I am trading mainly price action now, oscialating between the 5 renko chart, the 12 range and the 5 renko with JeffDots. I am basically trading breaks of HH, LL and confirmed pullbacks of HL or LH. It is from the basics of what is talked about in the thread elusive price action. ( I am keeping my stops at or near 15 ticks and then looking at the chart for profits. I still have alot of rule defining to do, but I think I am on the right path. At least I really like what I am doing now and believe I have some good MM skills. I am also reading the Daily Trading Coach each day to help get my mind right.
Updated on April 21, 2010
I think I have something I really like to trade now. Here is the template and indicators. I dont really use the indicators for entry, I use price action to decide where and how to get in. My money management is simple. Stop can be between 10- 15 ticks and take profit is 10 ticks or so. The idea is that I wont ever take a stop I cant recover from.
************************************************ old ways ******************************************************
I have been reading about setting goals. Here is mine. Drive my 2000 Plymouth Neon to the local Ferrari dealer and trade it in for a Scuderia. Now that sounds like fun. Here I will post my current trade plan and then daily show where I take my trades and reasons behind them. When I first came to this site I really liked Mikes bands, in fact, that was the reason I joined. I am surrounded by people who use Murray Math, but the problem is that when price runs, it recalcs and I have seen some major stop outs because of recalcs. So the bands provide some of the same concepts that I am familiar with. Mike seems to use the bands as take profit targets but I will use them as entry bands.
Trade Concept:
Product: Crude
Time frame: 5 min
Indicators: nexusfi.com (formerly BMT) Envelope, Collective MA, Wave (just cause I like the colors) and Volume
Buy the bands as the market sells off, 1 lot at each of the first 3 then 2 lots at band 4 and 3 lots at band 5. And then sell the bands as the market rallies. Take profit at Collective MA or when at least .10 in the money.
There is some discretion to this. But basic idea is that even if I did something that was undisciplined I would not take a losing trade, I would average in and then take profit.
My personality is not very disciplined and I am not the most patient guy when it comes to the market. Sometimes I click just to click. Obviously I wish I would do a better job. But I figure I just want to make money, and I think I can do it.
What is good about my system, is that mentally I am confident I will make money so I do not approach the market with fear.
So here we go. Here is a chart with 1 trade done. I dont trade on NT, i just use it for charts so I cant show you all the entries. But I have uploaded the trades and an analysis thing that my platform does, so feel free to take a look. Largest position held was 5 lots today.