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Trailer Park Capitol


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Trailer Park Capitol

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  #21 (permalink)
 michaelroth 
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Aggregation of marginal gains. I watched this video 2x in a row, and will probably watch it many more times. So much of what I believe will lead me to becoming a great and profitable trader is in here.


Day trading, so easy a caveman could do it.
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  #22 (permalink)
 Rrrracer 
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Cool journal man, I enjoyed reading your story, reminds me a lot of when I started out.

Keep up the good work... the path is longer and more arduous than most realize, but you definitely have the enthusiasm. Nose to the grindstone!

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 michaelroth 
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Not a lot of time tonight, not a trading day, but I keep my nose in the chart at all times. Al Brooks tells you to practice, you best practice son!



1-3. This formation is not in the 7-10 AM window, but it shows to what DIRECTION, RANGE and MOMENTUM price is heading in the future. Notice how the RSI swings 70-30-70. This is a trade energy spike. When I see this I know that there is a trade to be had soon.
4. Often I see that 7:30 is the best trade of the day, or you should be in a trade before to take advantage of big 7:30 energy.
5. I don't even need to chart up the order flow volume profile to know for the rest of the 7-10 window that this is the area where the point of control is. Oh, by the way, get out of your trade from 1-4. Have a nice day.
6. Is for those that didn't jump on the 1-4 train. Its today's consolation prize, and is the last trade of the 7-10 window.

Day trading, so easy a caveman could do it.
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  #24 (permalink)
 michaelroth 
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Cool journal man, I enjoyed reading your story, reminds me a lot of when I started out.

Keep up the good work... the path is longer and more arduous than most realize, but you definitely have the enthusiasm. Nose to the grindstone!

Thanks!

If you have any advise, let me know, after all, that's why I joined this forum. So far I've found it to be a trove of information, but whether its a treasure trove, time will tell. As to enthusiasm and time in the saddle- I don't know how anyone whose ever discovered that through the markets, one can take control of their financial future wouldn't be enthusiastic. I remember all those moths ago when I saw some guy trading the ES on YouTube and realizing the speed and liquidity. He lost his ass on that trade but I was hooked. I think one of the more harmful myths, tropes, memes, call it what you will, we all deal with when we start to learn the craft of trading is that it MUST take a long time. Rather I think that there is a threshold one must cross consisting of knowledge and skill. How long that takes is only determined by the individual. I personally plan on crossing it sooner than later, so I struggle mightily. Another trope that I find questionable is that only 5% of those that try to trade succeed. I could be that 95% didn't try hard or long enough. Anyway, THAT's why I'm so excited.

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 Rrrracer 
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I wouldn't call it advice, but here's a few things that come to mind after four years on my personal journey.

The market will reveal your every weakness. It will punch you in the face and pummel you mercilessly if you let it. Every trader takes it on the chin many times, it's how you respond that matters.

People talk about analysis, technique, psychology, risk management, et al... successful trading doesn't require any one of these things, it requires all of them and more; even then the odds are stacked against you.

Be humble, patient, disciplined, agile and adept; listen to what the market is telling you about itself and yourself.

Be prepared to do whatever it takes to protect yourself and stay in the game as long as you possibly can, because lessons doled out by the market cannot be taught by others. They have to be learned firsthand because they are very individualized; it can take some time, and they never end.

Carry on man!

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  #26 (permalink)
 michaelroth 
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I'm calling a day a 6 point day on the ES.



1. Once again we find opportunity at the open with this gigantic candle. waiting 1-2 more candles would have given me the conformation needed to enter a trade as well as a better price.
a. big candle
b. heiken ashi bars all the same color, getting bigger, opening and closing above the EMA's.
c. The RSI is in the 55-70 zone and sloping up.

2. This is the free throw trade of the day. Here we see the RSI bounce off the 50 telling me that we're staying bullish and then this strong'ish Bull bar prints when the RSI slopes up into the 55-70 zone.

3. This is what flat looks like. Stay away. Notice how the RSI stays between 45-55.

Both of these trades are modest 4 point trades. These are the EXCACT kind of trades that I am looking to execute on regular basis, as THE PLAN only requires 10 points a week.

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 michaelroth 
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This is a great example of why I should consider using the 5 minute chart as my anchor. This isn't during the hours that I trade. But I've marked it up as a reference for patterns in the ES that I see regularly and should be keeping an eye out for.



1. in the same vein as Williams Alligator or and the Elliot wave here I see that after a prolonged period of inactivity by price, when it breaks out, it tends to so so vigorously.
2. When price make it move higher, this bar meets all the strategy entry criteria.
a. Bullish heiken ashi bar opening and closing above the EMA's with no bottom in a series of bullish bars.
b. The RSI moves into the 55-70 range.
3. When Price does turn over, the first bar to the downside would also have made for a really good trade.

I might choose to revisit this journal entry, but the hour grows late and I have to work tomorrow. The main point is- we see and identity with the patterns that price makes, and the levels that it chooses to make them.

Goodnight.

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 michaelroth 
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I worked on Strategy this weekend. Here is what I have come up with.



This is my trigger chart. Here are the indicators used.



This is my anchor chart.



This is the indicators used in this chart.



In the next entry I'll define the entry conditions.

Day trading, so easy a caveman could do it.
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 michaelroth 
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Today would have been an amazing day to trade if I had my shit together. Every day I get a little closer. Here are the fruits of today's labor.


Day trading, so easy a caveman could do it.
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 michaelroth 
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I lost 2 times close to the open, thinking that price had left the range, only to return and consolidate. A high ADX, 30+, will keep me out of these situations in the future. My forecasting is getting pretty good, The key area's of support and resistance I charted where valid, and I was able to see the market structure as it formed in real time. I'm still not disciplined enough to follow through with my trade plan and strategy I would have had a decently profitable day. I don't think that this is just a discipline thing. I'm still learning new things and trying them. That's why I'm still in SIM- mostly. Today showed me that I might need to adopt more than one strategy. the strategy I was trying to use is great in a trend, but shit in range. Had I just used the trending strategy and been patient I could have netted 17 point in 1:05 in just one trade , which is great, but from 7:00 tp 9:09 there was plenty of opportunity to make 17 or more points. Here is that that range at that time on my renko chart.



There is room in my arsenal for more than one strategy- I need a range strategy. I high ADX will keep you from getting trapped, but it comes at the expense of losing points as the trend develops. This morning as I waited to break out of this range, I could have traded at the bottom of the range as it bounced, anticipating that price would break to the upside. Note to self, DO NOT trade around the means in a range. I could have traded each leg, or even held at break even if low enough. This also would have made for the most profitable and tightest entry into the trend trade when it finally did develop, adding an additional 12 points to that run with a ridiculously small initial stop loss. I think that this is what I have in mind when I think about my strategy as a whole. Scalper entries with swing trade exits.

Every day I learn more. I have a lot of good pieces right now. Its just a matter of assembling them into a whole. I like my charts, they are telling me what I want to know. Kind of thinking that my renko chart as my trigger chart right now. There is still some formalizing to do in that department, but for the time being I'm going to see if I can make these charts work. I do also like the 20/50 EMA chart vs. this 10 high/10 low chart. I'll have to pick a winner in the end.

Practice + Discipline = Profits.

Day trading, so easy a caveman could do it.
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