Stalker Do you remember the r/r illustration I posted. None of your trades had even a 1/1 ratio much less 2/1 or better. The second two trades were in the middle of the daily range, always a bad place to take retracements. I know its a lot to remember. Thats why it takes quite awhile to get the hang of it. You have to learn what the choice ones look like and then you have to wait for them. If you use the criteria I suggested you only had one decent setup. p.s. sct'ers ignore. This is edge stuff
According to this strategy, is the risk-reward always calculated from the high-low of the last swing? During really fast paced trends when there are almost no retracement at all but just the market going flat and very compressed for a while before the trend resumes - during these situations the reward would be almost nothing calculated this way. Still it seems like the easiest situations to make several points. Would you recommend that i stay away from these situations anyway? Defenitely not sct , but I just wanna focus on learning to trade one set-up while studying other things the rest of the time. Difficult enough imo. I think it takes several years to learn sct, especially if you don´t have a mentor irl. Thanks for comments, feels better to know what I did wrong... /Martin
B]According to this strategy, is the risk-reward always calculated from the high-low of the last swing?] Yes but remember we are talking about the hi/lo of the day only. [. Would you recommend that i stay away from these situations anyway?] In the beginning I do suggest you know what your r/r is going in. It is a very good bet that the last swing hod or lod will be tested. It is not as good a bet that it will continue up or down from that hi/ low. It is just a guess. It is very hard to sit there and watch the market run away from you but you have to learn to accept it and wait. [Defenitely not sct , but I just wanna focus on learning to trade one set-up while studying other things the rest of the time. Difficult enough imo. I think it takes several years to learn sct, especially if you don´t have a mentor irl. ] Right on., [/B][/QUOTE] On a side note the edge entry I showed you coincided with pt. 3 on a new channel. This happens a lot. It turns out that edge trading and sct dovetail quite nicely when you get the hang of it.
Stalker - I'll make a comment about your trades around 13:00. At 13:10 the pace was MEDIUM. This means you will can expect articulated L-R traverses. Around 13:10 the market had showed you that the direction was short. GREAT! You traded short. Around 13:10 the market showed you that the midday didn't really dry up -- you had MEDIUM pace and trending. So forget about a dramatic PM startup. The pace is MEDIUM - it's a trending pace. (run a 5 bar MA on volume lagged by 2) You had no reason to exit your short until 13:35!!! Wash on declining volume. If 13:30 was a big up bar on rising volume you exit for a loss. Why exit for a loss when you don't have to? Yes your position was losing - but that is only because you are beginner and your entry was not that great. 13:30 was a FBO on the L-R. This should have been apparent by the time the VDU came at 14:00. 14:00 sets the RH side and the next two bars are nearly a FULL traverse. (See the FBP on the 2 minute... just bracket the thing)
Without being a student of the Grob/Hershey methodologies, I can say that today was a very difficult day. I was down after commission. I had a feeling that the market wasn't tradeable -- for me -- that I was out of synch, and the first trades cemented that. Don't beat yourself up. There are better days.
On a side note the edge entry I showed you coincided with pt. 3 on a new channel. This happens a lot. It turns out that edge trading and sct dovetail quite nicely Yeah, I´ve noticed this too and I saw the set-up you showed that came at the same time as point3, but I was thinking "lunch-time coming up, don´t wanna make the same mistake as yesterday". So I made some others instead... Realise I´ve entered just about any retracement or pause in a trend last month, gotta narrow the focus. thanx again, really nice feedback Stalker
good job but no cigar, so when you feel certain that you want to pull the trigger, quickly grab the pen tool and draw a little arrow on chart, up for long, down for short. Then you can sit back, watch the trades unfold and take notes of what going on. By the end of day you can post chart and compare your notes to anothers. You should concentrate on the most successful pick and master the setup then go live with that setup. It is not as heart pounding as live trade but I think it will help you in this stage, so close but yet so far away.
yeah, papertrading is probably advisable for a while. again... Very good comments BA. I still expected the market to go down at 14:00, but at that point I had screwed up too much to wanna enter again. Yes, my entries really sucks, and I realise now that the strong moves at the end of the days last week and the fed yesterday made me expect that every move today were gonna be for at least five points in no time. The opposite happened after summer, I expected every day to be trading in a tight range.
extraordinary volume is typically a traverse ending event. what happens when volume is at an "unsustainable" level?
Danny boy, you can go broke fast trading against "blowout" volume. Volume spikes are eminently testable. There is NO level at which volume is too high. The only thing reliable about volume is price anomalies, what Jackie boy derogatorily labels as "edges".