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Some excellent points. I agree 100%.
My journaling usually will include detailed descriptions of that days market conditions..what strategy I thought would work best in those conditions and the results. That way one can examine which strategies worked best under certain market conditions. The data generated by that can obviously tell you what type of conditions and market structure is most suitable for that individual trader's particular style and their overall pre -market trade plan.
Cl can have days where many entries have fast pushes that have tremendous follow through. Those are days where you can time in and ride out a multitude of runners. Other days you have times where almost every move goes a few ticks, chops back and forth ..and goes nowhere. These are the days that used to kill me . When I sense it it one of those days, I wait untill a major price point is reached before making any trades. Only then, if there is a sufficient reaction..will I take a trade.
My journals with the market condition data has helped me navigate these treacherous conditions far better than I used to.
I've been following your journal but haven't posted before. Keep up the good work!
The one caveat I would offer here is that this kind of mechanical testing you're conducting now can produce misleading results. So the 10 tick hard target performed well last month; doesn't mean it will continue to do so. Maybe next month all the moves start reversing at 9 ticks.
If you're able to stay profitable by using discretion on your exits, then that is ideal. A discretionary trader can adjust with market conditions, which will change dramatically over time (not might change, but will change).
Just a couple of thoughts. Adding the 10 tick hard target as a "diversifying" strategy might continue to work well but you can't count on that based on this small number of trades all taken during the same period in history.
Today was a great day as far as having the proper trader mindset goes. Really quite good, but not perfect.
After checking the news today, I got the idea to set a loop timer to be a reminder to bring me back to where my mind should be, and read through important mental beliefs and such that I have written out (all Mark Douglas stuff).
7:00 to 7:22 - I did notice a bit of frustration felt due to the fact that the market was absolutely not moving. I noted this feeling, and refocused.
7:48 Long taken. Stopped out for full loss. (-9)
*In between trades (looking for next edge) I noticed, "I'm fully aware of my desires to anticipate signals today." This is a good thing for me to notice myself thinking about.
8:10 Long taken. Scaled out 2/4 (+10). Market reverses very sharply and takes out my stop on 2nd half (-14).
*the market is telling me something by that type of activity.
8:26 Short. Market flatlines. I stay in the trade doing nothing for nearly half an hour. Full stop hit (-11)
9:05 Short. Scaled out 2/4 (+10), Another lot at (+18), and the final lot at (+30).
9:33 Long. Full exit, given transition period in trend (+12)
10:01 Long. " " " " (+12)
10:37 Long. " " (+11)
10:55 Long " " (+7.5)
Done for the day. Nice job of trade execution and self awareness.
Hey guys, I'm trying to find what the pattern in CL price action has been over the past six trading days from 11:30CST to pit close at 13:30CST..... I could really use a sharp eye to help me see if there is any similarities... I've highlighted the time of day with a rectangle on each day's chart...
Not sure if the S5 platform shows your entries and exits, but if it's not too much of a mission could you please post your charts showing your entries/exits as well as your trade analyzer results. It would help those of us learning from your journey to see the whole picture.
There is a program I use that is free on the web called "freebienotes" - it allows me to create a series of pop-up notes with customizable messages that pop up onto my screen at pre-set times of the day. E.g., I have a note that come up before the open to remind me to create a plan for the open based on different possibilities. I also have a reminder around 10 am mst that reminds me we are entering a time of day that is often choppy and to be careful. I have maybe 10 popups that come up throughout the day reminding me of technical and mental aspects of my trading plan.
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert