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Goal Accomplished: I am happy with 3 out of 4 trades I took. It's a heavy-duty and fruitful morning. Hmm, I got a F for the first ES attempt (it's me who made a wrong decision) while performing quite good (IMHO) on the remaining trades esp the TF one. Sooooo, at least a C+ for me ...
Note: Today's trades were manually executed and managed by UKNOWHO. They're not triggered or based on any strategies.
Will be back with a weekly recap. Please stay tuned.
I am not very happy with my real trade result. Well, at least I took a profitable trade, ie meeting my minimum standard .. haha ..
What's Next?
1. Will do a review on my trading plan (esp instrument(s)) this weekend in view of the big changes I've made this week.
2. I will study some ABC pattern materials - mainly for education purposes and no plan to incorporate these trade set ups in the coming week. Actually it may take some time for me to digest them. I learned some weeks ago and had a big head.
3. No installation of the MultiCharts application yet as I have not heard from the vendor. No rush for me as it may take months for me to be operational.
Initial Balance: 1029.00 - 1019.25 (9.75 points) Value Area as at 10:40 am: 1026.75 - 1024.25 - 1020.75 (6 points)
Price opened @1026.00
Today's High and Low as at 10:40 am: 1029.00 and 1019.25 (matching IB)
VPOCs: Top 1038.50 and Bottom VPOC ?? (1021 was touched. Will use today's Low and yesterday's Low 1006 for reference.) Overnight High and Low: 1032.50 and 1017.50
It's a long weekend. Maybe Mr Market will not fall too much. Do expect a rotation either Up or Down to extend the range.
I looked at the 2 ABC triangles. Believe one may short when price broke B with SL 1 tick above C (3-3.5 points). Unfortunatley, wouldn't work for me as my SL is 6 ticks. Well, it's on my log and I may benefit from it in the future.
I did a quick TF Long sim trade minutes ago .. based on SMA 3/7 crossover and MACDBB. $100 and not to be added to the official record.
This weekend I am going to look at ES and TF in more details. Seemed TF talks to me more often or it's just my imagination.
Beth (I am going to make a quick lunch before baking some organic banana muffins. Haven't been baking for weeks.)
I did 4 TF sim trades since 12:00 noon. All profitable ones and 2 went up over $200 ... and I let them run until I saw warning signals. To assess my emotion and trade management objectively (still subject to my bias to a certain extent), I have the following ideas (before a more in-depth analysis or internal dialogue):
1. I do not have any former bad trading experience on TF and mostly on ES/YM.
2. Having sim-traded a few strategies on TF since Apr, I am so used to a 20-25 SL to give it more room before reaching 60 PT. In other words, my nerves haven't started cracking when it's 10-15 ticks against me esp the indicators are still on my side.
3. The TF charts I have been using are simpler and cleaner. Psychologically it's less overwhelming even I have been using the complicated ones for months.
4. I have a better trading foundation for TF/CL (new comers) compare to ES/YM when I did not have a system or setup or anything. I was a nerd with a crazy mind .. pretending I knew how to trade when I actually had ZERO idea and absolutely NIL trading knowledge/skill!
Saying/Writing it out serves to remind me how stupid could I be. Well, it WAS me.
I will put my thinking hat on this weekend and map out a revised trading plan for the coming week. Great that it's a long weekend and I may relax a little too .. haha ..
Have a glimpse of the 5-minute chart I've been using for TF semi-auto trading though the enclosed is an ES version. Took a sim Long minutes ago and both PTs got hit within 3 minutes.
Note: The ABC triangle was quite small so my 6-tick SL cushion was okay. Else one has to adjust it to 12 to safeguard a quick stop-out before going up.