Week1 Sim-Trade Review What I learned from the attached trades details file: I did follow the action plan on not widening stops but i was not following my setups exactly. If i had followed the written setup better, 3 losing trades in 10/8 and 3 losing trades in 10/9 should not be taken; the two losing shorts on 10/11 should be exited at market when market proves my anticipation before the entry is wrong. The necessary exit of two shorts of 10/11 if following the written setup: http://i.imgur.com/TPdUvkz.jpg I also backtested three different exit options, using the same entry for 36 real trades. The option exit 3 works the best among 3 possible exit rules and my real exit. Exit 3: Allowing one <=2ps PB and exit when max. favorable move ending is confirmed or if 4ps PT has reached. ( exit when 4ps PT reached even if max. favorable move has not ended yet.) The definition used in the file and the above: Maximum Adverse Move: >=2ps if immediately in red. Only allow one time pull back. When the first 1m bar with a high above previous bar high included in one small up leg by 3 ticks, the first pull back has ended. Maximum Favorable Move: either the immediate favorable up move or the favorable move after first pull back. When the first 5m bar with a low lower than previous bar low included in one down leg by 3 ticks, the favorable move has ended. Allow one time 2points or smaller PB. Also I would like to describe the reason why i put entry and exit on 5m candle chart some of which seemed to look like random entries: in the written setup i said to observe 5m candle chart for big picture and use 1m bar chart stalking for entry; however by putting those entries and exit on 5m cangle chart, it is obvious that i was not really following the big picture shown in 5m chart; otherwise, i would not be longing the top or shorting the bottom of a tight trading range on 10/8 and 10/9 repeatedly. I feel this is a great way to remind myself to really follow the big picture shown in 5m chart because i donot think i will like to see those "random entries" shown in 5m chart in the future; therefore those confusing charts are motivating me greatly to make necessary changes.
Week2 6th day of 15-day sim-trading ES. The purpose is to build good habits to follow the plan and setups consistently. Focus on entry more than exit; step by step. Context: daily 1620 to 1720, overlapping boxes since july. 60m: in box 1685 to 1700, diagonally moving up since 10/9 low. Today i did much better in following the written setup and wait patiently for the setup. At 9:12 i started to wait for PB ending, missing the PB long by having a limit entry price lower than actual swing low. In the future, i need to prepare in advance several different limit entry price based on anticipated different pullbacks. notes for first two longs in 1m: http://i.imgur.com/EExyLmT.jpg notes for the third long in 1m: http://i.imgur.com/0oqAs6r.jpg trades: http://i.imgur.com/wDop3Ru.jpg
Week2 7th day of 15-day sim-trading ES. The purpose is to build good habits to follow the plan and setups consistently. Focus on entry more than exit; step by step. Context: daily 1620 to 1720, overlapping boxes since july. 60m: in box 00 to 20, diagonally moving up since 10/9 low. At 6:10PST 5m: box 00 to 04, break down 1704 after in box 04 to 08 since 1pm yesterday. For the first 3 shorts, i was not following the setup exactly. The last trade was following the setup exactly: allow one time 2 points or smaller pullback and with a fixed PT of 4 points. It is difficult not to exit at 2 points profit and allow the PB and it is more difficult to hold for 4 points profit target. notes 1m: http://i.imgur.com/io7Z7QF.jpg trades: http://i.imgur.com/bvX3d7a.jpg
Week2 8th day of 15-day sim-trading ES. The purpose is to build good habits to follow the plan and setups consistently. Focus on entry more than exit; step by step. Today I had very good entry but bad exit so missed the whole up swing twice. 8 long, 1 short. Need to think carefully what went wrong in my exit for most of longs today. 5m chart attached in the below. Note: I mainly watch TOS window so like to put manully those trades in TOS charts 1m/5m. 1m chart 1 http://i.imgur.com/CiF0QAY.jpg: 1m chart 2: http://i.imgur.com/rDtxGm1.jpg trades: http://i.imgur.com/aXNoPPt.jpg
smallStops: Including this week's trade, i should have taken 20+ trading on PB long/short setup. Thank you very much.
Week2 9th day of 15-day sim-trading ES. The purpose is to build good habits to follow the plan and setups consistently. Focus on entry more than exit; step by step. Lesson learned today: for a strong trending market, should hold but not exit and re-enter repeatedly. Need to think how to recognizing a strong trending market as early as possible. Chart on stop limit long: http://i.imgur.com/fMOLwEJ.jpg trades:http://i.imgur.com/DDleRZF.jpg 5m chart attached.
Week2 trades details attached in the below. First two days i was trading better. 0n 10/16, larger losers than winners. On 10/17, taking tick profits for a strong bull from open.
Is there any setup - that you have absolutely not modified- BUT that you took at least 20 times ? I see that you have traded many modified versions of a setup. BUT have you actually traded over the last 2 weeks one and only one set-up, not modified at all ?
smallStops: Once trading range or broad channel are identified, the setup is to short the top or long the bottom. Attached file shows 9 exactly followed it, another 9 did the exact opposite, another 5 did the opposite but following the immediate direction such as short TTR bottom after down move. Last week i was mostly doing the opposite. This week i am following the setup better. Thank you very much.