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bobs qwest to attain consistency
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bobs qwest to attain consistency

  #351 (permalink)
Market Wizard
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VinceVirgil View Post
Nice job on the CL trades. Any day you are positive is a good day in my opinion.

These days , a positive day is just nice to have...the sim grind continues!

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  #352 (permalink)
Market Wizard
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REASONS TO TAKE A BREAK.....................I remember last month, i was stressed out, and we headed out on a 4 day weekend.A lousy week, and alot of pondering, and i was just spent.I remember thinking that night, that it had been a long time since i had felt this way, about trading.Iwas just starting to listen to the al brooks stuff i think, and applying his ideas, out of context.So, i was getting beat on a bit.So, im on the couch, thinking, wtf??I hate being in that mental place.I remember it well, from the past.That empty feeling, like, is this a waste of time?Just a silly obsession that will never amount to anything?I dont talk to family or friends about it, because they dont get it(at all).To them, to imagine simming for over a year would probably seem like a tremendous waste of time.The 2nd day into the weekend, i started to forget about it a bit.By the 4th day, it was past me, and i was ready to get back to work Monday..............I spend alot of energy, trying to be positive, and it is always a work in progress.My 3 year old twin boys require my full attention when they get home, and that is what they get.I decided a while ago, that i wont let trading interfere with my home life, especially with my kids.We spend so much time making rules regarding certain aspects of trading, and i made a rule, to not let it affect my time with the kids.I remember, i used to bring charts to the playground, to glance at...oy.I realized, that, to remain positive, we need breaks.Devoting our focus to things other than trading.Going to the gym really helps for me also.It is my choice to be frustrated, or not..............Learning how to trade CORRECTLY, imo, requires a leap of awareness that most people are not cut out for.We have to dig down deep, and really work on our weaknesses, and develop the discipline necessary to control ourselves.......IMO, learning how to trade correctly requires alot of hard work, alot of experience....And there are no skipping steps.And, there are plenty of people that are willing to do the work...that still fail.It has been a journey no doubt.I still have doubts, but the only thing to do is show up Monday, and try to understand what the market is giving, and do well.These days, its more about price action, and really trying to focus on what the market is saying...The cl can be tricky, and its my job, to figure out the puzzle.Every day, 4-6 hours , trying to put together the recaps and replays, so i can do this in real time....a slow grind for sure, each day, seems to be getting better...but slow.Ive got 3 weeks with the 5 minute, and 21 ema.I like them, and have no desire to change.....To sum it up, with a simple thought...Learning how to trade is difficult, and a huge amount of work...getting stressed out, and frustrated is not productive..take breaks......................is it possible that the answers are right in front of me, but my eyes just dont see them yet?


Last edited by bobarian; February 25th, 2012 at 05:44 PM.
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  #353 (permalink)
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I can understand how you feel. I feel that way myself a bunch of times. After over a year at trying daytrading, many times I feel as I don't know anything because every trade I take sometimes feels like a gut gamble, a crap shoot. I've learned a lot about patterns with Al Brooks. But much of the time I'm too impatient to wait for setups like he waits. If you haven't done so, I would highly recommend reading Al Brook's new books and every page by page. It's not just a book or set of books, it's also a programmed chart analysis workbook which imo doubles as some substitute for after hours screen time. I've also been attending some of Al's live webinars. And sometimes he's lost too when the ES is some untradable spiky fuzz. I've seen him totally wrong on his then bias and measured moves and he would have to change complete direction. It's happening more often now these past months. And his trades are mostly 4 tick scalps these days. And even so he might wait 30 minutes to hours before taking a trade. (he usually says where he entered after the fact). That said, when his patterns do show up and if one get in on them, it's a beauty to be right and to score the trade.

I don't mean to be critical or anything in saying this. Just my personal reaction. Have you thought about changing your current approach? Watching a few of your videos, I don't quite get your chart setups or methods. I usually use 2 charts with two different time frames. One for candlestick analysis, the other a shorter timeframe with indicators for entry for a scalp. With 7 or so charts up I don't see how I could multitask and get informed information to make trading decisions fast enough? Is this a vendor specific methodology? Are those bars special kind of bars with the dots in the middle?

update: Oops, never mind, I've seen in your last video you've changed to an ema 21 with candlesticks already. And you seem to be trying out a price action method, nice. I totally have the same thoughts about those big spike candles. Nice winners on Friday. Your previous method and charts was just curious to me. Thanks.


Last edited by Cloudy; February 25th, 2012 at 06:22 PM.
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  #354 (permalink)
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Cloudy View Post
I can understand how you feel. I feel that way myself a bunch of times. After over a year at trying daytrading, many times I feel as I don't know anything because every trade I take sometimes feels like a gut gamble, a crap shoot. I've learned a lot about patterns with Al Brooks. But much of the time I'm too impatient to wait for setups like he waits. If you haven't done so, I would highly recommend reading Al Brook's new books and every page by page. It's not just a book or set of books, it's also a programmed chart analysis workbook which imo doubles as some substitute for after hours screen time. I've also been attending some of Al's live webinars. And sometimes he's lost too when the ES is some untradable spiky fuzz. I've seen him totally wrong on his then bias and measured moves and he would have to change complete direction. It's happening more often now these past months. And his trades are mostly 4 tick scalps these days. And even so he might wait 30 minutes to hours before taking a trade. (he usually says where he entered after the fact). That said, when his patterns do show up and if one get in on them, it's a beauty to be right and to score the trade.

I don't mean to be critical or anything in saying this. Just my personal reaction. Have you thought about changing your current approach? Watching a few of your videos, I don't quite get your chart setups or methods. I usually use 2 charts with two different time frames. One for candlestick analysis, the other a shorter timeframe with indicators for entry for a scalp. With 7 or so charts up I don't see how I could multitask and get informed information to make trading decisions fast enough? Is this a vendor specific methodology? Are those bars special kind of bars with the dots in the middle?

update: Oops, never mind, I've seen in your last video you've changed to an ema 21 with candlesticks already. And you seem to be trying out a price action method, nice. I totally have the same thoughts about those big spike candles. Nice winners on Friday. Your previous method and charts was just curious to me. Thanks.

thanks cloudy, 3 weeks ago, i switched to the 5 min with the 21 ema.Basically , the same as al brooks and mack from PAT.After listening to Al, and , Mac, i gave it a try.At that point, i also decided to leave the 1 min.The funny thing, is , i have no desire to look at the 4 range or the 1 min.The 5 min less noisy, less chaos.The 5 min has alot of info, you just need to watch it closely

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  #355 (permalink)
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Yep, Al says that in his book and webinars that 5min has a lot of information. But sometimes even watching the 5 min closely there's nothing there, full of overlapping bars and spikes, or it does something unexpected or gets into barbwire. I've seen it completely surprise Al on his live webinars. Sometimes it's untradeable and Al says in his webinar, we'll just wait for hours if we have to. I had my phase of trying to trade just like Al on the 5min only and found out like most who read Al's original book on his website forum, it's easier to scalp for 4ticks, but much harder for a swing trade. So now I prefer not to wait totally on the 5min. There are other methods on smaller time frames.


Last edited by Cloudy; February 25th, 2012 at 08:19 PM.
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  #356 (permalink)
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Cloudy View Post
Yep, Al says that in his book and webinars that 5min has a lot of information. But sometimes even watching the 5 min closely there's nothing there, full of overlapping bars and spikes, or it does something unexpected or gets into barbwire. I've seen it completely surprise Al on his live webinars. Sometimes it's untradeable and Al says in his webinar, we'll just wait for hours if we have to. I had my phase of trying to trade just like Al on the 5min only and found out like most who read Al's original book on his website forum, it's easier to scalp for 4ticks, but much harder for a swing trade. So now I prefer not to wait totally on the 5min. There are other methods on smaller time frames.

i think overlapping bars is actually enough info for me , to probably wait.Especially if there in a tight range.I have to be honest, i listened to als webinars a bunch of times, and i think hes great.The trades i am focussing on now, though, are not his setups(i believe).If i believe there will be a bounce at the 21 ema for instance, ill place a limit order there.I dont wait for a confirming bar...on the cl, that just adds alot more risk.The candlestick recognition and analysis is basically what i took from it...and always sup/res.At this point, 3 weeks into the 5 min, im just gonna keep workin at it,and hopefully no changes.Also, the goal of 4 ticks on the es is typical..I wouldnt be surprised if alot of people do that,with size.Lets face it, going for 4 ticks on the es has a much higher probability than 8 or 12.Now for the cl, ive decided on 10 for now.I know the cl will give more, but i dont care.Mentally, if i can trade correctly and consistently, im happy with that.Only time will tell, if im right.Markets change, and i just want to take a little bit from each move..I dont like beating myself up, if the market suddenly takes off....it happens all the time.....I lived in LA for 8 years, back in the 90s.I miss the weather for sure

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  #357 (permalink)
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I think I see what you mean. Not using Brook's setups on the CL exactly but some form of pa. Al only seems to take scalps now in his live webinars and he uses the 20ema. I think the 21 ema is from the other guy who makes those pa videos mentioned in the vendor thread. And sure the CL is a different animal than the ES. Yes, the weather's still good here. I'm not quite at the beach, but fine and unpolluted where I'm at.


Last edited by Cloudy; February 25th, 2012 at 10:41 PM.
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  #358 (permalink)
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Cloudy View Post
Yep, Al says that in his book and webinars that 5min has a lot of information. But sometimes even watching the 5 min closely there's nothing there, full of overlapping bars and spikes, or it does something unexpected or gets into barbwire. I've seen it completely surprise Al on his live webinars. Sometimes it's untradeable and Al says in his webinar, we'll just wait for hours if we have to. I had my phase of trying to trade just like Al on the 5min only and found out like most who read Al's original book on his website forum, it's easier to scalp for 4ticks, but much harder for a swing trade. So now I prefer not to wait totally on the 5min. There are other methods on smaller time frames.

That is interesting that you say you have to wait on the 5 Min chart. I can easily over trade with
the five minute, so I constantly flip to a 15, 30 and hourly in the EURO just to keep my bearings.

I am always asking myself, what is the big picture.

Unless it is pure barbwire on the 20 EMA, it is all tradeable... targets simply need to be reduced in
full on channel scalping. I frequently am able to gather 20 ticks trading the outer edges of channels.

The 5 min / 20 ema is a classic chart.


AJ
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"Life On The Edge of SR"
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  #359 (permalink)
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Cloudy View Post
I think I see what you mean. Not using Brook's setups on the CL exactly but some form of pa. Al only seems to take scalps now in his live webinars and he uses the 20ema. I think the 21 ema is from the other guy who makes those pa videos mentioned in the vendor thread. And sure the CL is a different animal than the ES. Yes, the weather's still good here. I'm not quite at the beach, but fine and unpolluted where I'm at.

i think thoroughly learning Als method is very smart, and alot of work.I listened to his webinars a bunch of times, and read some of the book.Its difficult reading, and overwhelming , so, i go back to it over and over, and am happy to learn what i can.Vince Virgil, who also trades the cl, is doing very well, and he spent alot of time with the Al Brooks book, and also PAT.......Just like anyone else, i believe we cant trade like anyone else.We have to use what we learn, and make it work for ourselves.When i switched over to the 5 min, i realized that the 21 ema was typically observed, but needs to be in context with the market.This happens often enough, but, time will tell if this will work in various market cycles.I got tired of waiting for various setups,and literally ignoring the pa as it gets to the setup.The cl generally has good enough range.If it looks like its heading towards a pivot,Tl,setup, whatever, doesnt it make sense to hitch a small ride as it gets there?How do we do this?Candlesticks.They will give the approval for some trades.The 21 ema bounces are different.Sometimes i will buy a very big bear candle at the 21.Why?Ultimately, pa may break down, but, i dont care.All i want is to get 10 ticks off the bounce that typically happens.You wont see that on a still shot.You will only see a big red candle that blasted through the 21.Now , upon breaking the 21 convincingly, now we can look for a short when it retraces up.If it doesnt retrace , well, we might have an entry shrt on the next candle....but that depends on what the trigger candle looks like...if there is a big tail, indicating buyers, no thanks.So, my observation is, in most markets, the 21 ema is like a magnet, that is even better if there is a correlating TL.ON those rare breakout trend days, we have to switch to a pullback type of trading with the trend.Trend lines always apply, in every market.This is why it is so challenging to trade for me..We have to identify what type of market we have, or might have , and react quickly .Its easy to see it in the recap.But, the only way to get better in real time, is to continously practice replay and recap.Always a work in progress

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  #360 (permalink)
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tderrick View Post
That is interesting that you say you have to wait on the 5 Min chart. I can easily over trade with
the five minute, so I constantly flip to a 15, 30 and hourly in the EURO just to keep my bearings.

I am always asking myself, what is the big picture.

Unless it is pure barbwire on the 20 EMA, it is all tradeable... targets simply need to be reduced in
full on channel scalping. I frequently am able to gather 20 ticks trading the outer edges of channels.

The 5 min / 20 ema is a classic chart.

I was previously using the 4 range, and a 1 minute.So the 5 min is much slower.Ultimately, we all know its just preference..We all try to make decisions off the chart that we feel is the best.As far as the 21 ema on the cl, ive just noticed in the last few weeks that it holds up as a sup/res...ultimately, it doesnt matter if the candle does close through it, as long as the bounce gives a little bit.Same thing with a trend...who cares where it ends up, as long as we can go along for the ride for a little.Also, regarding the 21 ema...if there is a TL that supports the trade at that level, its even better.Now, this might change in the next market cycle for all i know, but for the last 3 weeks, its been good imo..We all know how moody the cl is!

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