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Plan the Trade

  • #781
  • Jun 5, 2017 10:58am Jun 5, 2017 10:58am
Quoting Divergence
{quote} I also have the 20 and 10 when up 15 to 16 stop moved to +10 I will move target if market conditions warrant it to next level but if you just left it at 20 you can make a living 2 to 1 risk with at least a 50% hit rate makes you a nice living I am doing better than 50%
Good info. Figuring out when to hold/fold and the management is the hardest part, but the BE+1 after +6 makes alot of sense. I haven't liked it because I kept missing out on some moves, but I know you have stated how you like to get out of risk ASAP and I see the point about getting into the free trade.
  • #782
  • Jun 6, 2017 5:16am Jun 6, 2017 5:16am
I really like your approach for setting profit targets using a HVN
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  • #783
  • Jun 6, 2017 6:57am Jun 6, 2017 6:57am
Quoting FX-Flux
I really like your approach for setting profit targets using a HVN {image}

Valley lows for support and HVN's as res, seems to work really well... for such times that the profile is stretched and the nearest Value levels are a distance away, they are as good, if not better...
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  • #784
  • Jun 6, 2017 7:12am Jun 6, 2017 7:12am
Quoting The Cableguy
{quote} Valley lows for support and HVN's as res, seems to work really well... for such times that the profile is stretched and the nearest Value levels are a distance away, they are as good, if not better...
You say Valley lows. Do you mean low volume nodes?
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  • #785
  • Jun 6, 2017 7:19am Jun 6, 2017 7:19am
Quoting FX-Flux
{quote} You say Valley lows. Do you mean low volume nodes? {image}
That's the one! Sometimes the valleys can be wider;

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  • #786
  • Jun 6, 2017 9:48am Jun 6, 2017 9:48am
I thought today was tricky. Earlier we were below yesterdays extreme, but the reaction off of Fridays HVN @ 64.50 was remarkable.

I merged |Monday and Fridays profile together, at first, but later added yesterdays values in. It resulted with simply too many lines.... or so i thought!

I planned to sit back and watch to try to learn how to view this next time. In fact i started with a silly mistake and quickly went down 12, then got greedy with a short from POC, which was +24, ended up +12. It's only a couple of weeks ago, i was stating that i follow a trailing stop down above each last candle when it is moving aggressively (in your favour), so i will go back to implementing that.

So i am flat but minus 5 comms. Got tapped, but not filled on an order later on at 86.50, which would have been a nice trade. All in all, not great, but a bit more experience under the belt in a tricky and tight profile;

So many lines and yet they all played a part;

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  • #787
  • Jun 6, 2017 9:51am Jun 6, 2017 9:51am
before the open I find the key when you have a small profile from day before to see if the levels from previous profile fit better. I did merge once but it seems you only need to do that rarely. Yesterdays VH VL POC were to close so I left Fridays levels in tact and just added Mondays POC only had 2 traders today
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  • #788
  • Jun 6, 2017 10:00am Jun 6, 2017 10:00am
Went with same trade management set-up today: 20 tp, 10 sl, BE+1 after +6, BE+6 after +10, and trail by 5 after +13.

+6 today before commissions. Hindsight shows I could've been +36 before commissions after looking at my 3 large losses of -10. Not 1 of them followed my entry rules. Funny how that works. Looking back, i was trading based on my idea on where market was headed versus an actual set-up per my rules. I was trading what I wanted to see and not what I was actually seeing! All of the other entries were per my rules so I have no issues with those trades.

2 of the -10's came in the 5 minute opening so maybe I should slow down and consider waiting for the first 5 minutes to establish direction. The first 2 losses of -10 I went short based on what I thought was momentum, but the trigger candles were both tails pointing in the wrong direction for a short. They both signalled rejection of lower prices. Also, they were shorts heading into the top of a valley. Probably not a great area to short.

The other loss of -10 was going long as the top side of the VAH which is not a bad place for a long, but the set-up did not meet my rules. I went long when price took out the red bar the pulled back into the VAH level. Normally for this set-up, i would have liked to see more space and then a nice pull back to the VAH level with a nice blue bar wick candle pushing off the level. That would normally be my entry.
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  • #789
  • Jun 6, 2017 10:01am Jun 6, 2017 10:01am
Yeh, i put them all on, with the idea that i would work out which ones to remove afterwards and see how i felt about it, but in fact yesterdays Value lines were very relevant today...

I still gotta cut out some silly mistakes, cos we both took the short at poc, but i had in my mind that it would sail straight through the prev HVN @75.50 and revisit LOD extreme, so i didn't bank and reverse as you did. The difference is massive (+12 to +44)

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  • #790
  • Jun 6, 2017 10:05am Jun 6, 2017 10:05am
Quoting marinecorps
Went with same trade management set-up today: 20 tp, 10 sl, BE+1 after +6, BE+6 after +10, and trail by 5 after +13. +6 today before commissions. Hindsight shows I could've been +36 before commissions after looking at my 3 large losses of -10. Not 1 of them followed my entry rules. Funny how that works. Looking back, i was trading based on my idea on where market was headed versus an actual set-up per my rules. I was trading what I wanted to see and not what I was actually seeing! All of the other entries were per my rules so I have no issues with...

If it's any consolation MC, i also started with a stupid short just above a reaction at top of valley and i'm still scratching my head now as to why i took it?! I remember it was a 123 short triggered and pullback, but i didn't even bring my stop in tighter... turned out to be a simple abc corrective move (to the short side) and i got whip sawed out of it quickly for -10... not a great start.
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  • #791
  • Jun 6, 2017 10:09am Jun 6, 2017 10:09am
Quoting marinecorps
Went with same trade management set-up today: 20 tp, 10 sl, BE+1 after +6, BE+6 after +10, and trail by 5 after +13. +6 today before commissions. Hindsight shows I could've been +36 before commissions after looking at my 3 large losses of -10. Not 1 of them followed my entry rules. Funny how that works. Looking back, i was trading based on my idea on where market was headed versus an actual set-up per my rules. I was trading what I wanted to see and not what I was actually seeing! All of the other entries were per my rules so I have no issues with...
it extremely important to recognize where we went wrong so we don't get into bad habits. having to many lines on a chart could cause problems remember these levels are support and resistance lines where buyers and sellers engage consider them like point of controls levels to give mind a little clarity. MC go to chart setting and do not add weekend data to profile chart you trade is fine.
  • #792
  • Jun 6, 2017 10:18am Jun 6, 2017 10:18am
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Become the casino
  • #793
  • Jun 6, 2017 10:18am Jun 6, 2017 10:18am
if you think these levels that the profile shows us are just a coincidence check this out
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  • #794
  • Jun 6, 2017 10:21am Jun 6, 2017 10:21am
Quoting erasmus66
{image}
nice day E
  • #795
  • Jun 6, 2017 10:23am Jun 6, 2017 10:23am
Nice trades Ras. Nice one.
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  • #796
  • Jun 6, 2017 10:34am Jun 6, 2017 10:34am
I'm gonna post it again! I totally agree with the need to eliminate some lines to make a cleaner profile and i'm erring towards the time lines being slightly more relevant, so maybe Vh and Vl can be deleted, but then again.... take a look at the reaction off of yesterdays Vvh @86.50 later on (i got tapped but no fill);

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  • #797
  • Jun 6, 2017 1:48pm Jun 6, 2017 1:48pm
Decided to revisit after a poor session. Three months ago, this was my bread & butter time, concentrating on pullbacks and i remarked as such - that i preferred the gentler trending at the latter stages of the day....

All i can say is, that it's like watching paint dry and for sure, it trends very differently. You have to just grab what's available as the retests are frequent.

Still, combining the Tpoc together with general PA gave me another 10 to the score to cover my comms and give enough for a loaf of bread tomorrow.

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  • #798
  • Jun 6, 2017 2:28pm Jun 6, 2017 2:28pm
Well, turned into a better day. Just added a bit more, but it seems like holding a short from Vvh was the way to go... it's fallen off a cliff.

I also got out of the reaction bounce to the tick using limits;

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a 120 odd tick sell off in the last hour...
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  • #799
  • Jun 6, 2017 2:29pm Jun 6, 2017 2:29pm
Quoting The Cableguy
Decided to revisit after a poor session. Three months ago, this was my bread & butter time, concentrating on pullbacks and i remarked as such - that i preferred the gentler trending at the latter stages of the day.... All i can say is, that it's like watching paint dry and for sure, it trends very differently. You have to just grab what's available as the retests are frequent. Still, combining the Tpoc together with general PA gave me another 10 to the score to cover my comms and give enough for a loaf of bread tomorrow. {image}
You talked me into it. I decided to take a look at this afternoon session when you posted this and caught a nice set-up from the lower value area for +20. Very good price action this afternoon moving down like stairs.
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  • #800
  • Jun 6, 2017 2:38pm Jun 6, 2017 2:38pm
One more screenshot. Whether I took them or not, it's great confirmation to see set-ups play out.
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