AllenZ's Journal

How can discussing commissions and how it applies to the measurement of a methods viability be construed as off topic or abusive?

Take the time to go back and read my posts to this thread. Pick out even one sentence that is abusive. Sure I thanked him for contributing to the endless number of sheep in this game, but I was being 100% genuine with it

Not one thing that Secco said was abuse, it was just his opinion of how Allen is displaying his results.

I really cannot even fathom why 5-6 people felt the need to jump on here and defend Allen I was never bashing him, just expressing an honest and simple observation.


[edited by Magna:] Rather than continue this discussion with back and forth posts I will simply say that prior to this post of yours all previous posts (by all members) were reviewed and edited or deleted as necessary. Your point regarding commissions has been relentlessly made, and as you might have noticed AllenZ made a notation to same on his Oct 9 trades. At this stage, once again, I would like to move on....

 

Because your abrasive, egotistical attitude just leaks out of your posts. Perhaps your message was proper but the way you delivered it sucks.

If that many people were against you from the get-go, perhaps that might be a good signal to cut your losses...

Get over yourself.

 

Why did you decide not to reverse the trade when it was at a point that you would normally have entered a long trade?

 

Personally, and this is just my style, I dont like to flip trades that often. I like to wait for setups and take them. If wrong I stop out and move on to the next one.

That 60min IRB was a setup and I took the wrong side of it. The worst thing I could do as a trader ( for my style ) is take a short, get stopped, then flip and go long only to get stopped again. Those are the things that make me lose focus. To avoid that, I try to cool off between trades. This is not for everyone, many like to flip long when a short fails or take setup after setup. I know this game is a long marathon full of setups and moves to catch. I see a setup, take a side, then let it play out. Just the way I like to trade.

I will not say that I never flip, but it really must be compelling and it is usually something i plan ahead of entry. Meaning, to go short and if it stops, immediately go long.

AllenZ

 

agree with you Allen.

I have certain setups for longs and certain setups for shorts.

A failed long setup is not necessarily a short setup.

Also it seems reversing is going to possibly trigger a little trying to get even mentality (except for the most strongly disciplined trader).

 

Trend days are really not the best for me so I have learned a couple things over time. First, when I tend to overtrade them I usually give back morning gains. Also, I can be too selective and undertrade. My performance tells me that when I undertrade and err on the side of caution I tend to have better days. Learning from mistakes means nothing if not implemented. In trading I have come to the conclusion that overall, it is better to miss moves than to get sloppy with entries/exits.

Trades

Trade 1 - 10:31 Long 822 Exit 832 +10
Trade 2 - 11:20 Short 844 Exit 836 +8

Days Points Net* +18
Weeks Points Net +15
Months Points Net +44

In addition to going over my trades taken, I will include 2 trade explanations of trades I missed entry on.

Trade 1 - 30min breakout, took entry over the 30min high and held into the 200ma on the 15min. Could have held for 840ish but lately greed has been unrewarded so +10 was fine.

Trade 2 - Kind of complicated, I entered this trade more due to the stop placement than the entry. I looked to get short over the first high of the day ( major 60min high ) with a stop at the 200ma on the 30min. That also correlated to 850 which was good support on the way down and thus should be on first test to upside. Took awhile, but worked well and hit my target.

Missed entry 1 - Near 14:15 when we pulled back I was looking for an entry to allow me to use 833-835 zone for my stop. I also wanted entry to be under the 50% retracement of the run from 833 to 855 ( 844 ). My order was placed at 842 to go long. It never hit and I canceled when we pivoted on the 15min chart.

Missed entry 2 - Near 15:10 I was looking for a short that would allow my to use the 20ma on the daily as a stop as well as the 860-865 resistance zone. My plan was to short 1/2 way between the high ( 855 ) and the bottom of the resistance zone ( 860 ). Placed order to short at 857.50. It never hit and I canceled at 15:25 as I don't enter trades after that point in the day.

On days when I miss entries that I am watching for I really count those as trades, mentally. For my style, there are really only 3-4 good solid entries a day and if I miss one I move on.

AllenZ

 

... and the quality of the journal.
I find the comments about your day and your trades very instructive and helpful.

Do you mind if I recall a former question ?

 

I have tried it and I personally find I like to be in full positions all the way to my target or all the way back to flat. Because I can almost guarantee I will always have a full position when I stop out. I just have to live with the fact that about 20% of my trades stop out flat and about 1/2 of those saw 75% of the profit target. All in all, I don't think I am passing up much for the chance to be full boat on gains. Again this is after testing it both ways.

AllenZ

 

As I stated in my post of todays trades trend days are really not my favorite. I was curious to know others trend day experiences, as well as todays performance.

I tend to categorize a trend day in several ways:

1. Never pivots on the hourly chart.
2. Opens at or near low and closes at or near highs.
3. Does not retrace 50% from low to high.
4. Has a typical extension of 1.5 ( or more ) the average daily range.
5. Generally will remain on one side of the 15min20sma for entire day.
6. Strong volume.

These are some of things I use to categorize trend days.

Here are some early signs I look for as early as possible to try and identify trend days:

1. Wide range bar early in the day ( first 15 or 30min )
2. Strong early volume.
3. Unrelenting move following 10am ( 30min range ) breakout.
4. Extreme $TICK and $TRIN readings.


These are just some things i look for to establish likelihood of a trend day. Please share yours.

AllenZ