I just started working with MP. Today, from my limited exp. with it, was just balance YM. I just scalped around a bit, although not really my favorite. No trend to be had. I am hopeful that MP can help my filter my entry signals. So far so good.
D, Would be nice if you can share any findings as you get more experienced with it. I'm afraid I never found any real value with MP but perhaps I was not looking at the right places. Anek
I can only speak for myself (and I doubt I'm the only one reading this thread), but I would like to see all of the plays you're willing to share with us and understand your logic behind each one. The method you described in your original post to me seems very clear and simple, but I think the trader makes the method, not the other way around. Thus the discretionary element you brought to the two trades I asked you about is where I learn the most about a successful trader's mindset. If I could add an observation regarding the price action of most of your successful trades today.... most of your trades took place where price pulled back to a previous breakout level. This follows the belief that support becomes resistance after broken, and visa versa. For example, your first two short trades occurred at the point where price broke down at 1pm, when support turned into resistance. This same thing happened on your third short and third long (price was just a little lower than the breakout level on the long one). I've been playing with the idea of scaling in the first lot at these inflection points with a tight stop, as opposed to waiting for momentum to shift first. I believe you'd end up with a better average entry on most trades, but don't have the experience or test results to prove it. Anyway, I don't want to go too far off track from the system you originally disclosed, but I'm starting to believe "S/R levels reverse roles after broken" as a market truth, and compliments your method. Thanks again for sharing today's trades... please keep it up! MHB
I was just speaking to a fellow trader and he suggested that the more things get added the more complicated the system can get. He is absolutely right, so I got to make sure that any enhancement is worth the trouble to avoid technical complexities. As it is now, it's very simple and relaxing. The earth the stars and the moon must not be aligned for now and that's exactly what I want to avoid, yet I can't say no to any improvement as long as things stay moderately simple.
Mike, Sometimes it's hard to get a good fill because logical trading is no secret to experienced traders. What I do to overcome this is I try to anticipate where price might be if a 50% retracement occurs or a stoch cross and situate myself with a limit order in the race not only to get a good position in the queue but to get filled on those quick whipsaws that are brutally fast yet golden. This is all scalping so every tick counts. For what is worth, all my entries are limits, all my targets are limits and all my stops are market. Anek
It would be more encouraging if you didn't ignore people's requests for your personal background. Hook. N Sinker asked some very good questions, and you ignored him. You presented your methods as profitable, successful and what we should do. Without this, all these things you are posting is gibberish, unproven and useless until proven otherwise. Then to mikeh, you respond about what you think reliable or successful. So why are you the judge of what is profitable? You are a relative unknown here, so there is no evidence you know more than anyone else. If you are looking to moderate a fruitful thread, you need not to be the expert .
Attached please find one of the main reasons as to why my signals switched from shorts to longs today. The trendline also marks the three tops I spoke about.
Yikes, that's some serious negativity. I wasn't trying to moderate, just participate. The original post openely invited questions and observations (isn't that what makes a successful thread?), so I decided to stop lurking for a moment and contribute. I didn't realize I had to prove I was an expert before posting... if that were a requirement elitetrader would be a ghost town. I openly disclosed that my opinions are not based on real-market experience (just observation and simulated trading), which I dare say is more honest than most of the jokers on this site, so I never claimed to be the judge of anything. I just got very excited by a generous post from someone who is disclosing a logical trading methodology which happens to be extremely similar to a method I've been refining and practicing for several months now. To me that's exciting and encouraging. I don't need someone to show me their bank statement to believe a market approach works, especially if it confirms what I've already noted about market behavior. Until the OP begins asking for money for his insights, he doesn't have to prove anything to us. It's very easy to try out new methods without risking real $$ on a market simulator. I view threads like this and others that have been started by other generous people to be exactly what they are: a rare gift. Take it or leave it.
ha rcan, I can attest to the fact that this guy , Anek, can really trade. A few months ago I was in the Puretick room for a few weeks and saw this guy trade firsthand . He gave insightdul calls and openly discussed his trading in the live room as he was doing it. And he was really, really consistent in making profitable calls. Day in and day out. Probably, the best I have ever seen. Anyway, Anek I really appreciate this new thread and look forward to learn and contribute on an ongoing basis !!
Yep, that is what the journal is for. Hopefully we all learn from this project, myself included of course.