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Plan the Trade

  • #4,781
  • Feb 16, 2018 1:34am Feb 16, 2018 1:34am
Quoting slugar
{quote} 1st trade was just a momentum trade, the futures had been up pretty decent all morning and I thought at the very least the pre market high would get taken out. 2nd trade was an ok trade that got away from me fast for a 9 point loss, third trade was a lower high and i thought the swing low would get tested another 4 point loss. 4th trade was just a switch from short to long when i realized I was wrong. 5th trade we made a lower high again and I shorted thinking the 6700 level would get tested. Rest were just long trades going with momentum....
Simple, down to earth trading - WTG, slug
  • #4,782
  • Feb 16, 2018 1:44am Feb 16, 2018 1:44am
OK, CG - this is a stream of consciousness suggestion after my first espresso of the day, so please immediately file in the bin if it doesn't "land"... (& this is for CG ONLY) :

You invariably draw and mark up the best (I mean the way in which you do it, not that the charts are cherry-picked) charts : they are well thought-out works of art, highly educational and useful for us all to study. So here's my suggestion : STOP doing it. You've been doing the same thing for years. Only mark up Live charts in real time, no more reviews.

As Ed Seykota says :

Perseverance without change is dangerous.

(this is an important message for us all)

But like I said, put me on Ignore right away - I deserve it for sure
  • #4,783
  • Feb 16, 2018 1:45am Feb 16, 2018 1:45am
I think i've got to have a go at cancelling the auto +8/+10 - stoploss to BE+1 and do it manually after a retest, if one occurs at all.

I'm with Harold in the eliminating risk as soon as possible without ruining the trade, but there lies the grey bit...

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I'm sure it will be swings and roundabouts. What you might gain on one method, you might well lose as much in all the small losses.

Which method will have a greater psychological impact? I do not know. Basically, we want the pullback to be exactly that... just a pullback within the overall trend, thus target should be a fresh high and it seems a shame to keep getting taken out of a great entry by a further little retest...
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,784
  • Feb 16, 2018 1:59am Feb 16, 2018 1:59am
Quoting jtrade
OK, CG - this is a stream of consciousness suggestion after my first espresso of the day, so please immediately file in the bin if it doesn't "land"... (& this is for CG ONLY) : You invariably draw and mark up the best (I mean the way in which you do it, not that the charts are cherry-picked) charts : they are well thought-out works of art, highly educational and useful for us all to study. So here's my suggestion : STOP doing it. You've been doing the same thing for years. Only mark up Live charts in real time, no more reviews. As Ed Seykota says...

No worries JT!

You're probably right in any case. We all know that what you see and how you react during live trading is very different to a chart marked up in hindsight. I hope i don't ever come across in suggesting otherwise.

I have had various degrees of success for a while now and i hope that also comes across in my posts. Sometimes i go two weeks without a losing day, then suddenly it all goes wrong and a string of losses follow.

I ask myself... is it the market? or is it me? Have i changed the way i'm reacting or trading without realising it? Of course.... it is the market doing what it does best.

The blend of discipline vs fluidity is the most difficult final aspect to achieve, imo.

I have tried to 'mechanicalise' the entries, but that has never led to success either. It takes mountains of experience and that's it, discretion can not be replaced...

I'm sure that i'm more emotional than most on here and it really is a handicap.

I guess posting the correct trades is a way of registering them, so it is easy to go back and glance to see what worked and what didn't.

In the earlier chart above, that was my actual total from last night. I took two set-ups and was very hasty with my stoploss chase. Both trades would go on to give double what i took from them. Hey ho... i suppose it's the 'polite and proper' thing to do, to leave some on the table for the next man!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,785
  • Feb 16, 2018 2:21am Feb 16, 2018 2:21am
Only one -6 so far, but the DAX spread is jumping around all over the place, I think because of low vol... don't like it, normally very stable at 0.9, it's 2.4 in the screenshot and has been as high as 4

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Touch, no fill:

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  • #4,786
  • Feb 16, 2018 3:02am Feb 16, 2018 3:02am
Quoting jtrade
But can I really do this trading like a ?
No, I won't... not happening for me today & I am up a simply staggering €0.06c (six eurocents). After missing the yellow dot fill by a hair's breadth, I just wanted to be positive to continue my pos size progression on Monday, so I jumped out of what was a +20 point / 40t trade at the first stairstep (can't see it on a renko chart)...

Being a hybrid chicken + mad dog, I have upped the progression steps to 10 > 20 > 40; let's see (as will also reverse them according to the same formula if losing days) . I'd like to reach 50 units by next Friday, as the following week is my annual ski trip, after which I'd like to switch to FDAX. But I have to earn it, otherwise I'm moving to Kiev and hanging out in The Last Chance Saloon with CG...

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  • #4,787
  • Feb 16, 2018 3:03am Feb 16, 2018 3:03am
Quoting jtrade
' don't like it, normally very stable at 0.9, it's 2.4 in the screenshot and has been as high as 4 {image} {image}
That's what really worries me about using anything with variable spreads...

As i have now understood more about the Sierra charts situation and using FXCM/LMAX for CFD's... The direct Sierra account with level 3 service, is $24/month.

Thus AMP subsidise the platform as it only charges $5/month for CME data.

So basically, if you want to have a Direct Sierra account and then use FXCM, you will need to pay for it.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,788
  • Feb 16, 2018 3:12am Feb 16, 2018 3:12am
Quoting jtrade
{quote} 'otherwise I'm moving to Kiev and hanging out in The Last Chance Saloon with CG... ' {image}


In all honesty, i think it best if i continue with the Demo on Sierra charts. As i mentioned earlier, i don't think it is so much a case of learning anymore set-ups patterns etc... more a case of practising and perfecting placing the limit before it has hit the level.

I find myself sometimes chasing or entering late, even if by only a couple of ticks from where you actually meant too (candle body)... now that couple of ticks doesn't amount to much if it rushes straight off to be a +30 winner, but in reality, it is those precious 1 or 2 ticks that is often the difference between remaining in the trade or being stopped out for +1 after a retest (and of course a -8/9 instead of -6 eg).

The market has an incredible knack of enticing you into breaking your own rules.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,789
  • Feb 16, 2018 3:13am Feb 16, 2018 3:13am
Quoting The Cableguy
So basically, if you want to have a Direct Sierra account and then use FXCM, you will need to pay for it.
Reminds me of a great old Sufi quote :

"Take what you want from Life.... and pay for it."
  • #4,790
  • Feb 16, 2018 3:25am Feb 16, 2018 3:25am
Quoting The Cableguy
The market has an incredible knack of enticing you into breaking your own rules.
I think the point for all of us who have been around awhile (many years !?) is that we basically have all the knowledge we need. Probably far too much. Yet, we futz around when real dough is on the line & spend our time being analysts, not traders (which was my earlier point).

No-one is more anal about getting exact fill prices than me : the best trader I ever met once said to me "Don't be a dick for a tick" back at the beginning of this century, when we were trading the ER2. I don't seem to have got the message...

Right, that's enough forum time : walking the dog now, then pruning the apple tree (literally, not figuratively ). Trade well this afternoon, have great weekends... I am OUT of here...
  • #4,791
  • Feb 16, 2018 3:35am Feb 16, 2018 3:35am
Quoting jtrade
{quote} 'I think the point for all of us who have been around awhile (many years !?) is that we basically have all the knowledge we need. Probably far too much'.
Very well said JT.

That's me for sure. I really wish i was starting over and all i ever learnt was 123, trigger, deep retrace to retest starting pinbar candlebody!

Of course, that is the whole point. You take this path and that path. Hell, even flag trading had good and bad set-ups. I learnt years ago that the best ones drew the flagline through point 2 of a 123. I could probably had gone on to just trade those alone and made money... so why do we keep going in circles?

The retest is still by far the best method i have come across mind... Have a good 'un yourself. You'll always find me in 'The Last Chance saloon', just let me know if you're on your way and i will get them in!)
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,792
  • Feb 16, 2018 3:41am Feb 16, 2018 3:41am
Quoting trojoh68
I just discovered this thread (and a few others in which Divergence posts), but I am unable to view the videos that he posts. Whenever I click on on them, it just says "video unavailable." The issue may be with my computer, but I thought that I would ask if Divergence has a Youtube channel or something so that I can view them there. Thanks in advance to anyone who replies.
I think Div removed most of them, but i'm sure he is the best one to answer that question.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,793
  • Feb 16, 2018 4:00am Feb 16, 2018 4:00am
Quoting trojoh68
Thanks in advance to anyone who replies.
https://www.youtube.com/channel/UCVV...x-nQqaX_shsufw
  • #4,794
  • Feb 16, 2018 4:48am Feb 16, 2018 4:48am
Thank you Cableguy and bapakjason for replying. I subscribed to the channel in the link you provided, so it shouldn't be an issue anymore.

I trade a similar approach in forex (basically, 123 reversals from extremes) and your posts have helped me notice some new things. From the portions that I've read, y'all have a really good thread going here --- good info and good camaraderie --- which is rare in a lot of forums.

I wish all of you much success.
  • #4,795
  • Feb 16, 2018 8:52am Feb 16, 2018 8:52am
another day of quick work if I don't see 2b 123 setup I am done
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  • #4,796
  • Edited 9:26am Feb 16, 2018 9:14am | Edited 9:26am
well we had a 2b 123 that didn't get filled right away but it did now which made a nice demand zone
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  • #4,797
  • Feb 16, 2018 9:31am Feb 16, 2018 9:31am
How'd everyone else do
  • #4,798
  • Feb 16, 2018 9:36am Feb 16, 2018 9:36am
Again very nice H! I am convinced you could trade off of any chart. And that is awesome. sticking with the 400t and 233t and my game plan here. I had a few orders placed today but only got 1 for +1. 1 trade I missed I was too slow, others just did not connect. And I know this may sound crazy to some of you, (although I would have liked to get the one I missed) I am very happy with my trading today.
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  • #4,799
  • Feb 16, 2018 9:37am Feb 16, 2018 9:37am
on the path to destroying another account. I thought I was ready this time. but trading for me is still like pushing a heavy cart up hill.. grind it out for a few days then let the whole thing slide back down. I keep passing on the winners and taking the losers.

-41
  • #4,800
  • Feb 16, 2018 9:43am Feb 16, 2018 9:43am
Quoting dave347
Again very nice H! I am convinced you could trade off of any chart. And that is awesome. sticking with the 400t and 233t and my game plan here. I had a few orders placed today but only got 1 for +1. 1 trade I missed I was too slow, others just did not connect. And I know this may sound crazy to some of you, (although I would have liked to get the one I missed) I am very happy with my trading today. {image} {image}
dave on your chart some of your entries where in wrong place in my opinion
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