Plan the Trade

Well 44 today and 9 +1 s

very tough trading day +1ed 9 times

nice going ras

Nice results H and Ras! I know H is using a 512 candlestick based on number of contracts. Ras, are you doing the same or using something different?

number of trades*

yes 512 volume chart cap .. it slowws things down but still need to be on your toes when price is moving

my platform literally couldn't keep up with that move just now

Almost had an amazing trade but it didn't get filled on SIM.

It's gutting when that happens, so you know you generally need to give it +1 tick to be sure of a fill, as there is a spread. It goes above and below the tick price, but quotes the same. You will get a fill when the buy side drops to the level you have your long limit order.

For that 1 tick extra risk, you would have bagged +15/20/25 etc. For that one win, you can risk that extra tick 15/20/25 times...

I have spread indicators on my chart. They were there as standard with AMP. I do not know where you can add or delete them. Later on the spread often widens to two ticks.

Just in case anyone is wondering what i mean about the spread indicators, have a look;



On the right, you will see the last candle and indicated price. But look to the right and there are two small lines beside the price in red and green. Notice that the green bar sits on 6277.25 and the red bar on 6277.50. This is where buy orders at 6277.50 will get filled.

On the left, you will see the same last candle and same indicated price, but now the spread has moved, with the green bar now on 6277.50 and the red bar on 6277.75, this is where sell orders at 6277.50 will be filled.

So, you need it to hit your price and then go basically a tick beyond, except, it doesn't, because it still quotes the same price. There are two positions for each price, to the buy side and to the sell side.

I was busy yesterday and did not trade, so i decided to catch up today. I traded the late morning session earlier and had mixed results. After having sat on my hands through some choppy PA and resisted the urge to take trades, which generally would have been winners, despite there being no clear direction, i then proceeded to take three losers in a row!

The great thing about my tight stoploss management style now, though, is that it was only -12 at that stage. I battled back to around BE (after comms).

I then decided to trade the afternoon session and had much better results. Again, I really do not know why, but i am reading some basic EW during the afternoons and it is making it easier for me to determine general trend or at least, what i consider to be either corrective or not.

I am combining years of EW experience, together, (at last) with S/D zones. Ok, so i am still making mistakes, but slowly the ratio is swinging in my favour and as i say, combined with tight stop management, i'm keeping my losses very small.

I find that if i get the desired PA reaction (pinbar) in my favour, within a tick or two from my entry, i will then bring my stoploss even tighter to a tick above, as the pullback basically creates a 123 in the opposite direction and i want to be out of the trade at that stage, if it gets triggered, in any case.

This often means very quickly reducing my 6 tick autostop, to either 2 or 3 ticks. That is very tight and sure, it gets pinched and i miss a winner sometimes, but hey, psychologically, i find it easier to come back from smaller losses and of course, you live for the next set-up...

My single worst bad habit, is chasing my stoploss too tightly. On the chart below, in my third trade, i really felt that it was going to run, but still i was too tight and was taken out for +6, when it had a +20 written all over it.

Pullback 475 filled

+20

2b break

Filled

+1

2b break long 475 is spot

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