Prior day was all selling with some minor retracements along the way.
The trend continued into the Globex session.
Volume was above average this morning.
When I started the replay, A PB move was already in play, so I missed the
optimal entry. But it still looked like the trade had some room.
exit on stall and tightening of spread
I was proud of my exit on this one, I'm getting good at feeling PA stalling.
I didn't take a trade for the next couple of hours. The PA was strange for me.
I'm not good at taking trades in that trending channel type of action. Felton would
be killing in that, but I can't pull the trigger in there with my entry eye. Perfect for
smaller targets, I guess.
...taking the rest of the evening off. I'll see how this pattern develops
when I resume the replay tomorrow.
I woke up this morning thinking of the Roger Felton method.
10 ticks.... I will trade only with the dominant trend, however.
Roger will trade either direction if there is a history of movement.
So I broke out the old Range Bound ATM ( which I don't use much, because
I just don't like that PA) and started hunting for 10 tick targets.
I suppose these are PB entrys in the larger trend.
+10 target hit +1 with good slippage.
Same entry type
Daily target hit
There is something to be said for 10 ticks targets. It certainly takes away
the decision process I usually have to go through around the 15 tick area - to
exit or let it go on to the 20 tick target.
However, when one of my usual trades develop, this strategy will almost always
leave lots of money on the table. If price is moving well, I may move my 20 tick
target all the way to the next SR level. I like the idea of taking as few trades as possible
to meet my daily goal.
....so.... I suppose I should just continue like this....
Is the market playing long ball or small ball?
I now have a strategy ATM for each.
More screen time, more screen time!!.... Knowledge is the key to all things...
"Life On The Edge of SR"
Last edited by tderrick; September 18th, 2011 at 08:19 AM.
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Following Daily and Hourly charts with entry on 15 and 5 minute charts.
I'm waiting for swings counter trend and entering with long term trend with huge stops. You must
stay FAR above the PA in the cash market because stop hunting is in play.
I have learned the pulse of this instrument and am getting better at keeping up with news
and fundamental concepts of macro economics. It's all very exciting and swing trading fits
my busy schedule better.
It's more like mini investments. I'm not afraid at all if I get down fairly large, because I Know
the current Macro trend and market sentiment will at least pull back to me. If it goes against
me again I will get out. So far this hasn't happened. But the Euro has been crashing during
this whole learning process also.
I have increased my trading account by 10% and I'm feeling confident.
I'm switching my NT platform to the CQG feed so I can trade the M6E. I think If I stick with
the London open through a couple of hours of the NY open I can make it work.
The volume is tolerable in these times. But you must constantly watch the spread in the DOM.
it gets kooky in there.
Like the TF, I can't pull the trigger on the 6E. I'm not funded enough to trade the way I want.
I know why I have finally become profitable.
I trust completely in the trend, with an eye always on Market Sentiment. News reports are generally
good for only a small reaction move. PA mostly defaults to MS.
My stops are only for a flash crash. I'm talking at least 50 ticks above the last swing. With this
obvious short sentiment in the Euro, I can't even see the stops on my charts!!
With the trading software on my iPhone I can exit a position at any point / anywhere.
I currently have 3 open positions.
I close the oldest when price turns and then enter a new position at the end of newest swing - always
in the direction of the Daily / Hourly charts.
Each week I am sizing up my lot size. This is the beauty of Oanda- the scale is huge.
$.01 to $100,000 .... trade what you feel comfortable with.
It is amazing how well you trade when you don't have to think about the money.
When you risk 1% a trade, there is absolutely no fear. 1 loss is just a bad play in a
football game. Get in the huddle and call another play. It doesn't matter.
This is the first time I am not tense when trading. I feel I know where the market SHOULD
go at any particular juncture. When it doesn't, I don't freak out anymore. I'm more
inquisitive. Like, wow, that was weird - what caused that?? hmmm something new to
place in the ole memory bank.
I can't wait to get back to NT so I can use my old familiar charts. Although I base
my trades on PA anyway. The bells and whistles are just to remind me of chop and trend.
From now on, I trade cash $$$$
I will try and run some Market Replay on the TF at least once a week, because I still believe
that is the easiest money and I need to keep familiar with that PA.