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AJ's Journal
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AJ's Journal

  #91 (permalink)
Elite Member
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tderrick View Post
I have lost...

The tick charts
The Range chart
The Time and Sales
The DOM
The Volume Indicator

I am using a 5 min chart with a 20 and 50 EMA. I use self drawn lines of past proven SR along with OHLC lines.

I now have rules!!

I will enter a trade when PA crosses both MA's in an orderly manner after a pull back to establish true direction.
I will exit when a bar either closes across the 20 or penetrates it strongly.

I will be wary if the MA's are too tight to each other and the candles are barbwire and crazy looking. The best trends come from bars (Candles) that are tidy and clean looking.

I have sent a check off to my broker as punishment for trading without a plan, like I'm
Al Brooks or something. My account is back to it's orginal amount.

I now enter the hallowed halls of trading 002... Now where's my locker....

What are your rules for entry and exit and profit targets?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #92 (permalink)
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good job so far

i like the steps you have taken so far we are making some progress but please dont ask me to make some trading rules for you as im not you so my rules can not fit your personality, next i would suggest if you use a 5 min then also look at a 15 or 30 min to see what price is really doing but trade on your 5 min chart,then i would take another look at what ma are you using make sure its the ma your comfortable with,im not saying the 2 you have are wrong im just saying experiment alittle,then i would maybe look at a 15 wma to use for exits,play with these ideas and keep posting ill keep reading...sharky

KILLING THE MARKETS DAILY
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  #93 (permalink)
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Nashville, Tennessee
 
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sharky View Post
i like the steps you have taken so far we are making some progress but please dont ask me to make some trading rules for you as im not you so my rules can not fit your personality, next i would suggest if you use a 5 min then also look at a 15 or 30 min to see what price is really doing but trade on your 5 min chart,then i would take another look at what ma are you using make sure its the ma your comfortable with,im not saying the 2 you have are wrong im just saying experiment alittle,then i would maybe look at a 15 wma to use for exits,play with these ideas and keep posting ill keep reading...sharky

Thanks, Sharky... sorry I wasn't asking for you to give me rules I just wasn't quite sure what rules actually are....

But I just scrolled through a few weeks of 5 minute bars and I like the way price moves around these two MA's... I will
try yours of course.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #94 (permalink)
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aztrader9 View Post
What are your rules for entry and exit and profit targets?

I enter after I establish a continuation of price though the MA's. Usually after a pullback. I am looking to enter a trade
and stay in for a longer period, so entry is not critical except for getting in on a true trend.

I will exit when price moves through the 20ema, as most times this ends the trend. If it happens quickly, it
seems to end up in a close to BE condition.

I am testing now.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #95 (permalink)
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tderrick View Post
I enter after I establish a continuation of price though the MA's. Usually after a pullback. I am looking to enter a trade
and stay in for a longer period, so entry is not critical except for getting in on a true trend.

I will exit when price moves through the 20ema, as most times this ends the trend. If it happens quickly, it
seems to end up in a close to BE condition.

I am testing now.

what about profit targets. Are you looking for specific destinations that hopefully are hit prior to the 20EMA being hit? Just asking about specifics as I think getting out at the 20EMA is fine for trades that have not hit a predefined target...its like a safety valve so to speak, if the target is not hit, then this is the exit. Otherwise, stay in the trade until the target is hit.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #96 (permalink)
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aztrader9 View Post
what about profit targets. Are you looking for specific destinations that hopefully are hit prior to the 20EMA being hit? Just asking about specifics as I think getting out at the 20EMA is fine for trades that have not hit a predefined target...its like a safety valve so to speak, if the target is not hit, then this is the exit. Otherwise, stay in the trade until the target is hit.

Thanks for the help, AZ...

My thinking is this (flawed I'm sure)

I'm thinking about letting the price action dictate my target . No set numerical number.

Lets say price moves through my MA's and is heading towards proven S/R I will keep my eye on that
level. So if price moves beyond one of
these and fails. I will take take profit as it falls back through. If it doesn't even make it to the S/R level I am
probably in a sideways channel and will wait for it to come back and either bounce off the 20 (I will stay in)
Or It will crush through and I will bail.


I know this is leaving quite a bit of human interaction , but at least I have
SOME parameters now.

Back testing now.... We'll see.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #97 (permalink)
Site Administrator
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tderrick View Post
No need to post my charts. It looks like machine gun fire all the way up the trend line.

A lot of traders put a huge amount of emphasis on a really small stop to minimize the pain. So they end up taking 10 stops in a row of 3 ticks, instead of correctly setting one initial stop of say 24 ticks in the first place, which probably would not have ever been hit if the trade worked in your favor.

"Machine gun fire" (to me) = lots of trades in rapid succession, usually small stops or reversals due to uncertainty.

This is an account killer.

When you decide to enter a trade, identify an area on your chart (price) where you can say "if price goes down to this level, then I am wrong about this trade and should get out".

You should know your exact stop and target areas before you ever put on the trade. Sure you can 'manage the trade' some once you are in, but you should already have an excellent idea and a very clear picture of what your target looks like and what your stop looks like.

In general, for most traders, you also need to make sure your target is bigger than your stop (positive risk/reward ratio). If the trade requires a big stop and yet has a small target, it is likely better to pass on the trade, or at least wait until price comes to you so you can minimize your risk.

Since you can never predict what price will do next, the best thing you can do for each trade is to set yourself up for success. Position yourself so you have a good chance to come out ahead over a large sample size, say 50 or 100 trades. You can't win them all so don't let one individual trade disrupt the entire series of trades or the plan.

If you have a "mediocre" entry, and a good stop and target, you'll likely have positive expectancy. Just give it a chance to work in your favor. Patience is not only a virtue in trading, it is a necessity.

Mike

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  #98 (permalink)
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tderrick View Post

No need to post my charts. It looks like machine gun fire all the way up the trend line.

BTW, I encourage you to post your chart. It will motivate you to not repeat the same mistakes in the future, because you want to always be honest with your journal.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #99 (permalink)
Elite Member
Nashville, Tennessee
 
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Big Mike View Post
BTW, I encourage you to post your chart. It will motivate you to not repeat the same mistakes in the future, because you want to always be honest with your journal.

Mike


You'll never see another chart like this from me.

Great experience in psycho trading. I kind of went out of my body ; )

The next one will win.... the next one..... the.....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #100 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
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tderrick's Avatar
 
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Big Mike View Post
A lot of traders put a huge amount of emphasis on a really small stop to minimize the pain. So they end up taking 10 stops in a row of 3 ticks, instead of correctly setting one initial stop of say 24 ticks in the first place, which probably would not have ever been hit if the trade worked in your favor.

You should know your exact stop and target areas before you ever put on the trade. Sure you can 'manage the trade' some once you are in, but you should already have an excellent idea and a very clear picture of what your target looks like and what your stop looks like.


Mike


Mike,

Say a trade goes in your favor for 50 ticks. Would you let it go all the way back to your 24 tick stop
before you realized the trade was going against you?

I'm having a hard time figuring out when to get out if the trade isn't going to meet my profit area.

I fell like I need to at least save a couple of ticks and Break even.

On one of my last trades of the hell session, I did let it go all the way back to my 20 tick stop just prove to myself I could stay in a trade all the way.

But I new in half that time the trade was doomed. Of coarse, I was about half nuts by then ; )


Thanks, as always....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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