Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Tried to watch the 6E only today as I have been cut early and often with the FDAX. Love the movement but the rapid swings at times can be just to difficult to harness for me at this time.
You will notice there is a new paint bars on the chart today. I decided to try out Sharky's new EMA Color Paint that he released yesterday (See Jeff's "All You Need Thread") . My initial reaction is I like them. I am still getting use to them and not sure what my final view will look like (whew, good thing I reserved the right to tweek this thing - see 1st post )
1st Trade: In retrospect, (you know you are about to describe a loser whenever you start with these words)... I joined late to the party. The real entry for this play was at 05:58 and not at 06:17 when I took it. Bottom line I got filled at the very lowest point, not a single tick of profit, and exited with one of the single largest losses at (-9 ticks)..Next and move on.
2nd Trade: For as bad as the 1st trade was, this one was equally good. I had drawn a trend line and was watching it retrace back to it. We were not too far from the lows and I felt if this trend line broke it might make a run for the lows. It could not have played out better. As I realized not a single tick of profit in the 1st trade, I felt not a single tick of heat on this one. It moved steadily down toward the lows and even made new lows. I exited after a small retracement back up. End result, I covered the losses from the 1st trade and met my goal for the day.. Now for some coffee
Sorry for the late post today. I spent the better part of the morning playing with the longer time frames/ranges along with the shorter ranges I had been using. End result, a lot of confusion and larger stops.
I came to the conclusion once again that I am more comfortable looking at the shorter range (2) and using other indicators on that chart to show me the bigger trend. The good news is the adjustments I made today should help me going into next week.
UPDATE: I found the EMA 20 Period was not long enough and therefore would flip sides too often. I since changed that to 50 Period and it seems to better identify when and which direction to trade and when to stay on the side lines.
I'll come back later at Lunch and type in the details. Got to run to get my son off to school and then to work. For now here are the screen shots.
UPDATE: I worked this weekend on a money management plan. I have known all along that multiple contracts is optimal. I never really got that far before as I felt I needed to be comfortable with a trading set up first. For the moment I have settled in on the following. (2) contracts entered at the same time. Stop is originally set at (-5) ticks for both. I know this sounds too small, and ultimately may be however my logic in thinking is that using a (2) Range bars means that (-5) moves more than 2 bars against me which more than likely means a color change anyway.
The target for the 1st contract is +3. I have read in numerous places that it is a good idea to take a quick profit on the 1st contract and slide the stop up on the other. At +4 (I have tried the slide at +3 but too many times that price gets hit, but I don't get filled and end up stopping out on both contracts on the slide), I slide the stop from (-5) to (-2). This way I have almost assured myself of atleast a B/E trade. At +5, I slide the stop up to +1 and there is where I leave it until exit. At this point I manually manage the trade and look to exit at an R/S point, or a New Hi/Lo.
Trade #1: The first thing I glance at when I bring up the chart is the 160 WMA. If it is flat that is a very good sign that the market is chopping. I am really looking for a deep slope one way or the other before getting interested. Deep slope means one side or the other is in panic mode and it seems that is where the money is made. One thing I am experimenting with based on the "All You Need" thread is having a Moving Averagedashboard of a longer range (9 Range) visible to me at all times. This really helps me to stay on the right side of the longer range trend. When the 50 EMA and the 10 HMA are the same color then and only then will I turn to the shorter 2 Range chart.
Having never used the ATM I created I ran into problems when I entered my first trade. Price broke down below the 160 and started moving south. I should have been out of the play and done for the day on the 1st trade but my ATM kicked me out early. Still +$80.00 almost there.
Trade #2: I took one other tip from Jeff's "All You Need" thread over the weekend and placed R/S lines on my chart based on previous days/weeksprice action. I am glad I did that as price respected one of the lines I had just placed. This entry was based on a bounce of one those R/S lines. Again I had trouble with my ATM but still got enough of the play that met my goal. As it turned out that was right where the price would reverse so it all worked out fine in the end.
1 step forward, 2 steps back.. Not a good day overall as there was no follow through on any of the trades I entered. (2) winners and (3) losers. The 2 winners went for a total of 4 ticks before reversing. So I cashed in on the 1st target and then stopped out B/E on the 2nd contract. Throw in a few losers and you can see how this can be a losing formula.
Had I just followed the "9 Range Dashboard" and stayed out as it indicated I should I could have prevented this mess.
hi Hjay,
i really like your journal + the setup.
i hope you get it run with this fast Trailstop - i bet it will !
i agree with that.
the small timeframes dont give you very big runs - so you have to take what you can +
prevent biger loosers -
as you say -- after 2 candels against you, you have + you have to go out.
this is trading pushes and not riding big trends.
looking forward to the evolution
ThanX
Well as far as set up and price action today should have been much easier than yesterday. However factor in the human element, me specifically, and things didn't actually go as planned. In truth I was experimenting this morning with a little longer range to help prevent some of that whipsaw. Also, I started the session earlier as suggested by sefstrat. Boy what a difference in volume, follow through, and just overall participation at 4:00 as compared to 6:00 or 6:30. The hard part is moving my schedule even earlier..hmmm..got to think on that one.
Trades: Far Too many to list so I will just post a chart of what I have been looking at and what seems to be a nice set up off of the discussions from TRO. As you can see it was 100% money today, and really very high success rate from what I have seen since TRO introduced it to this board. One could almost make this a bread and butter play.
)
