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Jason's Journal


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Jason's Journal

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  #11 (permalink)
 cory 
virginia
 
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jharthun View Post
Hi Cory,

The triangles are first draw in yellow. This means they are unconfirmed. If price goes beyond the peak, they change color and are confirmed. However, if price goes beyond the base of the triangle, they disappear. So, an entry signal is not valid until the triangle is confirmed. I should also mention that once a triangle is confirmed it never disappears.

I haven't been trading the triangles very much, but I probably should. I usually try to pick tops and bottoms rather than jump into an established trend. Unfortunately, I tend to bail out of trades that don't immediately go my way. Then I sit back and watch as the market takes off one way or the other without me. I often refer to this as getting "spooked" out of an otherwise good trade.

If I traded the triangles, I could wait until the triangle is confirmed or enter before the triangle is confirmed and then set my stop a tick below the base in either case. At least that would give me some structure for managing my risk.

visually it seems like a no-brainer, stop at red arrow, entry at blue arrow (50% of the triangle swing)
TechSmith | Screencast.com, online video sharing, 2010-10-24_1738

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  #12 (permalink)
adorati
Italy
 
 
Posts: 11 since Oct 2010
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jharthun View Post
Hi Adorati,

Thank you for recommending the books by Mark Douglas. I'm planning to look for them at the local library. I often get distracted during the trading day when things slow down. I'll check my email or even walk away from the computer for awhile. I miss some good trades by doing that and get out of sync with what's happening in the market. It sounds like these books might be helpful. What psychological traps where getting in the way for you? Thanks.

Well, I could say that the main reasons of my losing trades was:

1. lack of patience to wait for a good signal congruent with my trading method
2. difficult to admit that I make a mistake when the movement is against my position
3. difficult to short cut losing positions also due to the attachment to the money already earned (I realized that the more I am "attached" the more I tend to delay to stop a losing trade... and that is really bad)

In order to avoid these traps, I found really crucial to stay focused on what is my target that is identify the market movement using the signals provided by my trading method. I know that is all I need to do.

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  #13 (permalink)
 jharthun 
Hacienda Heights, CA
 
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Hi Cory,

I think you're right. The triangles should be simple to trade. I've been focusing my attention on other stuff. I spent some time this morning removing some of the clutter from my chart. I also combined a 30 second data series with a 1 minute data series to get the triangles for both. I've uploaded a few samples. I'm going to focus on the triangles tomorrow and see how it goes. Thank you for your comments.

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  #14 (permalink)
 cory 
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jharthun View Post
Hi Cory,

I think you're right. The triangles should be simple to trade. I've been focusing my attention on other stuff. I spent some time this morning removing some of the clutter from my chart. I also combined a 30 second data series with a 1 minute data series to get the triangles for both. I've uploaded a few samples. I'm going to focus on the triangles tomorrow and see how it goes. Thank you for your comments.

looks like you get too many triangles maybe some experiment with diff bar types, diff time frame to see less triangle, for example TF 121 tick chart, just some ideas for you consider.

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  #15 (permalink)
 jharthun 
Hacienda Heights, CA
 
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Hi Adorati,

I agree with you 100% about staying focused on what the signals are saying. I have trouble staying focused enough to process all the information on the chart. I probably need to define my trading method a little better too. One of the main reasons for my losing trades has been the fear of losing. I often cut trades short before they even get close to my stop loss. I've accumulated some loses over the last month or so. I think this is really starting to have an impact on my ability to make good decisions. On some level, I think I've actually been trying to avoid trading. I got up really late this morning, around 8 AM PST, then I got on a long phone call, and finally I spent some time creating a new chart template. I didn't put on any trades today. I'm never going to make any money if I don't change my bad habits...

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  #16 (permalink)
 jharthun 
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Hi Cory,

Here's a few images of the TF 121 tick chart. They all look pretty good. I've been watching the triangles today. Sometimes, they get confirmed quickly when price is moving quickly. So, you got to be ready to pull the trigger. What do you think about using the ZScore to exit or scale out of a trade? Thanks.

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  #17 (permalink)
 cory 
virginia
 
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jharthun View Post
Hi Cory,

Here's a few images of the TF 121 tick chart. They all look pretty good. I've been watching the triangles today. Sometimes, they get confirmed quickly when price is moving quickly. So, you got to be ready to pull the trigger.

you can slow it down by using range, kase, bigger tick chart or anticipate when a triangle get build.


Quoting 
What do you think about using the ZScore to exit or scale out of a trade? Thanks.

I have no idea but as long as it can tell you some repeatable clues its all good.

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  #18 (permalink)
 jharthun 
Hacienda Heights, CA
 
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I like this post by Big Mike. I'm going to write a sticky note and put it next to my alarm clock.


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  #19 (permalink)
adorati
Italy
 
 
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jharthun View Post
Hi Adorati,

I agree with you 100% about staying focused on what the signals are saying. I have trouble staying focused enough to process all the information on the chart. I probably need to define my trading method a little better too. One of the main reasons for my losing trades has been the fear of losing. I often cut trades short before they even get close to my stop loss. I've accumulated some loses over the last month or so. I think this is really starting to have an impact on my ability to make good decisions. On some level, I think I've actually been trying to avoid trading. I got up really late this morning, around 8 AM PST, then I got on a long phone call, and finally I spent some time creating a new chart template. I didn't put on any trades today. I'm never going to make any money if I don't change my bad habits...

Well, I know how it feels like the "fear of losing" and I can tell you that it is the worst starting point for a successful trading. This kind of fear has the power to shift your attention from the market movement versus either your previous past experience of losing (making you feeling even worse) or versus a possible futures losing trade: in both cases it makes you feel bad, stressed and anxious and in the long run you will find some way to avoid trading, as you said. It happens because nobody like to feel bad, stressed and anxious and, if your internal experience is that trading is connected to these negative emotions, you will try to avoid them and the easiest way is avoid trading. Think about it.
If you want to trade regularly, successfully and as a job activity, you have to find a way to feel good because this is the best way to give your best.
I solved this problem in the past learning something that, even though is not strictly connected to trading, it is definitively important when you want to take full responsibility of your results. Following the simple guide of a method described by John Selby, the author of the book "Take Charge of Your Mind" (look at Amazon.com: Take Charge of Your Mind: Core Skills to Enhance Your Performance, Well-Being, and Integrity at Work (9781571744678): Paul Hannam, John Selby: Books ) I learned a simple way to stay focused and much more relaxed during my daily activities and this improved my trading activity also.
I warmly suggest you to take a look at this valuable book.

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  #20 (permalink)
 jharthun 
Hacienda Heights, CA
 
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Hi Adorati,

Thank you for sharing your insights and experiences with me. I'm grateful for the book recommendations too. I believe the positive results gained by being dedicated to the path of personal development are well worth the time and effort. I intend to put that belief into action by reading each of these books.

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