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Plan the Trade

  • #8,261
  • Oct 18, 2018 7:37am Oct 18, 2018 7:37am
Quoting Divergence
i also recorded it
Thanks for that. Rough PA for sure. On days like these, you often stay for overtime. You doing that today or shutting it down since you had a good Monday and Tuesday?
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,262
  • Oct 18, 2018 7:40am Oct 18, 2018 7:40am
Quoting Divergence
not a good day for me 1 win 2 losses a few +2s and a +10 grossed +60- 28 for commission net 32
32 is profit all day long
  • #8,263
  • Oct 18, 2018 7:52am Oct 18, 2018 7:52am
Quoting capstone
{quote} Thanks for that. Rough PA for sure. On days like these, you often stay for overtime. You doing that today or shutting it down since you had a good Monday and Tuesday?
i just shut it down no use fighting the market tomorrows another day uploading recording in a few
  • #8,264
  • Oct 18, 2018 7:53am Oct 18, 2018 7:53am
Quoting Divergence
{quote} i just shut it down no use fighting the market tomorrows another day uploading recording in a few
sounds good.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,265
  • Oct 18, 2018 7:56am Oct 18, 2018 7:56am
Ended at +3 ... five +1s, a +11 and one loss where my entry was just a tad too low, or else also a +1 ... I am trying to identify the good S&D levels and then I MUST take all trades with a good setup that reach those levels ... working on the consistency factor ...
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Never give up !!!
  • #8,266
  • Oct 18, 2018 8:21am Oct 18, 2018 8:21am
heres my crappy day
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  • #8,267
  • Oct 18, 2018 8:48am Oct 18, 2018 8:48am
Look at it dropping . . . .
  • #8,268
  • Oct 18, 2018 8:57am Oct 18, 2018 8:57am
thanks jason i might engage
  • #8,269
  • Oct 18, 2018 9:03am Oct 18, 2018 9:03am
so i say i want to engage and market slows dowm
  • #8,270
  • Oct 18, 2018 9:05am Oct 18, 2018 9:05am
Wow it's down 700 ticks
  • #8,271
  • Oct 18, 2018 9:09am Oct 18, 2018 9:09am
my 2 setups
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  • #8,272
  • Oct 18, 2018 9:12am Oct 18, 2018 9:12am
up 18 got 10 now i am done
  • #8,273
  • Oct 18, 2018 10:34am Oct 18, 2018 10:34am
Quoting Divergence
my 2 setups {image}
It's past 10:30am... you breaking your rules bro. I hope I am not a bad influence here lol

Tried to catch falling knife.... there is some good support on H1 so if this goes well, could be a good run up until 4pm
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Staying in my lane...
  • #8,274
  • Oct 18, 2018 11:48am Oct 18, 2018 11:48am
Quoting VEEFX
{quote} It's past 10:30am... you breaking your rules bro. I hope I am not a bad influence here lol Tried to catch falling knife.... there is some good support on H1 so if this goes well, could be a good run up until 4pm {image}
when you switching to live?
  • #8,275
  • Oct 18, 2018 12:07pm Oct 18, 2018 12:07pm
Quoting hilmy83
{quote} when you switching to live?
I already traded live last week. I an now back to SIM to perfect the strategy. Last week was just doing what I know from Spot FX.

After a few levels taken out, I got one finally....

Quoting VEEFX
{quote} I already traded live last week. I an now back to SIM to perfect the strategy. Last week was just doing what I know from Spot FX. After a few levels taken out, I got one finally.... {image}
THIS GIRL IS ON FIRE.... lol

and out...doable when you use floating/realized profits at decent price levels. make more or get out at BE... but not sure if I would have the balls to do this in live :-(
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Staying in my lane...
  • #8,276
  • Oct 18, 2018 12:30pm Oct 18, 2018 12:30pm
Quoting VEEFX
and out...doable when you use floating/realized profits at decent price levels. make more or get out at BE... but not sure if I would have the balls to do this in live :-( {image}
Considering at one time it looks like that trade was in a 55 point drawdown (-$1,100) and the profit was around 68 points (+$1,360) unless you have a high hit rate.....

Also think about where you would put a stop on a trade like this. If the NQ continued rising where would the stop have been?
  • #8,277
  • Oct 18, 2018 1:08pm Oct 18, 2018 1:08pm
Quoting LookinGood
{quote} Considering at one time it looks like that trade was in a 55 point drawdown (-$1,100) and the profit was around 68 points (+$1,360) unless you have a high hit rate..... Also think about where you would put a stop on a trade like this. If the NQ continued rising where would the stop have been?
absolutely. I was only capping my losses against yesterday's profit run. Until I have growth accumulated, it would be insane to add to levels taken out... and also, Harold is right in cancelling his limit orders frequently if the price approaches too quickly and fiercely. He does that for partial profit taking as well. That focal gauge is required which in essence is visual order flow interpretation imo. All I know is... if this works in demo with a live data feed, it's good enough (outside of slippage) as there is no difference in market participants (# of trades and contracts) between Sim/demo and Live. If you do not have a live account, then demo trading is worthless effort imo.

EDIT: Actually, come to think of it, my first trade has a default bracket order of TP and SL and by mistake I closed the SL instead of TP. I need to figure out how to change colors of my SL and TP lines for pending orders:-)
Staying in my lane...
  • #8,278
  • Oct 18, 2018 1:22pm Oct 18, 2018 1:22pm
Quoting LookinGood
{quote} Considering at one time it looks like that trade was in a 55 point drawdown (-$1,100) and the profit was around 68 points (+$1,360) unless you have a high hit rate..... Also think about where you would put a stop on a trade like this. If the NQ continued rising where would the stop have been?
I looked again... my entry and exit efficiency is acceptable as per the trade activity log in sierra
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Staying in my lane...
  • #8,279
  • Oct 18, 2018 6:04pm Oct 18, 2018 6:04pm
Quoting bapakjason
{quote} Regarding tight stop, i am using stop limit orders for entry as price moves back in my direction. I am certainly no where close to Harold's level at using limit orders to figure out the prime entry.
I don't understand what you are saying about "stop limit orders" for entry. Frankly, I have never ever believed in pending orders or entry or exit or SL or TP. I am always a Market Order kind of guy for manual (which made me move to automated to limit screentime) willing to take liquidity instead of offering liquidity to LPs.

I have yet to understand all the different order types available. But regardless, what order you use to enter a trade should not matter. Please enlighten me.
Staying in my lane...
  • #8,280
  • Oct 18, 2018 8:25pm Oct 18, 2018 8:25pm
Quoting VEEFX
{quote} But regardless, what order you use to enter a trade should not matter.
In my opinion the speed of nq during nyse open necessitates not using market orders if you want decent precision when scalping.

I know two people who scalp for a living. One uses stop orders and the other uses limits. I know of one guy using market orders, but his trades are not "scalp" style trades. He is going for far longer than 25 ticks per trade.
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