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Buy when all 3 MA are crossed
Sell when all 3 MA are crossed
Buy on Bounce off CMA
Sell on Bounce off CMA
Buy on Failed Al Brooks 1 pip break down failure
Sell on Failed Al Brooks 1 pip break up failure
Buy on Trendline Bounce
Sell on Trendline Break
& Vice Versa for TL's
I'm going to find out Monday if I can make myself follow the rules - that is the internal battle that must be won to be a consistent trader. Too many things happened this week to keep me from being able to dedicate much quality time to trading.
& Today I dealt with a hard crash of 7b8. Revo an uninstaller - Thanks Zondor - can be necessary to remove stuff 7 (&6.5) leave behind when doing an uninstall. Also, 6.5 wouldn't work after 7 crashed. Really? Seriously?
So, tomorrow morning I have to rebuild my workspace, then having a SuperBowl Party. So, decided to cut myself some slack (Brett says be nice to yourself) and act on last week's goals:
Did my reading this morning and reached the half way point in the Daily Trading Coach.
Struggling with Lesson #37 - Building Consistency By Becoming Rule Governed. While last week was difficult, I was able to made a few trades that followed the rules, & 2 that did not. This week I've identified setups that will be the focus of my entries - 3 MA convergence & [COLOR=#800080]Ladder Patterns [/COLOR]I've identified at major turning points: Double tops & bottoms, Failed Failures and Churn Zones.
Lesson # 40: Worked on imagery. Visualized seeing the setup, determining the risk and using limit orders for entry with a Stop in place to catch the move if limit is not filled & feel that the risk is well defined.
Lesson 46: Began to participate in the ES Skye Room to foster positive trading relationships. Helping others and them helping you is very positive motivation & works both ways.
Lesson 47: Plan to get a massage this week.
Lesson 49&50: Will continue to identify my mistakes in my Journal - No hiding there. Connect with the costs of those mistakes and work hard to catch myself before making them again. So, work hard to define the risk and select a setup that naturally has the lowest risk. .
Have configured my computer to make NT7b9 preform well (Ran 5 continuous Replay days in one go, loaded with custom indicators). Will spend use workspace for 2 weeks without change.
Went back and looked at my biggest mistake lately. Saw your posting Soumi71 and wanted share what happens when you violate your own rules.
Been saying I wanted to use limit orders and be patient. ES had a Double Bottom at 1079.50, I waited, I should have anticipated.
Entering at 2 pips above the bottom, with a 4 pip stop loss had the lowest risk, by waiting I took a 4 pip loss and missed the rally of the day.
When you follow your rules and plan trades accordingly success comes.
The ES is really lively tonight. Lots of small traders are pushing the ES. Retracements are amazing. I should have bought @ the Churn Bar, another Rule But you can't Trade 24/7.
Plan on using Chart Trader and Advanced Trade Management to see if NT7 can do the same things I relied on when using NT6.5.
Additionally, I will be reading Ord's [B]The Secret Science of Price and Volume[/B]
Hope to develop/&or tweak some indicators based on what I learn and from discussions with other traders interested in Price and Volume.
I think part of the issue with this is there is kind of a paradox with discretionary trading...
You have to trade the plan, the plan needs to be exact...but how not exact can the plan/strategy be that you don't just trade algorithmically instead?