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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
I am piloting a method of execution. I seem to read the Volume profile better now and more comfortable with Auction Market Theory.
More often than not, my expectations in Market seems to working out but I often lack the conviction to stick to my plan. I also have a screen time of only 60 minutes US open due to my regular job. Hence this method to see whether I trade better without my monitoring. I could be my own nemesis
My main trading journal is where I will post my analysis and expectations and the link is here.
I have been an active futures.io (formerly BMT) member for more than 6 months now. I gained immensely from my previous journal and starting this new one to make it easier for me and others who want to understand my methodology.
I …
Currently I swing trade ES and hold just 1 or 2 positions over many days. I tried to add more i.e scaling in/out but it mess up my head and also increases my anxiety/excitement. Hence this additional journey and a slightly different technique. It's similar to ACD method but I will rely on volume profile for context.
My game plan.
Trade SPY 150 per day. Intra-day only and NO overnight position.
ABSOLUTELY NO INTERFERENCE BY ME ONCE ORDERS PLACED.
Maximum risk = 150 dollars a day
Maximum reward = 300 dollars a day
This money is ideal for me as it's MORE than the 'I don't care amount' but LESS than the amount that can cause insomnia.
I will do this for a month and then will try with ES. Apologies if there is just random numbers of entries and exits but hopefully it will make sense from my main trading journal.
Edit - I got the math wrong. It's 1:1 RR but that's ok.
Profit targets work if entries are aligned with the trend and average rotations are big enough.
Are you planning on trailing the stop loss? Not suggesting it, just curious. I tend to leave a wide trail when I leave to lock in 1R but half the time it cuts off profits.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
I am going to be flexible and consider other execution styles after few weeks. I am starting with fixed targets. I am not considering trailing stop loss at this stage but If I think I am missing out on big moves, then I will consider that.
My logic is based on the fact that ES average range is 20 to 30 points.
If my stop is 8 points away and maximum target is 12 points. That means, all my orders will be executed intra-day. Since I don't have technical background, it helps to keep things simple, atleast in the beginning, and then I will add more layers of change. I still find ATR, 1SD & other bands confusing and prefer HVNs for profit targets. If they don't seem to work, then I will learn tools too.
I tend to use volume nodes for entries and exits, myself. It is the way to go. At least until a different trend sets up. Much more cut and dry. I would say this is a good way to learn how to control your psychology and set yourself up to make more than you lose. I use an OCO strategy with exit orders, but I tend to base it all off expectancy figured from volume nodes and volatility. So the setup is somewhat discretionary but the execution is mechanical.
Also, just a note, if you are using ninja and you don't want to hold overnight or have to manually close out, you can set it to close all open positions at RTH close. It's in the options.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,733 since Nov 2014
Thanks Given: 3,408
Thanks Received: 2,992
Expected pullback to 1949 is not happening. Will put a limit order which may not get filled. Not considering long above 1960. Tempting to short 60s but risky too. Will wait for 30 mins.
