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The following 2 users say Thank You to Big Mike for this post:
Just finished my first replay week a little better than I thought... up $230
I feel my basic approach is solid, but I need a few more plays in the playbook. Glad I'm not back to live trading
yet, because I am really enjoying these studies. The next time around I should really have my emotions under
control, because I will have a good game plan.
Trade 1... I was eying a Jinhar golden "A" setup just at the open, but I'm a bit nervous of trading so soon.
The TF doesn't seem to be as wild as the other indexes at the open, however, so I may shelf
that rule. I waited for my typical break past resistance but this time it failed, coming back hard.
I bailed before I took a full stop.
The trade went on as expected, but was simply too volatile for me. My stop was properly located
below the swing low, But it would have easily hammered me.
Perhaps this was a combination of low volume, being a Friday and the PA was in pretty tight range for two days. I felt good about the trade, however. -14 ticks
Trade 2... Caught the bounce retest and the trade acted as expected once it broke through the high
established by early attempt on my first trade. +10 ticks
Trade 3 .... Looking for one more test of the high but PA was stalling and volume was dropping. bailed ...
I will be a bit more wary of Fridays from now on.....
All in all, I'm progressing well. A few more weeks of screen time on the TF and if I can remain in the green, I
will go live again.
"Life On The Edge of SR"
Last edited by tderrick; February 22nd, 2011 at 08:25 PM.
The following 4 users say Thank You to tderrick for this post:
Slow, range bound PA with below normal volume...
Price was grinding up slowly, so it looked like I may be in a trade for a while if PA broke my Benchmark
- yesterdays close.
Benchmark broken. Stop placed below swing low. Strapped in for a long ride. I knew this was going to be a battle
so there was a good chance of a full stop hit.
and so it was -17 ticks... it's cool. the plan was solid... just a bit more of a gamble with the low volume.
Poor RR strategy on this one
The failed break out long led to a sell off (which should be my trading method on days like this- playing failures)
Price broke my benchmark of yesterdays open. Took some serious heat, but knew I had to stay in. + 11 ticks
Tried a range bound bounce trade (inside) that stalled. I let it battle well and took some good heat
but the stop was well placed and I let it work until after 25 minutes it seemed futile ... +2 ticks
(After an additional 30 minutes, this trade did go on to just below my target) I should have let it grind out.
I'll remember next time that these are just grind out days and as long as price is making higher highs and
higher swing lows, I should just stay in. I've been looking a little at a 3 range chart for this. It seems a
good compromise, as the CL cats seem to like a 6 range.
A good experience day. I knew what I was getting into on all trades and none of the outcomes
surprised me. Emotions completely in check.
Down $40.... well worth the experience.
"Life On The Edge of SR"
The following 2 users say Thank You to tderrick for this post:
A bit more aggressive than usual. Price appeared to be moving up slowly. So I went long on
break of the previous day close but BELOW the channel high - Trusting that when TF starts
moving it usually keeps moving until it hits a significant resistance level. Goal was Previous day
high. Price appeared to stall so on the third failed swing up on the 4 range, I bailed.