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Being a recording engineer in Nashville, Tennessee, I think trading would be a wonderful second career for me, as I enjoy the technology involved. Technical Analysis is fascinating.
So here is a brief history of my limited experience playing the markets...
I spent a couple of months searching the web in my spare time for a good, simple to start with Platform and an affordable broker...
I settled on the NT/ Amp / Zen-Fire set-up.
After Sim testing for a month or two, I liked it enough to spring for a lifetime license.
After another few weeks of Sim trading, I felt confident enough to dive in. I probably selected the wrong market to start with... The ES.
Trading live seemed completely different than Sim trading... Imagine that!! lol
I cut back on all the nonsense of too many indicators on my chart and just started observing price action in the YM. Live Data without trading. Just making mental notes of when I would enter and exit.
I jotted down the best moving times and went back in.
I have been profitable ever since.
I will get into my system and rules in my next entry.
I think I am going to enjoy my time here at futures.io (formerly BMT).
I now begin my journey to earn enough coin to hang at the farm, look out the window at my horses and trade.
Will post some about my method, this evening... I'm about to go into session.
Tried to pick up a quick trade at the opening this morning, but the YM seemed quite confused. I was out. No trades today.
Have to start my regular gig...
OK.... I finally have a little time to talk about my simple little trading system.
I use two screens. My Mac laptop and a satellite monitor.
On the Mac I have a one minute chart setup with the old 5 and 10 period EMA trick, along with a 100 period SMA following the price action.
In panel two a have the Volume Up Down indicator.
In panel three, Stochs (7,14,3)
In pane four, RSI (14,3)
I also keep an eye on the DOM with this screen, but I seem to be glancing at it less and less.
On the satellite monitor, I have a three minute chart with the same MA indicators as on the Mac following the Price Action.
Same Stochs
Same RSI
I have Chart Trader setup on this Chart.
I have two T&S panels running next to Chart Trader side of the chart. One filtering out very little and the other filtering out much, looking for Pro's.
My cues are...
1.) A volume spike
I then look at T&S to see how much activity is taking place and if some pro's are in or not.
2.) All Stochs and RSI indicators going in my direction. RSI must cross 50 on both charts.
I'm still watching the behavior of T&S.
3.) I'm a fan of the 5 and 10 EMA crossover trick. I never move until after they cross... at least on the
one minute chart
I don't like trading against the 100 SMA. If above Bullish, if below Bearish. It more often than not also works as support and resistance. And speaking of that....
4.) I always enter and exit a trade with recent support and resistance levels in mind and marked on my chart.
5.) The Elliot Wave....
This is the most fascinating thing I have come across in my research and observation of the markets.
Almost all breakouts have the five waves.
The first wave is the initial big run that comes from nowhere and nobody can predict.
The big volume spike happens after this. There is always a pullback (wave 2). The third wave is the one I try to time and ride. It always seems to be the most powerful. I will be out of the trade when this Wave
slows down and pulls back (wave 4). Sometimes I will go in again for the final wave (5), if the Volume and T&S support it.
I will then wait for the next setup. I usually only trade once or twice in the morning. Never more than four and rarely in the
afternoon. It simply takes time for these ideal moves to set up. The rest is just static noise.
Well, that's basically it.
I suppose I am a student of the theory that Price Action Rules and Indicators are only there to mathematically support
what your own instincts are telling you is happening.
RSI seems to be a very good indicator for me. When that baby crosses 50, it will most likely breakout, if supported by
Price action.
Man.... I hope I can do some trading in the morning....
I got so confident I thought I could just catch a quick before hours trade while I was
finishing up some editing work at the studio.
Not paying full attention to the trading, I filled a position without my strategy being selected
in Chart Trader! Seeing there was no stop on the chart, I closed out as soon as it went south.
That was the first loss... 4 ticks... You think I would have learned....
A few minutes later I see a big volume move with good looking indicators , I go in.
Position starts going south... glance over at T&S and it was against me the whole time. I never even looked
at it, I guess.
Stopped out....
lesson.... When you trade, ONLY trade...
I always remember these lessons when it costs me $$$$....
Oh well back in now at home... Let's see if I can make a bit back now that I'm focusing.....
only 4 hrs sleep at the studio, but I'm feeling pretty good and not mad at the market.... It was my
own fault... never should have taken the second trade and I'll never know about the first....
I'm giving myself two more trys this morning, if they form.... YM looks pretty choppy....