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TF day trading

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  #481 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
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Trading: TF
 
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Well, I blew my shots before the market turned. I found after the fact that it was a 23% pullback, headed to the 38%. There was a nice 3 point+ run that I just didn't hit. 4 trades would have been the cure on that one.

1st trade was a bit wreckless considering the area it was at.

2nd trade wasn't at a good area.

3rd trade was probably the only trade that was acceptable.

My thoughts were that the market has been strong down when it goes down. The premarket seemed like it could do another run.

video

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  #482 (permalink)
 HighRise1202 
houston
 
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bluemele View Post
How is your trading going? I haven't heard from you in a while and just curious.

I'm making cash money on TF and 6E. I actually feel in the zone, something I thought I never would do. With a few more weeks of this experience I will like to share details.

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  #483 (permalink)
 Lornz 
Oslo, Norway
 
Experience: Advanced
Platform: CQG, Excel
Trading: CL
 
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Posts: 1,198 since Apr 2010



bluemele View Post
Well, I blew my shots before the market turned. I found after the fact that it was a 23% pullback, headed to the 38%. There was a nice 3 point+ run that I just didn't hit. 4 trades would have been the cure on that one.

1st trade was a bit wreckless considering the area it was at.

2nd trade wasn't at a good area.

3rd trade was probably the only trade that was acceptable.

My thoughts were that the market has been strong down when it goes down. The premarket seemed like it could do another run.

video


I watched your video and thought I would give my take on it.

I would've waited for a test of the previous high at around 840.5 and gone short if it didn't breakout. After it broke the trendline and made a new low, a retest of the TL/High is an obvious short. My exit would be on support at 837. After it broke down and retested 837, I would go short again. Projected target 3 points, the height of the range. I ran out of space on the chart, but it hit my target.

This is just my humble opinion, take it for what it's worth... I find it better to keep things simple, it seems to me you're looking at too much stuff.... I would rather look on a few larger TFs instead, to better gauge major S/R.

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  #484 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
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Lornz View Post
I watched your video and thought I would give my take on it.

I would've waited for a test of the previous high at around 840.5 and gone short if it didn't breakout. After it broke the trendline and made a new low, a retest of the TL/High is an obvious short. My exit would be on support at 837. After it broke down and retested 837, I would go short again. Projected target 3 points, the height of the range. I ran out of space on the chart, but it hit my target.

This is just my humble opinion, take it for what it's worth... I find it better to keep things simple, it seems to me you're looking at too much stuff.... I would rather look on a few larger TFs instead, to better gauge major S/R.

Lornz,

Yes, what you say makes a bit of sense. I did actually identify those (some off recording on other screen), but the key point you are making is wait for the deeper pullbacks before entry. That is a great point.

Thank you for reminding me of this.

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  #485 (permalink)
 Lornz 
Oslo, Norway
 
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bluemele View Post
Lornz,

Yes, what you say makes a bit of sense. I did actually identify those (some off recording on other screen), but the key point you are making is wait for the deeper pullbacks before entry. That is a great point.

Thank you for reminding me of this.

Exactly! Be patient and let the market come to you... There's no need to chase/enter too early...

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  #486 (permalink)
 bluemele 
Honolulu, Hawaii
 
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It turned out to be decent volume and a bit of a ranging day. One thing I must be aware of is that after big moves, it tends to range, then breakout then range etc...

On days where it is trending hard, I must focus on going with the trend. On the days where there is a massive move recently, I may expect some ranging and trade counter.

Trades:

1. +.1 point, FEAR took me out of this one. It was clearly saying up...

2. +1.8 points, Nice clear entry on double bottom of 76% pullback.

I enjoyed waking up on time @ 3am this morning. It wasn't too bad and I was well rested. I believe that REST and a clear mind is a very important item.

Video

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  #487 (permalink)
 Lornz 
Oslo, Norway
 
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bluemele View Post
I enjoyed waking up on time @ 3am this morning. It wasn't too bad and I was well rested. I believe that REST and a clear mind is a very important item.

That was the hardest thing for me. I spent 3 months in Hawaii last year, and the hours were killing me. I am not an early riser, so I ended up trading through the night instead. I eventually took an extended break from trading, as I felt it was too much of a waste sleeping the days away in such a beautiful place...

Decent trading, btw!

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  #488 (permalink)
 bluemele 
Honolulu, Hawaii
 
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Lornz View Post
That was the hardest thing for me. I spent 3 months in Hawaii last year, and the hours were killing me. I am not an early riser, so I ended up trading through the night instead. I eventually took an extended break from trading, as I felt it was too much of a waste sleeping the days away in such a beautiful place...

Decent trading, btw!

Thank you. Well, I guess sunshine tax can cost us all a bit. The timezone is a REAL challenge as I just couldn't get up this morning....

My wife did and was up a bit over a point per contract. Now she is a zombie though. haha... It is tough when I start my day @ 3am for trading, go workout, then work till 9pm as it kind of wares on you.

My employ is flexible though, so the occasional nap is required during the day.

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  #489 (permalink)
 bluemele 
Honolulu, Hawaii
 
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The day was long, but not too strong. Due to the smaller ranges, taking the smaller profits is great and I am OK. I did expect at least a 50% retrace, but didn't get it. Seems like it is headed for the 61 retracement on the longer term.

Trades:

1. +.1 points, BE + 1 after jumpin in at market open. Something told me this wasn't it, but it was a major area and a 76 pullback, so...

2. +1.4 points, this was a perfect entry and area off the 50% long term retracement. It didn't seem powerful for down, so I scaled a bit early, but glad I was taking smaller targets.

Seems like I am trading a bit better lately, more focused. A little birdie (fellow trader) made a challenge to me and I have had some time to think about it and I honestly don't want to provide support for any of my poor trading of the past.

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  #490 (permalink)
 bluemele 
Honolulu, Hawaii
 
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Ok, today I was a bit tired and made a big goof off the 23% retracement. It is not a great area and I didn't have much saying I am going up. I ended up giving 3 gifts all in a very small area and decided I would trade one more later.

Trades:

1. through 3. -.8 points and too much effort on not the best area.

4. +.6 points, an extension, and large separation on the 1597, but the 4181 is on the rail.

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