and set my stop and targets and had to leave. A couple charts for today.

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the reasoning for the short in CL is because of a downward bias and we are at a resistance zone with selling in the background. The ES long reasoning is the Level 3 Selling bar, the magenta bar had it's high taken out and we made a higher low. If a Level 3 bar gets rejected (no follow through) it could be considered climactic action. In this case it was and rallied well over 10 points.

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