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May 27th, 2023, 11:03 AM

HumbleTrader

Breakeven week. Nothing exciting in terms of my trades. Short bias this week which worked early on but gave up the profit on Friday's surprising bullish move. I did try tp push my size to 3 with expected and understandable anxiety but getting over it. Hope to push it upto max 5 (only on positive trades).

Major update to my charting tools.

I have been using Linnsoft/Investor RT & DTN data combo for at-least 5 years now. Though I was quite happy with the features, I felt the price was a bit too much. 250 CAD/year is not exorbitant but still meaningful overhead expense, particularly for a breakeven or marginally profitable trader.

Since Tradingview was able to offer most of what I need at a fraction of the cost, I tried it for few months but hampered by their lack of volume/tick bars. i.e Instead of 5 minutes bar, I wanted 5000 volume or 1000 tick per bar and they didn't have the option now.

SierraChart seems to have the best of both worlds. Cost is around 50 CAD/month and super user friendly (after the initial hurdle for non tech person like me). Most of last week was spent on exploring it's featues and it looks very promising.

250 CAD/year for Linnsoft/Investor RT & DTN data combo

VS

50 CAD/month for SierraChart (does it include the data ?)

I don't know by my math says the first choice is still the winner.

May 27th, 2023, 11:15 AM

trendisyourfriend

250 CAD/year for Linnsoft/Investor RT & DTN data combo

VS

50 CAD/month for SierraChart (does it include the data ?)

I don't know by my math says the first choice is still the winner.

Oops. Sorry. Its 250/month for Linnsoft & DTN vs 50/month for SierraChart with Data (package 10).

May 29th, 2023, 04:54 PM

HumbleTrader

SierraChart seems to have the best of both worlds. Cost is around 50 CAD/month and super user friendly (after the initial hurdle for non tech person like me). Most of last week was spent on exploring it's featues and it looks very promising.

First person I ever heard who said that Sierra Chart is "super user friendly."

I will say that you qualified this with "after the initial hurdle". A lot of people never seem to make that hurdle, or it's what they most remember about it.

I am saying this as a long-term Sierra Chart user who loves it, and who loves its incredible richness... once I got over the (many) initial hurdles. It's friendly to me now, but that's because I went through the hurdle-jumping process.

But it's very solid and does a lot, and very quickly -- and if you like it, you will really like it. I hope it does what you want it to.

Bob.

May 29th, 2023, 10:51 PM

bobwest

First person I ever heard who said that Sierra Chart is "super user friendly."

I will say that you qualified this with "after the initial hurdle". A lot of people never seem to make that hurdle, or it's what they most remember about it.

That's very true. I tried their free trial atleast 3 times over the last 5 years. Honestly, I felt very overwhelmed.

Trying Tradingview recently really helped me to understand that my charting needs are 'really really' simple. I will probably NOT use 99% of Sierra's features but that's ok. Just by scratching the surface, I was able to get what I want. I'm truly astonished with the customization options. Very stable platform too. Highly recommended, especially for traders on budget.

May 31st, 2023, 11:56 PM

I'm posting yesterday's performance mainly to remind myself and affirm that I have MOST of the skills I need to be a successful trader. I just need to be mindful of that and then aim to maximise my profit by adding the last few missing pieces.

Though my small position sizing is still an issue, I assume it will grow as my confidence grows. Hence I'm not too concerned yet.

Trade 1

Though my stats were bullish, big gap down open means EMA crossover system is bearish. When there is a conflict, I shoud wait. So I did. For a full 30 minutes. (I can be patient

)

EMA system was still short and the expected rush of buyers didn't happen. Hence, I went short @ 4196, against historical stats as today is different. ( I can be flexible in my bias based on market generated info

)

I had a clear downside target of 4176 based on ATR and support level. Easily hit with 20+ points gain. (I can be disciplined

)

Trade 2.

I switched my bias to bullish once EMA crossover signal generated and went long @77. (I'm not married to my bias

)

When we made a new low of the day, I bailed out @ 75 for 2 pts loss. (I'm comfortable taking small losses

)

Trade 3.

When we made a new swing high, my bullish bias returned. However, I didn't chase the price and left a limit buy order @ 77 again. (I'm not gun shy after a failed trade

)

I had a clear target of 92 @ resistance, which was easily hit with a quick 15+ points. Though it's somewhat conservative, seemed appropriate as it's counter-trend rally. (My targets are logical and not based on fixed R value

Though price reached my anticipated 4200, a magnetic target, I don't have regrets for being conservative. However, I aim to use this lesson to increase the size and scale out. (I'm learning from my mistakes

)

June 5th, 2023, 11:18 PM

My dilemma between MES and SPY has been going on for a while but SPY is clearly a more laid back way of trading (with equally good or better results).

Monday is a good example.

I started with bearish bias. Mechanical short 1/2 size @ open and then planned scale above Y-H (data based - 70% probability).

1/2 Scale out was ATR based (35 points) and previous support. Rest is closed @ End of the day.

As soon as I eliminate the need to get in @ the best location, stress level goes down significantly. End of Day exit enables the possibility of having a winner.

Perfect. SPY trading only in June. I hope to have more days like Monday.

June 8th, 2023, 12:27 PM

One of the best days of my trading today, in terms of execution.

My stats were quite bullish today. However, there is also a higher chance of Y-L being tested.

Hence, I decided to play the short side first. After the opening chop, I went short @ 74 and exited @ 66 for +8 points.

Then, I waited for the EMA signal to flash bullish first (EMA 5 crossing 12) and then bought 72. Added more @ 78 on seeing strength (an elusive habit so far).

Scaled out @ 88 and final exit @ 89. (Showed lot of patience and wasn't easy)

+35 points on a slow and sluggish day is something I'm quite proud of.

P.S. Though my original target 93 was eventually reached, I decided to take a lower profit based on low RV, low VIX and EMA exit signal and hence no regrets.

June 8th, 2023, 10:22 PM

1st trade is more like a scalp.

2nd is the main setup for long and executed well (despite missing the final leg).

3rd is a low probability, low risk short with mean reversion expectation. small loss.

Overall, a pretty good day

June 9th, 2023, 12:14 PM

Short bias today. I decided to play the 'gap closure theme' and expected price to revisit 4296.

My 1st entry was poor @ 4312 mainy because of my impatience and NOT waiting for the bearish EMA crossover sign.

Though MAE was pretty high >10 points, I still had faith in my stats and added after the EMA signal @ 4322.

Market was kind and didn't punish me for my mistake. Able to scale out @ 4304 and then a premature full exit @ 4300.

Total + 32 points.

Since it's friday and I had a good day & week, I treated myself with early finish to watch French open tennis.

June 9th, 2023, 10:18 PM

Pre-emptive positioning is definitely NOT my strength.

This chart clearly shows that my 1st short entry was very, very early to the party. Once the signal was triggered, then I had a vantage location of 4322. Riding to my 1st target was swift and sweet.

The main problem, a good one by the way, is to figure out a way to milk the extra juice left. I got out @ 4302 instead of my planned exit 6 points below, which was easily reached.

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