To begin with, you are to be commended for the extent and depth of this detail. Few traders bother, which is why they go on for years without ever gaining any traction. This is an excellent beginning. However (you knew there was going to be a "however"), when I asked about Wyckoff in my previous post, I was referring to applying a Wyckoff viewpoint to the entire strategy. Using only elements of Wyckoff aren't going to do much good and will likely make things worse. For example, if you want to pursue the Wyckoff path, none of what you have listed at the beginning of your post will be of any use to you. You're also listing a number of "conditions" when there are only two. You are also attempting to employ all three strategies -- breakouts, retracements, and reversals -- all at the same time when you should be focusing on one. As to markets, you're going to have to pick one. Just one. Doesn't matter what it is as long as it has the characteristics which will enable you -- if you trade it properly -- to reach your goals. If you haven't yet characterized any of the markets in which you are interested, then you will of course have to do that before proceeding further. If you haven't detailed your goals, then you will of course have to do that as well. As for the trading itself, you'll have to stop. Since you haven't completed your research nor your backtesting, you're not ready to forwardtest, much less trade in real time, even if it's sim. I realize you're not a new trader, but given the circumstances, the experience you have is not an asset but a liability. You're going to have to rewire yourself, and that's not a walk in the park. Don't be discouraged. This can be simpler than you imagine, though it may take far longer than you think. Edit: Incidentally, if none of this is what you bargained for, ND may be able to help you cobble something together out of the raw material you have here. I would at least ask her. I'd also find out if she has an Amazon Wishlist.
One trade today. It's not in my plan currently to trade the most lucrative market condition (trend), and I was frustrated watching price move down without me. There was also a perfect MP reversal to the tick that I watched happen, but again, it wasn't in my written plan, so I didn't take it. Trade #1 Short 3535.50 - Even though this trade is in my plan, I felt it was a little 'iffy' because of the daily level price was bouncing around. Didn't know if this was going to be a BOF and price was going to rocket up, or if the bottom was going to fall out. Plus there were several overlapping 5 min bars and that contributed to my angst. Got 5 points and glad I did. Would have been stopped out at BE if I were going for more. Same frustrations with CL. Too choppy to trade prior to the break out, and no current method for joining in on the huge move down. Going to spend the remainder of the week expanding my repertoire.
One trade again for me. Missed the big move up because the bar pattern wasn't 'perfect'. I supposed if I had taken it and it had failed, I would have been mad at myself. Managed to catch the short of the climactic top. Price blasted through a daily level and massive volume, then stalled right before another daily level. Trade #1 short 97.36 - Got probing and a rejection. The rejection candle was too big, so I put a limit order in 10 ticks from the top and was filled on a retrace. I was going for 15 ticks and when price was at +12, I tried to move to BE on the DOM, but accidentally clicked in the Buy column and was taken out 3 ticks early. Price chopped around after that. On the NQ side, there was an ascending channel in the morning, but size and bar overlap didn't appeal to me, so I did nothing. Nothing in my plan would've gotten me into the drop, and the subsequent grinding channel back up wasn't appealing. No NQ trades.
Scratch day. CL Trade #1 Short 96.62. After the OVN LOD was broken, thought price was going to run all down through yesterday's single prints to 96.22 ish. Waited for the LOD to break, and when it didn't break with conviction, moved my stop. +1 Trade #2 Long 97.20. Violated a rule here by not waiting at least 5 minutes after returning from a break. Came back to my desk and saw the pullback and the last CT bar was 1-ticked. Didn't see the climactic action until after I was filled. Bad trade, -10 NQ Trade #1 Short 3468.00. Had some reservations about taking this trade since it was right at the open, but everything lined up. +24 Trade #2 Short 3478.75. Violated a rule here by trading into stopping volume. Realized my mistake after entry and was able to scratch out +1.
Frank, 1600 post ago I was in your same position. If you want my two cents. 1. Go to the follow the straight line thread, try to implement something out of it and grow your plan around that. 2. READ the whole Wyckoff course, after you READ Db
Thanks Niko, I am working on the TL method. I've found that it does work well when used for catching pullbacks in trends or exhaustion tops/bottoms, but unless I'm missing something in the thread, blindly taking every twist and turn of the 1 min chart is a disaster. I believe there is at least 1 journal here on ET where the guy is doing that and he'd getting chopped to pieces. I've also found that waiting for the retracement is often unnecessary, especially in a strong move where there is no retracement. I've been testing taking the break of the high of the last candle's high that was higher than the candle that broke the TL works well (oops, there's that candle word again ) Catch that? I haven't read Wyckoff's course, but I have read his book. Very painful.
Line break + Ret will only alow you to catch the first RET. The next RETS will require the line to hold. There you go you know how to take RET entries. As you can only do RETs, REVs and BOs you are on 1/3d of the way. REVs will happen before the line break, but then you need S/R and that is not on the SLA threads. BOs are really a variation of the RETs as the trend started at the other extreme of the TR. Taking REVs requires one to be able to spot S/R, not always easy, and also understand AMT. If you focus in one of the above and manage to spot in in RT you will be one step ahead, and on your way. Stop running, you gotta crawl first.