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TF day trading
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TF day trading

  #521 (permalink)
Elite Member
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+1.8 points today per contract

Ok, wow, just a little off on my trading and boy, I would have netted another 10 points on my runner contract.

It just knocked me out and today I wanted to stay within 3 trades just to ensure I am not getting too used to too many trades.

Trades:

1. +few ticks, I knew it was going to knock me out and I could have taken a point, but I wanted to hang on for practice.

2. -4 ticks, Well, took a trade at the 50% I get what I deserve and it didn't look all that brilliant though.

3. +2.2 points, This could have been a mega trade, but it came back up and knocked me out. It missed my 50% retrace by 1 or 2 ticks and then I had to chase my take profit on the first 2. I am glad I did....

I could have easily taken that next trade at the deep retracement, but I decided not to, but boy...

Video

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  #522 (permalink)
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Why is showing a journal so hard?

I am curious, it seems like everyone has dropped off here on Big Mike's?

Why is holding a journal and showing what you did so challenging? If you can't be consistent with a journal, then are they consistent with anything else?

Most of the journals have stopped or sporadic. Is it just me, or am I the only one who misses reading what other traders are doing?

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  #523 (permalink)
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bluemele View Post
I am curious, it seems like everyone has dropped off here on Big Mike's?

Why is holding a journal and showing what you did so challenging? If you can't be consistent with a journal, then are they consistent with anything else?

Most of the journals have stopped or sporadic. Is it just me, or am I the only one who misses reading what other traders are doing?


Perhaps it has something to do with the contest that Big Mike put on?

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  #524 (permalink)
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Jeff Castille View Post
Perhaps it has something to do with the contest that Big Mike put on?

Well, probably, but a great reason to start something doesn't mean it has to end.

I guess I am just greedy wanting to read/see other people's success.

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  #525 (permalink)
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bluemele View Post
Well, probably, but a great reason to start something doesn't mean it has to end.

I guess I am just greedy wanting to read/see other people's success.

Yes......it is fun to see traders making progress and offering a suggestion when it seems appropriate.

I think a public journal is like having a "workout" buddy........it makes you accountable and keeps you focused and motivated.....a good tool to gain consistancy and help you follow your plan. Hopefully it keeps you from doing anything too stupid.......as you don't want to have to post some lame ass thing you did.

The forum goes in cycles......when people see the benefit they will start journaling again......in the mean time.....we'll enjoy your journal!

Thanks for posting.

Jeff

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  #526 (permalink)
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  #527 (permalink)
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Big Mike View Post
New contests will be starting soon. Putting final pieces together for our 2-year anniversary in June, then we'll start a new contest in July that is separate from the stuff we're doing for the anniversary.

Mike

Trading Naked contest... x rated trading..

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  #528 (permalink)
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-1.1 points today per contract

I took several trades today. I think about 9 or so, but I can't pull up my trade history log for some reason as my NT is acting up.

after 3 trades = +.3 points per contract
after 6 trades = -1.7 points per contract
after all trades = -1.1 points per contract

I guess shorts were in order! I was thinking long at the beginning, but honestly I could have changed my thinking but I still get stuck in one direction?

I am happy though that I was trading long as I seem to do that very little anymore and last night I was concerned that I don't know how to spot a long. Well, maybe today was confirmation on that.

I felt fresh, so that is why I continued to trade, but it could be another bad habit that I am forming lately doing more than 3. I guess I was a bit frustrated to end up with only 3 ticks per contract after 3 trades, so I figured I could lose more money etc..

I convinced myself that the market was moving quickly enough and that I was fresh enough to make it work. What I have noticed the last 2 days is that the market is not retracing. Trending, and if you are in the wrong direction you will not get the retracement you need. The longer terms were saying down, but I didn't listen. Will re-watch and learn.


Video

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  #529 (permalink)
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New daily Highs / Lows


bluemele View Post
Ok, wow, just a little off on my trading and boy, I would have netted another 10 points on my runner contract.

It just knocked me out and today I wanted to stay within 3 trades just to ensure I am not getting too used to too many trades.

Trades:

1. +few ticks, I knew it was going to knock me out and I could have taken a point, but I wanted to hang on for practice.

2. -4 ticks, Well, took a trade at the 50% I get what I deserve and it didn't look all that brilliant though.

3. +2.2 points, This could have been a mega trade, but it came back up and knocked me out. It missed my 50% retrace by 1 or 2 ticks and then I had to chase my take profit on the first 2. I am glad I did....

I could have easily taken that next trade at the deep retracement, but I decided not to, but boy...

Video

Your opening trade for 5/19 brings up an important issue. How do you deal with new highs/lows for the day? One can wait for price to drop to 50 or the deeps. However, that seems like a waste of opportunities.

Here's where I am on this now and I invite your comments.
  • When price moves to a new high or low, it's a new ball game.
  • When the new high or low is established, reset the Fibs
  • Watch for price to drop to 76 or 61 Fib and then reverse to the deeps. The deeps are in the new area between the new high and the subsequent pivot.
  • When price moves back up to the deeps, look to short.
  • Don't make any trades without Fibs in agreement.

Six minutes after you took your initial trade, I shorted when the scenario above presented itself. It went over 3 points.

What you think?

Regards,
Orin

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  #530 (permalink)
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HighRise1202 View Post
Your opening trade for 5/19 brings up an important issue. How do you deal with new highs/lows for the day? One can wait for price to drop to 50 or the deeps. However, that seems like a waste of opportunities.

Here's where I am on this now and I invite your comments.
  • When price moves to a new high or low, it's a new ball game.
  • When the new high or low is established, reset the Fibs
  • Watch for price to drop to 76 or 61 Fib and then reverse to the deeps. The deeps are in the new area between the new high and the subsequent pivot.
  • When price moves back up to the deeps, look to short.
  • Don't make any trades without Fibs in agreement.

Six minutes after you took your initial trade, I shorted when the scenario above presented itself. It went over 3 points.

What you think?

Regards,
Orin

I agree with some of what you have said.

Sometimes, price jumps off of an area. And, it will just go one or two/three ticks and run like a bandit. Just to run through the stops. So resetting the fibs is always good, but I was looking at longer term fibs and thought that the market would go down, but the shorter terms seemed long.

I was thinking about a lot of what you mentioned. I think that is the key of this system is to look at the longer term charts and focus on taking trades in the direction of the long term trend on the deep retraces.

Obvious, but something I haven't been doing.

For instance, right now the obvious trend is down, so look for our signals only on shorts.

You made some good points and I looked at your entry (I put an arrow there as I was thinking of scaling my last one). I could have scaled out and that would have been smart, but I noticed that I have a hard time changing my mind. That used to not be my problem and I have videos from over a year ago where I would hit every pivot.

I appreciate your feedback though.

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