Please watch the scale....1/2 point scale all day today, even on 10 min chart.....when the morining run of 9 points occurred, double that # to 18 points on 1 point scale...that means the run was 18 pts if normal volume/activity was occurring. When that happens don't enter trade in that direction probably for rest of day or at least use extreme caution..
Get off 3 min chart...u r getting bamboozled, even on slow days like all this week...preferably 10 min chart with weighted MA.
Hi Porgie, I don't follow what you are saying regarding the scale and consequently how the last sentence relates to it? I am intrigued, but unclear. Also, what would be your entries and trade management on a 10 min chart? thanks, Bruce Hawkins
The scale has nothing to do with last comment. Just following the idea that since most Emini SP runs don't exceed 15/20 pts...don't look for same direction trades after 15/20 pts seen...end to end of run. The 10 min chart against the 5/3/? will show the smoothness of 10 compared to shorter time frame charts, and fake moves of shorter charts. Or, at least short point moves that take off like gangbusters and trap u quickly. Many thousand hours have shown this very clearly. works for me.
Create a system that gets in @ beginning of run...not middle or end..A few thousand hours and you can find it...maybe earlier if u r lucky..I am a slow learner...I believe I have found it, but I might be fooling only Porgie....This is a brutal, unforgiving business...Easy won't happen...don't expect it overnight. Don't risk ur money until u have total confidence in system...That might be 1 single trade setup...Proven over and over..Discipline doesn't come first...Confidence does, the discipline comes in play during the trade. Stop losses set properly are a blessing from God....If run is good, stop loss setting points are the same every time...find the spot on hundreds of charts that u should save to prove your theories. Yes, dead charts will prove a lot...especially on longer term charts
Hey guys, Thanks for your input. As for now, Iâm going to work on the problems that I discussed above, in particular my entries! I donât think my system is broke nor do I think larger time intervals will help me. The reason I say this is because I watch price very closely. Itâs my number one technical indicator. I want to know what price is doing every few seconds. Iâm able to gather a lot of valuable information from price action that I canât get from other indicators. Although, larger time intervals reduce the noise and makes things smoother it also decreases market action and makes things unclear for me. You may disagree with me but thatâs precisely why each trader is different; use other indicators, trade different markets, et cetera. What may work for you may not work for me and vice versa. Nevertheless, keep replying to my journal at your convenience. ALL FEEDBACK IS WELCOMED! Iâm just looking forward to strengthening my offensive game for now.
Price action sounds good...draws u n 2 close. Back off. Longer charts, bigger picture. You r going 2 have 2 get out of the box and start all over..U R DOING WHAT EVERYBODY ELSE DOES....throw out your system and study 3,500 hours and then put your money on the line.....open acct w/$5000. trade 1 contract..DEMO TRADE UNTIL U HAVE CONFIDENCE...Emini S & P 500 only....use 3 to 4 pt stops. find the safe stop pts...they are 95% safe..almost never hit on A good run...5 plus pts runs. 100% system is possible...NO DISCIPLINE REQUIRED...ONLY CONFIDENCE AND PATIENCE.....DISCIPLINE IS OVERBLOWN....A BAD SYSTEM WON'T GET BETTER WITH DISCIPLINE...CONFIDENCE...COMES AFTER MANY HOURS OF SEEING A SETUP OCCUR AND WORK. OVER AND OVER...MACD, STOC, BB, ETC., ALL HAVE BEEN THERE FOR A LIFETIME, AND ONLY 3% TRADERS MAKE MONEY??????????THINK ABOUT IT.
porgie, No offense...but you don't seem like your doing ok. Your using tons of caps...your posting similar like messages throughout the journals threads... Your consistently telling traders (regardless if their profitable or not) to abandon what they are doing. You even said you were going to leave this forum after realizing your not offering any useful info: Yet...you are back again...posting in a way that your trying to bring a whole new meaning to the phrase... talk is cheap. Geeesh...is the full moon out or what? By the way...that ALL CAPS stuff you've been posting in other threads is an eyesore... you should tone that down or learn how to use ET's vB codes to highlight certain words your trying to draw attention to... Use the below link to see what I mean... http://www.elitetrader.com/vb/misc.php?s=&action=bbcode Here's the weird part...many of your posts are like the ones above... then you post something like this... The above has no caps...your not telling other traders...even profitable ones...to abandon their system and adopt what your using... something that hasn't been proven to work for you with real money just yet. Personally, via the way your bouncing back-n-forth with the CAPS and normal like posts... I would say your already way too emotional and starting to get nervous about trading with real money. By the way...do you have a designated date when you plan to trade with real money??? NihabaAshi
I have not seen on any forum a system that works bigtime, longterm... What is shared here is well intentioned by most. I wish you all the best.
As some more knowledgeable than I have already said, your edge, holy grail, what ever you want to call it, is YOU! IMO the main "system" we need to focus on is ourselves. We need to on a continual basis, examine what are thoughts are before, during and after we place a trade. What am I doing on a daily basis to improve my trading? What area's do I need to improve? Before any action or lack of action can take place, a thought preceded it. What was the thought that got you into a trade that was not part of your trading plan? What was the thought that kept you from entering a trade when your edge was present? Do we truly want to be consistently successful traders? If so, how much are you willing to do? What are you going to let stop you? Is what you are doing in alignment with creating your goal? These are some of the questions I have just started to ask my self on a daily basis. This is an evolving endeavor, we must be open, creative, eager to learn new things, constantly evaluating ourselves. Just like our walk down the road of life. regards, Bruce Hawkins