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Lusan Journal II

  • #181
  • May 17, 2010 5:20pm May 17, 2010 5:20pm
You seem to be doing really well with weekly and daily candle analysis.

Hmm seems like everyone dropping rescue protocol.
  • #182
  • May 17, 2010 5:38pm May 17, 2010 5:38pm
Quoting Deusomega
You seem to be doing really well with weekly and daily candle analysis.

Hmm seems like everyone dropping rescue protocol.
I have not had yet a single losing trading day since I adapted my current trading approach. So I am very happy with my approach. It is flexible, relaxed and profitable. Greed is held at bay and never overexposued.

Rescue is still possible but only and only if we have a mistiming and both the weekly and the daily are in harmony.

I have not rescue anything for a while.
Why?
My trading is in harmony with W and D so...
if in trouble, we just wait...
PA will continue their path.

What is the sense of rescuing with my current strategy? The worst that could happen is that my trade fall into a range or strong reversal. The max allowable would be 1 or 2 days of range profit. That is nothing in comparison with day-in and day-out of profit...and since I am not trading E/U during the NY period, I am not bothered by USA economical news...This is perfect for somebody that has a day time job!

What others are doing? I have no idea. They do not post their trades...so

Be carefull...I do not do the standard candle analysis that are presented in so many books. I used them to get a read of the music that PA is playing after NY closes. Let us say, "I am reading PA musical score."

Luis
Empty as water and soft as a facing wind mountain
  • #183
  • May 17, 2010 5:43pm May 17, 2010 5:43pm
Quoting luSan
I have not had yet a single losing trading day since I adapted my current trading approach. So I am very happy with my approach. It is flexible, relaxed and profitable. Greed is held at bay and never overexposued.

Rescue is still possible but only and only if we have a mistiming and both the weekly and the daily are in harmony.

I have not rescue anything for a while.
Why?
My trading is in harmony with W and D so...
if in trouble, we just wait...
PA will continue their path.

What is the sense of rescuing with my current strategy? The worst...
Yeah definitely keep rocking your stuff. You have through your own hardwork carved out your own approach to trading and that is very admirable. Most don't have the staying power to do it.

I was more so commenting that as I read through the TAF thread that people like Leighs, and some others who were strong advocates of rescues are not anymore. What is your opinion now of rescues? Were they just overly time consuming or were you afraid of the tidal wave situations? The most important part with rescues seems to be identifying the main trend correctly all the time.
  • #184
  • May 17, 2010 6:00pm May 17, 2010 6:00pm
Quoting Deusomega
What is your opinion now of rescues? Were they just overly time consuming or were you afraid of the tidal wave situations?
I found that rescue are fine if and only if we are witht the main trend...if by any chance we are not with the trend...it defaults into something similar to Martingale and it would destroy the book.

Another bad point is that you risk a lot of cash to keep a littlw. Isn't it better to drop the position and reverse and carry on?

Besides...look you find that your losing 50 pips and goes into a rescue and add another position...it goes against you...now you are adding to the loser....no way...this will work for a while but the day that you missjudged the main trend then you would be killed...done it many times...and I do not think it is wise for me.

Rescue are not only time consuming but also they are mentally draining. Not everybody can take that heat all the time...is it worthy? ...I think that it is better to flip as soon as we know that the main trend reversed..or something like that...I stopped trying to solve this problem..sometimes the best way to solve a problem is not to have it.

Quote
The most important part with rescues seems to be identifying the main trend correctly all the time.

Correct. After you know what is the trend...then you already won the war...however the trend could change and we must be flexible and become aware of when that trend change happens...See, if I know that PA is going south...then all my trades must be going south and if I dear going north I must be totally aware that I am taking a risk..
so how to you know what is the trend?

Another point is to distinguish between trending and ranging because they ask for different trading strategy. Dancing a trend is not dancing a range.

etc..etc.

oh well..

Regards,

Luis
Empty as water and soft as a facing wind mountain
  • #185
  • May 18, 2010 4:45pm May 18, 2010 4:45pm
That was close.
I took a chance on a reversal.
Because I am still working on my timing
I timed my entry wrong.
Still it went my way
then I felt that something was not right with
this hammer: it negated the hammer by PA
going accross the 50 % body hammer.
Early morning I saw a lot of hesitation
so I took my profit and laughed.
All was in place for a nice northern trip...
I thought, "hey, Luis, you are missing the bus...
but who care, something smells wrong...so
take your little 20 pips and watch the show."
What a show!
A reversal-NO!
but a fake hammer!!!!
Now I am riding a dollar bull and in deep profit.
Gosh!
Candlersticks are fine but hold tight to your trading feelings.
What a trip!
-By the way, 19 straight winning campaigns.
A time to celebrate
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Empty as water and soft as a facing wind mountain
  • #186
  • May 19, 2010 5:00pm May 19, 2010 5:00pm
A tough day for all those, like me, played a dollar bull dance.
PA decided to go north.
Even though I planned to rescue
-and I did-
I decided to pull the plug was much better
when I saw the reversal in D1.
Gosh...it was close...
PA when another
100 pips further since I pulled the plug!
I was saved by accepting the trend change.

For a while I have been considering further enhancement
to my daily charts. Now I am forced to implement them.
I need define a clear line-in-the-sand
and PT prior to entering a trade.
So I am adding two lines
(1) Fold-in-the line=that happens at the
transformation of the canderstick
and
(2) PT=~130 pips above/below
the actual close of the current bar.
(The last concept probably will evolve on further consideration.

I lost today 2 trading days profit.
I could have avoided it but I was trapped
within my own self-confidence
but I am happy...
I was humbled and forced into
completing this strategy.
-By the way, I believe that I could improve my entries and exits.
I am working on that.-

Regarding rescue. If I have entered into a rescue I would be rescuing against 1D trend as I defined it with my candle analysis. I did not. That saved me from a very large loss. It feels good to know that I planned my losses before the trade start.
Risk management is king!

Note that still the weekly is pointing south. So I might still screw up by going north. But I decided to trade everyday with the exception of Friday and NP unemploymen days.
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Empty as water and soft as a facing wind mountain
  • #187
  • May 20, 2010 4:54pm May 20, 2010 4:54pm
A nice call yesterday
however I made no money
due to a bad entry:
plug pull at 1.2300 and PA
just bounced. I need to remember
that it was a psychological round number.
Oh well. The range I marked were perfect.
Tomorrow is Friday. No trading.
Still 1D is telling to stay out
until Sunday evening.
I will be working now on my timing strategy.
I feel that the trend bias is under control.
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Empty as water and soft as a facing wind mountain
  • #188
  • Edited 10:06am May 23, 2010 9:43am | Edited 10:06am
A new week full of undecision.
Preparing my equipment up,
polishing my swords
and cleaning my shield.
Tonight I go to war.

Edit: I just learned that tomorrow Europe will be off.
So, I wonder
if the last northern move of the E/U was the shorts
collecting their chips before dancing their Euro death.
If so
PA will be very quiet -ranging mode-
and I think that we will have to wait until
Monday evening for clarity.
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Empty as water and soft as a facing wind mountain
  • #189
  • May 23, 2010 6:44pm May 23, 2010 6:44pm
It seems that PA wants to dance south. So there we go.
Empty as water and soft as a facing wind mountain
  • #190
  • May 24, 2010 1:40am May 24, 2010 1:40am
Good to see that you decided to go south with the flow. I thought that you may get caught going north. Like your journal. Ray
  • #191
  • Edited 6:13am May 24, 2010 5:39am | Edited 6:13am
Quoting 1234
Good to see that you decided to go south with the flow. I thought that you may get caught going north. Like your journal. Ray
Ray,
Even though the analysis said to go north
I went south.
Why?
Note tha I said that the D1 candle showed a lot
of indecision and that tha I would let H4 and H1
decided. So I took I went with then.
-Also it was a gut decision
and that bother me.
Well...
Here are the trades.
A 1-1 attack.
The second one was easy:
H1 looks too much like a falling knive.
So I deep again.
Cheers,
Luis
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Empty as water and soft as a facing wind mountain
  • #192
  • May 24, 2010 5:48am May 24, 2010 5:48am
Ray,
A thick city wall on the left
Probably a bounce
before more falling death.
Now I must go to work.
Cheers,
Luis
Empty as water and soft as a facing wind mountain
  • #193
  • May 24, 2010 5:06pm May 24, 2010 5:06pm
To come home and to find PA
at the same location I left it
this morning.
So nothing really happens:
the bounce up to 1.2416
and then back.
Let us see what she will do.
I am going south.
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Empty as water and soft as a facing wind mountain
  • #194
  • May 25, 2010 4:20pm May 25, 2010 4:20pm
Uneasy today:
We have a dragonfly candle.
This is the first time
I consider this candle formation type.
My views of using candles make me think
that the Now momentum -in the daily- is going north.
I hesitate because the dragonfly is so similar to a doji
and the day
candle is not completly formed.
However it could only transform into a doji -right?-
then the southern trend would be in question.
So here I am buy Euros.

Edit: It looks I was correct. I am up 37 pips
Now I will let this animal run.
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Empty as water and soft as a facing wind mountain
  • #195
  • May 26, 2010 10:58am May 26, 2010 10:58am
Quoting luSan
Uneasy today:
We have a dragonfly candle.
This is the first time
I consider this candle formation type.
My views of using candles make me think
that the Now momentum -in the daily- is going north.
I hesitate because the dragonfly is so similar to a doji
and the day
candle is not completly formed.
However it could only transform into a doji -right?-
then the southern trend would be in question.
So here I am buy Euros.

Edit: It looks I was correct. I am up 37 pips
Now I will let this animal run.
did you manage to get few pips?
its near the support line so we might get a bounce for a while.lets see.
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  • #196
  • Edited 4:47pm May 26, 2010 11:45am | Edited 4:47pm
Quoting trade price
did you manage to get few pips?
its near the support line so we might get a bounce for a while.lets see.
Nope.
I exited.
CU

Yes..
1,2143 is a potential bus stop.
Good luck.
Empty as water and soft as a facing wind mountain
  • #197
  • May 26, 2010 4:45pm May 26, 2010 4:45pm
Off until Monday evening.
Friday people will start going on vacation,
and take Monday off,
so there will be probably very low liquidity.
No trading for me.
Still yesterday...
I got caught. I exited with 60 pips loss.
The good thing is that I recovered
my pips + 10 this afternoon
and I learned a lesson:
the analysis must be validated by
my feeling. If uneasy...stay out
and
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Empty as water and soft as a facing wind mountain
  • #198
  • May 26, 2010 9:14pm May 26, 2010 9:14pm
Interesting TL.
Of course,
I do not trade anymore TL
but
they are great for decoration
while I await
my next trading session.

More interesting than the TL
is the intercept between this TL and S/R zones.
Although not always
they track very well.
Using my tea cup,
would PA get to any of the red square?
We will see.
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Empty as water and soft as a facing wind mountain
  • #199
  • May 27, 2010 6:08am May 27, 2010 6:08am
It did use the TL & S&R
But not not as a R
but as a S.
Interesting.
Something to think about
and to reserve it
if I have to return
to day trading.
Empty as water and soft as a facing wind mountain
  • #200
  • May 27, 2010 6:22am May 27, 2010 6:22am
Quoting luSan
It did use the TL & S&R
But not not as a R
but as a S.
Interesting.
Something to think about
and to reserve it
if I have to return
to day trading.
here you go.i was talking about those levels yesterday.we did found some S/R on those levels.
lusan do you trade intraday or just the daily?
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