Plan the Trade

Back in the saddle yesterday after a couple of weeks, loss of 17.

Today better +40, but I'm making far too many trades. Need to work on getting those down.

+19 Dax 2 long trades (dashed green entry and exit of 1st)

I only took one goodish edge but my SL was just too close ... in hindsight I did not have a good rejection bar, only a good thrust bar ... only one trade and ended at -14.

Ended at BE ... not a lot of opportunities today ... got a good trade after the pullback from the spike in the Trump trade news but that was a bonus ... I must learn to disregard the opening range and wait for edges from there on ... I have been burned a few times by a pullback to an opening range breakout just to be stopped out when it zigzags ... patience patience ... sigh.

Well after a 0 first week -41 in second week -25 in 3rd week I recovered on Monday and Tuesday now up 14 this month doing things a little different still trading pullbacks just in a different way

NQ -28 Recovered from -60. Then I remembered it was Wednesday, and should have a day off. Doesn't it always go crap in the summer?

what ya looking out for now then H?

I was thinking about this this week . . .

As for me, i've long thought that it all boils down to experience. When the market is in a 'Short' cycle, the PA will be generally different to that of a bull phase etc...

Often the patterns you've become accustomed too, don't materialise, or... when they do, they react in a different way. Pullbacks are more likely to trigger and run quickly without the retest etc

I always try to match the size of chart watched to the current volumes and general PA, but the variables are always changing!

A wise man once said that there is safety in a multitude of counselors (wise counselors I suppose )

I think Mr D is our wisest counselor here (based on live results) ... and then GC (our honored OP) and a few others that post good charts. I do not consider myself wise yet since I have am still working on my patience and consistency ... and I must say all the practice is really helping !

The basics are still true ... trends are trends and the deeper the pullback the less the risk, so we wait for a deep pullback after a rejection and then thrust bar ... but it seems the last few weeks the market broke the trend almost too easily so we had lots of entries that got stopped out.

How do we make the risk of stop-outs less without adding too much to our risk?

My thoughts:
One way would be to allow the price to confirm that it is going in the direction of the trend by one bar before entering the trade ... but that means our risk is more per trade because we enter later. We could compensate by allowing for more profit as the pullback is a corrective wave and we expect an impulse wave next.

Any comments are welcome !

I tried out the delayed entry this morning ... ended at -13.6 pips

+36 Better...

Nice oj had a good day myself it's been a while since I had to dig myself out of a hole all it meant was making a few adjustments so if or when market returns to the way it was I will then return to 133 tick charts using 8 tick range bars at the moment

+27 But look at those fees! Have a laugh on me guys...

Well . . . Even BE is winning in the long run. : )

On reflection, its a shame I didn't zoom out. But it was no mean feat to trade that and come out with a profit

Agreed ....

Done +31. Just as well, I'm run off my feet with real work!

I don't know why the big boys don't leave the current algo's at play all of the time, they're lethal... non stop fast retests.

I've had my share of losers and generally my winners have mostly resulted in +1's where i have been pinched on a quick retest, only to see it take off in the direction i was expecting, but without me.

That's ok, i thought, let's leave the stoploss out of the way and give it a chance... all that happens is that a quick +10 is missed and then all of the trades where you got it wrong, results in a -10 stop out...
I'm really struggling with 133 tick right now.

Beyond that, i was booting up my laptop (which i use to run SB accounts) as i saw a nice level to go long using the 300 trades chart;



Unfortunately, i couldn't open my platform in time and missed the trade.

A great example of how smoothing things out with larger scales is a lot calmer and easier right now. I'm gutted that i've missed the above trade, but only have myself to blame, as i could have booted the laptop up 5 minutes earlier...

I am currently using 9 tick range bars with a 10 ems color changes based on slope I also added the macdbbha found in custom study's still trading pullbacks with a twist