Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Second trade of the day +20 ticks. Entry was solid and all the conditions were met. Again, price went another 50 ticks after I exited the trade. I am up 30 ticks for the day however, had I held to my original targets I would have been up 60 ticks. Still, I am happy with today's action because I did not have any hesitation on my entries.
My first combine is coming to a end and I didnt make it. I have to say since I have started I have been humbled by the market daily. However, I am not disappointed. At this point in my journey this is what I needed. Below is my high level summary of what happened and what I have learned.
Well, thats it for now. I will be going over my stats this weekend and then make a determination when I will start my next combine.
Congrats Robert. I would call it a success even if you didn't pass, because you've gained experience and knowledge that will help you perform as a trader, and probably identified areas of strength and weakness to work on for the future.
I probably dont use the hourly charts as you would expect. I actually use them for intra day trading. Most of my trades are made in the first two hours. My entry strategy is based on entering a trade in the first 20 minutes of the hourly bar. I found the 60 minute bar does a awesome job of filtering out the noise of the market. Entries are really easy to see; if the bar is up go long is the bar is down go short. Obviously there is a bit more to it than that but there are some days its just that simple.
To answer your question I would enter around the open and exit at 4PM using the hourly charts and use the daily as confirmation of the trend. The longest trade I have held to date has been about a hour and half. Long term I envision holding for an entire trending day but I am not there yet. Right now I am happy with just having positive days.
Below are my numbers for CL and UB. Conclusion of the this combine: when you have a plan good things will happen.
I was reviewing my trades prior to the combine for UB. During this time UB was in a range for over a month. When it broke out of the range is when I started having problems. As I stated in a previous post, I traded UB in SIM after march 5th where I proceeded to lose several thousand more dollars.
Very nicely done man, I see you have learned a lot out of that combine and it will pay off. I like the less is more and think you are doing very well to control your down side. Things will come together in the end.
I will be starting a new combine in the next couple of days. This time around I am choosing a combine which I am capable of completing successfully based on previous trading results, instead of picking one which my ego thinks I am capable of completing successfully. Should be a different result this time around. As with the last combine I will post occasional updates and charts.
I have been practicing in the yen over the past couple of months and have been considering it for a additional combine. I made this trade today for +40 ticks. (see green box) I use the hourly bars for the yen and hold time is anywhere from 1 to 6 hours. This trade was for 2.5 hours. What I like about the Yen is volatility is low compared to CL and it only needs to be checked once a hour. Risk reward is 2 to 1.