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Frustrating today. Keep looking for long continuation but it'd spurt up then range. Short scalps on m6e.
Still looking to get in somewhere on the way to that MM on the daily, but not sure where. Some potential news events tonight/tomorrow may cause that to happen. The problem is which way will it go first.
"It does not matter how slowly you go, as long as you do not stop." Confucius
Frustrating day this week trading EUR, pretty much trying to go long the whole time. I'm spent. Small profit for the week.
I will update the leaderboard as people post their totals. @JMP3 and @TradeTheLevel if you post your totals for the month, I'll just put it as this week's total.
Have a nice weekend everybody; hopefully we'll see some action next week!
"It does not matter how slowly you go, as long as you do not stop." Confucius
I'll submit after market close. I have open swing trades that were in draw down. Wanted or hoping for them to LAX some before posting end of week results.
Ok. Tradestation won't let me get the full report, maybe because it's weekend and reports won't work till open?
However my account value on just pnl is $116 and it's $132.00 if you count the open position. I'll screen the actual trading by Monday when postions settle and statements generate.
No trades for me this week. I've been overhauling my "system" and getting a lot of screen time, watching it do what it does and trying to make sense of it all. I'll jump back in when I feel it's appropriate but for now I'm gonna stay on the sidelines and simply observe instead of being caught up in the thick of it. Good job guys, looking forward to rejoining soon.
Best part about sticking to one product, you can research the work of others that are more networked. ie. I've held shorts regardless of drawdown as MULTIPLE banks are eying the 2100-2150, level as support till the ECB talks next week. And with no major news, they expected to range to that level. Now here's the trick, spot prices don't match futures process exactly. So you have to compare charts to get an idea.
Here's the flip tho. Banks are people, not always correct. I pick my battles and place stops in my oh @#+$ zones.
Welcome to Week4 of the competition. This "week" will run through Jan 31st, so that I don't have to add another column to the spreadsheet.
I wanted to see if anybody would be interested in doing some market anatomy dissection on downtrends. Specifically, I'd like to discuss the following questions with those who are interested:
1. Can you pinpoint the beginning of a downtrend?
2. Does a downtrend different in speed and structure compared to an uptrend?
3. Can you pinpoint the end of a downtrend?
4. Does the instrument you're examining matter on the structure of the downtrend?
5. Assuming market fractals are a true phenomenon, do lower timeframe (e.g. 5min) downtrends that occur in the context of a higher timeframe (e.g. 60min) consolidation or uptrend pullback differ from to downtrends that occur in the context of a higher timeframe downtrend?
"It does not matter how slowly you go, as long as you do not stop." Confucius
Question one and three: In realtime, forget it. Unless you are indiscriminately entering reversals at tops or bottoms and getting lucky. The best you can do is look for obvious signs of reversals and hope to cash in on a portion of the move.
Market fractals are absolutely a true phenomenon one cannot deny this. The market is in constant motion and because it exists in one of two states (going up or down), it will inevitably repeat certain patterns. The thing is that although these patterns unfold with the regularity of a ticking metronome, the difficulty is that once a particular pattern has unfolded, there is no telling what comes next. So although you might have just observed a wonderful head and shoulders pattern, you have at best a gamblers odds of anticipating what happens next. To improve your odds, the fractal must be considered within the context of a higher timeframe.
To answer question 5, I think that pattern formations are the same no matter what the timeframe(because there can only be so many ways price can zig up or down in a trend isn’t there) the difference being that moves are more believable on the higher timeframe. The lower timeframes are full of charlatans, thieves and pickpockets but that doesn’t make it untradeable, you just have to figure out the different personalities. Thats why I believe that intuition is a big factor in scalping whereas higher timeframes require more methodical thoughtful analysis.
For instance I cast an exceptionally jaundiced eye on price when it fiddles at a level and suddenly surges and gaps through. Most times these are followed by a sustained move in the opposite direction. I would imagine that a level break on a day chart with a strong close would be a decent sign that there will be some sort of follow through but at this level you need to assess more than just price action. News, economics, sentiment, whatever else analysists look at.
One last thing from what I have observed is that selloffs are a bit more unpredictable and difficult to join than the structure that unfolds in an uptrend.
