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Trading: Silver(ShangHai AG future contract), China IF index option
Frequency: Several times daily
Posts: 105 since Aug 2017
Thanks Given: 19
Thanks Received: 29
I was mentored by David Weis, busy with work for years, decided to trade again.
I day trade commodities in China, which are usually tiny future contract, mostly RB(Rebar).
I look on charts for:
Support and Resistent
Trend lines
SOT (shorting of thrust)
The setups I decided to confine are:
1. Spring
2. Upthrust
3. Test of breaks
4. Light pull back after COB.
My problems:
1. Trade randomly
2. Trade on my imagenation
3. Force trade, Like to reenter after a trade closed.
I must bear in mind the Sequence of scan of charts:
Structure-waves-bars
Daily-hourly-15min-5min
Trading: Silver(ShangHai AG future contract), China IF index option
Frequency: Several times daily
Posts: 105 since Aug 2017
Thanks Given: 19
Thanks Received: 29
My main problem is over trading in frequency. I'm a Predetor in Dr Van Tharp's test, always eager to trade.
Made 4 trades this night. It will trade to 02:00 am GMT +8, that's not nice. I'm going to sleep, it's 23:10 now in my time zone.
Trading: Silver(ShangHai AG future contract), China IF index option
Frequency: Several times daily
Posts: 105 since Aug 2017
Thanks Given: 19
Thanks Received: 29
This is a good small trade today.
While today I made a lot of trades, I fall into the bad habit of force trade again, trading small signals, and get whipsawed.
I'm fully aware of my problem. I am good at market analysis, I'll work on:
1. Write down the market behavior to trade, with clear rulls.
2. Set the standard routin of my trading behavior.
Below I show my problem, I made too many trades, a total mess. I'll work on it.
Make sure you start with market structure, trending or ranging. Avoid trading in the middle of a range, trade at the extremes.
I assume you've red his book "Trades About to Happen". In the foreword David Weis is quoted saying:
"When you go fishin’ in a lake, you don’t just row out to the middle and throw a line in the water. You go where the fish live—around the edges and near the sunken trees. Same way, you enter trades near the edges of congestion zones, where bulls or bears are so exhausted that a small amount of pressure can reverse a trend.”
Look for springs in an uptrend or at the end of a downtrend in an accumulation phase. Look for upthrusts in an downtrend or at the end of an uptrend in a distribution phase.