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Street Trader - Just my Luck

  • #1
  • First Post: Jan 15, 2022 3:57am Jan 15, 2022 3:57am
This thread is intended to help me document my trades on my strategy. I call this strategy 'The Pullback'.
Its main mission is to trade pullbacks and retracements in the direction of the overall trend. It tries to pick the best risk/reward trades in the market.

I do not have everything in place in terms of rules and I am hoping that through this documentation I can come up with a rigid, mechanical plan that I can use to trade.

The rules that I have now are:

  1. Trade in the direction of the 4hr - indicated by the centre of gravity indicator - and the T1MA. We can place a trade against the trend if price is>50 pips away from T1MA.
  2. Trade on the MA's. If going short -on the upper MA and if going long on the lower MA.
  3. Prefarably on an up candle when going short and vice versa - this is going against the ordinary human psychology.
  4. Risk per trade is 1%
  5. Risk:Reward is 1:2

Example of a buy.

Hopefully I can document all trades with pictures attached for further reference and analysis.

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  • #2
  • Jan 15, 2022 4:07am Jan 15, 2022 4:07am
Recently on GJ
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  • #3
  • Jan 16, 2022 1:33am Jan 16, 2022 1:33am
I know this is cherry picking but this looks good.
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  • #4
  • Jan 17, 2022 2:54am Jan 17, 2022 2:54am
Buy Limit GU at 3677.

Buy GJ
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  • #5
  • Jan 17, 2022 3:19am Jan 17, 2022 3:19am
Buy Limit Gold
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  • #6
  • Jan 17, 2022 7:26am Jan 17, 2022 7:26am
Quoting Sammih
This thread is intended to help me document my trades on my strategy. I call this strategy 'The Pullback'. Its main mission is to trade pullbacks and retracements in the direction of the overall trend. It tries to pick the best risk/reward trades in the market. I do not have everything in place in terms of rules and I am hoping that through this documentation I can come up with a rigid, mechanical plan that I can use to trade. The rules that I have now are: Trade in the direction of the 4hr - indicated by the centre of gravity indicator - and the...
I have went to great lengths trying to come up with a 'rigid mechanical process', cos that is what 'they' say a trader needs to do....I paid for an Edgewonk subscription into which I would input every possible market feature across multiple time frames for each trade......that 'journal currently has over 300 input fields on it, and has been unused in weeks, as the whole process was just far too brutal, time consuming, doesn't yield anything, and my time could be better spent focusing on other things.

.....now, I have loose criteria that I look out for, and very often the market will present strong criteria for hunting a long at the same time it present strong criteria for hunting a short. Trader's discretion on which way too shoot.
  • #7
  • Edited 9:59am Jan 17, 2022 7:37am | Edited 9:59am
Quoting Sammih
Buy Limit Gold {image}
Those sorts of trade parameters might make sense if Gold was was trending hard, where it is expected that each anchor pivot will hold and each Wyckoff check will repel price. But look to the left. It's all Whipsaw and your trade location is slap bang in the middle of it all.

The trade could work of course, but with those kinds of trade parameters, it shouldn't come as a surprise if your SL simply gives another long trader their fill:

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  • #8
  • Jan 18, 2022 5:16am Jan 18, 2022 5:16am
Quoting MatDerKater
{quote} Those sorts of trade parameters might make sense if Gold was was trending hard, where it is expected that each anchor pivot will hold and each Wyckoff check will repel price. But look to the left. It's all Whipsaw and your trade location is slap bang in the middle of it all. The trade could work of course, but with those kinds of trade parameters, it shouldn't come as a surprise if your SL simply gives another long trader their fill: {image}
I am not very familiar with Wyckoff. I like to just keep it simple and try to follow a mechanical strategy as you put it.

I have now set a sell limit
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  • #9
  • Jan 18, 2022 6:37am Jan 18, 2022 6:37am
Quoting Sammih
{quote} I am not very familiar with Wyckoff. I like to just keep it simple and try to follow a mechanical strategy as you put it. I have now set a sell limit {image}
Why have you decided to placed your SL where you have placed it?

To my eyes, your SL is right in a soft looking Supply & Demand Zone that is likely to be tested. Doesn't mean that it will be tested before your target is hit and it doesn't mean that your trade won't work (so stick to what you have decided upon and analyse it after the fact).

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Not saying that I would take this following trade idea, or any trade idea in Gold right now as there are just too many crossed signals and conflicting levels, and it does seem like you are trying to apply a methodology that might work well in a solid trending market, to a nasty choppy whipsawing market.
  • #10
  • Jan 18, 2022 7:31am Jan 18, 2022 7:31am
Quoting MatDerKater
{quote} Why have you decided to placed your SL where you have placed it? To my eyes, your SL is right in a soft looking Supply & Demand Zone that is likely to be tested. Doesn't mean that it will be tested before your target is hit and it doesn't mean that your trade won't work (so stick to what you have decided upon and analyse it after the fact). {image} Not saying that I would take this following trade idea, or any trade idea in Gold right now as there are just too many crossed signals and conflicting levels, and it does seem like you are trying...

Trade came and TP was hit. The SL was above resistance as described in opening post. I had to figure out a nice R:R ratio without a big SL so I placed a pending order in relation to intended SL distance.

Yes, the SL was in a resistance area and in a choppy market i would be ready to take the loss. Im testing what is right and wrong and inputs from fellow traders.

The intention is to create clear and hard rules on the rules of engagement
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  • #11
  • Jan 18, 2022 7:37am Jan 18, 2022 7:37am
Quoting MatDerKater
{quote} Why have you decided to placed your SL where you have placed it? To my eyes, your SL is right in a soft looking Supply & Demand Zone that is likely to be tested. Doesn't mean that it will be tested before your target is hit and it doesn't mean that your trade won't work (so stick to what you have decided upon and analyse it after the fact). {image} Not saying that I would take this following trade idea, or any trade idea in Gold right now as there are just too many crossed signals and conflicting levels, and it does seem like you are trying...
Nice charts. What strategy do you trade if I may ask?
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  • #12
  • Jan 18, 2022 7:50am Jan 18, 2022 7:50am
Quoting Sammih
{quote} Nice charts. What strategy do you trade if I may ask?
Yep. Congrats on the trade. Not one I would have touched, but 'He Who Dares' n all that.

I focus on Supply & Demand Zones (keys areas where in the past supply has equalled demand, and price has been repelled away from) and look to take continuation trades based on retests of those, or reversal trades based on retests of those, depending on how overall market structure and momentum is looking.

I have made great efforts in the (quite recent) past to really nail my process down into a mechanical algorithmic type process but have found that my attempts to do so soon become unwieldy, and I end up just tripping over my own feet and my performance suffers.
  • #13
  • Jan 18, 2022 8:49am Jan 18, 2022 8:49am
Quoting MatDerKater
{quote} Yep. Congrats on the trade. Not one I would have touched, but 'He Who Dares' n all that. I focus on Supply & Demand Zones (keys areas where in the past supply has equalled demand, and price has been repelled away from) and look to take continuation trades based on retests of those, or reversal trades based on retests of those, depending on how overall market structure and momentum is looking. I have made great efforts in the (quite recent) past to really nail my process down into a mechanical algorithmic type process but have found that...
Thank you. For my strategy it was a good trade executed well.

I have also found good strategies but ruined them by going beyond that point. The point in the utility curve so i end up dumping good systems that have done well for me.
I'm high on trading, cant you tell?
  • #14
  • Jan 18, 2022 6:41pm Jan 18, 2022 6:41pm
Quoting Sammih
{quote} Thank you. For my strategy it was a good trade executed well. I have also found good strategies but ruined them by going beyond that point. The point in the utility curve so i end up dumping good systems that have done well for me.
U should go and try and back test your strategy in US Oil. That is a hard trending market.

Gold is a treacherous market for aggressive trend following strategies, mostly cos Gold aint trending.
  • #15
  • Jan 19, 2022 12:09am Jan 19, 2022 12:09am
Buy Limit gold.

Ill look into US OIL @MatDerKater and see how it would have performed.
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  • #16
  • Jan 19, 2022 4:54am Jan 19, 2022 4:54am
Quoting Sammih
Buy Limit gold. Ill look into US OIL @MatDerKater and see how it would have performed. {image}
The Buy Limit trade worked out well
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  • #17
  • Jan 19, 2022 5:05am Jan 19, 2022 5:05am
Buy Limit EJ
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  • #18
  • Jan 19, 2022 5:22am Jan 19, 2022 5:22am
Buy Limit GU 3608
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  • #19
  • Jan 19, 2022 7:57am Jan 19, 2022 7:57am
The gold long was a trade that I could have taken. i didn't take it, but looking at it with hindsight, I *could* have taken it.

Seems very different from the other trades. What was your thinking behind it?
  • #20
  • Jan 19, 2022 8:01am Jan 19, 2022 8:01am
Quoting MatDerKater
The gold long was a trade that I could have taken. i didn't take it, but looking at it with hindsight, I *could* have taken it. Seems very different from the other trades. What was your thinking behind it?
Yes, it played out pretty fast. The limit was in an area with some buying power going by the long wicks from some candles yesterday. The RR was good at 1:1.5 and targeted the resistance area from yesterday.

Also, my strategy indicated that the area was good support.
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