I would be interested to find out what they're, Mick. I trade discretionarily also, but there are a number of rules I (almost always stick to.Originally Posted by ;
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I would be interested to find out what they're, Mick. I trade discretionarily also, but there are a number of rules I (almost always stick to.
The rules part is a bit loose at the moment (they are more embedded in the plan I think), it is nearly impossible to get hard and fast rules trading PA but I'll try to firm them up and put them on paper, then we can compare, I'd like to here some of your rules too, every little helps
Ok, this really is the start of my plan outline. I'll post these graphs to provide a picture of why and how I could enter a trade. As with almost any trades, nothing is sure but you need to have a motive to get into any market. Every set up is different but these graphs at least provide a high view of their entrance criteria.
I do not draw trend or S/R lines like I can see exactly what I want to in the purchase price. All preceding PA is that and is old news and should not be taken overly seriously.
That said I do not feel the marketplace is totally arbitrary, as likely the majority of traders - new and experienced alike - utilize TA like fibo/pivot points, trend lines et al, they really do possess the 'self fulfilling prophecy' to some extent when there is a steady market (ie. No large CB sell offs etc.) so that I do keep a look out at those more obvious things in the PA..
Charts:
I would class my style as 'day trading' therefore that the first thing that I look at is your daily graph to get a sense of market sentiment. Line 1 shows the general trend management with line 2 showing the major S/R. If you look over at the blue box you can also see that this was also a previous service amount.
Next I'll drill down to the 1 hour to get a close look at what is happening during the day and affirm the daily trend is still in place. Taking a look at the graph the S/R degree is very obvious, there is a nice hammer shaped at the blue triangle.
I'll then drill down to the 15m, this is where I start paying close attention to PA, notice the trend here is awaiting (1) and we have S/R at (2). We have to take this for what it is, it's down mainly due to the recent break of S/R is having a return to S/R.
Then there is the long white candle at the change point, it's not a great bullish engulfing pattern but it's looking great for an entry long, let's take a closer look.
On the 5m we can see the way the bullish candle from the 15m has been shaped, I was watching this, seen a slight stall in action then waited for this to make up its mind which way it was heading before jumping so long at the horn.
This is where I spend a good deal of time following the entrance to keep a watch out for the PA, there was a slow pull back which ended up forming a hammer which made me feel somewhat better and lasted on slowly upwards. The reason it's slow I think is do to the up coming S/R, this is where I'll be looking at PA very closely to get a change or break out long.
Once in and also the 5m is appearing strong I'll jump up to the 15m and keep a watch out for it there, I remain there while the 15m PA looks great, if it start to show signs of flattening out or alteration I'll jump back to the 5m to take a better look at PA..
If I am a reasonable way ahead I'll give it space to maneuver, typically I'll only watch the 5m to make certain that the pull back is stalling, if not I'll take action as required.
What that action is I'll discuss in the upcoming posts and a lot has to do with my MM plan, basically if I am well ahead I may liquidate the majority of my place leaving state 1 unit to perform the move, by that time the device was basically free and it gives me a opportunity to remain 'in' the current market, I believe that's important, largely if I get a run away price movement in my favour, I am already in, I do not wish to jump onto a moving bus that's going too fast!
Yesterdays trade update:
Small disaster! Down load 156 pips.
That's my main loss to date (with this account ). I am still positive for the week ( 1 percent of accounts) but I'd normally not let this happen - lack of patience and an excessive amount of hope I am afraid.
I was long according to my entrance details previously, I was in front at the same stage and was considering taking a fast scalp, considering the type of market I should have, I might have netted 30-40 pips.
I then went short after realization set in that it was going to go south, this is where the overnight stops captured me out again.
I might have made a little profit from these trades (I had 3 units in) with 2 in front and one at a negative position but I had had enough of the market in its current condition last night and I put my stops near the winning positions only to be caught outside by about 10 pips.
Evaluation:
I heard a good lesson, the marketplace was in a top in the previous day's rally, there was a bearish pennant forming which I set down to some correction and was expecting a further rally which didn't come. That's fine, the thing that I did not anticipate was the flatness of the price.
In a marketplace like this I believe I will have to take a scalping type egy (If I move in at all) and take volatility at which I can, I had a few opportunities to do that yesterday and I reckon I might have pulled out 100 pips just by scalping but actually, I might be better off waiting for the PA to tell me which direction it is going; either that or learn how to e better
I will have to think about that a bit farther, if my book looks good it could possibly be well worth it but I won't be trading like that with a fresh book (ie. Not in gain for the week/month). This may come which today, I expect to finalise.
I shall no longer be submitting pip gains, not at the pure gain sense anyhow they no longer mean a excellent deal to me anymore and I'll clarify.
I will not go into great detail just now but while refining my MM egy I created a few personal discoveries.
Basically I have been looking at pips gained/lost for measuring my progress in reading PA and assessing the current market, what I have not been doing is watching these gains/losses do to my underside line. As I'm just on a 100k demonion I have been just buying full units for every entry simply to see if my purchase in egy retains water, it does for obvious reasons but in addition, it has a bad side effect - it chews big chunks out of your book when it goes against you.
Whilst watching a commerce go bad you're always just waiting to obtain an exit or a good change - this is 'trust' and it's bad for the trading. My risk is 1% so it's possible to imagine that using two or three units in and 50 pips from you and looking worse it becomes scary!
That is exactly what brought me back to acute MM study, I will not explain now as I'm waiting for a current trade to perform out and if it does I'll post what happened, how I felt during the trade and why I think it's some merit, at least for me personally.
All right, I'll post the chart , feel it or not I feel quite comfortable here, I'll describe whay later. Put it this way, I'm not even a quarter to my hazard allowance
It might work but when it does not I'll be quite ready to bring a loss of this size.
Well, whadoyaknow! It functioned, I walked from the with a tidy profit!
I cant post the graph only now (distinct PC) but basically I ran out of time to watch so that I specify a take profit stop just below support so my very first unit made about 20 pips. I had another stop about 15 pips above the price on the chart but it didn't get filled.
That I may have been lucky, maybe not but I believe this has some merits.
If you comit to a commerce you need a way to fight for it without being wiped out too early, this egy appeared to work well. I was not anxious to move either way comfortable in actuality, and it worked out ok in the long run.
Have to explore some more then I'll post my findings, it might not earn as much profit but it is definitely a safer way to trade.
Yesterday and the trade above's have opened another door, now I need to walk through and have a appearance.
I will not be trading 'correctly' for some days/weeks, I've got some serious work to do for this, essentially I will put myself on kamikaze duty for some time to practice my 'rescue' egy/s and work out how to use optimum MM to bond me out.
I'm getting a completely new perspective in the marketplace for this I'm discovering invaluable.
I shall post some trades sometimes and my progress simply to log them to not be taken overly seriously though, it will just be entries and the outcome of battle.
The MO on this is to get/keep the book square, this will involve searching for quick plays and taking profits when possible to take the border of the current losing position until it turns profitable or .
It is not going to be easy and I've already fought a few these battle and they can become very drawn out but the attention that you put on the market is far more intense than when You're winning, that is the practice I'm after
That was a good trade.
So that your overall risk was the same, you just averaged in, is that correct? I like that way of trading; I thought about using it.
Yes, I dropped in backward. My risk according to a 100k account is 1% (1k), then I broke my risk into 5 lots so my exposure was even less. I never even got near my risk tolerance which made it comfortable, it also allowed me to be averaged in once the transaction come back in my favour.
This is not really the way I want to exchange but if I want to rescue it it has its own merits. If you do utilize this egy just be sure that you're on the ideal bus rather than over exposed at the beginning
I'm actually at a real bull commerce at the moment I threw myself into on purpose to try out some MM with to save, so far I've scraped back a few pips and gradually scalping enough to balance the book, even with an entrance or 2 still in the red. This is the secret, if I will get my book square and also the transaction still goes in my favor I can even take a small profit if I'm blessed but I'm very aware I'm on the wrong bus so it'd be sensible to Loe a channel and get away
Here is the last few transactions' chart.
Box 1 is the previous trade brief - triumph
box two is last nights commerce brief - triumph
box 3 is todays commerce long - triumph(ning) still in as the bus is turning my manner
In amount terms I've put at least 1% on my 100k accounts at 2-3 days. (rough calc - 20k lot = approx $2 pip = ~500 pips)
The next commerce is the kicker, I went on goal in a marketplace that was clearly contrary to mepersonally, it is a wild ride and I really did lots of scalping to acquire the publiion square. Only once was I near my 'first' risk (20% of 1k = 200 risk) and I was not worried in any way, in reality it was fun but I wouldn't trade like that for a living - it is hard work!
Anyway back to it, let us see if I can maintain the winning streak
Edit - I am outside with another 20 or so pips, had sufficient now, might provide the road fighting a rest tomorrow and try to get on the right bus and see if I learned anything.
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