Nikkei cruising

How often do you change your rules/plan?

I don't have a mechanical system my method is discretionary and its compromised of a lot of elements so its hard to have a black and white rule in that sense you could say my rules are ambiguous. But I do have general rules that takes into account both the characteristics of the instrument I trade and the technical aspect.

As far as direction is concerned I divide them into two categories one is direction of a single trade and second is direction of the main wave for that day my rule of thumb is to get those accurately no matter what once I have that right I plan my exit levels. I can not get those two wrong and I shouldn't as long as I am in tune with the rhythm. But there are exceptions to this after my entry if darvas or broadening pattern forms I change direction but those are also included in the general plan so you could say that I don't really change my rules ? Because they help me to navigate the terrain.

I keep repeating rhythm and I think its a crucial part of successful discretionary trading "you must" develop a "feel" for price after a while it becomes almost like second nature you just know without thinking too hard ? it becomes reflexive hope that makes sense.

And lastly if you have managed to develop a sound rule whether you're discretionary or a mechanical trader you shouldn't feel the need to change them, if however you feel the need to change things here and there the chances are you might have not arrived at the final destination just yet - I've struggled with this issue as well for a LONG TIME. But now I feel good with everything.

Pretty much same as me but I haven't arrived yet...struggling with changing rules bcz there isn't one besides risk limits. I wish I could trade mechanically but I can't.

It's hard to develop a good mechanical system and stick to it because charts are dynamic and alive it constantly shifts and transforms, just like learning a foreign language you can't memorize a few words and expect to speak the language in any setting without understanding the layers and the complexity. I think you have to be realistic with yourself , while its possible to develop that feel for price you have to be obsessed to master price - and obsession isn't pretty can you do it ?

There are few set ups that you can trade mechanically but to detect them correctly you have to have a good understanding of Dow theory, and maybe some Elliot wave.

To trade discretionary not only do you have to detect the correct levels but you also must be able to recognize the games "they" play around those levels - its very difficult and I'm still learning to recognize that accurately they're very good at confusing the heck out of you before launching in a certain direction - and that requires technical skill and feel of price.

Much like Dax daily broadening formed pattern today on 1min Nikkei I have little skill trading these patterns broadening and darvas and understanding how it correlates with predator moves can be daunting and can cause a lot of confusion but Im making some headways

Upon Tokyo open price broke above 399 so naturally I took a short position on that first arrow down however I quickly realized on the retest below 399 that it was forming a broadening pattern but didn't know what to do !

Now in hindsight (everything looks easy in hindsight) I realize that as soon as it held above that diagonal line confirming broadening pattern I should have changed course turned long ! for the remainder of the Tokyo open until Singapore open.

Next text level was at 457 but it also failed! creating a LH again another turnaround bulls didn't make it regardless of how much they wanted it to go up by going against the predator moves at the Tokyo open and it continued to go down until Tokyo lunch break.

As I am typing this I've got about 10min until these confused boys come back from their lunch break and place their last trades for the session, now usually once Tokyo establishes a direction they like to take it until Asia close but as I'm finding out when broadening pattern forms and Tokyo open direction reverses things can "really" go both ways so in these instances I just need to pay extra attention to the edge of the broadening pattern or the diagonal line AND for for possible HL or LH formations on top of "timing" element like session opens, lunch breaks etc for executing these trades.

Target 32100
Lost -30p on long attempt which is fine then it decided to go the other way I just need to catch the sign fast and act accordingly as I'm finding out lately I can't avoid these losses !

It turns out its not as easy to manipulate prices even for sharks! as there often seems to be disagreement developing every so often among those sharks manifesting as broadening channel or darvas box no one's exempt from these battles among bulls and bears

+200

out better to be safe than sorry

I see a PB back to 32140 don't know what the Tokyo might do except for this PB at the open

Target 480 ready to turnaround if needed.

Turned around with multiple positions target 600

-3p from that short position

+217p

looking for a retrace wave back to 540 but sitting on my hands until Tokyo open as price might push a little higher above 600 we'll see

13min to Tokyo open

Forgot that its Friday rule is a rule but I need to find out and confirm if something peculiar happens repeatedly on Fridays and on month ends

for now its extra lethargic

Tokyo retrace did not reach the level I was looking at usually that doesn't happen on regular days Tokyo bears lost the battle for bulls however bulls are having a hard time reaching their target Singapore thus far no sign of direction neither maybe if they too agree with bulls this might reach their potential target I don't know I still need more data to reach a definitive conclusion.

Looks like they might want to take it higher.
Oh dear still not sure if I should have closed it upon Singapore open we live and learn I guess.

For now the obvious peculiarity is that there's not retrace on Fridays

I've lowered my target to 760 60p looks like the number on Fridays with no retrace wave maybe this will crash and burn I'm running a test so as long as there's a lesson to be learnt I'll take it we still have about 30mins give or take until lunch break.

(At this speed I'm going to fall sleep )

weird PA

with both Tokyo and Singapore after its decided to plunge down so many baits in the opposite direction its bearish nevertheless but Tokyo and Pre Tokyo trades didn't reach their target !
broadening morphed into diamond bulls taking the bait but bears slapping it down from where they decided to go down but bulls keep finding support !

however I feel there's a confusion or disagreement among the bears and the bulls I'll see what happens after Tokyo lunch we still have about 1,5hours till them I'll remain a bear.

I feel its time for me to accept that price can be unpredictable to a "degree" and beneath the calm there's almost always blood and tears there's no such thing as a guaranteed trade losses are part of running this business but its only worth it if you've lost small amounts in comparison to your gains and accrued when you're trying to get a feel for where its headed "feel" seems to be main theme here again because it matters you can not put price behavior in a box and expect to get rich from your formula.

Judging by how difficult it "really" is to learn to trade this beast there's no wonder why there are many so called teachers or millionaire traders who can't wait to see you succeed with a simple formula that they've worked so hard all by themselves that they're ready to share for a fee. Its a formula after all.

I think at this point I need to start considering using scout they are useful I finally get it know thanks again Jupiter to get a feel for price but I want to keep them minimal and go full force when I am 100% sure of the direction.

Timing is also crucial for entries you can't be too late or too early session opens seem like a good compass to go by plus retest times I've noticed there's definitely a time flow woven in between cueing when these big players are getting in also aids me to get a feel for the direction time price and space is an essential part in my style of trading but I don't doubt that these elements play a role in a bigger time frame as well as price is fractal in nature maybe instead of session opens closes they go by cyclical moves.

And my last point to succeed you really have to immerse yourself in a single instrument because you can't master them all and all of the intricate details if you're trying to trade even a couple of instruments at the same time its just not possible I've never heard of medical professionals specializing in two fields like internal medicine and oncologist don't kid yourself its difficult as it is with a single instrument you can't do more than one.

Confronting the highs and lows , scouts have been used well and I was nimble and attack with full force was done with no hesitation lost only two trying to find the correct direction the only drawback was that deep plunge broadening formed at Tokyo official open and later at the retest forming a diamond pattern now I need to confirm if its a Friday thing if it is I can also expect this kind move (long squeeze or stop hunt ?) on month ends and redistribute my attack sequence possibly at a lower/higher level.

I see immediate improvement from yd but I also have to note that I'm just getting better at identifying the turnaround points really.

Last leg up done for the day target full-filled.
I need to rest my eyes and brain.

I was off to a good start then this happens
You can't get away from these can you ?
I don't claim to know anything
In fact I don't know "anything"
But alas you need to have some kind of conviction in this line of work
You must
Being a pig never has been rewarding
I may be standing in front of a freight train somehow managed to convince myself that I ain't gonna die
Maybe I will who knows only time will tell
You could argue that I have a stop loss and re enter again and again
But i guess this is the way I've felt more comfortable the irony is that
Right now I feel very uncomfortable
But I've also learnt after almost 10 years that nothing goes straight to finish line
To succeed in life and as well as in trading you must learn to keep it steady at times like this
I keep reminding myself don't be "pig"
But to do this without reaching your ultimate demise I have to make sure
The conviction is not coming from my ego but my intuition - feel of the price
Thats my finding even I'm laughing at myself
You can draw all the levels you want and try to combine different TF
Nobody knows whether the orders are there to compel the price to its destination
Nobody knows.

Charts do speak !

Trading the ripple
And the wave

Ripples do create ripple effect
Ripple effects create waves, waves create trends

Can you read the respective highs and lows of the ripple and the waves ?
Can you see the direction of the trend ?

Do you see the broadening pattern form of that attempted HL ? before turning into a diamond pattern
Do you know the implication of that pattern ? now might be turning into a darvas
Do you understand the predator moves ?
Do you understand what elliot wave characterizes ? and I don't mean the count ! but the idea
Never be rigid
Follow the ripple but keep your eyes on the prize! - the big wave , the big trend!

It's all coming to me in a flash
A big a-ha moment

You can do a lot
And I mean a lot with this method I've seen it done with Jupiter only now I'm beginning to get a feel of its power personally
I'm lost for words thats all
But just wanted to rant that great traders do exist
In fact they're many ways to trade I just personally gravitated towards this way of trading
But what a way to trade!