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Lately I often was asked for the ABC pattern recognition. Actually I didn't planned to make it public for different reasons. But maybe it can help somebody. Of course the ABC pattern is not a Holy Grail but it gives you often a really good entry with …
I welcome any feedback, comments and suggestions for improvement.
Please discuss the PriceActionSwing (PAS) indicator in this thread. Any comments or suggestions are more than welcome here. If you have a more private issue send me a PM or better an …
FYI: I'm using the old version and not the one plotting ABC and horizontal entry line.
Mon - No Trade
Tue - 1 loser (TF -6) and 1 winner (6E 5) (The TF trade was a mistake on my part.)
Wed - 2 winners (6E 6)
Thu - No Trade (Vet Holiday)
Fri - 1 loser (6E -6) and 1 winner (6E +7) (I missed the osc warning and failed to exit early.)
Total +7 (To simplify the tabulation, let's have TF -6 = 6E 5.)
$ after commission $58.94
It's a baby green week and I'm quite happy with my performance.
Goals Accomplished:
1. Overcame the reluctance to continue trading esp after a losing trade
2. Better control of emotion
3. Did not beat myself up too much. I'm still a newbie with lots to learn oooo
Room for Improvement:
1. Not just focussed on the price movement on the SuperDom! Missed the OB/OS osc warning else I might be able to exit early and not full SL .. sigh ..
2. Started paying more attention to Divergence this week. It undoubtedly upgrades a signal to A+++. Will continue polishing this skill.
I am going to throw in occasional 2-contract trade(s) next week. Am gaining more confidence on myself though I'm not perfect .. haha ..
Wishing you all a Wonderful weekend. It's going to be warmer here (10-15 degr C).
Great to see your progress. I will go out on a limb here and say now you need to make a leap
of faith.
I have followed your progress with various systems, indicators, stop losses etc.
I think you already are miles :car:ahead from where you were and your discipline and focus have really paid off.
Attached is a screenshot of what I KNOW YOU CAN DO. Because you HAVE DONE IT ALREADY!!!!
1. Take your signals
2. Dont worry about whether it will be a winner or loser, because YOU DONT KNOW and you SHOULDNT CARE.
3. 33% LOSING trades sounds bad...but look at the results....
Look what your account will show you.... YOU ARE ON THE RIGHT PATH! I have seen your posts for many months of your weekly results. You can proably do even BETTER! 6 trades a week could easily be 6 trades a day with whatever instruments you normally follow.
Your prompt sharing and encouragement have made my day/weekend. Thank you!
I'm quite proud of the grounds I covered so far. Remember there're months when my charts (multiple instruments) were packed with indicators (over 10) + I made 1-2 changes every two weeks and still not satisfied. Now I have a 3-Range chart on one instrument with 2 MAs and PA labels (HH/HL/LL/LH) + occasional divergence dots on Panel 1 plus an OB/OS osc indicator on Panel 2 .. that's it! I never imagined before that I could trade with so little ..
I'm glad that I realize my scalping preference (not capable of managing a trade for 15+ minutes) plus having a comfortable SL cushion (6 as a start and tighten up with a warning) that I won't lose zozozo at night. With the current set-up meeting my risk expectation, I can trade with minimal emotional stress. I also learned not focussing on daily performance and $$. Instead, assess my performance (in ticks) on a weekly basis. All these changes have been soothing my psyche ..
Yes, this week has been great esp for my self-esteem. I will have a bigger heart to do more trades (incl multiple-contract ones) in the coming days. Oh, I also did occasional sim-trades at night say between 6:30 pm and 9:30 pm EST when the Australian and Asian markets open. Most nights have been green (6-8 trades/night) say 15-20 ticks. Practice makes "almost" perfect LOL!
When price movement is swift, SOH is the only option we have. What happened?
This morning it happened a few times .. I identified an entry (per enclosed example) upon its breakout. Before having a chance to enter an order, it went up 20+ ticks in seconds. One may think it's a great and feasible trade IF he/she only goes through the historical data. We do need live trading (sim or real) to encounter the shock LOL!
What can we do after its running up or down without us in??
My advice: Wait for another high probability signal .. More to come ..
I am not a night owl and can stay alert after crawling out of my bed around 2:00 am/3:00 am EST. Sooo, trading 6E between 2:00 am and 8:00 am will not work for me. When I did research months ago, 9:00 am - 11:00 am is a workable session. Then I learned from a trading friend that it's also trade-able when the Australian and Asian markets open.
I believe knowing when to trade is a critical success factor. Appreciate more tips on the same. Thanks.
Interesting isnt it! I am in Australia and I have come to the conclusion after trading the last 2 years or so that the best times for me to trade are From about half an hour before Frankfurt open for about 3 hours ( ie through London open and into the London session) and then the US preopen to 2 hours past US open. This means early evening to early morning with a break in the middle in my time zone. I dont trade the Asian session as I have found it too illiquid and erratic and many people I know have come to this conclusion.
But I have never traded your 3 range method either.
Thanks lindsay for your kind sharing so that we can safeguard trading at the wrong time segment.
To make my life a little easier, will you provide me with the hours you trade in your time zone (Sydney, Australia) so that I can find out the corresponding EST hours. Thank you!
Thanks Cory for confirming my "belated" realization ... Now I believe market replay is the only option (other than sim/live trading) that can really test our set-up and discretionary trade management skill LOL!