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Plan the Trade

  • #11,341
  • Mar 19, 2019 7:42am Mar 19, 2019 7:42am
Here's an example of not following my plan: Should have gone long above marked areas go consolidation. Sat there watching it go up on breaking up !
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every Saint has a past. Every Sinner has a Future
  • #11,342
  • Mar 19, 2019 7:43am Mar 19, 2019 7:43am
Looking to see if 7376 is going to break further down.. this consolidation has to break soon enough.
  • #11,343
  • Mar 19, 2019 7:50am Mar 19, 2019 7:50am
Quoting ddaytrader
{quote}But I suspect there are some folks reading this thread who think what they need to fix themselves is a better set up or system, when what they really need to fix is between their ears and in their hearts. All that having been said, I have to say that I do not think scalping a 30 second NQ chart is the place for someone to start. That is professional level trading. Harold is at that level. Harold himself launched his flag trading the trend thread on a 5 minute chart. That is where most of us, beginners and vets alike, belong. I think many...
I am showing these two trades on a one minute chart, but the set ups are based on the 5 minute. The first is a set up that involves a buy stop at the 5 min 21ema, and the short was a sell after the double top reversal when the next candle broke the low of the bull candle top.

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Again, I am sorry I cannot show the fills on the chart in my trading station. Here is why, for the doubters: Last week I had a trade on with a stop loss and profit order bracketing the position. I had to go out, and I was comfortable letting the trade run its course, so I shut down the computer and left. The trade exited during my absence. When I reopened the trading station, the trade, of course, had been filled (can't remember if it was profit or loss but that is unimportant. At any rate, the exit trade did not record on the charting software, though it does show in my account. So when I entered my next trade, the software drew a connecting line from the entry order of my prior trade and assumed that that new entry was my exit order for the trade I left after having shut down the system. No one has been able to fix it thus far. So until it is fixed, I will have to show my trades this way. I did include the P/L as "proof."


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Again, I do believe it would be easier for those who are having difficulties with the 30 second scalps to take a bit longer view and watch the 5 minute chart. I really do believe that on the NQ it is easier to find 10 point trades off of the 5 minute than it is to consitenlty manage to make 10 ticks on the micro-interval charts. The reason is you will get a better feel for the big picture price action that is driving the big money institutions who are doing most of the trading.
  • #11,344
  • Mar 19, 2019 8:02am Mar 19, 2019 8:02am
Its amazing how there are so many ways to skin the cat, I read, and look at some of the charts published here on this thread; and scratch my head wonder. What the fuck is that?

Lool
  • #11,345
  • Mar 19, 2019 8:08am Mar 19, 2019 8:08am
Quoting ddaytrader
{quote} I am showing these two trades on a one minute chart, but the set ups are based on the 5 minute. The first is a set up that involves a buy stop at the 5 min 21ema
I think you did post the 5min chart.
I for one enjoy learning any and all set ups people use on any time frame. Thanks for sharing an idea.
Edit: my mistake, i see what you did in the post now
  • #11,346
  • Mar 19, 2019 8:26am Mar 19, 2019 8:26am
For what it's worth, the proper target on this trade would be the same as for my first long, as price is most likely (though not guaranteed) to test the upper limit of the range again. But this is the one lot account, and I am aiming for 10 point profits on a 5 minute chart. Three trades, $200 each, so $600 for the day. And as I type this, I see price is indeed at the upper limit of the range.

I can show the active orders and position without error, but once the order is filled, the problem is with showing it as a historic order. Going forward, I'd appreciate it if folks would give me the benefit of the doubt so I don't have to take the extra screen shots lol

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  • #11,347
  • Mar 19, 2019 8:38am Mar 19, 2019 8:38am
So let's keep an eye on this AM range and also how price reacts in and around it today, shall we?

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  • #11,348
  • Mar 19, 2019 8:56am Mar 19, 2019 8:56am
Quoting ddaytrader
For what it's worth, the proper target on this trade would be the same as for my first long, as price is most likely (though not guaranteed) to test the upper limit of the range again. But this is the one lot account, and I am aiming for 10 point profits on a 5 minute chart. Three trades, $200 each, so $600 for the day. And as I type this, I see price is indeed at the upper limit of the range. I can show the active orders and position without error, but once the order is filled, the problem is with showing it as a historic order. Going forward,...
Appreciate sharing your thoughts and ideas DD. Please continue and do what works/convenient for you. This is a no-pressure zone for us :-)

If you (or anyone) is concerned that my posts were being "judgemental", it really was not that at all. It was more to do with "preciseness" as execution matters... but regardless of execution, anyone with a simple excel skillset would know that even a one tick offset in such style of micro-scalping could cause havoc in the trading outcome. I have run 100s of models on a exact same strategy (not Harold's) but with varying SL, BE and TP settings and I write this with hard indisputable facts to back things up. Even a BE+2T will alter the course. WHEN we move SL to BE will also tremendously alter the stats confusing the trader what happened if such detailed level action log is not tracked. It's for their own good imo. That was the whole point of my "Objective" argument towards showing fills (and why I feel Harold's strategy is not mechanical/non-discretionary but Nick and I have driven down that road so no need to revisit it again).

I end by saying this... I think differently than many out here on forums. What I see, many can't. What and how I analyze data, many can't. There is simply no room for fluff in my analytical mind. I see things in pure binaries... nothing more and nothing less.
Staying in my lane...
  • #11,349
  • Mar 19, 2019 8:58am Mar 19, 2019 8:58am
Quoting ddaytrader
So let's keep an eye on this AM range and also how price reacts in and around it today, shall we? {image}
Breakout ... Now how goes the test of the range's high (resistance) as new support?

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  • #11,350
  • Mar 19, 2019 9:10am Mar 19, 2019 9:10am
https://www.forexfactory.com/the*cableguy I saw you were by earleir. I'm glad to see you were feeling up to checking in. Be well, my friend.

I have heard quite a bit about folks treating brain tumors with a ketogenic diet (low carb, low protein, very high fat). You should look tothe lectures of Dr Thomas Seifried on youtube.com. He is a biochemist and a professor who has studied this.



Be well, CG!
  • #11,351
  • Mar 19, 2019 9:23am Mar 19, 2019 9:23am
Quoting ddaytrader
{quote} Breakout ... Now how goes the test of the range's high (resistance) as new support? {image}
You will learn more following this arc of charts telling the story of today than staring at a 30 second chart for years. Learn PA first, then drop to Trading Wizard intervals. There are literally $100 and $200 bills laying around to be picked up on the higher bar interval charts. Granted, you will often have a stop that is $100 to $200 away, but that is the trade off: Higher probability trades have less favorable risk reward. But think of it this way: The three trades I made today earned $600. My average stop loss is around $150 on the 5 minute chart, as my stops are always $100 minimum to $200 maximum. I could lose 4 to 6 times before I'd be back at zero.
I do not mean to slight those who are making the micro intervals work for themselves. I am speaking to those who are struggling and might find it beneficial to slow things down a bit. 30 seconds puts a lot of pressure on your decision making ability for sure.

Anyhow ... back to the chart.

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  • #11,352
  • Mar 19, 2019 9:23am Mar 19, 2019 9:23am
A whopping + 19, too many trades today.
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'in less than half an hour he made over 100 ticks'
  • #11,353
  • Mar 19, 2019 9:33am Mar 19, 2019 9:33am
Quoting VEEFX
{quote} Appreciate sharing your thoughts and ideas DD. Please continue and do what works/convenient for you. This is a no-pressure zone for us :-) If you (or anyone) is concerned that my posts were being "judgemental", it really was not that at all. It was more to do with "preciseness" as execution matters... but regardless of execution, anyone with a simple excel skillset would know that even a one tick offset in such style of micro-scalping could cause havoc in the trading outcome. I have run 100s of models on a exact same strategy (not Harold's)...
what others see, you can't...it works both ways my fellow engineer
  • #11,354
  • Mar 19, 2019 9:40am Mar 19, 2019 9:40am
I'll be back after the close to update today's chart ... to anyone still trading - whether money or sim - goodluck!
  • #11,355
  • Mar 19, 2019 9:47am Mar 19, 2019 9:47am
Thats it for me today.
One bottled trade ( Feared to take it), one loser and one winner.
I know I should look left at my levels, allow market to settle and wait, and follow the plan -ichi trading. Some days are better than others but I keep trying.
Hope you all did well.
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every Saint has a past. Every Sinner has a Future
  • #11,356
  • Mar 19, 2019 9:53am Mar 19, 2019 9:53am
After typing the above I looked at chart and saw this ( on my IG cash chart)
Your Futures chart show the drop. I didn't trade it cos I had finished earlier - any reason. for that cliff fall - Trumpism maybe ?
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every Saint has a past. Every Sinner has a Future
  • #11,357
  • Mar 19, 2019 9:55am Mar 19, 2019 9:55am
Quoting ddaytrader
I'll be back after the close to update today's chart ... to anyone still trading - whether money or sim - goodluck!

Not sure what news hit to cause that sell off, but I thought it interesting to note the power of the range. This is not meant to be predictive - it is to be observant and to determine what the Big Money traders are going to do next.
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  • #11,358
  • Mar 19, 2019 10:00am Mar 19, 2019 10:00am
Quoting turnip15
Thats it for me today. One bottled trade ( Feared to take it), one loser and one winner. I know I should look left at my levels, allow market to settle and wait, and follow the plan -ichi trading. Some days are better than others but I keep trying. Hope you all did well. {image}
At least you are having a go.

Don't use them myself but has anyone tried using 2 x 5 sma's (one high close, one low close) for contextualising thrust bars and setups.

Might be worth a shot?

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'in less than half an hour he made over 100 ticks'
  • #11,359
  • Mar 19, 2019 10:12am Mar 19, 2019 10:12am
Quoting ddaytrader
{quote} Not sure what news hit to cause that sell off, but I thought it interesting to note the power of the range. This is not meant to be predictive - it is to be observant and to determine what the Big Money traders are going to do next. {image}
I think you will really enjoy this post from AO and his 3 market structure models. From a quantitative analysis standpoint, what he has written is legit imo. Perhaps, it could help chartists to keep the overall structure in mind.
Staying in my lane...
  • #11,360
  • Mar 19, 2019 10:15am Mar 19, 2019 10:15am
Quoting onejester
{quote} At least you are having a go. Don't use them myself but has anyone tried using 2 x 5 sma's (one high close, one low close) for contextualising thrust bars and setups. Might be worth a shot? {image}
I use 5smma channels to catch the micro trends in 30sec or any time frame. You could see my charts in this very thread before I was asked to not post any longer.
on a postive roll...
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