Journal XburbX - My Plan

I love it. If you werent a trader you would make an awesome manager , but then you would half to deal with people complaining and bitching. Ok so I left the office as soon as I closed that trade. The wms short was I believe the 320pm entry. I will check when I get home. ( on my phone). It was exact on plan and a little voice inside was telling me not to take it. Then my anxiety kicked in because I knew if I didn't take it I was off my plan. I assure you if I consciously stray from the plan I will own it. If its a stupid mistake like yesterday I will also post it.

 

Interesting question. This goes back to our conversation about where I am wrong in a trade. If price goes where it did I believe it invalidates the trade. I also only allow myself 2 entries after a trade is triggered to prevent getting myself hacked up. This is just mental. I might even bring it to 1 try pending on my 40 trade analysis. I am allowed a second try only if hasn't violated the price action before it and after the trigger. I can explain further if I am not being clear. I know my verbiage sometimes doesn't paint the best picture.

 

Bd

One thing that helped me make some strides forward is that I assume and believe that no one in the market views it the same way. They can be similar to an extent but not the same. Everyone will view SR differently even if it is the same line.

 

Good point and I'll add a trader without a plan as well

 

I am a manager…, we both are.

I manage (to name a very few);

Risk
My foibles, insecurities, ego, impatience, fuck ups
A business
Me
My trades
My right index finger
Whether or not the toilet gets unclogged
All of it


=========================

Don’t pay the feds, franchise, or bills – there will be bitching

==========================

My whole point is – maintain an even keel

Things are breaking open for you – I get that… just don’t let it get you…

That loop is a bitch

RN

 

You’re clear – however


I’ve said there is another level – and until/ unless you tell me to stop

I’ll keep showing you


Trader’s mindset (hence forth I will refer to it as TM)

===================================

TM 101

Every moment in the mkt is unique

Every trade & every trade’s outcome is separate and unique from every other trade/ trade's outcome

The only truth in the mkt is price – and that truth is absolute

========================================

We can trade a set up(s) – till “x” amount fail… then step back and regroup (nothing wrong with this btw – it is profitable and makes good sense)

or

We can trade price


Simply food for thought XB

RN

 

BD,

You say aside from the trend...

But wouldn’t the trend be your overriding indicator which way would be the higher probable direction to trade?

Even if only focusing on 1 or 2 bar chucks at a time

===========================

The lowest risk trades (for me) would be when price is bumping up against the upper channel line (the trend/ channel line(s) I see, not actually drawn)

==================================

Also – imo – your horizontal lines are not really capturing price’s essence (iow the msg price is sending)


(XB is correct in that no two people view a chart exactly alike – but that aside – price does speak – it is up to us to listen)

=======================================

I agree there are several ways to trade this – but being on board with price – as it moves – would top my list

btw;

Wasn't always this way – fore I was a contrary bastard back in the day – but now I just go along – up or down – really makes no difference… just never against

===========================

I don’t understand / get what you’re saying in the last sentence Sir


RN

 

So probably something more like this:

I guess I just don't get how to tie together longer TF trends and short term trading strategies.

However, it does look like by the third or fourth 10 minute bar, the third being the tail outside the channel I drew (maybe a clue), I could have drawn the trend line support and copied it to the top pretty early in the day (and had that nice channel I see now) Is this getting any warmer to 'listening to price'?

 

BD

See if this gives you any thoughts

I picked random TFs btw

The 15min

 

The 1 min, with possible trades noted by arrows

certainly not all possible trades, simply a starting place


Note on the 15 min chart (price was making a rising wedge)


btw - the horizontal lines came from historical S&R - observed back in time (iow not on the current chart)


RN