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TF day trading

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  #21 (permalink)
 Tiger45 
San Diego, CA, USA
 
Experience: Intermediate
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Big Mike View Post
Ok, so stop for a moment, look around, take a deep breath.

To get you going, you might consider putting a post-it note on your monitor next to your DOM that says "WHAT DO THE LONGER TERM CHARTS SAY??". Without knowing your specific method I can't give you more than that, but the point is to write a memorable message. You need to also write something like "IF YOU TRADE AGAINST THE BIGGER PICTURE, YOU ARE AN IDIOT" or whatever floats your boat. The point here is you need a reminder of what NOT following your rules looks like, what it does, what it causes.

I have a trade check list for each of my setups, kind of like a pilot's check list. When I see a trade forming, I run down my check list for that setup. There are times when I over ride something (usually get burned), but it helps a lot.

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  #22 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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Big Mike View Post
Ok, so stop for a moment, look around, take a deep breath.

If you've identified this as your biggest problem, then the next step is for you to kraft a specific action plan to combat the problem. You need to be very specific. To get you going, you might consider putting a post-it note on your monitor next to your DOM that says "WHAT DO THE LONGER TERM CHARTS SAY??". Without knowing your specific method I can't give you more than that, but the point is to write a memorable message. You need to also write something like "IF YOU TRADE AGAINST THE BIGGER PICTURE, YOU ARE AN IDIOT" or whatever floats your boat. The point here is you need a reminder of what NOT following your rules looks like, what it does, what it causes.

Then work on this item or two items every single day for a two week period. Grade yourself daily on how well you executed on these two "post it note" items that you come up with. Don't worry about the net result of the trade itself, just focus on execution. The goal is at the end of the two week period you can look back and say this is now no longer your problem, and you move on to another problem.

I also strongly suggest reading the last two weeks of your journal, post by post, trade by trade, at the end of each week. It will help you reflect and determine if you are running in circles or actually going somewhere

Mike


Mike,

Great advice, and I stopped reading my 'rules' before I trade.

1. This is my business, I love it and it helps me prosper and gives me the opportunities that I choose to create.

2. I choose to be patient, loving and agreeable to what the market is willing to show me.

3. I choose to only trade in areas of high correlation or importance in which increases my chance to communicate respectfully with the market.

4. I choose to be patient and wait for the proper signals to execute my strategy.

5. I will stop trading if I am -3 gifts sum for the day.

6. I will reevaluate each days trading and find perfect trades for a better perspective.

7. I will only trade if I am mentally and physically capable of good performance.

Thanks for reminding me.

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  #23 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
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Trading: TF
 
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Tiger45 View Post
I have a trade check list for each of my setups, kind of like a pilot's check list. When I see a trade forming, I run down my check list for that setup. There are times when I over ride something (usually get burned), but it helps a lot.

Yes, I can see using some techniques that it works very well. I am trading poorly as I am not doing the things I have done in the past for success.

I record each days session using HyperCam and capturing both screens with DOM. This helps me figure out what I do wrong and what I am thinking. I notice that when I am trading poorly that I am not talking or educating myself as the trades go along. The best trading I have done is when I do the following:

1. Read my rules
2. Proper time for prep, setup
3. Have a story, so if market goes long, then this this this, if short, 1..2..3.. etc..
4. Talk through what each indicator is telling me and price action and understand as a student/teacher would see it.

I did none of those today. "I think it is short.." "I think it is long..."...

Terrible, but changeable.

The challenges with a checklist is that this system is HIGHLY discretionary. When you are on it and stay on it, you can easily pull 10 points a day out of the market and every pivot is clear. However, when you go blank like me... well.. You end up BE or slightly negative...

Thanks for the reminders and I love this game.

--EDIT: I used to have a checklist that if 610 wasn't looking good, then I am not going in. I have long stopped doing that and that is probably why I am getting eaten.

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  #24 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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aviat72 View Post
One of the best TF traders I know is a moderator on Hamzei Analytics HFT chat room. She has had some webinars which are available on their website. She is an always in trader who often takes between 10-20 points (100-200 ticks) per contract every day.

This is FYI only. Everyone has their own style but she is good, really good.

Thank you! I will check it out, but I have gone through 100's of systems, 1,000's of indicators and I basically come back to how the market feels to me more than indicators. Sometimes I am grooving and other times, out of groove.

I am always open to learn from others.

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  #25 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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Well, -1.3 points (-$130.00) after commission on SIM today.

I am not sure two days couldn't look more alike than yesterday and today on the TF. Of course, I did the same thing:

1. I wasn't talking to myself.

2. I set up confluent areas but ignored them!

3. I didn't stay focused on my trading and revenge traded 3 times.

Trades:

1. -3 ticks, I knew this was a bit dangerous, but I could see it popping from here. Nice separation on BB/MACD and a support area with trendline, but on the wrong side of it. Expecting possible 50% retracement.

2. +1 tick, this I though for sure was going to be a winner. It moved 11 ticks in my favor and then in one fell swoop hit my stop on the nose and went running off to give others profit!

3. -3 ticks, this was my first revenge trade of the day. It was a 50% retracement and nothing else really, but wanted it to go down! haha... My plan was that there was a bear flag on 50K and daily with some separation now building on weekly.

4. No FILL, and happy I didn't. I canceled it quickly.

5. No FILL, I thought this was going to go down, but support was too strong.

6. -2 ticks, this was a retracement off the area for the last trade I believed and a fib area.

7. No FILL, and this moved too quickly for me to get filled. I was looking @ 200MA and keltner aligning. However, the GAP close for the day (blue line) was still a half point away, so I knew it was high risk.

8. -2 ticks, Nice bar setup, MACD's looking weak! However, they sat there for quite a while and no movement and I was thinking that this will retrace so I exited right before it dropped.

9. -5 ticks, REVENGE TRADE! I WILL GET ON THAT SHORT NO MATTER WHAT!

---- Started new day as I reached my threshold (-1.75 for that day)

10. -2 ticks, stupid. emotional, lost focus!

11. --5 ticks. Same @s last trade.

12. +12 ticks, this was a decent trade and had I held it with 5 tick stop would have paid off nicely. This was right after some news and the second it dropped, many of the MACD's had separation to head back up so I exited.

13. +1 tick, well, I thought it was going short soon and this was a bear flag. I was off by just a few minutes! It then dropped about 8 points.

The trades circled are acceptable to me and the others were just not thinking. I was not talking to myself and teaching myself as I traded etc...

Tomorrow is another day!

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  #26 (permalink)
 Gary 
Near Dallas, Texas, US
 
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bluemele View Post
....---- Started new day as I reached my threshold (-1.75 for that day)....

Hello,

Just curious what you mean here on starting a new day?

Gary

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  #27 (permalink)
 bluemele 
Honolulu, Hawaii
 
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Gary View Post
Hello,

Just curious what you mean here on starting a new day?

Gary

Typically, I would stop trading for the day and my day would be done and I would stop trading (PERIOD) IF I were trading live. But, to get a bit more experience, I 'pretended' like it is a new day with a new starting balance and start with a 0 balance.

I have a new rule that if I give 3 full gifts in a row or -150.00 per contract, then I will stop trading for the day as I am not seeing it. Had I put this rule into place several months ago, I would probably be very profitable.

It doesn't seem like it now, but I am trading the worst I have in months and hope to get back on my 1.5+ points a day soon. I would have days back then where I would give away 800-900 per contract and I would make it all back in one run OR most likely just stop for the day. So, now I have a tight limit as to limit my over-trading and losses.

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  #28 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
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Up 9 ticks this morning (SIM) including commissions ($5.00).

I totally misread the bull flag this morning at the start of the NY OPEN.

I thought I saw short, then saw amazing strength all the sudden and I chased my entries and got off on the wrong foot. I then relaxed, breathed, focused on talking to myself, remembering my strategy for the day and focusing on areas.

It was very choppy AGAIN for the first 30 minutes and then a nice trend down. I will be more cautious in the first 30 minutes now for a bit as it seems a definite persistence. I am thinking that there is a real tug-o-war going on between bulls/bears.

Fundamentally I would put more weight of a deeper retrace and I think all it will take is a little bit of unexpected bad news. I think company earnings are holding everything up for the time being, but when government data continues to erode and a weak shopping season could further put things in a spin. WE WILL SEE!

Trades:

1. +0 ticks, Not a bad entry, but I did see a retrace coming on the 144 MACD with some separation so I decided to exit my trade and wait for it.

2. -5 ticks, Ok, now this was not a good trade. I was 1 point from the pivot (chasing) and I assumed the quick drop was a head for the head and shoulders. The 50K chart was looking delicious for a long, the daily looked either way to me and weekly is still long. 4181 and 1597 are all saying short and I could have paid attention.

3. +0 ticks, too early, more to go in this move, so I manually exited, but I thought I got a couple ticks out of it but it didn't fill me till BE.

4. +9 ticks, I was having a lot of noise in my head on this trade. I couldn't focus but my entry was great. I was not feeling confident in my ability at this point and telling myself that it will probably be just another gift. So, I exited at the first slow down! I should have called it a day at that point and I was considering it.

5. +1 tick, I was still thinking long. Boy have I been counter-trend trading lately.

6. +7 ticks, not good entry, lucky I got my few ticks.

7. NO FILL, This looked pretty good, but not great. I liked the 200MA, but the MACD's looked like a little more up.

8. NO FILL, Ok, I was still not feeling super confident! So, it sat on my price for a good 5-10 seconds and didn't fill me on this one either. I didn't chase it as I was having trouble reading direction.

Seems like the last week or two the market has been very 'jumbled' and ranging for the first 30 minutes. This is hard for me to hit any trends clearly and I have not been adapting to this different market condition. I keep thinking I will get those 'trend for the whole day from the Open' days.

Life is good!

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  #29 (permalink)
 trendisyourfriend 
Market Wizard
Quebec
 
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bluemele View Post
Seems like the last week or two the market has been very 'jumbled' and ranging for the first 30 minutes. This is hard for me to hit any trends clearly and I have not been adapting to this different market condition. I keep thinking I will get those 'trend for the whole day from the Open' days.

Life is good!

To capture a max of points you need to become aware of the market structure and develop an accute sense of direction or where is price is more likely to go at key anchor points. That's similar to drawing a curve in Illustrator from Adobe, you can only anticipate the direction to come at key anchor points:



Look at the TF chart below. I have circled key areas where a bounce is likely to occur. Place your trade in relation to these areas.

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  #30 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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trendisyourfriend View Post
To capture a max of points you need to become aware of the market structure and develop an accute sense of direction or where is price is more likely to go at key anchor points. That's similar to drawing a curve in Illustrator from Adobe, you can only anticipate the direction to come at key anchor points:



Look at the TF chart below. I have circled key areas where a bounce is likely to occur. Place your trade in relation to these areas.

How are you deciding where those points are? I typically use HIGH VOLUME AREAS which are pretty evident from price action, S & R (basic, no pivot point calc's), fibs, trend lines, keltner, 200MA, etc.....

Seems you are using volume, channels, Pivots, MA's etc..

Why do you take those trades? Or did you take those trades?

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