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I agree with you bbdsan, I have tried trading on a 233 tick chart and it is far too fast paced for my way of thinking, I like your style of using linear breaks, channels and utilising uniformity in trading techniques. Is 6500 volume chart deliver more accurate readings than a tick chart, why do you not have higher or lower chart time frames for your set ups for more profitable combination or does the 6500 volume chart in itself a high probability trade set up for less riskier more profitable trades in combination with the channels ?
I don't completely understand your question but I'll do my best to answer. I just stick to the one chart. As a rule I don't trade breakouts from a horizontal range because they fail more often than they succeed, in my experience. With the higher volume chart (6500 ES contracts) I feel I am less likely to get whipsawed. There are fewer entry setups on the slower chart.
I try to stick to my rules and only enter on high probability setups. Sometimes, like today, my emotions get the better of me and I over trade. I'm still learning.
As I mentioned in a previous post today, my emotions sometimes get the better of me. Today I started the session with 3 losers. After finally getting a winning scalp, I took 3 more losses! I was really in bad shape. I was down about $450. After that I managed to get mostly wins. I worked my way all the way back to about -$150. That really was when I should have quit for the day. It was about noon and I try to stop trading by noon. However, after all of that I tried one more trade and wouldn't you know it was a loser. So now I was down about $250.
All day long I was proud of the fact that I hadn't once doubled down or taken a bigger than 8-tick loss. At least I was following my rules. But after that last loss it all went out the window and I decided to build a big short position. I shorted 1, then 2, and finally 3 contracts. I had to hold the position through a pretty healthy rise but finally, in the after hours session the price dropped down enough to fill my original target order.
It was crazy, I know. And that kind of crap won't be possible in a few days when I try real money trading again. But I'm already up more than $4000 in my demo account and so I just went for it. Perhaps this means I'm not quite ready. Perhaps it doesn't. I don't really know. But I am going to proceed as planned. Once my deposit clears I'll try once again to go live. It should be this Friday but I might have to wait until next week.
Thanks Bob. I agree 100%. It wasn't good, though. It was mostly dumb luck. I wasn't doing great yesterday. It was just one of those days where I wasn't trading well.
I had a good day today, and finished early. I had enough profit by about 8:15 am and made the choice to quit trading for the day. I plan to do this sort of thing when I start trading real money again, too. I'll have a daily goal in mind and if I still want to trade after that I'll just switch over to the simulator, just for the practice and experience.
I was away from my screen until about 11:45 doing some errands and my daily run. As I was watching the PA a nice 2nd entry long set up and I took it. It resulted in a quick 4-tick scalp. It would have provided a pretty nice runner, too. This is all play money, of course, and I've already reached my $3000 goal so there's no need to record this trade in my records. I just wanted to take the trade in the moment as opposed to just drawing another blue circle on the chart. It was just another real-life example of how well this PA stuff works
8/12/2015 +$121.84, 6 wins, 2 losses
Extra trade in the afternoon:
I'm feeling quite confident. I hope everyone had good trading today.
Today was my first day back trading real money. It was okay. I'm not crazy about range days like this. I took profits before 4 ticks on my first two trades. But as it turned out, I was right to do so. I need to go back and examine my entries to figure out why they didn't work. My third trade worked perfectly, although with only a tick or two to spare. Considering that it's my first day back, and it's a Friday, I decided to call it a day with about $90 in profits. I logged out of my platform and logged back in to my demo account so I will be sure not to give anything back if I see any good setups later.
Between the 1st and 2nd charts below I reloaded data on my platform. I'm not sure why that was necessary but it turned out there was a significant difference.
8/14/2015 +$89.44, 3 wins
I hope everyone had a good week trading and enjoys their weekend.
I got a little bit of a late start this morning. I started watching about when the steep move up (dashed green channel) was coming to an end. It started working back down slowly and I jumped in long at the failed 2nd entry short (counting from the bottom). I had a chance to exit for a tick or two profit but I didn't. Instead, I started the day with an 8-tick loss.
After that it was smooth sailing. I got 3 good scalps and then the market really started slowing down. Right after exiting my 3rd good scalp, prices formed a bearish bar. I hadn't yet drawn that first trading range (2091.50 to 2093.25) so I didn't really think to get long after that failed break lower. But that would have been a good trade.
Then prices made a failed 2nd entry short (blue circled area). But to take that trade I would have had to go long at 2094.00 and the HOD at that time was only 2094.50. I decided to pass. Sure enough, prices ticked up to 2094.00 and then dropped back down. Then we saw that really bullish reversal bar (still in the blue circled area) and I thought I might be seeing a breakout-pullback. But still, I was leery to get long at the absolute high of the day. It looked like the day might turn out to be a big range day and I thought there was a good chance it would go up only 2 or 3 ticks and reverse. So I stayed out. After that there was nothing worth entering and it was getting to be too late in the day. So I called it.
8/17/2015 +$35.92, 3 wins, 1 loss
At least I made a little money today. Better than losing! I emailed Mack about that blue circled area so we'll see if he talks about it in tonight's chart lesson.
Today was tough. It was a tight range day and there weren't a lot of good setups. I definitely made some mistakes. I kept trading past the 12:00 hour trying to get back to even. It took some trading that I'm not proud of, but I was able to get two more wins in the last hour, which put me back in the black. It was only 11 bucks but again, I'd rather have a small win than any loss. This was my 3rd day back in the real world and my 3rd day of making money. Hopefully, I can keep the string going.
8/18/2015 +$11.28, 8 wins, 3 losses
I hope everyone had a good trading day and we'll see what the Fed minutes bring tomorrow!
