I am here too long observing all of you, your progress in trading and I have to say, that many of you seem to me very inspirative and helpful. I decided to show my "thinking" and reacting in markets, I guess it is not a mindset of complete trader and I would be very glad if you would show me right direction.. I am not going to describe what I have done, I will raher describe my actual status.
I am trying to be always in trending waves, or ranging market with good rrratio distance between borders. I am looking for supply/demand levels as a strong areas with many orders waiting for another move in previous direction. In future I will try to describe it more, but if you know Sam Seiden`s techinque(if no, please google him, he opened my eyes in markets :-) ) , then you know what I am looking for. But it is not my primary trading setup, just a clue for better timing where and when to jump into the market. I use HMA for better visualisation of each wave, BBands with standart setup - middle line for enter and exit the market. I am sorry for my rough explanation, I think the best way of interpretation will be with charts and rules.
basic rules:
i trade only last hour of CL, no other markets during this session.
i use 2 charts, the big one with 3RBars + HMA 21 + BBands, small one with (6RBars + EMA 50+HMA21)= to see trend.
After closing CL I watch YM with same setup.
entry setup
if I see on 6RB chart clear trend, lets say uptrend, I am looking for crossing price middle BBand, HMA21 must be below this band. I enter on open of next bar above mid BBand. The same strategy for downtrend, price crosses middle BBand and HMA21 is above this band.
My last entry must be no later than 5 minute before closing the market.
exits
I have 4 possible exits
- full stop loss 8 ticks
- profit target 16 ticks
- trailing sl according to price move back against mid.BBand ( if bar crosses mid.BB I move sl on open of next bar )
- manual close on market if technical problems appear, or the market is in last minute before closing.
Goals, limits
- to stay concentrated 1 hour for each market and take all valid signals without hesitation ( sometimes it is very hard )
- after 3 losses in row stop trading for the day
That would be all for now.
I have to mention, that I am still sim-trading, I erased twice my account, I had no patience, plan and perhaps something else :-) ...
If you read it to this point, I thank you for your interest, in next post I will publish my few trades from last two weeks.
R.
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I am going to post my trades, but I have to say, that I traded last 2 weeks on CL 2-11, which might confuse you according to values of price in actual contract 3-11. My bad...
Strong downtrend, I marked with lines possible turning points - supply areas, not looking for specific price levels.
nr.1 was easy just with one correction
nr.2 - 4. I hate when market is not doing pullbacks, it is very difficult to indentify when to jump in market
nr.5 thats a situation, when I jump out of the trade according to trailing SL and I stay too much focused how to dig more money,
only 1 tick missed to PT! :-) sometimes it is worse than full stop loss feeling.
Yes, I have many feelings during session and I am not fighting against them, but I think, it is good to indetify,that something is shaking with my "sharp" mind.
nr.6 - 7. kicked off on trailing sl, thats a situation, when I love to be saved with trailing sl :-)
nr.8 I am a newbie in CL market and I completely forgot, that market was "closed" when I finished this trade
I hope, that it has head and foot..
R.
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lets have a look on next day,...yes still 2-11 contract.
I didnt choose good cut out of the chart, but the mood was set into the uptrend
nr.1 really bad entry timing, after this trade market broke nearest supply area and I prepared for next action
nr.2 it worked! Situation before entry into the 2nd trade repeated, price broke in supply area.
nr.3 = nr.2
nr.4 couple ticks missing for PT , exit on trail. SL. But generally I was in really good mood.
Hmm, where are trades from YM? I have to say, that CL took a lot of energy for my concentration, I gave up next hour of trading.
R.
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I was really upset on myself, I did more than 3 losses in row - breaking rules and I was trying to get "my money" back, I realized that quite soon, this is my little demon in my head from past activity in markets..I had times with bigger row of trades in such a day, of course in red numbers.
And next problem was, that I went against trend, here was the source of my bad day. Since this day I was afraid that I will do it again, I put in chart EMA 50 for better illustration of trend ( I really dont need it, its gone ). Lack of focus, thats it!
trades
nr.1 just a loss, price went sharply against my position. Demand area broken
nr.2-4 lets fight against trend , no more please.
nr.5 finally entered in good direction, but couple ticks missing to my PT, exit on trail. sl.
I can do it better, next time.
R.
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I hate beginning of trading after bad day, but it was better than I expected. I took some money in pocket and I wanted to quit before end of session, I almost left out last trade..no, I a was proud on myself at the end of the day. I recognize that the feeling of good performance( all trades according the plan ) is for me more important than P/L of one day.
trades
nr.1 bad direction, full stop loss, but I realized that and switched quickly to nr.2
nr.2 easy money, PT , broken two important areas, waiting for another setup.
nr.3 clear signal, I felt good.
nr.4 on higher TF (6RB chart) I saw still enough space for falling price, but it kicked me off very aggressively, I had no chance to move my stop.
R.
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Finally, I switched on current contract of CL , but I felt little bit confused from this finding. I missed 2 trades on CL, my bad. And I did one trade on YM. I have one new rule !Never trade after thai massage! . But it wasnt such a disaster.
trades
nr.1 not much to say, it happens. But in next 2 bars I missed signal with jackpot..that was worse
nr.2 nice trade, but market lost power to get me in PT, exit on trail. sl.
nr.3 - 4 exit on trail. sl
nr.5 I didnt follow market for hole hour, so I did only this trade, it touched my PT, but without filling order, nextime.
R.
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I made this day only 1 trade on YM, I came too late from work. Market was ranging, I found that last bounces were from open price, I jumped in later, not exactly after signal, but I waited for the signal price value. It looked, that I will be kicked off on trail. sl, but it resisted.
So weekend is near the end, I am looking forward what will next week bring new.
I hope, that my posts are valuable for understanding what I would like to share with you, my english is still not good enough (using translator ) .
R.
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Good job with the journal. Posting about a losing day is never easy, but it is a necessary step in understanding what happened. Sometimes you can have losing trades and losing days while making zero mistakes. But more often than not, a mistake is made and it's important you learn from it or find a way to minimize it.
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