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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,772 since Nov 2014
Thanks Given: 3,523
Thanks Received: 3,128
Best part of my trading job is reviewing my trades the following day.
Especially when I enter at optimal locations. Though my exits don't look that great, it was at strategic locations according to my expectation of 40 pts ATR day. I didn't expect a 60 pts day. Almost 3 times that of Monday & Tuesday!
Overall, satisfying day but still need to work hard to capture 80% of daily ATR.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,772 since Nov 2014
Thanks Given: 3,523
Thanks Received: 3,128
Thursday - May 11 2023
My bias is short today. My usual method is unreliable when price oscilates around 20 DMA. Hence I'm relying more on price action pattern i.e Bullish engulfing day yesterday.
man, ive been trying to find profitability for a while. seeing your results are amazing. if youd ever be willing, id love to hear about how i can trade like yourself
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,772 since Nov 2014
Thanks Given: 3,523
Thanks Received: 3,128
Thanks. I'm having a lucky streak of winners
My entire methodology is described in my journal. Obviously it's going to take some time to go through it if you are interested. You may want to ready my recent summary just a couple of days ago.
I'm still in warm-up mode and literally trading just 1 or 2 MES but aim to catch 75% of daily ATR. i.e 30 out of 40 ES points (assuming 1% daily range)
I have only 1 suggestion to any wannabe traders.
"Zoom up your time scale and Scale down your size".
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,772 since Nov 2014
Thanks Given: 3,523
Thanks Received: 3,128
My SPY ETF trade is usually held for most of intraday. Approx 6 hours.
My MES timeframe is based on my profit target. I aim to catch the bulk of daily ATR and that often means staying in the trade for 60 to 90 minutes. In terms of charting, I use the whole range of daily, 30 mins, 5 mins and even 1 min charts. They are only to help me 'feel' the market and NOT to enter/exit. EMA crossover (5/13) in 5 minutes chart may be considered as my trade execution chart (though I'm not a 5 minute time-framer)
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,772 since Nov 2014
Thanks Given: 3,523
Thanks Received: 3,128
Recap.
My 1st trade was near perfect execution of my short bias from RTH open 4141 to 4123 for 18 points.
My next short attempt backfired mainly due to my order mishap. I shorted the bounce @ 4135. The expectation was a test of Y-L with profit target of 4105. That turned out to be too ambitious and that's ok. When we made a new swing high @ 44, I should have been out @ break-even during the next pullback. (I am a big fan of stop limit orders). However, my error in input meant the trade was held till the end of the day and hence 8 points loss.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,772 since Nov 2014
Thanks Given: 3,523
Thanks Received: 3,128
Didn't have the discipline to hold till 4131 and got out @ 35.
Pre-mature exit most likely due to psychology i.e decided to maintain the good streak intact. Since this is my first week after a lengthy break with jet lag still lingering, perhaps I can be gentle with myself.