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AJ's Journal
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AJ's Journal

  #81 (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


sharky View Post
first you have to write down some rules you cant play it by ear or wing it as the mood strikes you yet,
then i would start with one indicator and watch it per your rules for a few days then take it off and put on another indicator and watch it per your rules for a few days do this untill you have gone thru all your indicators and you understand them somewhat,then put them all back on together and see if they still make sense to use all of them together,then i would put together your chart with what you really need making sure you dont have 2 indicators telling you the same thing of conflicting with each other to much,i see you have range time and tick charts as i see nothing wrong with that persay you might want to try all min or all range or all tick but that just my preference...sharky


Would you give me some examples of some typical rules? I don't have any indicators per se. I have just
learned the way PA interacts around the MA's. Sometimes it's a bounce off of an MA or a break through
then a slight pull back and I wait for it to either fail or continue. I don't know how I can make hard rules
out of movement that is so tricky. I just trade what I see. Velocity of PA comes into my thinking also.

Sorry for being a little confused on this and thank you for your patience.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #82 (permalink)
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In the heat
 
Futures Experience: None
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AJ, I've been watching a five minute chart along with the 6R chart and I agree with @sharky, I am starting to think mixing range and time charts is a mistake. I like the market structure the 5 min gives but a 15-20 chart does the same thing and I think I like the flow of it better.

The rest of it I agree with @sharky as well. You need to write firm rules for when you will or not take a trade. The simpler the better as you know. And preferably only one set up for now until you master it.

Good talking to you the other night....

Sleep well.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #83 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
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aztrader9 View Post
AJ, I've been watching a five minute chart along with the 6R chart and I agree with @sharky, I am starting to think mixing range and time charts is a mistake. I like the market structure the 5 min gives but a 15-20 chart does the same thing and I think I like the flow of it better.

The rest of it I agree with @sharky as well. You need to write firm rules for when you will or not take a trade. The simpler the better as you know. And preferably only one set up for now until you master it.

Good talking to you the other night....

Sleep well.


Thanks guys...

I will attempt to come up with some type of rule. The hardest thing for me right now is staying in the trade.
If it comes back at me hard. I have my stop pretty far away now and it freaks me out. I have to trust my
knowledge of the YM and know that if a certain SR is breached, the trend will continue 90% of the time.

I got down quickly in the overnight session. There is a little activity between 7 and 9pm cdt that I like to
catch. I'm proud that I fought back to even in ticks. But I have $70 in commisions now.

I must identify the trend and STAY IN. I keep trading the dips. far too many trades.

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


Risk management vs staying in the trade... learning, learning....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #84 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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sharky View Post
first you have to write down some rules you cant play it by ear or wing it as the mood strikes you yet,
then i would start with one indicator and watch it per your rules for a few days then take it off and put on another indicator and watch it per your rules for a few days do this untill you have gone thru all your indicators and you understand them somewhat,then put them all back on together and see if they still make sense to use all of them together,then i would put together your chart with what you really need making sure you dont have 2 indicators telling you the same thing of conflicting with each other to much,i see you have range time and tick charts as i see nothing wrong with that persay you might want to try all min or all range or all tick but that just my preference...sharky


I think I will try just the 5 minute chart with the fib lines and hand drawn SR lines for a while....

Candles seem to tell me the most about PA.

Thank you so much for your time, Sharky....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #85 (permalink)
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Chattanooga, TN
 
Futures Experience: Beginner
Platform: MT4, MBT Navigator, TOS
Broker/Data: MT4, MBT Navigator, TOS
Favorite Futures: YM, EUR/USD, GBP/USD, AUD/USD
 
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Posts: 47 since Jan 2010
Thanks: 105 given, 44 received

Trading Plan Template

Here's a trading plan template that will help you answer some of the questions you are asking yourself. I'm a firm believer in having a set of written rules for entering and exiting a trade. Price and/or indies have to do what to get you in? Price and/or indies have to do what to get you out?

"The simplicity of the markets is it's greatest disguise"

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

The Next Level

How can a man feel good about a $500 drawdown during his first week back?

Most of the losses came from having large stops that a held onto much longer than I have in the
past. I held on to one trade for an Hour today!!! It lost only because I am a dumb-ass and don't know
what I'm doing.

The rest was commission cost from WAY over trading trying some scalping stuff. I was 50% winners
on that. But, thats not for me...

I no longer have the fear. Almost too much the opposite.

It's time to move on.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #87 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
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The New Deal

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....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #88 (permalink)
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Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
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The Goal

The goal of the above modifications is to keep my trades down to 2 or 3 a day.

Never again will I trade 10-20 times a day


I am looking for bonafied trends here people!! ; )


No trendy, no trady....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #89 (permalink)
Elite Member
Chattanooga, TN
 
Futures Experience: Beginner
Platform: MT4, MBT Navigator, TOS
Broker/Data: MT4, MBT Navigator, TOS
Favorite Futures: YM, EUR/USD, GBP/USD, AUD/USD
 
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Posts: 47 since Jan 2010
Thanks: 105 given, 44 received

Three Bullets

You may consider taking three bullets and set them by your work station. After completing a trade remove a bullet and stick it in the drawer. When the three bullets are gone you're done for the day.

"The simplicity of the markets is it's greatest disguise"

T

Last edited by Tmanbone; January 21st, 2011 at 04:08 PM. Reason: grammer
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  #90 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
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Tmanbone View Post
You may consider taking three bullets and set them by your work station. After completing a trade remove a bullet and stick it in the drawer. When the three bullets are gone you're done for the day.


After this week, I could have used the bullets for something else... ; )


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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