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Plan the Trade

  • #4,421
  • Feb 2, 2018 9:50am Feb 2, 2018 9:50am
like we say everyday now, very fast. looking back thru the larger chart ( I use a 466 tick ) I see some nice pb trades, but I am trying things a bit different off the 233 chart, using a 6 range to find supply and demand. I managed +13 ticks for the day. 1 loser, 2 winners and a couple of +1's. +10 after commissions. Not great by any means, but positive. The idea behind the range chart is that I thought it would be easier to see and plot supply and demand areas off a range chart. I don't know if that is the case, but it keeps me really focused. I will post my 466 tick chart. Trades don't make a lot of sense on that chart, and in reviewing it, I would say that I am entering trades in all the wrong spots, but still managed a positive day. I am not overly concerned about taking big winners. A plus 12 or 13 more that covers a -10 loss. And I agree 100% with what Harold says about 20 ticks per day. For me consistency is what is most important. Just 2 +12's gets me to 20 ticks per day if I can manage that without a loss. It does seem that on a day like today over 100 ticks is more that possible, but again for me that is not important.
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  • #4,422
  • Feb 2, 2018 10:00am Feb 2, 2018 10:00am
For my effort, i found myself just a fraction too slow several times earlier, missing the entire drop (yes, despite my earlier chart today - funny how that happens!). Really should have had limits in place, but it was just moving so fast. Incredible action.

After the bounce i sat and waited with order at last pullback;

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That resulted in a +1. Now here's the thing, that i think i have improved in the last few months...

When the reaction short from the red line was weak and then it made two slightly HH's, i lost interest in the short and looked on the larger scale. For me, it was likely that it would now break this level and move on higher to the next level on the left (just below pink Vpoc).

Capiche?

The pullback wasn't quite deep enough thereafter so i took the hook instead.

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Was a really nervy trade... I need to buy something stronger to go in my vape machine)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,423
  • Feb 2, 2018 10:01am Feb 2, 2018 10:01am
Just a comment on these big swings/volatility : I wonder if it's not a better idea to trade a 1 lot with bigger targets and stops (thinking of your recent chart discussion, CG) ? Perhaps I will try next week.

(missed my 6852.25 fill by 3 ticks just now, so cancelled)

I am working on getting back into trading Daily FX charts from the London Open - one of the reasons why I'm day trading the NQ in my afternoons again - as I feel long-term it's the way for me to go. Day trading being for young guys with blonde girl friends like CG n'all (see, CG, I never forget an attractive blonde : what happened to her ?)... and of course also spring day trading chickens like the venerable H

I sometimes feel the only way I will have the focus to trade D1 is to stop day trading fast charts, but it always sems to me to be so very much harder to build reasonable position size with D1 sized stops.
  • #4,424
  • Edited 10:30am Feb 2, 2018 10:18am | Edited 10:30am
Here's a trade that i was gutted that i missed;

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The reason for believing it is about to continue lower is the break of trend LL/LH/LL/HH/LL, followed immediately by a return to trend. I viewed that as two complete cycles finished - The drop is the first either wave 1 or A, the pullback which makes the break of sequence is the corrective wave 2 or B and the LL confirms the next wave is under way. In the context of it all, it is most probable that it will be far longer than the first wave regardless if it is wave 3 or C.

So basically without all the EW jargon, a break of trend immediately followed by a return to trend is worth noting. In this instance the handle (of the C&H), was so small it represents strength in the underlying trend, thus treat it as a hook and sell the fresh low (using a stop order).

I missed it at the time and then sat frozen as it dropped like a stone. Oooooh it's getting closer all the time, i can almost smell it!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,425
  • Feb 2, 2018 10:28am Feb 2, 2018 10:28am
Quoting jtrade
Just a comment on these big swings/volatility : I wonder if it's not a better idea to trade a 1 lot with bigger targets and stops (thinking of your recent chart discussion, CG) ? Perhaps I will try next week. (missed my 6852.25 fill by 3 ticks just now, so cancelled) I am working on getting back into trading Daily FX charts from the London Open - one of the reasons why I'm day trading the NQ in my afternoons again - as I feel long-term it's the way for me to go. Day trading being for young guys with blonde girl friends like CG n'all (see, CG, I...
I think that is something which also falls into the varying tick charts category, JT. I personally feel it is necessary to adjust according to the amount of volume on the given day.

This has turned into a vicious correction and for sure is playing out the 'down in the elevator' part of the equation.

It will probably be back to business as usual next week, grinding higher!

I have to admit (ashamedly) that using SB's with smaller trades is all i can handle right now, (actually it's perfect for when PA is moving 100 ticks every three minutes!).

But like i maintain, it's a way for me to do stepping stones. Probably trading later on again in the sessions, when it is calmer might be the next logical step for me!


Right then... the blonde?!)))

I honestly don't remember how or where you saw any pictures, unless we are talking about a different forum perhaps?)

In any case, she left last year, hence my taking time out from trading with all of the personal stuff that went along with it!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,426
  • Edited 10:58am Feb 2, 2018 10:31am | Edited 10:58am
Quoting jtrade
I wonder if it's not a better idea to trade a 1 lot with bigger targets and stops .
Just messing around with my chart - as one does - 'might try trading off a 20 tick range chart next week (single lot).

Hey, Don Corleone - it may rhyme with quiche, but it's spelt capisce...

Until next week !

Haha.. the blonde : it was a LONG time ago, but she used to be in the background of your screenshots, def here at FF (images no longer here) - I remember posting that she must be your sister !! Now I'm really hoping I've got the right person, I'll have to trawl through my old posts... I'll pm you if i find the time zone, so to speak . (Edit: just pm'd you the post )

Holy Toledo : my 1,000 post : it's only take 12 years
  • #4,427
  • Feb 2, 2018 10:36am Feb 2, 2018 10:36am
hey JT spring day trading chickens like the venerable H I am just a little younger than you. hey dave as far as range bars you wont be able to spot s and d because after 6 ticks you get a new bar. if you trade a 400 tick chart (I was using 512 to slow it down but candle became to big in this market condition) you have plenty of time to put orders in
  • #4,428
  • Feb 2, 2018 10:42am Feb 2, 2018 10:42am
just looked at my charts and if I didn't go to store this could have been mine wife will pay for this
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  • #4,429
  • Feb 2, 2018 10:50am Feb 2, 2018 10:50am
Quoting Divergence
just looked at my charts and if I didn't go to store this could have been mine wife will pay for this {image}
Its was quite a drop !
  • #4,430
  • Feb 2, 2018 11:01am Feb 2, 2018 11:01am
Quoting Divergence
'wife will pay for this'.... )))))) {image}
Someone came to my door around this time.... Got back to my screen to see it already gone!

I'm gonna send them a bill too. Seems only fair!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,431
  • Feb 2, 2018 11:02am Feb 2, 2018 11:02am
Quoting The Cableguy
{quote} Someone came to my door around this time.... Got back to my screen to see it already gone! I'm gonna send them a bill too. Seems only fair!)
Already billed wife waiting for payment
  • #4,432
  • Feb 2, 2018 11:56am Feb 2, 2018 11:56am
Quoting Divergence
{quote} Already billed wife waiting for payment
Now there's a conversation, i can just imagine!)

GL with that!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,433
  • Feb 2, 2018 11:59am Feb 2, 2018 11:59am
Quoting The Cableguy
{quote} Now there's a conversation, i can just imagine!) GL with that!)
She been put on the installment plan 3 easy payments
  • #4,434
  • Feb 2, 2018 12:16pm Feb 2, 2018 12:16pm
192 holy crap. Is that a record?
  • #4,435
  • Feb 2, 2018 12:29pm Feb 2, 2018 12:29pm
Quoting rudy5
192 holy crap. Is that a record?
It's 64 ticks at 3 contracts
  • #4,436
  • Feb 2, 2018 1:31pm Feb 2, 2018 1:31pm
64 holy crap
  • #4,437
  • Feb 2, 2018 1:36pm Feb 2, 2018 1:36pm
185 ticks this week
  • #4,438
  • Feb 2, 2018 2:02pm Feb 2, 2018 2:02pm
Quoting jtrade
Holy Toledo : my 1,000 post : it's only take 12 years
Ahhh what the heck - I'll join ya on the thousandth post. ----- I'm sorta new, only 10 years!!
  • #4,439
  • Feb 2, 2018 2:11pm Feb 2, 2018 2:11pm
I am a blabber mouth 8 year's 6245 posts I need to get a life ""sigh"
  • #4,440
  • Feb 2, 2018 3:19pm Feb 2, 2018 3:19pm
Ok own up... who shot the Dow and the Nas?)

That's some sell off today on both index's and although i think we are due a technical bounce early next week, i reckon this might be overall a larger correction;

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Got a bit ahead of the curve... well, straight line, but you know what i mean!);

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GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
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