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In addition to checking my labels before the market opens (correct any major misinterpretation on my part), I am going to have a lunch comparison so that I will be on track for the afternoon plotting.
What's New? I'm moving my HL/LH if there's another HL/LH showing up (may have some choppy bars in-between). For the "older" me, I would not know what to do. Now, I enjoy the flexibility to move my labels around and not getting stucked. A little improvement?!
Beth
Can you help answer these questions from other members on NexusFi?
When breakout/breakdown happens close to one of the Murrey Math levels, I am quite reluctant to take a trade. For me, it's better to be safe than sorry. Guess my heart will get bigger when I am more experienced LOL!
Trading: Mini and micro US Indexes/ DAX/ FX/VIX/GOLD
Posts: 180 since Apr 2010
Thanks Given: 53
Thanks Received: 164
Great to hear you've sorted the internet problem, Beth. You sound more confident each day, I'm really glad things are beginning to come together for you and your approach lists sound on the money to me. Although I'm no expert, I'm glad I've been helpful to you alongside Mike and all the other more experienced traders and programmers. FWIW I listen to 'soothing' classical music when I'm trading (especially Bach, Chopin, Debussy, Guitar solos and Baroque especially). On friday it's time to let one's hair down a little and the Latin stuff comes out, especially Cuban music. If you have a separate screen to look at alongside your trading screens you might like to watch/listen to some of this guys vids YouTube - smalin's Channel. I find them relaxing.
As Mike has already stated being relaxed and calm as possible when trading is important- having an objective focus not clouded by too much anxiety (I'm sure everyone feels a little anxious). You are in control and you will only take the best opportunities when they present themselves.
The following user says Thank You to ZCars for this post:
Price currently trades around 1093.00 area (7 points above yesterday's Close @1086.00). Very likely to open within yesterday's Value Area 1089.75 - 1098.25 unless the 9:00 am news moves it substantially Up or Down. Will see.
Overnight High and Low as at 8:50 am: 1095.00 and 1084.25
Thanks ZCars for your best wishes and encouragement all along. Many have said that Trading is a "lonely" profession. Being a BM family member and surrounded by so many helpful members, I do not feel alone anymore .. smile ..
Living in a small house right across the Little Lake (about 10' from our door), we have birds/frogs .. .. visiting us very often esp now it's summer. Some really sing loud and I have nature music all the time. With your kind reminder, I will dig out some nature music/I-ching CDs and they will certainly soothe my nerve. I do like having some music in the background.
Goal Accomplished: I did 2 A trades this morning. Trader me gets a B+ LOL!
I modified my PTs and SL as mentioned on my Sun post. It does give me a safer cushion (that's how I feel) and I will adjust them when I get more consistent.
Beth (I'm glad that I do not over-trade. 1-2 trades/day is good. I felt "over-traded" when I did 3 trades yesterday.)
The following user says Thank You to wgreenie for this post:
Initial Balance: 1091.25 - 1097.00 (5.75 points) Value Area as at 1035 am: 1096.75 - 1094.25 - 1092.75 (4 points)
Price opened @1093.00
Today's High and Low as at 10:35 am: 1097.00 and 1091.25 (matching IB)
VPOCs: Top 1106.00 (1093.00 was touched) and Bottom 1079.00
Price gapped up (7 points from yesterday's close @1086.00). Still a narrow range IMHO. Do expect it to rotate either Up or Down to widen the daily range.
My recommendation: Always trade the candle/bar in front of You!
I have a friendly reminder from a trading friend. Believe he won't mind my sharing it here:
Quote
But you should stop after a while searching new stuff. A trader doesn't need to know thousands things but should do one thing thousands times.
Unquote
I don't think I will need more indicators with the new Volume Ladder one filling the gap. Instead, I'd like to explore more trade set-ups and have come across the following recently:
1. Range/Initial Balance (IB) Targets (which I learned from Fiki and Cun Paris in the MP II webinar)
Since 2 Jan 2010
- Range 2.0 x IB = 37.21%
- Range 1.5 x IB = 69.77%
- Range 1.2 x IB = 94.19%
Note: I noticed this week when price broke IB with acceptance, it did get to 1.2! Thanks Fiki and Cun Paris.
2. ABC Pattern (per enclosed)
Seemed both methods complement and expand my Fade the Extreme set-up and PA learning. Will study them in more details.
Beth
The following user says Thank You to wgreenie for this post:
For the morning trades, I had not paid attention to the Volume chart. For the afternoon session (slower pace), I checked the COTs for momentum when placing the breakout trade. Will not log it on the official record as it's more for practice.
I'm done and plan to do more research on ABC pattern set-ups. Back to tomorrow.
