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AJ's Journal
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AJ's Journal

  #351 (permalink)
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It probably won't make you feel better but Trade 3 was a loser even if you had not moved your stop, as you got slipped to -4 means it must have got there anyway I presume.

Still, you are going great guns, keep up the good work.

Happy New Year AJ

PS Re your Edge Trade. If price is approaching a DT at say 763.00, I presume you use a limit order to sell. Where are you placing it ? 763, 762.9 or 763.1 for example.


Last edited by Mickey Caine; January 11th, 2012 at 10:12 AM.
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  #352 (permalink)
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two mice fall in a bucket....

nice. Catch me if you can...lol

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  #353 (permalink)
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Mickey Caine View Post
It probably won't make you feel better but Trade 3 was a loser even if you had not moved your stop, as you got slipped to -4 means it must have got there anyway I presume.

Still, you are going great guns, keep up the good work.

Happy New Year AJ

PS Re your Edge Trade. If price is approaching a DT at say 763.00, I presume you use a limit order to sell. Where are you placing it ? 763, 762.9 or 763.1 for example.


Good to hear from you my friend!

I am still developing it, but it seems to be PA dependent. If PA is big with lot's of large bars and big swings, I will place
at 763.1, expecting a test that exceeds the high. I have found that if it breaks through by more than the 4 ticks, it
has a greater chance of moving higher. (or Lower) I don't like risking much on this trade and I feel I need much more
screen time to judge whether or not a swing is truly over.

If price action is small, with lots of small bars, that set up an "edge" at 763, I will place the order at 762.9. To make
sure I am filled. The odds of a reversal seem to be greater at this point.

I have been using Stop Limit orders.



AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #354 (permalink)
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Back At It

Well, I'm finally out of the studio after a long week and it's time to start studying the charts again.

I decided to set up a little swing trade rig for the only instrument I can trade two cars on
at this point, the M6E.

I'm using the same entry / exit techniques I would with the TF.

The best movement in after hours trading appears to be the London Open. So, even though it kicked my butt
the last time, I will have to find a way to manage trading at that hour. We'll see......



Trade 1

Looked like a DB, so I was not afraid of trying to go long before any indicator said it was
safe. I figured the worst would be a BE if it failed to break out of the consolidation area.

just as figured

BE -4 with slippage



Trade 2

I placed a Stop Limit at the exact same place. This time, I removed the automatic BE
strategies that I use with TF and went all manual. I just have 1 BE set to separate my stops
so I can move them independently after price starts moving. I had forgotten how much more violent
the Euro is compared to the TF, so BE's are a pain.

Target 1 was hit easily after price broke out of the consolidation region.

+60 ish

Target 2 fought the brave fight, but I exited after Price took out a swing low. This was a logical
exit as the hourly chart was still in short world. I love the hourly chart on the Euro.

+35 ish


Man, that was a lot of good work for $80 bucks lol (Not live yet)

The Ichimoku Kijunsen line proved prophetic in signally the weakening bulls. It signaled a little
quicker than the 50ema I usually use for exit and would have saved me some $$$.
Much more observation is required before I become an Ichi head, however. It is still
holding my attention.

I am moving away from the 1 min chart as my plan is to hang on to trades a bit longer. The Ichimoku
goes berserk on it and it is a bit nervous for me.

Good lessons....

I will probably trade this instrument when I go back live initially, to prove to myself I can make money
under fire with my system. then switch to the TF and 6E and get that Ferrari....



So, For TF, I will trade the 5, 15 and 30 min charts and for the Euro, I will add the hourly to
the previous list and
follow along with the cash markets on Oanda with an hourly and daily chart setup.

The secret seems to be Price Action, as it relates to prior areas of Support and Resistance.
Just trust my instincts and don't hit the close button and don't move my stops until a new
swing is posted.

simple!! ...yea, right


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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AJ's Journal-m6e_1-9-12.png  
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  #355 (permalink)
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Back To The TF

I'm catching up on the month of December with my TF Replay. I need to make a note of when price starts
acting wacky around the holidays. The Thanksgiving area was not so bad. So let's see about Christmas time.

Replay of 12-2-11, Friday

This is the second day in a row I opened up the data just before London open and found a trend
developing... creeping me out a little.


Trade 1

Price revisited a DT and made a HH - clue 1

Price resumed it's bullish nature after a decent PB - clue 2

I placed a buy stop limit 1 tick above the bullish bar on the 5 min chart.

The spread must have been a bit wide, because I wasn't getting filled (my ask DOM data was missing for some
reason). So I chased it a bit by staying one tick above price. I am willing to do this If I am confident in a trade
and I am within my stop rule ( > 10 )

Finally - filled. I was quickly to BE and it was time to sit back. I have embraced the concept of getting every
tick I can get out of every trade that are within the boundaries of SR. The only stress I ever feel is the entry.
Once I BE and price is moving in my direction, I am on a ride and my decisions are simple. Exit when price
tells you. My stop will be in a place where, if it is hit, the trend is in jeopardy.

I have a strategy goal of 42 ticks, which would make my daily nut in one entry. If the strategy lands between
two SR lines, then I must shoot for the bigger target. I must trade like I am running two cars but with the
limitations of one. So, I will judge PA carefully after price reaches target one and pull my stop up to a price
based location.

Today, I was lucky. Price did not fail at target one and indeed went on to target two.

+63

...well over my extended daily goal, and 3 times my must have daily goal to earn a living.

It looked like price may continue, but I feel good about taking profit at this level and calling it a day.
Giving anything back at this major SR level seems silly. Greedy we shall not be.

That was one good hour.

I am dreaming of the day I can run three cars

I will then book a flight to Rome, drive to Maranello and watch them hand build my custom Ferrari, as I sip
on wine and munch on cannoli

I will run another mornings data this afternoon. That was too quick too learn anything.

Screen Time......Screen Time......Screen Time......Screen Time......Screen Time......
Screen Time......
Screen Time......
Scree.......................................................................

Time to feed the horses.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #356 (permalink)
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One more note in regards to the previous journal entry.

The Ichimoku is still holding my interest with trending PA. The KijunSen held. Price never closed below it, giving
me confidence that Target two would be reached.

...as you were.


Now we feed the ponies


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #357 (permalink)
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tderrick View Post

I will then book a flight to Rome, drive to Maranello and watch them hand build my custom Ferrari, as I sip
on wine and munch on cannoli

Cannoli isn't that great....but the Ferrari, now thats something to get excited about...however, I think I would be content with just renting one once in a while.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #358 (permalink)
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PandaWarrior View Post
Cannoli isn't that great....but the Ferrari, now thats something to get excited about...however, I think I would be content with just renting one once in a while.....


Ha !! Your probably right... I'd be saving up for the tune ups!!


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #359 (permalink)
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What I've Been Waiting For

Now this is what I'm talking about. A Pure technical battle.

I have been waiting for some PA like this.

The general overall trend was Bullish, so the plan is to have SR based targets with the trend
and price based scalp targets counter trend.

here we go...


Trade 1

I thought it was the normal buying pressure before the open that usually takes off and
gives me big ticks quickly. It pulled back however - hard.

BE -1



Trade 2


The bears were attacking heavily, so I played a BO entry in the middle of PA. My least favorite trade.
I give myself one of these in any particular trading area ( unless it wins)

+16 target hit



Trade 3

I thought I had something when an ABC sell pattern formed on both the 5 and 1 min charts.
Not so much

BE +1




Trade 4

Price was attempting to break the ABC trend lines on both the 5 and 1 min charts.
The bulls were still in control on the 15 and 30 minute charts.

So I put on the trend plan and placed a target at a good test of the prior high.

I was too worn out to stay in the trade like I promised myself. I was expecting
big PB's in this PA. It probably went on for big ticks, but I wanted just enough to make
a good day in my plan.

Price blew through my target... It's all cool. I made the decision to collect the more certain
money.


Up $ 470 for the day

I feel great about this amount in this PA. I was able to draw on almost every facet of trading I have
learned over the last couple of years in these two hours of actiion.



That chart looks like hell!! I can't even find some of my entries now. I just had a gut feeling
on each one of these trades after I recognized the patterns.

The thing that makes me feel so good, is that every entry, initially, moved in my direction!!!


Ichimoku had no bearing on any trades. The chaos isn't driving me nuts, yet.

....excellent lessons


I should be able to load up another in the morning.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #360 (permalink)
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Just read through your Journal and wanted to thank you for it.

I stand corrected, but I think it wasn't until post # 266 and 271 that you started mentioning "intuition" and "feel",
and aside from trading real money (in Sept 2011 I think) on an instrument other than the TF and in a style contrary to what you did on TF !!!! on which and in a way that you have been robustly consistent (all be it in SIM), your last post and any other that refers to your "intuition" and "feel" seem to have you "feeling good" and with good results.

I think it was Mark Douglous, in one of his books, that brought to our attention that concept of the path and process of unconscious incompetence to unconscious competence.

My understanding of all that "stuff" is that intuition is very much on the same page as unconscious competence.!!

Lets put it in musical terms:

We learn to sight read until we know the song.
Then we learn how to play it without the sheet music.
Then, without thinking about it, we just "do our thing" with that song from what we've learnt.

So with all that ramble being said...
Play your song my friend........everything else will just come down to stage fright.

PS: By coincidence I've just come back from a few weeks break in Italy.
Oddly enough they were clearing out a garage in Maranello, making space for something I think,
although personally there's nothing worth wanting other than the moment we are in. !

Again, many thanks...

Every moment I wake up I realize I know nothing, and then I smile...

Last edited by zt379; January 21st, 2012 at 08:18 PM.
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