My entry point is not set in concrete such as always before open, always after open, etc. Instead I usually go by the price and volume momentum and the relationship of price to overnight range as well as negative or positive sentiment. But I am going to have to tweak my entry better, based on my recent trades. I am NOT happy about my recent performance. If I may ask, what specifically about the 50 tick chart that determines your entry? (BTW, thanks for stopping by and offering your observations).
Personal Observations and criticisms of my performance: 1. It seems that I have not scaled my lots correctly in relation to my TC in this small account. I need to reduce my size (per trade) much more. The current position size is causing large losses in relation to TC. 2. In addition to reducing the lot size, I need to also change my trading TF. I have been using 1-minute charts to enter and use 5 and 10-minute (and sometimes even 60-minute) charts for confirmation of trend. Still, there is too much chop in 1-minute charts. From now on, I am going to enter trades on the basis of 5-minute charts. 3. Additionally, I am going to add (to existing criteria) Hammer, Inverted Hammer, Harami Cross and Morning / Evening Doji Star criteria for entry points. This will hopefully improve the success of the trades I take.
I normally look for overbought and oversold on the Sto to optimize my entry point. Normally by a tick or two. I like scalping off of the 50 tick also. I have been silently reading in the background for the past month and appreciate your communities posts. It has been beneficial to see that I am not the only one facing system/rule problems and have to constantly adjust my planning around it. J
WE all do some things right and some things wrong. Perfection is not possible in this business. If we can stay nimble , and humble, in this business we have a better chance of long term success. Journals like this and others at ET will hopefully help us ALL to do better.
Third trade for the day - entered after the FOMC news Short 2 + 2 contracts Closed for $586 net profit. DONE FOR THE DAY.
I have no single answer to that question. But, generally the answer boils down to my Trading Rules. I have 3 sets of trading rules. They are : 1. System Rules, 2. Risk Management Rules and 3. Psychological Rules. If any rule from any of these 3 sections is triggered, I quit trading.