02-03-2012 Mid day chart. Attachment: 2012-02-03_1208_mid_day.png I got PM asking to go into little bit more detail about my long trades on 02-03-2012 after 8.30 am Employment data. Pattern is there, recognition is there, need confirmation to execute the trade. Availability of one of following or all three is needed 1) System1 ( part of brain which executes skilled responses and generates skilled intuitions) has seen the patterns enough of time and has developed enough via screen time that INTUITION is REAL. System 1 and 2 part of the brain work as ONE. ( idea explained in Daniel Kahneman book) 2) Mystery of indicator for confirmation. Only for confirmation not for trading opportunity. 3) Mystery of system 1 & 2 of the brain and indicator. FIREWALL AROUND EQUITY AND EMOTIONAL CAPITAL: On top of above 3- Past trading success in the market- last week, last month, last quarter, last year etc.. matters a lot. Longer the time frame better the RESULTS and CONFIDENCE in executing the trade. A trader who has booked 1,000 ticks from the market last month will have more confidence in executing a set up vs a trader who has 200 ticks from the market even though both of them has all 3 above mentioned pre requisite for successful trading. If i had traded per my SCREEN TIME pattern recognition ability to the fullest, Friday had a 400 ticks opportunity. But, i did not as i am working on building my FIRE WALL along with making sure my System 1 and 2 work as ONE. Difference in FIRE WALL matters a lot. So, keep building the FIRE WALL. Keep practicing with SCREEN TIME so that impulsive nature of System1 of brain is controlled and lazy tendencies of System 2 side of the brain are fine tuned to a point where they act as ONE. Traders interested in learning about System 1 and system 2 can listen to Jim Dalton free webinar " Understanding how we make Decisions" slated for January 12, 2012. http://jdaltontrading.com/webinars.php
A request to all regarding questions. There are many aspects of a successful trading career. Execution, Psychology, product selection etc.. and asking questions regarding any of these aspects of trading are VALID. However my goal is to have this journal FOCUSED ONLY ONE ASPECT OF TRADING- a) Set ups b) and day trading the set ups. Following is a sampling of questions which have been PM to me or may be potentially asked in future are IRRELEVANT to this journal. 1) Why only trade futures? Why not stocks? 2) Why only crude? Why not ES etc.. ? 3) What commission you pay? why you use TOS ? etc.. 4) What is your trading capital, how many contracts you trade etc ? 5) How about swing trading? Does your method works on swing trading? 6) Do you add to losers? Do you scale in and out? Whats the ideal position size? You get the point I am trying to get across. There are plenty of journals etc.. on this site which discuss and answers those questions. Please refer to them. Any questions related to set ups, entries , exit, method etc. is all I am interested in answering. Posting charts of whatever any member of ET community trades is much APPRECIATED. So please feel free to do so. As day traders we are interested in WHEN, WHERE and WHY aspect of the trade.
Good points. This seems like this may be range bound for now. Time will tell. ADD: Of course whenever I make some comment like, "this may be range bound for now" it seems inevitably there is some big event to jolt it out of the range.
euro grease box session. 6 trades completed....... first trade was a short in London, dt in the dark zone revisted. you are currently short from 97.05 in change, revisted the top of the euro session box. elevator down. bottom of the box is now pushed out. get the new short pendings filled then yank it up. expect a reversal, elevator back up in the dark zone pic attached. s
"Zenster long update.... " trend is still down....... 30 min chart. price returns to the money line and trades away from it. notice the DT entry at the money for those who want to trade it short.......... cheers, shop
new short pendings filled on the ldn close pin the new shorts, clean and jerk up oops. new long pendings filled at the top of the ldn box in the dark zone. pull it back down and pin the new longs oops. breakout guyz zip x 2 new york session should trade down so that all the " new long and wrong " stops get blown out. lets reflect on that........ s
02-06-2012 market Profile data market makers like to test Asian, Euro session high and low by 20-30 ticks . Thats what they did this morning. Only couple of scalps this morning. Missed the long from 96.40 area. Euro zone low was 96.60