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@jackbravo, you prompted me to do a little homework regarding gaps/filling... now I understand why you were adamant about chasing it Learning new stuff every day, still enjoying the competition, looking forward to the coming week.
Alright gents, yesterday's shenanigans brought me over the -$200 drawdown mark. I respectfully and regretfully resign from the competition. I will be happy to don the avatar of the winner though. Good luck to the rest still in the playing field:
Well done jackbravo. Hats off you to and the others for doing this.
What have you learnt? Is this just the normal ebb and flow of your trading or do you feel some aspect of your approach needs adjustment? Whats your plan going forward?
Well... if live trading is the criteria by which we are allowed to play, then I will have to withdraw as well because I hit max drawdown on my live account yesterday and am now relegating myself to sim until beginning of 2018 (I'll post in detail in my journal later.)
That said, if sim is OK, then you should still finish out the end of the year @jackbravo!
I got suckered into a short yesterday for a loss of about 26 bucks. Wasn't a horrible trade, but again in hindsight I was not reading the details of the action correctly, and could have flipped for a nice winner, but didn't. Will update my total later.
Here's my levels-drawing exercise, shown on a H1. I'm down to just one chart on the screen now, switching between timeframes. This way I can keep all my drawings on the same chart. On this chart RED is a level drawn from the daily. ORANGE is a level drawn from the H4. YELLOW is a level drawn from the H1. Green is from the M15. R-O-Y-G.
Premarket analysis - basically Euro is back in the middle of a multi-month consolidation area and the technicals don't seem to indicate a strong directional bias. The current trajectory on the most relevant intraday timeframes is up. But 1900 is the line in the sand. Buyers really need to keep the 6E above 1900 if they don't want the rug pulled out.
Digging your new setup, especially the S/R at different intervals. I've been thinking of doing the same instead of having separate charts for different timeframes. Couldn't do that with the vol charts I was using before, but time-based makes them one click away.
I'm not sure. I've lost what I thought I had, suggesting what I had was a mirage, and any minor success I've experienced has been luck.
The main premise I trade with is, once there is a direction established, price will go to the next logical place: previous high/low/close, etc. However, it doesn't happen all the time, or it happens after I get stopped out, or I get fooled into thinking exactly which direction price is going. And really...to be fair...it's because I don't have a concrete trading plan.
I'm not 100% where to go from here.
1. What I need to do is create a concrete entrance plan and exit plan.
2. Get away from the 5 minute chart, because that PA turns me around. I've already started to experience some decreased drawdown using the 15min on the indices.
3. Decide on which TF I'm using to establish my trend. I'm thinking the 4hr.
4. Use PA on the lower timeframes, ideally 15minute, to get on the direction of the trend. What precise criteria I haven't figured out yet.
5. Use a gathering of levels from higher TF as a target, vs. trail behind PA.
That's the general direction I'm heading. I'm examining those high volume bars on 30min, 60min to see if I can use that as a guide for entering/exiting.
@Rrrracer I'm going to keep it going, but I don't see anyway to redeem myself for this month's competition, that's why I'm stepping out. It gets embarrassing posting daily charts of terrible trades. I'll just revel in my own misery until the next month. Maybe you can start the January competition thread if you're so inclined
Happy holidays everyone!
"It does not matter how slowly you go, as long as you do not stop." Confucius
Hello fellow traders, Sorry I've been MIA. Kids just arrived home from college on Wednesday, shopping, and enjoying fine foods at restaurants with the family, you can say thing have been a little busy. Headed out of town today for Christmas and will return at the beginning of the year. Talk with everyone in 2018... JP.
Learning new stuff every day, still enjoying the competition, looking forward to the coming week.
