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Good day fellow traders
I am new here, just found out this great place on internet. And so happen there is this contest so i decided to kick start my posts here.
My journal consist of an excel file and a journal on OneNote ( Microsoft).
I uploaded …
Thank you and Happy Trading.
cheers
DarrenC
Can you help answer these questions from other members on NexusFi?
Good day fellow traders
I am new here, just found out this great place on internet. And so happen there is this contest so i decided to kick start my posts here.
My journal consist of an excel file and a journal on OneNote ( Microsoft).
Hi Traders
no regret no complain, just to share little frustration, which always happen if i were to stay stringent and consistent. just need to vent out, and keep moving, accept this is not my cup of tea.
Copper, was on my radar as you can see from my prior few posts. i was waiting for a better entry to Long, watching market to pull back around 2.6950 when it trading around 2.7000, and true enough it start moving, but bad enough the pull back nv happen.
dejavu.... same thing happen to me from my Coffee game plan last week, which the Long run still on going.
for those who have this frustration, you are not alone. grind and get ready for the next fight, capital preservation is key to survival.
If you find this interesting, please cast your Vote for me and my journal, by giving a hearty thanks to the post below:
Good day fellow traders
I am new here, just found out this great place on internet. And so happen there is this contest so i decided to kick start my posts here.
My journal consist of an excel file and a journal on OneNote ( Microsoft).
quick question do you use buy stop limit orders to get into the market?
You said you anticipated a move higher in Copper. Copper was trading in a range for the last 3 days and then finally broke through the 2.7 level and just had a nice move higher. If you think this could happen why wouldn't you place a buy stop limit order at around 2.705 (above the range - breakout higher), so when price ever comes up there then you would be on board. And if it doesn't then the order might not get hit and you won't lose anything.
Hi Mastadee
Thank you for dropping by. This is really a good question.
there were a couple of factors in my consideration why didnt i place Limit Order:
1. The signal score base on my simple checklist/scorecard is at the borderline, 69% (which 69-70% is the bare minimum for me to trade on all the setups i have); if i hv a better score, i will have a bigger range (range alculated base on my average "box" size x 20-30%, which essentially considered a measure of volatility) to "catch" it, say near 2.6980 ( which didnt happen also)
2. and due to that borderline score, i also didnt want to be "pushy" or aggressively engaged. i would rather wait and see if markets would like to come back into the congestion area ( the range you mentioned). with that i mean i am trying to avoid a sharp pull back into the congestion again, if that pull back is sharp, i wouldnt want to catch a falling knife in the sense. as in how to determine if it is sharp or no, it is quite subjective, but i m sure you can imagine if a similar size bar occur right after the bar that made the breakout, bringing the price back to the congestion area, because when that happen, i will need to re-evaluate my signal. the best is the price come back just testing the edge of the congestion area and hover there for 15-20mins. (1/3 or 1/4 of 60mins)
so i set my price alert and wait for the pull back to happen, then i will watch it for while then only i place the order.
I am not sure if this making sense, i read/heard similar trade management somewhere and it make sense to me, and many times i feel this save me from bad entry price and sudden death of a trade ( order triggered and go all the way against me and got stopped out, like +0 MFE and MAE = Initial StopLoss)
Glad to have more discussion on this.
* on top of that, i rarely use Stop-Limit-Order, thanks for the reminder. i will keep that in mind, maybe i can use that for certain scenario (for Entry only not for Exit)
Tahnks for the explanation. it does make perfectly sense!
I use the stop limit order as entries for breakouts above or below ranges as I found through experience that it gives me a good chance to participate in a quick trade as most of the time people who trade the range have their stops either above or below (depending on the direction) and when these lows or highs of a range get broken then normally we have a stop run and a nice quick run where I can participate.
Good luck with trading, always nice to see different methods!!
and Yes so got very strong point there. The market move a lot more than usual when majority of the positions are on wrong side
I will consider trying out that entry order type when the initial risk still within my tolerance without giving up my lines of defense (i.e. value areas and point of control). i love to hv good defense before i launch my attack and there is only so much i can risk so sometimes i dont commit certain signal .
i find it extremely helpful when there is ongoing discussion. i can only see so much and think of so much by myself. Enjoy reading your journal too!
Hi Traders
Nothing much from yesterday. except exited Euro. I have not done anything against my trading plan. i exited and i reevaluate the possibility to get back in the Long trend, but it was not sound enough for me to jump back in. of course at the back of my mind i always want to find out "if there is next time, would i jump back in?" it is hard not to think of that way...
Legendary investor Jim Rogers once wrote, "The way of the successful investor is normally to do nothing -- not until you see money lying there, somewhere over in the corner, and all that is left for you to do is go over and pick it up."
this has been one of my favourite quote to remind myself stringency and discipline, conserve your resourse for the best shot. so there is nothing i can do unless i tweak my plan or make/add another strategy, which at this moment i dont think i am capable of. I think best is i can work on the current one which i find it is sort of on track, just need to manage the psychology aspect when i trade bigger size, and keeping up the consistency in term of both executing and journaling.
attached details journal as usual. welcome any comment,suggestion, and question
If you find this interesting, please cast your Vote for me and my journal, by giving a hearty thanks to the post below:
Good day fellow traders
I am new here, just found out this great place on internet. And so happen there is this contest so i decided to kick start my posts here.
My journal consist of an excel file and a journal on OneNote ( Microsoft).
Hi Traders
Today game plan is simple, almost no brainer:
1. waiting for a range breakout from ES current congestion, with a bias to Long but will not hesitate to Short if my higher timeframe H4 show bearish signal.
the only different will be i dont trade intrabar breakout, i only wait for my h1 to close above current box at 2460 or above but not more than 2461.50. thats my way to define a breakout, so it is not so impulsive, good and bad but it serve me and my personality well. Good thing is i avoid some fake out, bad thing happens when it break out very far and not pulling back to my intended area.
2. waiting for a range breakout from Gold with a bias to short. will not consider any long signal as of now unless new information ( new box occur)
similar concept but i forsee h4 to form a new box ( new micro value area) then i will see if the layout supportive to short bias.
A follow up on yesterday Crude game plan:
in the orange rectangular, thats where the market moved into an area i consider bearish, but my h1 "box" layout is not what i expected, which mean not bearish enough. i would like to see either no new box formed, or a new box with plywood resistant. AND it has to be below my h4 last 50bars MPOC, so again, Setup is there, price level is there, but the timing that the price move into that area, my new box already show new infomation and not supportive to my initial plan, so i did nothing but wait. the current long breakout is not my typical setup so no plan at all today on Crude.
If you find this interesting, please cast your Vote for me and my journal, by giving a hearty thanks to the post below:
Good day fellow traders
I am new here, just found out this great place on internet. And so happen there is this contest so i decided to kick start my posts here.
My journal consist of an excel file and a journal on OneNote ( Microsoft).
Hi Traders
Landscape change completely and like i say, i m keen to take up Short signal on ES:
waiting for h4 to close below my box at 2453.5
but i m not touching Gold on Long side, just still little overbought from my indicator, Navigator as a momentum/Strength reading is high and so high that i dont go after Long here as i m too late for the party. And there is no other element that give me enough ingredient to consider Long, i.e. box layout is neutral, quite evenly distributed the micro value area, not favourable as i can see to Long, or to long with a good expectancy.
If you find this interesting, please cast your Vote for me and my journal, by giving a hearty thanks to the post below:
Good day fellow traders
I am new here, just found out this great place on internet. And so happen there is this contest so i decided to kick start my posts here.
My journal consist of an excel file and a journal on OneNote ( Microsoft).
