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Papa's Trading Journal

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  #291 (permalink)
 gulabv 
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papa15 View Post
I went long when both ergodics were above their signal lines and short when they were below.

Hi papa15,

Just got caught up with your journal and am very happy to read about your profitable progress keep it up!
I'm trying to relate your rules to the trades on your charts - are you looking for the ergodics to be above the signal line and above 0 on both time frames for a long trade?

Thanks,
gulabv


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  #292 (permalink)
 papa15 
Wake Forest, NC
 
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gulabv View Post
Hi papa15,

Just got caught up with your journal and am very happy to read about your profitable progress keep it up!
I'm trying to relate your rules to the trades on your charts - are you looking for the ergodics to be above the signal line and above 0 on both time frames for a long trade?

Thanks,
gulabv

That would be an ideal setup and one to consider a little larger target. What I noticed over the last several days is if both short term ergodics on the 233 and the 610 charts are above their signal lines and the long term ergodic is above 0, then a long is a fairly safe trade...I just use 8 tick targets then. Of course, a short is just the reverse of that.
Papa15

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  #293 (permalink)
 papa15 
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Started the day off on the wrong foot and took all day to recover. I saw the large drop overnight and figured there would be increased volatility today, and I even considered just not trading since I am not that experienced with very high volatility, but I pressed ahead.

I used a bigger stop due to the larger bars I saw. I then adjusted the stop based on price action. I was a little more careful on my entries, and price went my way after most entries, but only by 5-7 ticks. When you have an 8 tick target those moves don't help a lot. Ended up in a bit of a hole. I went into my scalping mode and worked my way out. Overall the day ended up in the red (due to commissions) but I am overall positive for the week, and with 3 days to go, I can still make my weekly goal.

The first trade was really not good. Again, I jumped in a bit early before the 610 chart gave a valid signal. I am going to focus on waiting for a clear signal on that chart before trading. Today, I did 16 trades (way, way more than I desire) and I feel mentally tired from watching the screen all day.

I know it may not seem like it, but I really feel good in a way. Previously, if I was in such a hole, I would not have gotten out of it and it would have ruined not only my day, but my week as well. The ergodic charts are giving plenty of signals; I just have to sort the wheat from the chaff.

Papa15

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  #294 (permalink)
 PandaWarrior 
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papa15 View Post
Started the day off on the wrong foot and took all day to recover. I saw the large drop overnight and figured there would be increased volatility today, and I even considered just not trading since I am not that experienced with very high volatility, but I pressed ahead.

I used a bigger stop due to the larger bars I saw. I then adjusted the stop based on price action. I was a little more careful on my entries, and price went my way after most entries, but only by 5-7 ticks. When you have an 8 tick target those moves don't help a lot. Ended up in a bit of a hole. I went into my scalping mode and worked my way out. Overall the day ended up in the red (due to commissions) but I am overall positive for the week, and with 3 days to go, I can still make my weekly goal.

The first trade was really not good. Again, I jumped in a bit early before the 610 chart gave a valid signal. I am going to focus on waiting for a clear signal on that chart before trading. Today, I did 16 trades (way, way more than I desire) and I feel mentally tired from watching the screen all day.

I know it may not seem like it, but I really feel good in a way. Previously, if I was in such a hole, I would not have gotten out of it and it would have ruined not only my day, but my week as well. The ergodic charts are giving plenty of signals; I just have to sort the wheat from the chaff.

Papa15

It seems to me you have the entry thing down or at least pretty close....now it looks like to me your targets are to small. I think your entries are worth 10-20 ticks each.....just my opinion of course.

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  #295 (permalink)
 gulabv 
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papa15,

Today was FOMC at 2:15pm EST typically not the best day to trade past the morning possibly...

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  #296 (permalink)
 papa15 
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aztrader9 View Post
It seems to me you have the entry thing down or at least pretty close....now it looks like to me your targets are to small. I think your entries are worth 10-20 ticks each.....just my opinion of course.

My first trade entry was poor. I just goofed up and I understand I did it. What I need to do is really focus on nailing the entry on both charts. It is very similar to your method. Get the entry signal on the larger time frame, really nail the timing on the smaller one.

I agree I need to be flexible on the targets. I have been using 8 ticks really as a matter of convenience. It seemed to be a good compromise between the initial surge as price breaks through my entry stop and yet getting a reasonable profit target. I will take 8 ticks on every trade all day long. That said, I certainly would like to take as large a chunk of profit from a move as is reasonable. I know you can't enter at the bottom and exit at the top (or vice versa) so what I really want is a good portion out of the middle of the move.

Today, the initial surge just did not carry through the target on several trades (the first one for example went 6 ticks my favor, and then reversed). I went for a while feeling out of synch with the market. It seemed once the signals lined up and I entered, the move was done (I seemed to be enter as the move exhausted). Today is the first day I have felt this way since I started using this ergodic setup.

Again, there are good lessons to learn from today. But what I must do is learn how to implement those lessons. I must be able to implement the knowledge in real time rather than just someone who knows what needs to improve (a "doer" rather than just a "hearer").

Thanks for your reading of the thread and the feed back. I really do appreciate it.
Papa15

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  #297 (permalink)
 papa15 
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gulabv View Post
papa15,

Today was FOMC at 2:15pm EST typically not the best day to trade past the morning possibly...

Yep...I watched the market up until 1:45 or so. It was amazing to watch the volume dry up after about 1:10. More data gathering. I really had not watched CL's behavior this late on FOMC day.
Papa15

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  #298 (permalink)
 tderrick 
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papa15 View Post
Yep...I watched the market up until 1:45 or so. It was amazing to watch the volume dry up after about 1:10. More data gathering. I really had not watched CL's behavior this late on FOMC day.
Papa15


FOMC ? is this an oil thing?

tia


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  #299 (permalink)
 Big Mike 
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tderrick View Post
FOMC ? is this an oil thing?

tia

Federal Open Market Committee

FRB: Federal Open Market Committee

If you hover your mouse over it you'll see the acronym expanded in many cases on the forum.

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 tderrick 
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Big Mike View Post
Federal Open Market Committee

FRB: Federal Open Market Committee

If you hover your mouse over it you'll see the acronym expanded in many cases on the forum.

Mike


That is killer!! I never knew that was there!


AJ
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