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TheTradeSlinger's Journey
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TheTradeSlinger's Journey

  #151 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES, CL
 
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Posts: 402 since Jun 2015
Thanks: 639 given, 510 received

A lesson in opportunity cost.

Bias/opinion got the best of me today as I didn't take into consideration the overall context of the market, what couldashouldawoulda been a few nice chances to short I managed to turn into a few long scalps right at the resistance level. After the long scalps, I stopped trading and examined the context for what I had missed.

Going forward, I am really going to narrow down and focus on executing trades at levels (long at support, short at resistance).

I feel like I can let winners run now (SLA, level to level), next step is to stop taking poor context trades, to enter only at levels.



(First trade 2:50 in)

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  #152 (permalink)
Trading Apprentice
california los angeles
 
Futures Experience: Beginner
Platform: interactive broker
Favorite Futures: ES
 
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TheTradeSlinger View Post
A lesson in opportunity cost.

Bias/opinion got the best of me today as I didn't take into consideration the overall context of the market, what couldashouldawoulda been a few nice chances to short I managed to turn into a few long scalps right at the resistance level. After the long scalps, I stopped trading and examined the context for what I had missed.

Going forward, I am really going to narrow down and focus on executing trades at levels (long at support, short at resistance).

I feel like I can let winners run now (SLA, level to level), next step is to stop taking poor context trades, to enter only at levels.



(First trade 2:50 in)

Just my opinion, watched your video, your profit Stop is so close to your entry, Pretty hard to scalp for ticks like that. Unless you have 90%+win rate. 1 loss can wipe away all your winning.

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  #153 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
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Thanks: 639 given, 510 received


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Crazy 30 point swings up and down in NQ, at least 6 so far.

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Last edited by TheTradeSlinger; February 8th, 2016 at 12:19 PM.
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  #154 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
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Favorite Futures: ES, CL
 
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Posts: 402 since Jun 2015
Thanks: 639 given, 510 received


JoeMich View Post
Just my opinion, watched your video, your profit Stop is so close to your entry, Pretty hard to scalp for ticks like that. Unless you have 90%+win rate. 1 loss can wipe away all your winning.

Thanks for watching @JoeMich!

I try and trade right at my level, get in as close to the level as possible.

Once in a trade, I usually don't want to take much heat at all because that means my entry was not correct.

Any thoughts on the video regarding editing/music/etc? Trying to keep them interesting/educational/fun.

Again, thanks for watching Joe.

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  #155 (permalink)
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Magic voodoo lines...

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  #156 (permalink)
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San Francisco CA
 
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TheTradeSlinger View Post
Yes, constantly looking for patterns and price action set ups throughout the session and pre-market.

Pre-market for me mainly consists of finding the overnight range and identifying any key levels before the open.




This gets tricky because price is price, no matter the bar interval you look at it on. Have you ever looked at a 60m and thought long, but then looked at a 5m and thought short? There is only one price, but two different "looks" depending on bar interval.

The best way to describe what I try and do regarding patterns on various timeframes is the following:

1. Longer term pattern/level is the most important.

2. Longer term for the levels, shorter term for the execution against those levels.

3. Change starts on the smaller timeframes, if confused by all the conflicting signals, stay out or lean on the smaller timeframe.


Hey TradeSlinger,

I have been trying to draw chart patterns to see the trend/momentum but the problem I am experiencing is the trend I drew is very subjective and not the direction of the price action. I don't know which two points should be connected nor finding a chart pattern like head and shoulder/cup handle. I know chart pattern we see live is not text book chart patterns so I wondering if you give me some advice on how to draw chart patterns to during your daily sessions to see the trend.

Thank a bunch!

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  #157 (permalink)
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TradeSlinger i was out for sometime so didnt get a chance to visit your journal. Gonna get back on this one and follow you

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  #158 (permalink)
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TraderRich View Post
Hey TradeSlinger,

I have been trying to draw chart patterns to see the trend/momentum but the problem I am experiencing is the trend I drew is very subjective and not the direction of the price action. I don't know which two points should be connected nor finding a chart pattern like head and shoulder/cup handle. I know chart pattern we see live is not text book chart patterns so I wondering if you give me some advice on how to draw chart patterns to during your daily sessions to see the trend.

Thank a bunch!

This is one of the best posts I've read in a long time.

You are starting out in your trading journey ALREADY looking into price action and trying to understand charts and how the markets move. I am jealous of your position, not kidding or flattering you, I wish I had found price action when I first started out trading.

"I have been trying to draw chart patterns to see the trend/momentum but the problem I am experiencing is the trend I drew is very subjective and not the direction of the price action. I don't know which two points should be connected nor finding a chart pattern like head and shoulder/cup handle"

Everyone starts here @TraderRich, everyone starts at "not being able to connect the dots".

Here's the thing, it's there, the answers and the trades and patterns are there, you just simply don't see them yet.

Is there a book or course or website that can help you see what you are looking for?

No.

It all comes from experience and simply grinding it day in and day out until the answers start to reveal themselves to you, until all the squiggles and lines and bars start to form a personal, cohesive narrative to you.

The absolute best advice (if my 2 cents is worth anything!) I can give to you is to just keep at it, each day find your levels, mark them down, and see how price reacts at your levels/patterns. Disregard processes and thoughts that lead you to marking 'bad' levels and keep doing more of what leads you to drawing 'good' levels. It will come with time and experience.

Start a journal (personal or on futures.io) and keep logs of what you are doing each day, review review review and learn from what does and doesn't work.

Tomorrow (Tuesday) I want you to post your levels/patterns here or in your own journal and lets look at them together.

You can do this @TraderRich.

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  #159 (permalink)
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Thank you very much for the advice and the help! For tomorrow, I will post a chart with levels/pattern after market ends with forecast of its near term price targets.
Thank you!!!

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  #160 (permalink)
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Have to be more decisive and enter when the opportunity presents itself.

I thought long after the test of the high of the open but didn't enter and now close to 100 points later here we are.

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