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TF day trading


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TF day trading

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  #1011 (permalink)
 PandaWarrior 
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Big Mike View Post
I remember a similar statement from Dr. Steenbarger in one of his books. He said to be an observer, some people call it the mind's eye, etc etc. But the point is to use your brain power something like this:

a) You are standing in your office. Maybe back against the wall. Several feet away from your desk chair.
b) You see yourself sitting in your chair. Remember, you are observing yourself.
c) You see you getting ready to trade.
d) You see you entering a trade.
e) You see you managing a trade.
f) You see you exiting a trade.
g) You see you after the trade is over.

etc. etc.

Mike

I had a small experience like this today. Where I was totally self aware of my emotions, my thoughts and even my decision making process. I actually made a decision about making a decision while in this mode. It was surreal.

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  #1012 (permalink)
 HighRise1202 
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bluemele View Post
I have to be honest in that reading how much of a criminal Henry Roche is has led me to challenge my own emotional state lately. I love HONESTY but it seems like a dying value among human beings in favor of something that provides self-preservation.

I think Henry got himself into a jam. To cover the debts he stole from new investors. That must have been a huge temptation.

Your video today...I always seem to learn something...alerted me to the benefit of recapping the trades at the end of trading. Big Mike's comments on being honest and accurate are also inspiring along those lines.

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  #1013 (permalink)
 bluemele 
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Well, interesting day for me. Today was an experiment (which I would have done on my live account unfortunately).

I read the long term PERFECTLY. I read the short term TERRIBLY!

I kept waiting for a breakout and then blam, let's go! Woohoooo!!!!

Nope, didn't happen. Why did I assume the market would 'take-off'? Why do I experiment for long term trades on days that it ranges? This is almost comical. On the days it trends well, I cut my profits, on the days I plan on holding for a very long time it starts to range.

After my first profit trade I could have chosen to sit out the rest of the day. I also had some misfortune with big bars and knocking me out by one tick. Why did I not just trade the top of the channel? I didn't want to 'miss out'.

This is not a day I wish to repeat and a learning day for me, but not one I will do 'sim-live' again. I am happy though that I called the short. I knew it, I knew it, I knew it!

That feels really well as I feel like in Golf I got my long woods working for me. Now, I just need to work on my short irons and putting. Often it is the other way around.

I was a bit frustrated with myself, but I have already let that go. This is the journey, I am not perfect, I did my best and I will continue to do so until I reach a point of prosperity.

video (Video still being processed, a long one)

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  #1014 (permalink)
 trendisyourfriend 
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Bluemele,

What time period (in Eastern Standard Time) do you usually trade the RUSSELL ? Between what and what ?

Thanks

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  #1015 (permalink)
 bluemele 
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trendisyourfriend View Post
Bluemele,

What time period (in Eastern Standard Time) do you usually trade the RUSSELL ? Between what and what ?

Thanks

9:30am EST --> 10:30am EST (I live in Hawaii, so 5 hours difference now, 6 in spring through summer)

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  #1016 (permalink)
 trendisyourfriend 
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bluemele View Post
9:30am EST --> 10:30am EST (I live in Hawaii, so 5 hours difference now, 6 in spring through summer)

Today, there was a short that occured just after 10:30 when price broke the Low of the first hour followed by a quick retest ending with a 'W' pattern with some trapped traders. Starting point of a change of polarity. Those traders trading pure demand and supply zones were well served at 14:02 EST when price hit an established area of demand.

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  #1017 (permalink)
 HighRise1202 
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trendisyourfriend View Post
Those traders trading pure demand and supply zones were well served at 14:02 EST when price hit an established area of demand.

How do you know where to precisely place the demand zone?

The low of the day was precisely at the 100% extension established by the opening and the first two pivots. Cool.

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  #1018 (permalink)
 trendisyourfriend 
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HighRise1202 View Post
How do you know where to precisely place the demand zone?

The low of the day was precisely at the 100% extension established by the opening and the first two pivots. Cool.

Don't want to disrupt bluemele's thread but basically when i see a failure that occurs at an extreme or any type of failure as a matter of fact, i consider this as a remarquable event or something to take note of. The demand zone was first established when price failed to make a new Lower Low (LL) but most significant were the trapped traders right at the bottom followed by a wide range bar confirming the 'W' pattern. Trapped traders followed by a wide range bar are typically a sign of a change of polarity or mark a significant change in suppply/demand. In other words, a place you want to remember if price visits this level again.

This zone was tested before 14:00 Est. but when it retraced again to this area we could positively assume it would hold. I do not usually trade exact level but rather look for a candlestick pattern like a pin bar/engulfing bar when price makes a repeated visit to an area of responsive activity like it did today.

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  #1019 (permalink)
 bluemele 
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Hey, if I can learn anything I am open. I like anything that makes sense. I was long gone from trading at this point.

I expected a drop off. It is funny you bring this up as I always have difficulty getting back in if price retests...

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  #1020 (permalink)
Larry
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bluemele View Post
Hey, if I can learn anything I am open. I like anything that makes sense. I was long gone from trading at this point.

I expected a drop off. It is funny you bring this up as I always have difficulty getting back in if price retests...

Maybe if you had charts like mine you could see that we had nice Divergence on both lows, I also had Fibs in the 695 area and 1180 for ES so this was a must buy for me as this was what I was waiting for.

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