Anek, I would like to add my thanks to those that you have already received. Having only recently even considered daytrading, I'm mindbogglingly lucky to have found your journal. I am truly grateful for what you are sharing. AHG's methods are right up might my ally, and I am enjoying myself as I continue to learn how to apply them correctly (still sim trading.) I've been thinking about what you described as the powerful synergy between macro and micro charts. Very interesting. One thing that this analysis will help me do is determine when I should be averaging up vs. simply scalping retracements. For example, last night I saw your posts on the NQ multiday chart, where you noted the importance of the last swing high/lows (2205/2160), so when the LOD W formed at 2160 I was comfortable averaging up. If it had fallen below that level I would have been shorting and averaging up because it would have been a double top confirmation. Tonight I see a similar possible opportunity. In charts that show the action of the last 4-6 sessions, it seems the emini markets will open thursday at a particularly bearish point. In the ES and the ER2, there's a trendline test of a downswing, and in the NQ there's a possible bounce in a rectangle. I included a screenshot. NQ seems to have the most choice as to where to go next. The resistance in the ES and ER2 looks stronger. I wont do anything that price action doesn't confirm with bearish patterns/bars, and most definitely am not averaging down. Also, I am VERY interested in Phase II. Thank you again for what you're sharing. Im still very new, so please anyone tell me if what Im thinking is flawed.
Thanks herbert. Great charts. I definetely know where my bias lies for tomorrow. As always. I take and I give. A little something from me as everyone else has contributed so much I still feel like a freerider. Some things I have found helpful last few days... and in my analysis today as well. When buying breakouts keep a stop behind the trendline as the price rises/drops. Do not wait for your initial stop to be hit... stay on your toes. if you enter on a channel/trendline break and new channel/trend line forms do not try to buy cheap if the new one is broken. This isn't buying cheap, this is buying a reversal. If the new trendline is broken, sell early. At the very least, its a loss of momentum and sideways action. Worst, a change of trend and you take a bigger stop than you need to. You can always get back in. In a pattern failure wait for definite signal of resumption of major trend in place before pattern. As always, dont wait for your initial stop to get hit. These types of reversals should carry through enough to where you should be in profit right away; therefore, use trend lines. Images attached show both examples.
Last time trying to post image... (have given it several times I dont know whats going on here... ) Will try to post again tomorrow... To Anek: Thanks for everything. Awaiting your return and the next journal. You have signicantly impacted my trading and most likely my life. I am only 19, so one day, you better believe it that I will return some favors to those around me. In fact, I'm president of an investing club here at the univ of arizona. Ironic, huh? Anyways... though I am sure very little people will appreciate I already have given some talks about how I use price in equities and who knows maybe ill use camtasia and show an actual trading session next meeting. Most people don't believe trading is possible at all, but for some, it changes lives. I have been lead in the right path here and there by several people since starting icnluding yourself. I intend to do the same...
Sorry for flooding the thread.. keep getting more things to say/ask. Random Question: I am looking for a datafeed / brokeraging service that has decent commissions, gets historical data, and doesn't take a lot to open.(not more than 5 grand prefered) Can anyone give me some leads? Mb charges 5 roundtrip but no historical data. Also... do any services offer free time and sales and DOM. I don't get them with my mb account. If not free, for how much? Also... to people that pm'ed me about MBtrading and historical data. I havn't found a great alternative. Opentick was suggested and that looked good for YM but nothing else. Looks like we are stuck for now...
Try taking a look at www.mirusfutures.com You will need to use Ninjatrader but ticks all your other boxes
If you use 1 source for ordering and charting then how would you know that there is a problem with feed? Don't be stingy and subscribe to a separate feed with backfill.
For those using Ninja Trader here is the E-Motion indicator in source form (.cs). It includes configurable colors etc. Sorry if someone already has done/posted this... but I didn't see it so created my own. Anek -- Thanks so much for this thread and for rising the tide for all of us!
KidPWR, When I was your age, I was also looking for inexpensive alternatives to intraday data and that ended up doing more damage than good. If you are planning on making daytrading your main source of income and relying on price as your main indicator, it is best to subscribe to reliable data providers like Esignal, TS, or Mirus Futures(one I use). They are expensive but you sure don't want any data glitches. It happened to me and it costs me alot of money. However, if you are doing EOD analysis for US stocks, then I recommend YHOO (Free) because the data comes from CSI and they are very reliable. But you will have to use another software to get the data from them, like Amibroker. hope it helps, J
Anekdoten, In the P&L thread, you advised yesterday that you made about $79k. http://www.elitetrader.com/vb/showthread.php?s=&postid=1645176#post1645176 Those are very impressive numbers. I'm just curious to know approximately how many trades you made, and the approximate size, in contracts, of these trades. I'm just looking for off-the-cuff, ballpark numbers. And was it all NQ?
Ugly arse day on the YM. Sitting on my hands for 3.5 hours waiting out this chop can be boring. Oh well, I guess like they say sometimes the best trade is no trade at all