2 trades in practice acct
followed my advise..stick to the plan, be disciplined
its so much easier, for me mentally, to do it this way vol was better today, not sticking around for inventories, no thanks..such a slow week
these 2 trades are purely in my method, and i absolutely must take them, no hesitation.
i was ready to trade live today, and was cautious.in the am, only simming.The setups werent great, so i stuck with sim, i was kinda just waiting for something really good, and honestly, the 1 +7 trade i got was the only legitimate trade.This week will hopefully see an improvement in the follow thru.the ism news was at 10, and that +7 had enough liquidity to actually get me safe.
the action feels like summer trading, where the follow thru is typically rangy, which doesnt help me.The trade i took was good enough, it just failed.I decided, if the action was looking good enough, i would trade live, and i intend to ease into it.I dont want to pressure myself for no reason, especially when the market is like this.The last thing i need, is to go to cash, and get chopped up.I feel , part of the progress i have made, is partly due to the fact, that i now tend to stay out of this type of market.However, it is frustrating, but, that is the deal.After the trading is over,i try to go to the gym immediately.No use in trying to make sense, of why a market is good for a while, or if it isnt.Just try to trade when the follow thru is there
i took this long at lunch, the 5min and 4 rng gave a nice signal.Was wondering if the follow thru would be there..best trade of the day..go figure
Last edited by bobarian; September 7th, 2011 at 12:35 PM.
trades the cl from 9 to 9:30, then switched to tf and nq.The cl trade was ok, stopped me at +5, i passed on the ensuing pb, which was still giving 4 lanes.These days, it feels like the first hour is tradable.The overall markets being pushed up and down with all the news, much of it just rumors.
the 1st tf trade was a breakdown, with 4 lanes, a whopping +2.The 2nd tf trade, gave me +5, for some reason, my old 6/5 atm was on, which i never use anymore.Ninja, it seems, when i change instruments, switches me back to that.Would have been a 10 tick winner.Typical, mistakes like that will happen.The markets have really changed, since i got my 3 week in a row requirement of positive consecutive weeks, to go to cash.I have done some hard thinking, and i have been really dialing in to my 8ma and 3ma, to try to catch more trades.The setup that i try to wait for , has been rare, these last 2 weeks.Ireally dont want to move into ct trades, but, i will continue to observe, and if they make sense, and have enough room, maybe i will try them.The biggest challenge, has been, to stay patient, and true to my method.I feel that i have done this.The problem, is that the setup i want, just doesnt happen often, in this market cycle.Im not looking to bend my rules.6 months ago, this crap would have chopped me up, but now, i just stay out.This alone, i consider progress, however, i do feel the daily grind, of little or no trades, and that alone takes its toll.Not to worry, i think.The work now, is about dialing into the small opportunities, and staying on track.No major changes, just logical adjustments.
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2 tf trades
cl is split between contracts, the tf gave a few signals today, the 1st trade was a very good setup.The pullback candle waqs perfect.4 lanes.The 2nd trade was basically a low bandshort, got +1 out of it.Market is still very volatile with the situation over in europe.Need to be very careful
tuff day, was aggressive off the open, because of the volatility from the news.The theme, still remains..choppy..The best trade was a +10 nq, for a whopping $50.The funny thing, is at the open, i had a +20 target for the tf, +15 for nq.had a +9 tf go to +3, and so on.The trades, were good enough,
An interesting observation.When i get a signal around the bowtie on the ss, they seem to go pretty well.I will be observing this.I think this has to do with more liquidity being at the turn.
3 nq trades
all 3 were in the first 20 minutes, all 3 ct.As far as the setups go, they were ok, they just failed.Quad witch day, and nothing was setting up, so, thats about it.This month has been pretty uneventful, the simm acct is down a tad, but, all in all, the trades have been so choppy, with little follow thru.I believe we need to get out of this range that the dow is in, until the runners can come back.I guess this is what trading is really about.Good and bad cycles, which means, when its good, be busy, and try to pad the acct.I dont see myself becoming a range trader, so, i just need to sit tight, and keep plugging away.A bit of a letdown, this month, but, it doesnt surprise me.Actually, i had 1 be trade, 2 fails today
something i have been thinking about, for about a month.The market has cycles, some good , some bad.I had my profit target at 30 ticks for the cl amonth ago.Now, it struggles to get 10.I am on the sidelines, simulating, waiting to go to cash, when the market starts to give more consistency.I will say, for 3 weeks, it has been consistently hard, to get 10 tick runners, on tf and cl.The action has been very rangy, and choppy.This has been a little frustrating, because i feel im ready to go.I will not be going to cash, until we break out of this range most likely.With the european crisis, or whatever is causing this, im not going to take on more risk, its just not worth it.To me, i think waiting, is probably the hardest part.I believe, the first hour of trading on cl ,tf,and nq, is really the best, on a consistent basis.Obviously, every now and then, we get a busy day.Im not concerned about that.What im looking for, is the high probability setup, which has really been non existent.When it comes back, i look forward again, to getting those runners again, or to be honest, a realistic goal, relative to the risk.The progress . here , i believe, is that 6 months ago, this market would have chopped me to bits
Maybe, one of the most important attributes of a good trader, is knowing when to trade, and when to tread lightly.And with that said, figuring it out, before getting chopped up.
still simming here, still have the kids, so, hopefully. i can get some momentum here, and get this goin.The cl was ok today, the setups are sneaky, gotta be on my toes.I missed a few, but im trying to watch ym nq and tf also.Once again , did some thinking this weekend, and that is fine.the 3min ma , needs to give me a convincing signal to enter, and this is part of the method, that i wanted to make more specific.With the tct , i dont want to take entries, where it is flat.These specific changes, will further cut down on the amount of trades.Is this good/bad?I found, that , when i had 3 weeks in a row, positive, i was disciplined, and resolute, about my entries..so what changed? the market.Shortly after that, i would rarely get a signal.The market was choppy and rangy.This was very frustrating..here, i finally develop a method that works, and the signals dis appear.this past month , has been a test, but what is the answer?there is none.This, is when i really need to be disciplioned and sharp.Try not to miss good signals, because they dont happen as much..and dont hesitate on a good signal