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AJ's Journal
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AJ's Journal

  #371 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
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More Channel Study

A trend channel at 45 degrees, appears to be the optimum for gaining cash....

Fascinating....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-more_trend_line_work.png  
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  #372 (permalink)
Market Wizard
whitestone, new york
 
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tderrick View Post
A trend channel at 45 degrees, appears to be the optimum for gaining cash....

Fascinating....

hey Aj, you are trading the micro euro( i believe).Ive never seen this instrument..Is the spread 3 to 4 ticks? And , how much$per tick(pip)?

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  #373 (permalink)
Market Wizard
whitestone, new york
 
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Posts: 1,522 since Oct 2010
Thanks: 3,379 given, 2,057 received
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tderrick View Post
I woke up around midnight thinking that I need to take this trading deal to the next level

There is no way I am truly going to learn unless I trade under the pressure of winning and losing
cash.

So, I am back to the London open trading the Euro - M6E. This way I can start controlling the emotions without
big risk.

I can also check out my technical parameters, such as internet connections , data feed, fills, etc.


Sure enough, the emotions kicked in early. However, I handled them much better than I used to.


Trade 1

It was looking like a reversal short on the larger time frames.

I started out with 2 cars

-20 ish ( it's hard to tell exactly how many ticks with currency for me at this point - spreads and the like )


Trade 2

I switched back to 1 car and tried one more PB entry short

- 8 ish


Trade 3


OK, The bulls are still in control as the trend on the larger time frames dictated. This bear run was
just so large after making a LH, I could have sworn the trend was reversing...

"Trade what you see" .... not what you think is supposed to happen

I saw the bulls building up big pressure, but I kept moving my damn entry between a break out
and a revisit of the PB low.

Price left me - no fill on the PB entry

This is the biggest emotion I suffer from - being left behind on a big runner. The only thing that probably saved me
from getting flustered is that I did catch it (BO entry) on my cash Oanda account.

Exactly what I was looking for - getting those old trading emotions.
You MUST trade cash to feel these fully and you MUST control them.

This tells me I need much more work on my trading and the psychological aspects of this game.
It was, perhaps, a mistake jumping in to a market I haven't traded in a while, but it will come back.


Trade 4

I was proud of myself for taking a good PB entry and holding on through the consolidation until it broke.

+18 ish

Emotions took their toll again when I bailed early thinking I had enough to "Break Even"

Not a good mindset for a trader. Of course, price crashed right through the high.... there is that anger again...
but, I held it together well. I did have a technical reason for closing early - thinking it may be a DT.
But I knew price wasn't at the big resistance yet.


...So I'm down about $16 clams.

Not bad for jumping in fairly unprepared.


What I learned...

The 6E behaves quite differently than the TF - But I knew this.
I need to get some replay hours under my belt and get reacquainted with the Euro.

I am not ready emotionally to trade as a business. - Trading the 6ME will help with this greatly. You win
and lose enough
money to get your attention and piss you off when you make an error.

I will be ready when I lose or win and feel very little - just look for the next one.

You can't just keep Sim and replay trading endlessly - you are missing half the game - EMOTIONS

From now on, I will only post live trades.

Lord, help me...

i remember i felt that way, about simming in 2010, and i was bored.so i went live, and gave my $ away.However, in retrospect, i didnt have a sound method(not really a method at all, but an idea).So, i eventually went back to sim, resolute, that, i will not trade $ until i am profitable in sim.Over a year later, i still struggle.What is the difference now?well, i have definately got a better handle on trend lines, and sup/res.I try to treat every day as a real cash day, and i dont get bored.There have been so many changes along the way, so , once again, need to be patient...always patient.It sounds to me like you havent made too many changes ,and thats good.I read the mark douglas book, about emotions, as i had a problem with that too.***************I also made a rule, that i only trade 1 cl contract, until i earn the right to trade 2, etc.Obviously, this will be live, not sim...After listening to Al Brooks, and learning quite a bit, one of the things he said , is so obviously true(especially lately)"trading is hard"...Now, in some ways, it is simple, but its the execution that is hard.The mental part is the hardest for me.I see other traders finally get to profitability, but they also go through drawdowns.I guess its all just part of the journey.Oh, also, ive heard veteran traders say they never trade without emotions, they just get better at managing them...Kinda like someone who is afraid of heights, but manages to deal with it...keep up the good work...i like the charts!

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  #374 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
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Broker/Data: AMP / CQG
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bobarian View Post
hey Aj, you are trading the micro euro( i believe).Ive never seen this instrument..Is the spread 3 to 4 ticks? And , how much$per tick(pip)?

Average daily range - 180 pips****

E-micro EUR/USD M6E CME/Globex USD $2.86 / Commission

CME FX Futures ETH

5:00 pm-4:00 pm next day ( same for Sunday)

Pips are around a buck$$.

I am able to keep my spreads to a minimum with the use of limit orders except at the
highest volume points.

I would say closer to 1-3 spread. Use market orders carefully... you could loose 4-5 pips in
off volume times. I stare at the DOM constantly.

the M6E is the best I can muster for now to train my mind for live trading. I simply act
differently when money is on the line. No matter the amount.

I was trading the TF in off hours, so I am used to the big spread game...

limit orders at S/R levels work well for me - so far

thanks for your interest and insight.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #375 (permalink)
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Fib Targets Study

I have always been interested in Fib relationships and have noticed that a lot of PB's
and BO's have a certain "look" to them.

They seem to revolve around .618.

So I have been studying placing PB Limit Order entry targets at this ratio as it pertains to retracements
and measured move extensions. (As long as it still makes sense within support and resistance)

The ratio seems to stay in play as long as Price stays within
the 100% extension.

fascinating.

...and yes, I am studying at 230 in the morning again.

My wife thinks I've lost my mind...

Super Bowl soon!!!


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-fib.png  
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  #376 (permalink)
Market Wizard
whitestone, new york
 
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tderrick View Post
Average daily range - 180 pips****

E-micro EUR/USD M6E CME/Globex USD $2.86 / Commission

CME FX Futures ETH

5:00 pm-4:00 pm next day ( same for Sunday)

Pips are around a buck$$.

I am able to keep my spreads to a minimum with the use of limit orders except at the
highest volume points.

I would say closer to 1-3 spread. Use market orders carefully... you could loose 4-5 pips in
off volume times. I stare at the DOM constantly.

the M6E is the best I can muster for now to train my mind for live trading. I simply act
differently when money is on the line. No matter the amount.

I was trading the TF in off hours, so I am used to the big spread game...

limit orders at S/R levels work well for me - so far

thanks for your interest and insight.

if it is tradable, and you can forget about the money, i think you are making the right choice.

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  #377 (permalink)
Market Wizard
whitestone, new york
 
Futures Experience: Intermediate
Platform: ninja trader
 
bobarian's Avatar
 
Posts: 1,522 since Oct 2010
Thanks: 3,379 given, 2,057 received
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tderrick View Post
I have always been interested in Fib relationships and have noticed that a lot of PB's
and BO's have a certain "look" to them.

They seem to revolve around .618.

So I have been studying placing PB Limit Order entry targets at this ratio as it pertains to retracements
and measured move extensions. (As long as it still makes sense within support and resistance)

The ratio seems to stay in play as long as Price stays within
the 100% extension.

fascinating.

...and yes, I am studying at 230 in the morning again.

My wife thinks I've lost my mind...

Super Bowl soon!!!

you are! just kidding...last year for 3 months(jan-april)i got up at 2:30 am to watch the european market....I have 3year old twin boys...and i was exhausted.Where there is a will, there will be a way..did it help? i think so,...every hour is experience..

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  #378 (permalink)
Market Wizard
whitestone, new york
 
Futures Experience: Intermediate
Platform: ninja trader
 
bobarian's Avatar
 
Posts: 1,522 since Oct 2010
Thanks: 3,379 given, 2,057 received
Forum Reputation: Legendary

i just did some replay on the m6e, what a trip!A dollar a tick.I see your point, you can forget about the $.A very important issue.The fills are a little different than the cl, but seem good enough..I wonder, who is trading this? looking at time and sales, it looks like daytraders that are practicing, because of 1 and 2 fills.It has to follow the 6e price wise, i assume...it allows the trader to focus on a method...

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  #379 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


bobarian View Post
i just did some replay on the m6e, what a trip!A dollar a tick.I see your point, you can forget about the $.A very important issue.The fills are a little different than the cl, but seem good enough..I wonder, who is trading this? looking at time and sales, it looks like daytraders that are practicing, because of 1 and 2 fills.It has to follow the 6e price wise, i assume...it allows the trader to focus on a method...

I assume it follows the 6E closely... It stays just behind the cash markets I trade simultaneously on Oanda with a
similar R/R.



I seem to be much more at ease with trading cash this time around. Screen time is priceless.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #380 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

Shakedown


I have been working the demons the last 48 hours or so with live trading the EUR.

I still dislike the 6E, compared to the TF, but it is all I have for now. (trading the mini)

It seems difficult for me to hold longer trades in the 6E because I can't seem to reach my targets
without a news report blowing me up

So, I am back to a scalping game with a 1:1 at 16 ticks - no atm.


I am roughly BE. I don't care about that right now - just want to get comfortable pulling the trigger
under fire and standing by my decision until PA proves me wrong. This can be a very long wait
in the EUR, which is one reason I am turning to a scalping method. I held two trades yesterday
way past any sane stop, because it was, technically, still viable with the market sentiment. I won't
be doing that anymore. I will play price action inside the big movements.

I was proud of myself yesterday for staying in trades for hours at a time. It will make
staying in my scalp trades a piece of cake.

I woke up this morning with the new mindset.

I fired up the Mac with a whole new plan...

...saw price crashing down to a support area, placed a buy limit in the correct place, was filled
on the bounce and easily gained my 16 ticks.

That's it for today... off to work.

I had to burn in the new mindset. The EURO does not trend nicely like the TF. EURO has crazy PB's that
sometime exceed 100% of the prior move and then will continue on like nothing happened....crazy...
(Stop Hunts?)

Here is a chart of what I have been up to the last couple of days. I had a strange thing happen holding a position through
the session break and other assorted madness that can only be worked out trading live.

I'm fried, but loving it

I haven't made any money, yet... but I haven't lost any either - Which is great!! The first step
to going pro...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-shakedown.png  

Last edited by tderrick; February 9th, 2012 at 09:59 AM. Reason: content
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