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Zen & the Art of The Small Account


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Zen & the Art of The Small Account

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  #811 (permalink)
 MWinfrey 
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outstanding...congratulations on your day.

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  #812 (permalink)
 tderrick 
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Yes!! Yes!!! Your old friend the range chart with the 5min for visual support of PA ....

He's back!!


AJ
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  #813 (permalink)
 eudamonia 
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Way to recognize your tough day yesterday and get it past you. You payed attention to the fact that the market was tight and adjusted your expectations and trading accordingly.

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  #814 (permalink)
 soumi71 
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aztrader9 View Post
Today I came to the game determined to trade within my skill set. When I got here, I noticed the daily range was less than 150 ticks.

AZ , if you don't mind me asking , how do you determine the daily range ? thanks

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
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  #815 (permalink)
 syxforex 
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Well said Big Mike. I am just starting to make some real progress after over two years of looking at charts, almost around the clock. I'm starting to really 'feel' the market. Those are the best trades, where you don't have to look at the pattern and explain it because you are so in it you are a part of it and thus you can go with your intution and act accordingly. I am indicator free now. Well, I use one moving average, but it's very short, one period, lol, so not much of a moving average. I like the murrey math pivot of AZ's, although he will call it a Fibonacci pivot . It's the best way to gauge where the market is and to take risk accordingly. Had a very good week, better than the previous, and a contiuation trend to higher and better professional trading. Good work AZ! Have a great week next week!


Traders are much the same. A successful trader may believe it is because of his indicators when in fact it may be simply because he is good at reading a chart. He may believe it is because he has a toolset that is proprietary or complex, when in fact he simply has good intuition. Any number of things.

This is why, by and large, teaching others your method won't make them successful.

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  #816 (permalink)
 PandaWarrior 
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soumi71 View Post
AZ , if you don't mind me asking , how do you determine the daily range ? thanks

I use Fat Tails volatility bands with most of the markers set to false and only the daily range indicator set to true. It plots in the upper left hand corner of my 5Min chart. Very handy indeed. I take the ADR, multiply by 10%, if the answer is greater than 15, I use a 20 tick target, less, I use a ten tick target. This is NOT scientifically tested, just some guesses on my part.

Hope that helps.

Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #817 (permalink)
 soumi71 
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aztrader9 View Post
I use Fat Tails volatility bands with most of the markers set to false and only the daily range indicator set to true. It plots in the upper left hand corner of my 5Min chart. Very handy indeed. I take the ADR, multiply by 10%, if the answer is greater than 15, I use a 20 tick target, less, I use a ten tick target. This is NOT scientifically tested, just some guesses on my part.

Hope that helps.

I Think it's a smart idea !
Thanks for sharing

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
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  #818 (permalink)
 worldwary 
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I'm curious if you've found the inside bar setup to generally work well on the 3 minute or 5 minute timeframes? Is that one of your regular setups?

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  #819 (permalink)
 PandaWarrior 
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worldwary View Post
I'm curious if you've found the inside bar setup to generally work well on the 3 minute or 5 minute timeframes? Is that one of your regular setups?

I like the inside bar set up. There are more of them on the three minute chart and therefore more head fakes to deal with. The five minute chart seems to offer a good number of legit trades but one thing I have noticed is this: Often there will be an inside bar, followed immediately by an outside bar. If you get on the wrong side of this, you can get stopped out of a perfectly good trade.

So my challenge has been to use a smaller time frame or a range bar/tick chart to figure out which way to take the inside bar trade. Mostly I lean toward the one that coincides with the trend direction but at the moment I have no real way to deal with the inside bar/outside bar sequence other than to just take the stop and try again. Its frustrating to see the perfect set up and be stopped out of it. When this has happened, I have tried to reenter the trade as the outside bar goes back in the original direction at the same price as I entered on the inside bar. This has been somewhat successful but I don't have enough trades to offer any real statistics on it.

There is no way to avoid this inside bar/outside bar stop out process sometimes. I have looked at it on an hourly, weekly, and daily chart and it happens on all time frames. The only difference is the size of the stop.

If you are scalping for just a few ticks, then this could be an issue. If you are intraday swing trader, I suppose you can make up for the one or two times this happens every day with the larger targets inherent in capturing the larger moves. Otherwise, you need a high win rate.

Currently I am using the IB as a potential turning point in the short term trend and looking to a range chart to help me finesse the entry and hopefully avoid to many of those IB/OB stop out sequences.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #820 (permalink)
 eudamonia 
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Yes it looks like you got nailed by poor execution and not knowing "exactly" when you were going to take your setups today.

Your first trade looks fine. Not every trade works out.

Your second trade was taken out because your entry and stop didn't provide enough room to prove the trade. One clue that this was likely to happen was that there was such a sharp retracement (usually a sign of further consolidation and/or a fight for buyers to push the market up).

Your third and fourth trades look very suspect to me. The market hadn't moved to a new higher high and was clearly consolidating. They weren't well placed for a pull-back trade and they clearly were premature for a breakout trade.

Your fourth trade would have been great if you'd held it to the logical target.

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