started off the day, passing on an entry at 9:01, which worked, as i did yesterday.Just because it is rollover, doesnt mean we pass on decent entries.They were good enough, so take them.
the 1st entry, -8, was a good stop, in that i would have gotten creamed if i held it.it was a little rangy, but i thought it had a chance .
there were no more setups, and thats about it.
I need to work on just taking all the setups that qualify..plain and simple(up to 3 per day,for now)
i will be off tomorrow, have some maintenance on the house that needs to be done.I try to schedule it during rollover, because the vol is split.Today, the jan cl was at 50%,
yest i was off, did some thinking,as usual.The main topic: from 9 to 10:30, every takable signal needs to be taken.Today, the setups really werent settting up the way i like, for 1 reason or another.I did get 1, for +8, right after the news..All in all, the ranges were good, but alot of wedges and trend lines.I did take the 1 trade that i thought was good, allbeit, on the news
i really have to stick to this rule of taking all the trades that fit my method.This is a discipline i have to really get down.pics later
Last edited by bobarian; November 17th, 2011 at 01:21 PM.
made a big change.....yep, hard to believe.I ditched the tct trendline.My entries are still based on the macd cross.I found that this lagging indicator just kept me out of too many trades..good? bad?? not sure yet.I put up a line chart (4 range) next to my 4 rng candlestick ch, and i just find that the line ch is easier to see the pivots, and the sup/res lines.The candles just dont do that as well for me.I use the candles for my entries tho.Its essentially a line ch with no indicators, next to my candle ch with a few mas.Thats it, no indicators...PRICE ACTION. Is this the answer? dont know.There is no where else to go, ive taken everything away, except the macd, which i feel is necessary.i dont see myself getting rid of that.Im basically looking for price to tell me something.I went on this quest for the holy grail, to find an entry method that took the stress away, and make it easier.In retrospect, i guess it wasnt a bad idea, but neverthge less, we all know, there is no such thing.I still have my 5 min, which i try to assess continuosly, if we are trending, or rangebound.Basically, using my skills, to try to be on the logical side of the trade.This is alot more work, but thats the way it goes.This isnt easy, and each day, i get reminded of that.Alot of the work, is avoiding the chop, and silly no sense trades, assessing pivots, trends etc.I will continue with this, into december, and fer the love of god, please, no more changes!
ok, i did my replay, and came up with 4 legitamate trades.Here are 3 of them.The setups, are based on small divergences, and are really based on price action.I try to use the 5 min to gauge what to stay away from, but being that im looking for only 8 ticks, i just need to make sure the trade has room.ee is an early entry, which is taken in anticipation of a macd cross.I prefer for the cross to happen, then, a slight pb that is in line with the price action on the line ch.If it crosses the macd and runs too far, i pass.Thats really it.
Last edited by bobarian; November 21st, 2011 at 06:05 PM.
+25 net price action not giving me too much today.Took one, it went 6, and got too sloppy, so i bailed at +3.
It feels like holiday trading, .
I was patient today, and focussed.
i just passed on a long that worked, price action just slow and sloggy at 10:20
my wife works from home, AND i had cnbc on..well, a holiday tomorrow, lets just say i mentally was on vaca allready.So many signals, so many opportunities...my 1st trade gave me +13, 5 ticks of positive slip
2nd trade went +7, and started to get sloppy, i took a be , only to watch it work.
3rd trade was a full stop.np there, it just failed.
what i need to work on:
FOCUS AT ALL TIMES...DO OR DIE!
a day like today should have made my week.no news...put on headphones if you have to..the focus needs to be razor sharp!!
good things..im recognizing these setups alot easier now, and working with the trend , to identify.Now, i need to keep doing what im doing, with no more changes, and get in while the getting is good.
which is from 9 to 10:30 latest for me
also, i ordered Zen and the art of poker, a book i have seen recommended by pandawarrior and others,I like the comments, and intend to read it this weekend
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The following user says Thank You to Big Mike for this post:
thanks Mike , happy thanksgiving.I spent alot of time yesterday, going over the days action, and really thinking about my perceptions, in what a good setup should be.There is this nagging voice in the back of my head, that keeps reminding me that there is no perfect setup.In reading Pandawarriors journal, it brought me back to support/resistance, and pivots.For a while, i have really blocked this out, trying to look for the "easiest path".A path which requires less thought, and, less work.Also , i remember Roger Feltons words..."liquididity tends to be at sup/res/pivots.Less diddle in the middle i suppose.For instance, taking a counter trend play at an obvious top?Is that bad?good?smart?Obviously , it depends on how it gets there....a slow grind is ng...but, if price is shooting up, towards an obvious res that has filed all morning, does it make sense, that traders will cover there?absolutely.I have left these plays in the past. because it was so hard to stop doing counter trend plays.I notice them, i just dont take them.Is it right to just focus on 1 type of trade?and ignore these other trades?i think , each day is so different, and alot of the work, lies in identifying what type of day it is....Trend?range? etc.I think its time i opened my eyes, and im not saying become a ct trader, but if there is an obvious pivot(sup?res),i think that in itself is an opportunity.We always try to trade with the flow, and not vs the trend, and in general, that is correct, just some thoghts....happy turkey day!!!
The same floor trader that told me it would be better to trade for only 2-3 hours a day also told me that most of us retail trader should become experts at one trade with a secondary possible trader we can be good at. I do not see counter trend trades well. My eye is not trained for that, BUT IF you see them, you should take them. Just be cautious because if they really are counter trend and not reversals of a trend, your profit is limited to the next pull back area. Otherwise, I would say if you see them, take them. If you see counter trend trades easily, then become an expert in them. I think the most important thing about a counter trend trade is where the exit is and never trying to be greedy past that exit point.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following user says Thank You to PandaWarrior for this post:
great point Pandawarrior.The countertrend(ct) trade, will only happen at important sup/res(pivots), that are obvious, which means they wont be nearly as common as the trend trades.Also, no grinds...Price needs to shoot to the pivot, and the first pullback is the entry.If the price action isnt clean enough, no trade.Also, for the purpose of simulating correctly, i have only been trading 1 contract, which, is what i intend to start with when i go to cash.Because of this, i have chosen to have my goal at only 8 ticks, which is a 1 to 1 ratio, my sl being 8 ticks.I will worry about runners when i get to 2 contracts.For now, i believe if i cant get 8 ticks, the trade just isnt good enough.And, i believe, i need to earn the right to trade 2 contracts, so , everything in sim is always done with 1 contract
also, as far as the ct trade goes, the idea is to get in as close to the pivot as possible.If the trade just does a 180 and takes off, no trade
thanks for your comments Panda warrior
The following user says Thank You to bobarian for this post: