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Flag trading the trend

  • #9,841
  • Jan 29, 2016 10:24am Jan 29, 2016 10:24am
got 1 last trade of day for +27 total for day 114 ticks very nice day considering I am only looking for 50 ticks. the reason I take 15 on first trade is the parlay effect. that is to say you trade with profits to make more profits. it is a whole lot easier trading from profits than with you own money
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  • #9,842
  • Jan 29, 2016 10:30am Jan 29, 2016 10:30am
Quoting The Cableguy
I'm having a hell of a day; {image}
good trading CG
  • #9,843
  • Jan 29, 2016 10:39am Jan 29, 2016 10:39am
Quoting jtrade
Thanks to all who post charts here - I find it really helpful to see the charts of others, although personally I greatly prefer it when people leave their trade markers on (so others can see the exact, filled entry & exit prices) and are also not afraid to show their losing trades (we all have them, right, and often they teach us more than the winners, which we all love to post !?). Lastly, I really take heed of what H posted yesterday about finding and maintaining a low-stress approach to the trading day. Onwards & upwards...
I can speak only from my own experience, but have to really say, what held me back was focusing too much on losses and what was even worse, trying to eliminate them. The moment I really got, that losses are inevitable, trading became much easier. Of course I have read thousand times that losses are integral part of trading, but really deeply get it and trade accordingly is totally different thing. So, for me, losses are things that happen, I don't dwell there, don't give too much weight to them, losses come and go like clouds (meditation really helps). No biggie, as long as you have more winners in the long run and or bigger wins in ticks than in losses.

I take pics of every trade I take, but i very rarely look at those afterwards. It's a habit that I do and usually i just write few words there or mark the entry with orange line. I don't keep those trademarkers on at my charts while I find them distracting, they don't give any benefit. Liking clean charts. On top of this I also have my reference pictures of perfect setups that I have seen or traded. Those are the ones I sometimes look at to remind my memory of super nice setups, while I am sometimes fond to end up fiddling with too unclear entries.

Very great point, that I haven't reallyreally got it, is the message Divergence has been giving. Take the first win and your next trade is free! Parlay profits. If you get a loss, get back even and the cycle starts again.

I have been on the land of: take a win and then protect it like crazy. This kind of thinking leads (at least on my head) to too scary trading ie. not taking setups, being afraid of losses and all that.

So, I guess we all have a bit different path and I actively try to think, when I get a win just go and take every setup. If there is loss, so what, you are trading with wins anyway, focus to the next setup!
  • #9,844
  • Jan 29, 2016 11:09am Jan 29, 2016 11:09am
so last week I made 605 ticks with 2 contracts and this week did 449 ticks with 3 contracts (no partial fills) and by adding 1 contract which is just a 75 dollar increase in risk it generated me $700 more .The less is more principle in effect
  • #9,845
  • Jan 29, 2016 11:28am Jan 29, 2016 11:28am
Quoting tdforex
{quote} I can speak only from my own experience, but have to really say, what held me back was focusing too much on losses and what was even worse, trying to eliminate them. The moment I really got, that losses are inevitable, trading became much easier. Of course I have read thousand times that losses are integral part of trading, but really deeply get it and trade accordingly is totally different thing. So, for me, losses are things that happen, I don't dwell there, don't give too much weight to them, losses come and go like clouds (meditation...

Absolutely TD, i tried to write something similar earlier when stating that this game is one of confidence, (otherwise it is too easy to focus on what you might lose and thus freeze instead of taking a set-up)... you have managed to write it far more effectively...
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  • #9,846
  • Jan 29, 2016 11:30am Jan 29, 2016 11:30am
Quoting Divergence
so last week I made 605 ticks with 2 contracts and this week did 449 ticks with 3 contracts (no partial fills) and by adding 1 contract which is just a 75 dollar increase in risk it generated me $700 more .The less is more principle in effect

Bloody hell D, leave some for us, wont you?! Caps truly doffed!
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  • #9,847
  • Jan 29, 2016 11:36am Jan 29, 2016 11:36am
Quoting The Cableguy
{quote} Bloody hell D, leave some for us, wont you?! Caps truly doffed!
theres plenty left on the table. heres something to think about CG a 123 setup if you think about is a wave 1 and a wave 2 by entering on break of pt that starts wave 3 I get my +15 and then wave 4 comes back to pt2 and gets my second trade and wave 5 gets me the +30 profits> a little EW within the multiple EWs
  • #9,848
  • Jan 29, 2016 11:42am Jan 29, 2016 11:42am
Quoting Divergence
{quote}theres plenty left on the table. heres something to think about CG a 123 setup if you think about is a wave 1 and a wave 2 by entering on break of pt that starts wave 3 I get my +15 and then wave 4 comes back to pt2 and gets my second trade and wave 5 gets me the +30 profits> a little EW within the multiple EWs

Harold, it is a superb trade, i took one earlier, but did not post as i had already taken over the thread!

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and later!

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  • #9,849
  • Jan 29, 2016 11:44am Jan 29, 2016 11:44am
yes CG see the 5 wave sequence get the +15 and wave 4 comes back and gets the rest of the orders and get the rest
  • #9,850
  • Jan 29, 2016 11:47am Jan 29, 2016 11:47am
as long as you have an active market these setups work on any market not just the eur/usd or gbp/jpy or cl or etc
  • #9,851
  • Jan 29, 2016 11:49am Jan 29, 2016 11:49am
This is just for reference, maybe it will be of use to some lurkers, maybe not, but it sure as hell will be something i will look for in future. Just a slight addition to my C&H trade.

I posted two variations earlier within this chart;

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Of course it is simple Support and Resistance trading, but i posted a chart of the Bund earlier, here it is again;

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I was making a point about 123's but i had also highlighted a R&S trade in hindsight. Now i see the same again on the PXI. So similar, the HH, with a deep pullback using the prev HH as Support. Something i will certainly watch for in future me thinks;

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  • #9,852
  • Jan 29, 2016 12:01pm Jan 29, 2016 12:01pm
heres you chart and what I see
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  • #9,853
  • Jan 29, 2016 12:02pm Jan 29, 2016 12:02pm
Quoting Divergence
Here's the thing DD on trading YM before 930 if there are not a lot of players a few weeks ago there were a ton of players so until that happens I wait till a little after 930
Thanks for that, D. Good to know. I finished +75 ticks even after having gone -17 out of the gate. Even if I had to have taken a full -15 on that second trade I'd have ended +62 for the day.

I'm very pleased with how the YM has treated me these past two days. I've been using limits and stop limits to get in and tale profits and stop market orders to take losses. Just trading two contracts this week. I will continue through next week with two. I will get to the bank on Monday to wire $$ in for my new account challenge account. I'm thinking of starting it over with YM and starting with just $1K instead of $2K. "$1K to $100K in 1 Year." I like the way that "sounds."
  • #9,854
  • Jan 29, 2016 12:08pm Jan 29, 2016 12:08pm
Just got short at 16268. Traded 10 lots no problem and took 8 ticks on 9 of them at 260 and I am letting the last one contract ride with a breakeven stop and a 16219 profit target. I meant to keep two contracts open but fat fingers screwed the order. It happens.

First a chart showing the open position and orders



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  • #9,855
  • Jan 29, 2016 12:12pm Jan 29, 2016 12:12pm
Quoting ddaytrader
{quote} Thanks for that, D. Good to know. I finished +75 ticks even after having gone -17 out of the gate. Even if I had to have taken a full -15 on that second trade I'd have ended +62 for the day. I'm very pleased with how the YM has treated me these past two days. I've been using limits and stop limits to get in and tale profits and stop market orders to take losses. Just trading two contracts this week. I will continue through next week with two. I will get to the bank on Monday to wire $$ in for my new account challenge account. I'm thinking...
I think you will achieve that quicker than you think. 3 contracts is not a problem so lets say you made 75 ticks a day ( congrats with todays trades) and I know you trade 5 days but humour me and will do this based on 4 day week that's 300 ticks a week. so with 1 contract you have made 1500 for the week which 1.5 times the amount you put in. so lets say you stay at 1 contract for week 2 that's another 1500 now acct is at 4000 and now you go to 2 contracts now you made 3000 for the week so after 3 weeks acct is at 7000. now you can go to 3 contracts and just sit there for ever because now its 4500 a week so acct is at 11500 by months end. Now you are on pace to make 18000 a month so by month 6 you will be at 100000 obviously if you make more than numbers only increase and you achieve it earlier
  • #9,856
  • Jan 29, 2016 12:13pm Jan 29, 2016 12:13pm
Here's my trading plan guys;

For reversals and trends with mid range pull backs;

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For all other variants;

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  • #9,857
  • Jan 29, 2016 12:20pm Jan 29, 2016 12:20pm
my favorite CG is the one 123/2b to me its just a 123 HH HL not a HH nor a LL and its those that get me the 15 and pb to pt2 and get me the rest
  • #9,858
  • Jan 29, 2016 12:20pm Jan 29, 2016 12:20pm
Quoting Divergence
{quote}I think you will achieve that quicker than you think. 3 contracts is not a problem so lets say you made 75 ticks a day ( congrats with todays trades) and I know you trade 5 days but humour me and will do this based on 4 day week that's 300 ticks a week. so with 1 contract you have made 1500 for the week which 1.5 times the amount you put in. so lets say you stay at 1 contract for week 2 that's another 1500 now acct is at 4000 and now you go to 2 contracts now you made 3000 for the week so after 3 weeks acct is at 7000. now you can go to 3...

I get goosebumps reading that. Your old friend, Mike, used to talk to me about exponential growth, but i need a firm foothold first. Walk before i run, so to speak... today was a big step in that direction though...
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  • #9,859
  • Jan 29, 2016 12:23pm Jan 29, 2016 12:23pm
Stopped out on that last runner and I should probably short again but I really am beat so I am done for the day.
  • #9,860
  • Jan 29, 2016 12:25pm Jan 29, 2016 12:25pm
here's revised chart for the day:

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