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Papa's Trading Journal
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Papa's Trading Journal

  #201 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
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bluemele View Post
It seems like the big thing hurting you is the R:R.


I think that is part of it....another issue is just jumping into the trade when the initial entry criteria is met....I need to add another step.....look to see where the stop should be (ie the swing high/low) and then check to see if a target of equal or larger is appropriate. Not every touch of the EMA should lead to a trade. If I can't get a greater than 1:1 R:R, learn to sit on hands.

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  #202 (permalink)
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In the heat
 
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papa15 View Post
It really works well when the price is trending.
Papa15

All of our systems work well when it is trending. The trick is to stand down when its not. You will get eaten alive. I did something today I've never done before. I quit trading after my first loss. The signals are good for trend days and a stop out right away could be a signal. And it was. So only one trade.

I did sim though and after trying and trying to catch the trend for a hour with predictable results, I started shorting the top of the range as the dominate trend was clearly down. That worked really well. I had about 7 winners in a row doing that for 12 ticks each. I tried a couple of longs with mixed success and finally just went with the shorts.

I may try this next time I see a range bound day. Nerves of steel though.....feels like stepping in front of a bus.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #203 (permalink)
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aztrader9 View Post
All of our systems work well when it is trending. The trick is to stand down when its not. You will get eaten alive. I did something today I've never done before. I quit trading after my first loss. The signals are good for trend days and a stop out right away could be a signal. And it was. So only one trade.

I did sim though and after trying and trying to catch the trend for a hour with predictable results, I started shorting the top of the range as the dominate trend was clearly down. That worked really well. I had about 7 winners in a row doing that for 12 ticks each. I tried a couple of longs with mixed success and finally just went with the shorts.

I may try this next time I see a range bound day. Nerves of steel though.....feels like stepping in front of a bus.


I am always concerned that the time I figure out it is range bound and get the nerve to enter, the market will decide to break out against me. Ranges are for me the hardest to trade. I was using some of the YTC stuff today. I could see where the market had to get to in order to change the trend....and it did do it....but I had already quit by then....Next time, stand aside during the chop and patiently wait for a trend to present itself. One or two good trend moves a week will more than make my goals......

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  #204 (permalink)
Elite Member
Honolulu, Hawaii
 
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aztrader9 View Post
All of our systems work well when it is trending. The trick is to stand down when its not. You will get eaten alive. I did something today I've never done before. I quit trading after my first loss. The signals are good for trend days and a stop out right away could be a signal. And it was. So only one trade.

I did sim though and after trying and trying to catch the trend for a hour with predictable results, I started shorting the top of the range as the dominate trend was clearly down. That worked really well. I had about 7 winners in a row doing that for 12 ticks each. I tried a couple of longs with mixed success and finally just went with the shorts.

I may try this next time I see a range bound day. Nerves of steel though.....feels like stepping in front of a bus.

That is why I trade multi-time frame as it keeps me out of the range typically. The days I do the worst on are hard chargin trend days with no end in sight as I am attempting to hit pivots. Because I trade MTF, it allows me to see how far or how un-far a run will go with some certainty.

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  #205 (permalink)
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In the heat
 
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bluemele View Post
That is why I trade multi-time frame as it keeps me out of the range typically. The days I do the worst on are hard chargin trend days with no end in sight as I am attempting to hit pivots. Because I trade MTF, it allows me to see how far or how un-far a run will go with some certainty.

I just started trading MTF and I had one trade today that went bad and so I stood down after that. I think the MTF really helped me see the chop.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #206 (permalink)
Elite Member
Honolulu, Hawaii
 
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aztrader9 View Post
I just started trading MTF and I had one trade today that went bad and so I stood down after that. I think the MTF really helped me see the chop.

I was a regular on forexfactory.com for a long time. I traded many systems before becoming a member and programmed a few afterwards. MTF to me is the only way to trade as otherwise you are guessing on the exits which to me is the most important aspect to keep a high R:R.

I learned that from a mentor and a few people on forums, but it is really really nice.

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  #207 (permalink)
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In the heat
 
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bluemele View Post
I was a regular on forexfactory.com for a long time. I traded many systems before becoming a member and programmed a few afterwards. MTF to me is the only way to trade as otherwise you are guessing on the exits which to me is the most important aspect to keep a high R:R.

I learned that from a mentor and a few people on forums, but it is really really nice.

Honestly, everything I have learned up until now seems like a prelude to trading. The MTFs I think are the final piece of the puzzle. Today proved it to me. Even in the narrow range today, it was possible to make money by only trading in the direction of the larger time frame trend. Difficult yes, impossible, no. I did not succeed in the early hours but by the end of the day had figured it out.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 3 users say Thank You to PandaWarrior for this post:
 
  #208 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
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Posts: 2,547 since Jun 2010
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aztrader9 View Post
Honestly, everything I have learned up until now seems like a prelude to trading. The MTFs I think are the final piece of the puzzle. Today proved it to me. Even in the narrow range today, it was possible to make money by only trading in the direction of the larger time frame trend. Difficult yes, impossible, no. I did not succeed in the early hours but by the end of the day had figured it out.

Seems like you and Papa are coming to the same conclusion at the same time. Collective Conscious?

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  #209 (permalink)
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bluemele View Post
That is why I trade multi-time frame as it keeps me out of the range typically.

Bluemele - can you share how you use MTF to trade?

 
  #210 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
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I have been watching CL and 6B today on a 1 min chart. I am getting "jerky" data. The chart will freeze for several seconds and sometimes the DOM does also. When operating on a small timeframe, this is very disheartening. When all I did was 15 min charts, it was not as big a deal. I have noticed this every day this week.

Again very seriously considering a broker switch.


Last edited by papa15; January 26th, 2011 at 12:10 PM.

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