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One Good Trade

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Well i got into a few better quality trades today but i still caught myself over-trading again towards the end of the Asian session.

Cheers,


CanOz
 
Trembling Hand said:
Not chasing ghosts in the DOM?
Click to expand...

You are a mind reader TH...

I was fine until i missed an entry and started do just that.

Today was the first time in a long while that i traded the HSI during the EUR opening range. IT really looks different on the DOM, how to you adjust for it? Actually it looks sort of like the DAX, makes sense i guess.

CanOz
 

Yeah its very flicky around the DAX cash open. Best to not look at it :hide: or mentally pick some S/R and fade if you really need to hit it
 
This is the trade that i need to learn to wait for in my view. Once the area that i want to trade in is in play then i can use a few bullets.

Typically i use too many bullets trading in areas where i have no business, as i did this morning. I have highlighted the areas where prices were quickly dismissed before in blue and the pink indicates an area where i should not trade....It is ONLY these blue areas that i want to trade, no option. I need to drill that into my head. These areas offer the best probability that price will move quickly, compared to the pink area which will results in choppy trading.


CanOz
 

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DAX homework...here are the areas where i will look for trade opps on the DAX today...

If we GAP up i'll need to stand aside as i have little history above these levels.

Cheers,


CanOz
 

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Here's my simple plan for the DAX today.

High levels:
6816
6800
6785
6775
6755

Low numbers:
6740
6730
6725
6710
6700

Above 6755 we'll look to fade a move into 6775. If we look to break then we'll let it break and look for a pullback in support.

Below 6755, if the market tests these levels we'll look to fade the move back up into 6755. If the fade doesn't look like it will fly, then we'll let it break and look to sell a pullback.We could get a gap fill back to 6761, but we should expect a stall at 6755.

Cheers,


CanOz
 
Well well, first trade went to plan....got the first two and the third was stopped out...now waiting again.
 

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CanOz said:
Well well, first trade went to plan....got the first two and the third was stopped out...now waiting again.
Click to expand...

Good stuff.

Why the Heiken Ashi out of curiosity? Just trying to get me curious? :
 
sinner said:
Good stuff.

Why the Heiken Ashi out of curiosity? Just trying to get me curious? :
Click to expand...

Word is, its good for beginners....your supposed to take the trade on a close above the first opposite candle...but honestly i would have given 2.5 points using that...I just watched the DOM and the volume ladder to see the buyers take control...Heiken Ashi is lagging of course. The DOM was way earlier....a 'longshot'
 

HAClose is just (H+L+C)/3, if I recall correctly. HAHigh can be a variety of things depending, again if I recall correctly.

I think the way this will be actually useful to you for fading at flat lines (because it's a trend following signal) is to drop to a lower timeframe looking for the entry trigger. Even in that case break of the previous (1 or 2) bar high/low is a better entry trigger IMHO than using HA for this type of trade.

Otherwise as you noticed you give up the points and as TH likes to say you will always be "waiting for confirmation" so harder to enter limits expecting a good fill.
 
sinner said:
I think the way this will be actually useful to you for fading at flat lines (because it's a trend following signal) is to drop to a lower timeframe looking for the entry trigger.
Click to expand...

My 1 minute is my lower timeframe...the lowest that i use.

The worst part is if i take it off i need to reload the chart, its totally f'kd up

Actually it worked ok, they recommend renko, range or HA...for the entry chart.

CanOz
 
CanOz said:
My 1 minute is my lower timeframe...the lowest that i use.

The worst part is if i take it off i need to reload the chart, its totally f'kd up

Actually it worked ok, they recommend renko, range or HA...for the entry chart.

CanOz
Click to expand...

Range I could understand since it's a little more 'auction' oriented like simple PnF rules, but dunno about how robust renko (due to starting close price chosen) and HA (due to how robust is the 'avg' price of a 1 min bar as entry?) would be in this case.

Who is they?
 
I downloaded this off the net a few months ago. The bloke did not seem to be selling anything...well,maybe he was, but it was so low pressure it went over my head.

10 Days to Better Emini Trading

http://emini-watch.com/better-emini-trading/

I gleaned a few ideas from it anyway. One thing that he said which may fit your intended trading style is that he just trades about an hour a day quite intensely and completely distraction free, makes a few points, then quits to enjoy his non work time which is after all what it's all about.

I dont quite agree with that myself..if you're on a roll, why not stick around to pyramid up...let your profits run and cut your losses short.

I live in Thailand most of the year, and the time zone and my lifestyle is not conducive to waking up at 5am to prepare myself for the market when I just got to bed at 3am, so I rely on OCO orders to take some of the emotion out of the loop... and allow me my beauty sleep...and crikey do I need it. hehe

Good luck, mate.
 
Got into a couple of fades at the high of the range this morning, the last one worked out in full but the first one got stopped out at even on the last two contracts. Planned and executed and for the first time EVER on Sim I've had a profitable morning....lets see if we can have a profitable week of SIM trading before i need to return to real work!



CanOz
 

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This was the last trade for the day. Had to wait and wait for this one. 6500 was reliable.

Cheers,


CanOz
 

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Thanks Bean!
 
One trade on the HSI today, 1 loser. Lesson, stay in the trade. I second guessed my decision because Europe was opening...in hindsight i should have just not taken the trade around the EUR open.

CanOz
 

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Took me two goes to get the fade on this one...done for the day on the DAX. I'll play around on the NT sim unless i see another opportunity that's just too good to pass up.
 

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Really going to have to kiss this market good bye..,Got caught trading the HSI in the middle of the value area (chop) totally against my religion...

Ruined a nice sunny morning...
 

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