Don't wanna get a TWI NP...hope it helps a bit. I do have very specific reasons for my trades but PA will dictate whether I take the trade at that moment in time. I can't say that I will take a long 5, 10, 30 mins in advance. I can tell you the areas or levels that interest me 10, 30 mins or even 3 weeks in advance though but I'll worry about that level in 3 weeks. Thanks I appreciate the kind words. Will take some time to streamline my posts. I read back some of the crap I write....but hopefully I'm getting my point across & maybe it will help someone. PS...I try to trade where the big paper is...hence the name bigpaper. What's your excuse lol
It always helps to see experienced trading and the reasoning behind it. Do you use trendlines or channels at all or just the predetermined levels and formations & volume? tnx & have a nice weekend!
thanks but I'm really just scratching the surface. what I do is not complicated in a mathematical way but I also can't just spit it out in a few pages either. Just pcs of a puzzle and trying to put them altogether. TL's and TC's are fine but I look at the reason they are formed due to mkt participation....volume, price and volume at price...for the most part. I'm not a computer programmer or anything close to understanding any of that stuff but my friends are. As I understand it, much of the code is written using 1 and 0 in various combinations. All I see when I turn on my PC is the fancy colors though. TL's are the same way for me. If I post a chart with a TL or channel on it it's because it coincides with the underlying PA, as I see it & it's a lot easier to look at a TL being broken then having to remember all the price levels. I will try to explain as I go along the best I can & as long as there is interest. enjoy your weekend as well...lots of sunshine out here on the east coast...gonna go out and enjoy it.
Hi Big, It's hard to determine your track record. Would you be willing to state how many winners/losers/scratch trades you had on a daily or weekly basis... For example, with today as a down day, it seems that most of your trades were an attempt to time the reversals... unless I misunderstood your posts... Nonetheless, did today have more winners than losers? thanks, Walt
He Walt, I try to post as many trades in real time as I can. Some trades are very quick eg. a Counter Trend scalp for 3-5 tics & I don't think anyone is interested in me posting 20-50 trades a day....I know I'm not lol. I have gotten much better at not taking so many trades per day but sometimes I will tic trade if that is what the mkt is calling for. My only other option is to hold a position, which is not my style or walk away & call it a day. I was looking for bounces because i Had a few levels I was concerned with as well as the ATR around 30 or so(maybe I should just look at the ATR for the trading session only and not include the gap) it would have been a much easier way to make points on the short side. One other issue is that I do trade other mkts & it is too much for me to enter everything in real time. If ET had voice recognition built in it would be easy but I still don't think anyone is interested in hearing trade after trade. I will also trade around a position or area, which can make it very difficult to decipher. Let me give you an example: On Thurs 6/3 I still had the 91-92 area on my radar. About 12PM est I noticed that we were making a 2nd attempt to take out the prev days hi of 98.25. we had already filled the gap(96.75) @ 10:40 or so. Price was hanging around that area but it wasn't looking very strong and I knew that 91-92 below could be a good support area.( I sent you a few snapshots @ about 1PM that day) I also posted @ 11:44 & 12:09 that day with the comment "any clues" which meant, any clues as to which way it might break. So that's the setup and reasoning behind the Long trade. This is how I traded that area starting @ about 12:21-12:22 on a 1 min chart: L 92.75, 4 cars (no fill at 93.75 so moved stop to -1 because 92.75 was a bit higher than I wanted to pay) L 91.5, 8 cars...close 92.5 on 4 cars & close 91.5 on 2 cars. L 92, 8 cars(10 total)... close 93 on 4 cars & close 94 on 3 cars L 94.5 4 cars(7 total)... close all 94 L 93.25, 8 cars... close 94.25 on 4 cars and BE on 2 cars L 93.75, 8 cars(10 total)... close 94.75 on 4 cars & 94 on the Balance. Did u understand that? cause I sure didn't but I consider that 1 trade. Bottom line is that I traded during lunch(which I try not to but I think I was making a post or 2 on ET & traded the 91-92 area) & I kept everything pretty tight. maybe I made a point or two maybe I lost a point or two. I took a break and continued trading later on. Sorry for a long answer to a simple question but I want you to be clear in the way that I'm thinking. We all think about the mkts i a diff way and what makes sense to one, might not make sense to another. Maybe I should just talk about the areas instead of the actual entries. Many traders would say I should have held my original position of 92.75 & they are not wrong but I also think what I did was not wrong because it fit my personality. Maybe I should just talk about the areas and why I like them. If anyone is looking at this thread can then determine for themselves what is right or wrong. Even if I put out a very specific trade plan with entries, exits & stops to 100 people, everyone will trade it differently anyway. Any thoughts & suggestions are welcome. Lastly, a very important thing to remember/realize is that trading is 90% mental and 10% skill/mkt knowledge. knowing yourself is much more important than anything else. The fear, the greed, the high's, the lows & how we handle those emotions is far more important than any method or system, imho. I'd rather spend my time focusing in on how I deal with gains & losses then looking at tons of indicators & the best way to use them and in what combination because we are still going to have gains and losses. So again, a long answer to a short question is that it will be tough to post all of my trades but maybe I should just stick with the philosophy for now?? Your thoughts are more than welcome. I certainly don't want to confuse anyone & this whole posting thing is very new to me.
BigPaper, I have been following along. You are making some great calls, keep up the great work. i am a little shocked there has not been more interest in this thread. i like your handle btw. i may have some questions later on just following for now
No scheduled US news today. B Bernanke (helicopter Ben) speaks tonight and then he will be babbling again on wed twice....can hardly wait!!! A little continuation to the downside over night into the hi volume 1050.5-1053 area. A nice bounce & looking to hold sup ath the highest vol area from Fri....64.5-66ish
NP...I will answer what I can. I just like to trade with the big paper and not against it, when trying to hold a runner. conversely, I like CT trades better for some reason. What is the trend anyway....we each have our own interpretation of what a trend is
pre mkt trading so far Fri was a down day on better vol looking for 1071-74 area to hold/fail. then the 78 area & see what PA looks like. If the 65 area doesn't hold then looking @ the 60.25 area & then 57.5-53.5 area. if we can take out 51, then the 5/25 low area of 38.5 would be eon the radar