Plan the Trade

Only a few +1s so far ... eish

Just did a recap of week and even though I had quite a few losses trading 4 contracts still ended up +37 on Tuesday +10 yesterday +24 Today +71 ticks times 20 dollars a tick 1420 not bad for 71 ticks

Today appears to be a day of 'taps no fills', 'no connections' or pure hesitation. I remember losing yesterday after a tap no fill and then going on the retest, whereas today, it would have been a good winner. Isn't it funny how difficult it is to do the same thing each and every time?!

I'm going to say it, i'm pretty damn excited about how many times channels are created. I still need more practice on how, when and where to draw them, but for me, this is where it's at.

I need to adjust by the looks of things and place limit order one tick above/below the line each time, to get a fill, cos it's psychologically difficult to see a tap no fill sail off without you...

Anyway, got one away in the end and no damage beforehand. The temptation is strong to simply keep at the old method, but i am having much more success with the channel lines;

I ended up at break even with all the +1 trades but then started testing a few ideas, made dozens of trades and ended at -91 and then traded it back to -34 ... interesting ... if I eliminate the more aggressive counter trend trades and just take the with-trend-thrust bar type trades then I would have reached my target of 40 easily ...

Just gotta keep at it, until you find something that works more often than it doesn't. I got that familiar old over-confidence feeling right now. I remember feeling it about 6 months ago. I was certain that i was ready to go Live and then suddenly i hit self destruct, with a few terrible results in a row. I'm kind of waiting for that to happen again sometime soon!

In the mean time, i just want to change my psyche to zero in on just channels. It feels like i've learnt tonnes already in the past month, so i'm hopeful that i can make the switch soon and keep taking the same trades as i see it;

Kudos man. You got the balls of steel to trade 4 contracts on a day like today !

Finally a day with 2 quick wins a short half the bar at 55 and a long from 3350. 20 minutes 1000 dollars nive

20min $1000 sounds like a great work day. : )

Interesting day for me so far ... lots and lots of +1s, one +12 and three losses ... one full win will put me at BE ... powerful stuff this 1:2 risk reward ratio ...

edit: Another +12 so almost BE

Risks generally about 4 or 5 ticks each time and rapid BE move;

That last trade off of the line, i chanced it with a mere 3 tick risk.

I had a migraine on Saturday. I've never experienced one before, was a bit scary to be fair. Still feeling wiped out at the mo. Wasn't gonna trade today, but decided to have a look late on.

If i was feeling ok, i would have tried live. I'm hoping that i recover quickly, but i have to say, i'm really enjoying the channel line entries. Haven't had so much success at any stage in the past, so let's hope it doesn't all go down the pan from here.

Could not get to BE ... ended at -14 ... calling it a day ... if I eliminate my poor entries I would have made it ... just keep on practicing.

How rapid to BE? I remember H used to use 6 and once mentioned for someone to try 5. No harm in a BE as account preservation matters too . . . .

I haven't got 'auto' set up anymore. I'm moving it manually. The great thing about using trend lines is that if you get an entry right on the line, within the next one or two candles, the stop to BE is outside of the channel, (if you follow what i mean?).

I'm wondering if at some stage the PA will start to mess up channel lines and see my failure rate start to rise.

Right now, i'm having both good success rates and rewards of 3 or 4 times original risk. This is a hell of a good success rate and means that the target isn't necessarily to trade for longer in the future, it will be maybe target of 30 ticks, but within 6 months, i can see it becoming easy to ramp up to 2 contracts, then 4 after a year etc.

It still feels all a bit of a dream right now, but it feels like i've now developed an easy route to achieve this.

This is what i love about learning where to draw channel lines and how to alter them when need be;



I don't usually try the counter-trend trades, (trend is down), but the first line is easy to draw, then once a low is printed, it's possible to use a parallel line off of it and the top line is altered to suit.

I'm seeing it do this regularly. If both shorts were taken, it is a slight variation, but two nice winners...

Help sought please.
I use spread bet company in the UK.
Never traded Futures.
Any of you guys recommend able to recommend a Futures Broker for a small account to trade the Dax and Nas100 Futures CHARTS must have a "Range Bar" functionality. ( Yes- I am dipping my toes into Futures.)
Thanks in advance.

Up to the daily pivot . . . .