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Get In, Get up and Leave - trading style

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  #101 (permalink)
 Narcissus 
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Changed my mind. Saw buyers struggling to make a new hight above 2031. Hence shorted 2030.

Targets 26, 22 and 18.

Risk is - Gap up day. I tend to do NOT well on those days. Let's see.

Edit - 1st target hit. My second target was almost hit. Hence my stop will be moved to Breakeven.

We have all the characteristics of today becoming a trend down day. The auction process is slow and methodic but on HIGH volume and hence sucking in buyers. If price is able to move back upto 1930, my entry price, then I am definitely wrong in my premise and hence will get out at BE.

If all my targets are hit, then I will consider a second trade, re-shorting the pullbacks.

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  #102 (permalink)
 Narcissus 
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My first trade worked out as expected except the target target at 2018. Market came pretty close and bounced back above vWAP. I will do some homework about how to handle these type of situations.

For the time being, I considered that all targets hit and hence closed trade.

I just re-initiated shorts at 2027.

My premise is this - We are making a huge balance area between 2025 to 2029 with lot of re-positioning. If we make new highs for the day, after European close, then OTF buyers are in control. Technically that allows me to put a tighter stop at 2031, just 4 points (in the future). Since this is the trial period of execution, I am going to stick to my stop loss at 2035 with targets at 2023, 19 and 15.




Not quite the trend day I expected but we bounced back from key pivot 2018.50 and Sellers may want to revisit that area again later today.

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  #103 (permalink)
 Narcissus 
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Managed to execute both my shorts pretty well. 1st short at 2030 soon after opening and then the second entry at 2027 after European close.

There is probably still some more juice for shorts but I am wary of vPOC still at 2027 despite a HVN at 2016. We are revisiting 2013 low right now but this could bounce stronger to test vWAP again.

If vPOC shifts to 2016, then I will consider my 3rd short for the day.

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  #104 (permalink)
 Narcissus 
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I entered short again at vWAP test at 2023.

Though we didn't shift vPOC below, I felt there was a decent stop run and distribution at vWAP and hence we could revisit LOD. The odds of 8 point move up to trigger my stop at 2031 looks less likely than a test of LOD at 2013. Let's see.

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  #105 (permalink)
 Narcissus 
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My execution was near perfect today. Since I was IN-SYNC with the market, I was able to read it better which gave me confidence to short 3 times with very little hesitation. (except the first one as I was nervous with huge volume -pre open- but very little directional movement)

My first execution was a bit sloppy as my 3rd target of 12 points was missed by a couple of ticks but I decided to consider that as target hit and hence able to enter the market again.

I was able to think like a predator and was genuninly thinking about locations of stops to hunt them Hopefully this is just the beginning of better execution style.


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  #106 (permalink)
 davidfa 
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Very good analysis and execution.
Nice job!

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 Narcissus 
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Short 2024 at open. Logic was the gap is more likely to be close with target 2012 and stop at 2032 less likely to be hit. But stopped out.

I could have waited for 15 mins after open. After few mins we made a balance area around 2027 which would have been a better position to hunt those stops below 2021 and yesterday's vPOC.

Need to think about opening trades and gaps again.

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  #108 (permalink)
 Narcissus 
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Another example of poor location selection for short.

I know pre-open that Europeans were positioning at 2015, as seen in the Renko Volume chart below.

I also had confirmation that they were accumulating for Longs and price went up at US Price Open.

We had initial distribution at 2027 and that could have been a better location for shorts.

We are having a even bigger distribution location at 2033 now which gives even a better chance of rotation down.

Obviosly, US traders may decide to keep pushing this higher and all I can do is to guess. The odds are more for a range day rather than a trend UP day.

Since I am stopped out, I DON'T have the opportunity to place another trade. This is to avoid 'revenge trade' as I am OUT OF SYNC with market today. I don't mind watching from the sidelines. That's fun too.

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  #109 (permalink)
DrewDown
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ECB news was essentially bullish. Sellers need to have something to sell, first.

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 bmtrading9 
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What are those bars? Volume bars or renko?

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 Narcissus 
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bmtrading9 View Post
What are those bars? Volume bars or renko?

Those are 4 tick (1 point) Renko bars. The length of the bar indicates the volume.

Essentially those wide bars on the left side around 2015 happened during European trading - suggesting accumulation.

Ist wave of distribution happened around 2027 and then second one around 2034.

The subsequent push up to 2039 seems like a trap for late longs. We may have a reversal day or just dance around 2035.

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 Narcissus 
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My discipline kept me out of trouble today. Obviously I was stopped out within 20 minutes of market open but resisted my temptation to revenge trade.

Strange how these things work! I was very nervous yesterday to short the market and reached my targets 3 times! I was pretty confident of this market rolling over today but it kept creeping higher and higher to a Monster rally.

Anyways, back to the 11 AM lesson.

If Markets don't begin to reverse by 11 AM chicago time (coincides with European close, I believe), then it's highly unlikely to do so. Put it in a different way, if we make new highs after 11 AM, then market is unlikely to reverse.

My above belief system and improved discipline kept me out of trouble today.

However, I lost my discipline in my swing/position trading. My first short was 1950 about 5 weeks ago, then added another one at 1905 post NFP. Though I resolved NOT to add to my losing position, it was mouth watering today to average and hence added my final/3rd position at 2047. Worst case scenario - If we make all time high, I will loose 25% of my account. I may hold it until ATH/rollover and target is August low and Below. Quite a wide net

I am being stubborn with my swing trading and glad that I am improving my discipline with day-trading.

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 Narcissus 
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I don't do well on Gap up days. Yesterday was an exception. Today is the norm

I was excited to see a good shorting opportunity at 2024 but failed to wait for confirmation of weakness. I didn't even look at internals, Tick, Breadth and volume all supported further uptrend. I will learn soon to go with the trend. Atleast I didn't fight too hard today and accepted defeat after my first stop loss


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 Narcissus 
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No trade today as I woke up too early, went back to bed and missed US open. Perhaps, my mind wants rest for a day after the jubilation/ carnage yesterday.

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 TheTradeSlinger 
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Have you taken a long trade since beginning this journal?

I think I'm picking up a heavy short bias which is an account killer. Being biased one way or the other is a definite no go.

Trade the market, not your bias.

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 Narcissus 
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TheTradeSlinger View Post
Have you taken a long trade since beginning this journal?
I think I'm picking up a heavy short bias which is an account killer. Being biased one way or the other is a definite no go.
Trade the market, not your bias.

I am aware that I am a PermaBear and mentioned here that all my day-trading in the last 3 weeks are SHORTS. I am trying to unload that bias but it's not easy.

However, I don't necessarily see that as a problem since my style is fading and the context of the market was that we were at value high for the last 2 weeks. Then we had the breakout yesterday.

Now I will consider long if there is confirmation that this break out is real and forms a new balance. Then I will fade the lows Infact, I considered long today at the support level of 1952 but market didn't quite go down that far.

My execution is pretty simple now. What are the chances of my stops being hit at 8 points away Vs my targets being hit at 12 points away? Using that logic, I didn't have a good location and hence staying out today.

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 Narcissus 
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I traded everyday this week except today due to tight range.

This week's trading inside the yellow box.




Monday was a small range day with almost Breakeven sort of trade (-4 Points)

Tuesday - Stopped out with max -24 pts cost.

Wednesday - 3 trades and all of them hit the target = +72 points (best day so far)

Thursday - Stopped out very early on due to big trend UP day.

All the days, only shorting tried.

So far the market condition has good for my trading style i.e Fading value high area. Now that we broke out of the range, I will try and master the harder approach i.e Longs and going with the trend. Monday's action will confirm whether it's a genunie breakout or a false one to trap longs above 200 days MA.

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  #118 (permalink)
 Narcissus 
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No good trade set up yet. Indecisive and consolidation around 2062. Bullish bias but narrow range for my trading style.

Internals appear weak and hence watching from the sidelines.

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 Narcissus 
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Still no clear winner in this day-time battle but Bulls in control over the next bigger time frame.

I ended up taking a short at 2064. Possibly lost my patience or over-zealous to get trading data.

I saw buyers struggling to push the price higher and sellers showing up with higher volume and average size. Couple that with weak internals, I felt the odds of 2052 being reached is more than the price going upto 1972 today.

The only downside is that my stop at 1972 is right within noise of friday's high. That means even an inside day could take me out of the trade.

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 Narcissus 
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What a sleepy day!

Out - breakeven

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  #121 (permalink)
 Narcissus 
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Short 2060.

Reason, Yesterday's close provided resistance, weak internals, low relative volume. Expectation range day with a downward bias. Hence Fading the highs. I got in quite early during violent stop run above 2059 around 11 AM Chicago time and sat through 3 points heat.

1st target hit. Other targets 2052 and 2048. Likely to move breakeven stop if and when 2nd target hit.

Potential increased for a down day as I see increase in relative volume at 11.50 Chicago time.

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 Narcissus 
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second target 2052 hit. Stop moved to breakeven 2060.

Final target at 2048. Unsure whether it will be reached or not as Pre-FOMC days are small range and indecisive. Currently buyers rejecting 2052 but huge resistance above vWAP 2058.

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 Narcissus 
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2 targets hit - 12 points in total.

3rd target not hit. Manual exit at market close for a small gain of 2 points. Total = 14


Screenshot from IB - SPY traded. ES points approximate.


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 Narcissus 
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Fading again, short 2069.

Reason is expectation of a small range day pre FOMC. Distribution almost complete unless we have renewed buying interest.

Risks - Internals pretty strong with NO tick exhaustion to the downside.

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 Narcissus 
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Narcissus View Post
Fading again, short 2069.

Reason is expectation of a small range day pre FOMC. Distribution almost complete unless we have renewed buying interest.

Distribution didn't complete as we had renewed buying interest. Second wave of distribution is going on right now as you can see on the right side of the chart (4 Tick Renko with volume - wider bar represents bigger volume)

My short shown by red arrow at 2069. Stop at 2077





Narcissus View Post
Risks - Internals pretty strong with NO tick exhaustion to the downside.

Internals are still pretty strong. NYSE tick didn't even touch -400 and both spreads and Adv/Dec are strong.

My stops are still at risk. Infact, I am surprised that my trade is still in place.

Lesson - Don't fade when Internals are strong.

Oh Ya. Stay the hell out of market on FOMC days.

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 Narcissus 
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All my profit targets hit.

Wait a sec. My stop loss hit first.

One more reason why beginners should avoid FOMC. You often get caught in the crossfire.

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 Inletcap 
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Narcissus View Post
All my profit targets hit.

Wait a sec. My stop loss hit first.

One more reason why beginners should avoid FOMC. You often get caught in the crossfire.

LOL- had that happen to me before and that sucks! You can always scale back your size and widen or not use stops on small position. Today I traded modest size all morning and as my "income targets" were taken out I just left my runner on for the announcement. It's a pretty sure bet that any hard stops < 1 x daily range will be hit after the news.

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 Narcissus 
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Inletcap View Post
LOL- had that happen to me before and that sucks! You can always scale back your size and widen or not use stops on small position. Today I traded modest size all morning and as my "income targets" were taken out I just left my runner on for the announcement. It's a pretty sure bet that any hard stops < 1 x daily range will be hit after the news.

I trade small with SPY as I am still in training and testing out my execution methods.

Max loss is 120 dollars a day. (150 SPY with 80 cents stop loss)

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 Narcissus 
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I will try to stay out of FOMC and NFP days. It's lot more fun just observing from the sidelines

Even though I was stopped out, I felt good b'cas my reading of the market was actually pretty good. My only grievance was not respecting market internals which was bullish from open. I did notice that and made a comment at my entry journal. Since the internals were down for the last 2 days with no price follow through, I gave it less importance today.

In the end, my stop was within the noise of Pre-FOMC release and got stopped out at 2077. Then we had this beautiful straight drive down of 20 points to 2055 with no respect for vPOC, vWAP, LVN, HVNs etc. What followed was a methodical grind and Bulls won in the end with a huge score. Internals gave the first clue here too. Despite deep plunge to 1955, net volume was above zero and breadth was pretty strong too. I am seeing more value in adding internals as additional signs in my methodology.




I dumped Delta a week ago and felt anxious to leave OUT information but it seems to be helping. I definitely feel less tired reading my charts. I simplified the colouring of the chart so it's easy on my eyes. Finally, my main charts can be viewed easily from my mobile via teamviewer, if I want to, as I leave my iMac running IRT at home.

It's a beauty and these charts DO talk to me now. I just love watching these blue and pink babies dance


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 Narcissus 
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No trading today.

Pretty small range so far with odds favouring a continuation up move. However, too small for my usual target of 12 points.

I need confirmation for price to take out FOMC high or low first for directional conviction.

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 Narcissus 
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Early start tomorrow and hence unlikely to trade.

Likely to be lots of action tomorrow as overnight volume is relatively high due to BOJ.

Not a bad day to watch from sidelines.

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 Narcissus 
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I was expecting fireworks but the reaction was fairly mute overnight.

US open was uneventful too. Hence decided to put in a trade.

Fading again but for a change, took a LONG around 2079

Though it feels weird to go long intra-day with swing short, I have decided to just trade the chart. That's a big step for me.

I saw sluggish sellers, buyers absorbing below 2080s, low relative volume and it's friday. That's good enough for me to go long as the expectation is a range day.


My first 2 targets hit. Stop moved to breakeven. Not monitoring it as busy at work.

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 Narcissus 
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Oops, didn't expect the late selloff. Relative volume was NOT that great. Not sure what that means. Once home, do a post mortem.

Stopped out break even , my final 1/3. Can't complain with 12 points revenue


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 Narcissus 
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I was expecting a very volatile day but it was rather mute overnight & opening with fairly low relative volume. That gave me confidence to trade today. (I was planning to observe due to expected news driven volatility).

I decided to go with the trend, for a change, and bought the dip. Still fading is my preferred method and I am NOT a breakout trader for sure.

As soon as I put the trade, I got up and left (just as the title says) and checked only a couple of hrs later.

I was pleasantly surprised that my first 2 targets were hit. Then I was fairly confident of my third target being hit. After all, it was friday afternoon with low volume and we are in an uptrend right?

Then came the sudden sell off. Rather than over-analysing the reason, I decided to accept what the market did.
@Big Mike's explanation of month end position readjustment by funds seem more likely.

I have decided to ask less questions now Do we ever know? Is it predictable? Does it even matter? I am reminding myself to be in the PRESENT and READ THE CHART more. May be I should paste that on my iMac screen

My decision to move the stop to Breakeven after my second target of 8 points hit seems to be working. I may consider even tightening further after weekend analysis of my trades so far. I noticed that price usually doesn't move against me very far. When it does, it just blasts through my stop i.e When I am wrong, I am VERY wrong.

I am considering my stop at 6 points, perhaps after a week or 2 analysis. If I keep my targets at 4, 8 and 16, then it's a pretty respectable R close to 2. i.e 18 points risk and 28 points reward. Even a 40 to 50% win ratio will do wonders to my equity curve. hmmm



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 Inletcap 
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Narcissus View Post
I was expecting fireworks but the reaction was fairly mute overnight.

US open was uneventful too. Hence decided to put in a trade.

Fading again but for a change, took a LONG around 2079

Though it feels weird to go long intra-day with swing short, I have decided to just trade the chart. That's a big step for me.

I saw sluggish sellers, buyers absorbing below 2080s, low relative volume and it's friday. That's good enough for me to go long as the expectation is a range day.


My first 2 targets hit. Stop moved to breakeven. Not monitoring it as busy at work.

Very good analysis! Even if the trade failed you were looking for the correct clues to support your long thesis, you found them and you acted swiftly. Can't ask for anything more than that. I too set runner stop at break even (80)then took a little off but I was monitoring ( in error I actually sold the whole thing and then tried to get back cheaper but same idea)
Well done today.

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 TheTradeSlinger 
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Props on the long, man!

You are taking what's been said and thinking about it and applying it in real time in real trades, that's winning @Narcissus.

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Johno1
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Big Mike View Post
This is why I don't use hard stops. And re-entering the same trade after a stop just means your stop shouldn't have been there, the trade is still valid. You should be adding to the position in fact if the market gives you that chance and the trade is still valid, assuming you correctly sized the initial trade knowing that the likelihood you've perfectly timed the market is not great, and allowing for scale ins.

Mike

Some excellent advice although this would be hard to achieve for a 1-2 lot trader, particularly if they are trying to chip out a living, also it takes strong confidence to increase position size during drawdowns. It would probably require downsizing to mini contracts or CFDs to take this approach for most developing traders. But it certainly pays dividends for those who do.

Cheers John

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 Narcissus 
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Breakeven week.




Monday - Very small range and hence none of my targets/stops hit. = 0 points
Tuesday - Short - 2 targets hit and last position exited for 2 points = + 14 points
Wednesday - Short - Stopped out of FOMC volatility = -24 points
Thursday - No trade as range was too small.
Friday - Long - 2 targets hit and 3rd breakeven stopped out = + 12 points.

Total for the week = +2 points. I consider that as breakeven due to commissions, slippage etc.

Lessons

1. Try to stay out of FOMC and NFP day - atleast prior to release
2. Breakeven stop after 2nd target was hit works out well. Atleast psychologically comforting (Winner did NOT become a loser concept- Though I don't like those terms)
3. Decision to NOT trade is sometimes more important than the decision to trade.

Next step is tightening stops and extending targets to improve R but no sufficient data yet.

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 Narcissus 
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This is a basic flowchart of my current execution style. I am considering few changes over a period of time once I get more trading data and more screen time.

My entry criteria are still pretty vague and I am still highly discretionary but working on it everyday - thanks @Big Mike to make us think in more definitive and clearer terms.


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 Narcissus 
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Weekly price action is still bullish but daily price action was bearish on Friday. I am trying to remind me of the Current winner in the market and know who was in control prior to me starting day-trading.

I will probably clip a star on the left upper corner of my monitor for weekly winner and the right corner for daily winner. This habit may reduce my counter-trend trading.

I couldn't shake off my bearish bias today and initiate a short at 2080.

Reasoning - I Expected friday's vPOC/VAH to provide resistance and friday's high to hold. Relative volume is still fairly low suggesting no participation from OTF and hence range day likely. Hence fading with the expectation of revisit to overnight low..

However, I was pre-mature b'cas internals did NOT show weakness at the time of my entry. e.g TICK was still hugging zero but staying +ve with no buying exhaustion and net volume was creeping up.

If I had waited for 2083, when I noticed weakness in internals, my stop would have been at a safer location and above the noise and local stop hunting above last week's high. Sellers hadn't shown up yet and hence I could be stopped out soon. However, range day is still a possibility unless there is a significant pick up in volume.

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 tigertrader 
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Narcissus View Post
Weekly price action is still bullish but daily price action was bearish on Friday. I am trying to remind me of the Current winner in the market and know who was in control prior to me starting day-trading.

I will probably clip a star on the left upper corner of my monitor for weekly winner and the right corner for daily winner. This habit may reduce my counter-trend trading.

I couldn't shake off my bearish bias today and initiate a short at 2080.

Reasoning - I Expected friday's vPOC/VAH to provide resistance and friday's high to hold. Relative volume is still fairly low suggesting no participation from OTF and hence range day likely. Hence fading with the expectation of revisit to overnight low..

However, I was pre-mature b'cas internals did NOT show weakness at the time of my entry. e.g TICK was still hugging zero but staying +ve with no buying exhaustion and net volume was creeping up.

If I had waited for 2083, when I noticed weakness in internals, my stop would have been at a safer location and above the noise and local stop hunting above last week's high. Sellers hadn't shown up yet and hence I could be stopped out soon. However, range day is still a possibility unless there is a significant pick up in volume.

You are your own worst enemy...

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 Narcissus 
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tigertrader View Post
You are your own worst enemy...

Agree. That's why I try to reduce my own influence in my trade execution.

I had 2 choices today but opted for the 3rd less profitable strategy.

1. I had bullish bias on Friday. Hence I could have initiated long at open as Internals were mildly positive and hunted the stops above friday's value high.

2. I could have waited for weakness to appear and then shorted friday's value high. (which is possibly happening at 11.35 now CT with price at 2086)

3. Instead I was impatient and settled for a low probability and high risk location and paid the price.

I am ok with that, currently, b'cas I know that I made a risky bet, what my better options are and what I could have done differently.

I think I have moved on from the 'lack of awareness' stage to 'mindful of my idiocy' stage. The next step is 'placing smarter bets' stage. I aim to reach that in weeks not years. However, if I keep doing the same mistake then there is no bigger fool here.

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 tigertrader 
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Narcissus View Post
Agree. That's why I try to reduce my own influence in my trade execution.

I had 2 choices today but opted for the 3rd less profitable strategy.

1. I had bullish bias on Friday. Hence I could have initiated long at open as Internals were mildly positive and hunted the stops above friday's value high.

2. I could have waited for weakness to appear and then shorted friday's value high. (which is possibly happening at 11.35 now CT with price at 2086)

3. Instead I was impatient and settled for a low probability and high risk location and paid the price.

I am ok with that, currently, b'cas I know that I made a risky bet, what my better options are and what I could have done differently.

I think I have moved on from the 'lack of awareness' stage to 'mindful of my idiocy' stage. The next step is 'placing smarter bets' stage. I aim to reach that in weeks not years. However, if I keep doing the same mistake then there is no bigger fool here.

To use your medical analogy, before you can make a diagnosis you need more than a cursory knowledge of medicine. The same is true of formulating a thesis about the market. If you don't have a thorough knowledge of the market, you are simply going to be making guesses based on some misguided bias.

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 Narcissus 
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tigertrader View Post
To use your medical analogy, before you can make a diagnosis you need more than a cursory knowledge of medicine. The same is true of formulating a thesis about the market. If you don't have a thorough knowledge of the market, you are simply going to be making guesses based on some misguided bias.

I appreciate your effort to guide me towards success.

I have realised that I have to increase my effort and commitment too.

Instead of using my day-job and time restriction as an excuse to pick bad locations, I have decided to dive in full time, albeit for a small period of 2 months. Luckily, my personal and job situation allows me to do that from mid November. i.e 2 weeks from now. I will be as transparent as possible and will take any criticism, from successful and/or well respected traders, in a positive spirit.

Even if I fail at the end of 2 months, I will hopefully learn more about my abilities and personality and then decide on my suitability to become a trader. Even if the next 2 months become a disaster, I will likely continue with part time trading again for few more months to try and rectify my deficits and carry on with my regular job for another 6 to 8 months before going full time from October 2016.

I will likely close this thread in the next week or so as it won't be Get up and leave but rather active monitoring and management of my trades

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 bmtrading9 
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Narcissus View Post
I appreciate your effort to guide me towards success.

I have realised that I have to increase my effort and commitment too.

Instead of using my day-job and time restriction as an excuse to pick bad locations, I have decided to dive in full time, albeit for a small period of 2 months. Luckily, my personal and job situation allows me to do that from mid November. i.e 2 weeks from now. I will be as transparent as possible and will take any criticism, from successful and/or well respected traders, in a positive spirit.

Even if I fail at the end of 2 months, I will hopefully learn more about my abilities and personality and then decide on my suitability to become a trader. Even if the next 2 months become a disaster, I will likely continue with part time trading again for few more months to try and rectify my deficits and carry on with my regular job for another 6 to 8 months before going full time from October 2016.

I will likely close this thread in the next week or so as it won't be Get up and leave but rather active monitoring and management of my trades


That's good news and I am happy for you as you are taking a step closer to your goal but I am confused though, you want to be a day trader or swing trader? more screen time will definitely help in understanding day to day nuances of market but I feel it will also add to the confusion what I mean is as @tigertrader mentioned in previous post we are going to make more and more guesses based on misguided bias....Last few weeks I missed a huge rally because I was dwelling in what happened in previous 3 weeks, clearly market has changed in last three weeks but I am not sure how new traders will recognize these changes one we able to recognize this we should be able to control misguided bias effectively....for example in one of not so recent post's @tigertrader mentioned market has been stretched so much after moving up mere some 40-60 points so he is short but now he doesn't think it's not stretched enough so we have to find how can we learn these things..

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 rahulgopi 
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Narcissus View Post
I appreciate your effort to guide me towards success.

I have realised that I have to increase my effort and commitment too.

Instead of using my day-job and time restriction as an excuse to pick bad locations, I have decided to dive in full time, albeit for a small period of 2 months. Luckily, my personal and job situation allows me to do that from mid November. i.e 2 weeks from now. I will be as transparent as possible and will take any criticism, from successful and/or well respected traders, in a positive spirit.

Even if I fail at the end of 2 months, I will hopefully learn more about my abilities and personality and then decide on my suitability to become a trader. Even if the next 2 months become a disaster, I will likely continue with part time trading again for few more months to try and rectify my deficits and carry on with my regular job for another 6 to 8 months before going full time from October 2016.

I will likely close this thread in the next week or so as it won't be Get up and leave but rather active monitoring and management of my trades

I did the same when we had our second kid. I took 3 months paternity leave and wanted to test full-time trading. Since I advertised it to my family and friends as the trial run for my full time trading career, put a lot of pressure on the deadline and I made many mistakes, forcing trades and trading outside the plan. Eventually I managed to break even but picked up some bad habits. It took a while for me to let go of the deadlines and focus on executing the trade as per the plan and focus on the process itself and not the outcome on a daily basis.

In your case you seem to have more clarity on what you want out of this 2 months time. Having that clarity is important as unrealistic expectations may cause some psychological setbacks as in my case.

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 Inletcap 
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bmtrading9 View Post
That's good news and I am happy for you as you are taking a step closer to your goal but I am confused though, you want to be a day trader or swing trader? more screen time will definitely help in understanding day to day nuances of market but I feel it will also add to the confusion what I mean is as @tigertrader mentioned in previous post we are going to make more and more guesses based on misguided bias....Last few weeks I missed a huge rally because I was dwelling in what happened in previous 3 weeks, clearly market has changed in last three weeks but I am not sure how new traders will recognize these changes one we able to recognize this we should be able to control misguided bias effectively....for example in one of not so recent post's @tigertrader mentioned market has been stretched so much after moving up mere some 40-60 points so he is short but now he doesn't think it's not stretched enough so we have to find how can we learn these things..

You are always going to have the higher timeframe traders "laughing" at the LTF guys. Yesterday, long term guys watched 20+ pts evaporate from thier position and you didn't hear them giving any shit to those who were taking range day type profits or shorting at the highs or shorting VWAP late day. Same goes for the day before. ( In no way is that directed towards @tigertrader- just a general statement from a guy who trades multiple timeframes) There is no way to control misguided bias if you believe in your process as you can't be right all the time. You can control risk and you can adjust your bias but if you have a long term consistently profitable bias building system for your timeframe I would not be looking to capitalize on other timeframes- it's the nature of the beast- the longer your horizon, the less often you will be misguided simply because you have fewer decision points. @Narcissus was a little early but I believe 10s of thousands of contracts were traded just above that area in sideways fashion telling you a lot of traders felt the same way and saw an opportunity to short in that area- the trade did not work- it happens. Had the ass fallen out and we went back to test the 200DMA his bias would not have been misguided at all and he'd look like a genius. Not being able to watch the day hurts as it does not afford one the opportunity to change their bias when the weight of the evidence suggests action.

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 tturner86 
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bmtrading9 View Post
you want to be a day trader or swing trader?

Why choose? Why not trade what is available? Too many people (myself included) try to box themselves into trading a certain timeframe.

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 Narcissus 
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I expected to use this thread for about 3 months but decided to close it sooner as I will NO longer use this execution method due to my decision to go full-time soon, possibly from November 16 Monday.

The most important benefit of this method is my acceptance of random outcome of my trading and willingness to take the loss i.e stops being hit. I also learnt that trading can be stress-free once I develop the habit of objectively watching the market despite my active trade position. Finally, even a mediocre location can be made profitable by position sizing and planned execution methods.

The most important drawback is that I often pick counter-trend trades partly because of my inability to monitor my trade but mostly due to my fading personality. I thank many experienced traders who shared their opinions that this behavior may lead to bad habits which can be hard to undo/change.

I have decided to take my trading business seriously and do it full-time, without the distraction of my day job for 2 months. I am going to spend the next week thinking about how to approach it and will lay-out my process in flowcharts and try and have some clarity in my head. It's very scary as I have hidden behind the convenience of 'discretionary trader' which usually means trading with NO rules Now I have to come up with few.

I am very encouraged by the enthusiasm and support I received from several experienced members here and hope to repay it back to newer members by contributing more in my main journal.

May this helpful thread rest in peace.

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