Hello traders.
I am in the process of moving out from reading tape/scalping/high frequency trading to a more relax environment. Nothing wrong with what I do, just that I need to level down my stress.
On my present trading style, I bracket trade my tape reading, (for those of you you're familiar with tape reading.) with idea to identify pivotal points (not to be confused with pivot points) I don't use charts.
I am trying to adapt the same methodology on charts at a slower time frame. You're welcome to use 144 tick charts if you're going to follow me.
My comfort zone is at 5 minutes time frame. I also trade on daily charts. What I've been looking for at each timeframe will be different. The bulk of my trades will be on five minutes and occasionally I'll put some charts on the daily timeframe. If you want to use another timeframe, be my guest. No restrictions.
Most of my trades will be at New York Session. There might be exceptions.
I'll be tracing my levels using London session as a base. I'll put more weight on clearly defined levels (please see attachment) and areas of support and resistance ( the market testing a level x amount of times.)
As you already know, or just in case you don't know me, I don't use nor believe any math based or linear based indicators. I only use horizontal lines. i don't like trendlines.
I am unconventional guy. I am extremely reluctant about worshiping, patronizing or looking at many indicators, crossing your eyes at the time of trading. Actually, I began to accept charts just a few years ago. I am loud, opinionated, skeptical and a heartless jerk when it comes down the business of trading. In a personal matter I am sweet and attentive.
I use candlesticks because they look pretty. That's it.
If you're going to follow this thread, you need to know at least the following concepts.
1)Support and Resistance.
2)Levels - breakout/rejection.
3)Stop-limit orders.
4)Trailing Stops.
5)Risk and Reward (R:R) ratio.
6) How to manage your load.
7)Money Management.
8)losing.
9) entry/targets/exits.
10)Second guessing.
The core of my trading will be focused at the levels. I'll use last swing high/low for my stops. My ideal R/R will be 2:1, but will be managed as case by case basis. I won't be discussing my load.
I trade only EUR/USD. No need to have my eyes crossed at many charts. Besides, EUR/USD has a controlled volatility. I like that. I don' like spiky markets.
I'll be using metatrader for illustration purposes only.
I can't explain all the reasoning behind my trading. I'll do the best I can to be clear and precise. Many times you just have to read my trading and take it from there. If you're looking for a step by step set of instructions on how I trade, you won't be able to follow this journal..
I love to help people and I don't mind taking questions here. I'll appreciate from the bottom of my heart if you elaborate your question first before poping it out. Make sure you're really stuck in a place No problem we'll work it out together.
Please don't ask me about % of winners, backtesting, forward testing, under-testing, over-testing, animal testing or any of this crap. don't ask me how long I've been trading this "system". If you're concern on how long, here's a short story.
I've been trading since 1981 successfully. But, 1983 18 years old, fast women, fast cars, fast cocaine, fast everything+ truckloads of money = bad mix. The math is simple. Go figure. So if you asked me back then "how long I've been using this system" I ll go with - 2 years and broke, on my own stupidity. HA!
If you're going to follow me and lose, lick your wounds and move on. I trade to win, even if I lose in the process.
Daytrading is just another tool to make a living. Every day will be different. You must be prepared for anything. Don't dwell on the everyday outcome. It's a process. Another day, another dollar. Period.
If you're going to incorporate this journal on a swing trading style, make sure you have a broker who watch your back while you sleep
.
Must be hard to wake up with a margin call in your ass ,cause the broker didn't honor your stop due a fast market...ouch!
I have health issues. Although I am doing better, there will be a day that I won't be able to post here.
I think that's it. Now that we know each other better, I'll put some charts at the next post.
Good Luck.
Update - I'll be looking at my charts 1 hour before NY session open. I will place and then post charts on the levels I'll be looking for during the next session. Note that new levels could be formed at NY session. Levels could be formed just seconds before NY session starts. I''ll avoid major news.
I am in the process of moving out from reading tape/scalping/high frequency trading to a more relax environment. Nothing wrong with what I do, just that I need to level down my stress.
On my present trading style, I bracket trade my tape reading, (for those of you you're familiar with tape reading.) with idea to identify pivotal points (not to be confused with pivot points) I don't use charts.
I am trying to adapt the same methodology on charts at a slower time frame. You're welcome to use 144 tick charts if you're going to follow me.
My comfort zone is at 5 minutes time frame. I also trade on daily charts. What I've been looking for at each timeframe will be different. The bulk of my trades will be on five minutes and occasionally I'll put some charts on the daily timeframe. If you want to use another timeframe, be my guest. No restrictions.
Most of my trades will be at New York Session. There might be exceptions.
I'll be tracing my levels using London session as a base. I'll put more weight on clearly defined levels (please see attachment) and areas of support and resistance ( the market testing a level x amount of times.)
As you already know, or just in case you don't know me, I don't use nor believe any math based or linear based indicators. I only use horizontal lines. i don't like trendlines.
I am unconventional guy. I am extremely reluctant about worshiping, patronizing or looking at many indicators, crossing your eyes at the time of trading. Actually, I began to accept charts just a few years ago. I am loud, opinionated, skeptical and a heartless jerk when it comes down the business of trading. In a personal matter I am sweet and attentive.
I use candlesticks because they look pretty. That's it.
If you're going to follow this thread, you need to know at least the following concepts.
1)Support and Resistance.
2)Levels - breakout/rejection.
3)Stop-limit orders.
4)Trailing Stops.
5)Risk and Reward (R:R) ratio.
6) How to manage your load.
7)Money Management.
8)losing.
9) entry/targets/exits.
10)Second guessing.
The core of my trading will be focused at the levels. I'll use last swing high/low for my stops. My ideal R/R will be 2:1, but will be managed as case by case basis. I won't be discussing my load.
I trade only EUR/USD. No need to have my eyes crossed at many charts. Besides, EUR/USD has a controlled volatility. I like that. I don' like spiky markets.
I'll be using metatrader for illustration purposes only.
I can't explain all the reasoning behind my trading. I'll do the best I can to be clear and precise. Many times you just have to read my trading and take it from there. If you're looking for a step by step set of instructions on how I trade, you won't be able to follow this journal..
I love to help people and I don't mind taking questions here. I'll appreciate from the bottom of my heart if you elaborate your question first before poping it out. Make sure you're really stuck in a place No problem we'll work it out together.
Please don't ask me about % of winners, backtesting, forward testing, under-testing, over-testing, animal testing or any of this crap. don't ask me how long I've been trading this "system". If you're concern on how long, here's a short story.
I've been trading since 1981 successfully. But, 1983 18 years old, fast women, fast cars, fast cocaine, fast everything+ truckloads of money = bad mix. The math is simple. Go figure. So if you asked me back then "how long I've been using this system" I ll go with - 2 years and broke, on my own stupidity. HA!
If you're going to follow me and lose, lick your wounds and move on. I trade to win, even if I lose in the process.
Daytrading is just another tool to make a living. Every day will be different. You must be prepared for anything. Don't dwell on the everyday outcome. It's a process. Another day, another dollar. Period.
If you're going to incorporate this journal on a swing trading style, make sure you have a broker who watch your back while you sleep
.Must be hard to wake up with a margin call in your ass ,cause the broker didn't honor your stop due a fast market...ouch!
I have health issues. Although I am doing better, there will be a day that I won't be able to post here.
I think that's it. Now that we know each other better, I'll put some charts at the next post.
Good Luck.
Update - I'll be looking at my charts 1 hour before NY session open. I will place and then post charts on the levels I'll be looking for during the next session. Note that new levels could be formed at NY session. Levels could be formed just seconds before NY session starts. I''ll avoid major news.
Peace
