Tradersaavy's Discipline Journal

Kermit,

My verbiage may have been a little off when I said "subjective tick data".
I could have said inconsistent tick data, but let me explain.

I have compared several charts of the same tick count on the same instrument and have seen different chart information. This is comparing charts from Esignal to Tradestation and others that I can't remember the name of currently.

Also, I have even seen Esignal, who I use, have certain tick information during the trading day and then at night when I do some reviewing on another computer, the chart information can sometimes differ from earlier in the day.

Regarding divergence: this is one area of my system that can not be coded. I suppose it is somewhat discretional. I only take divergences of the type in the attached chart. And they have to be obvious. I may take the not so obvious ones if the other signals/filters are all very strong.

 

Tradersaavy,

I too have noticed such inconsistencies in tick data between these two providers. As for the divergences, this is where discretion can actually come in. But, yes, I see what you’re saying. Thanks for the schematic.

Kermit

 

Long YM at 10337.

Current target 10348.

 

Out 10348.

I'll post chart and thoughts later.

Only trade of the day.

 

Still, I can't wait until August 7th'ish when I start trading fulltime.

I'm moving now and I'm missing trades during the day.
There were two scalps. Both were losers. I missed them both.
Finally Murph's Law worked for me. I missed the losing trades.

However, there was a nice 1m trade short earlier in the day that I missed.


However again, the attached chart was the biggest trade of the day for my system and I got it.

All filters to produce a signal were there and very clear.
Entry was better than expected and exit was right on the mark.

What I have learned today is:
The less I look at the screen the better. I do better when glancing at the screen every now and then. It keeps an objective eye. This goes for after entry as well. Even though after entering a trade, it is a simple step from there being that the trade either hits the target or doesn't.

 

I don't know if anyone reads this journal but in case someone is:
I apologize if it is boring.

I suppose I could have done this in a private journal but I feel that doing it in a 'public' forum is a better psychological factor for me.

Especially when it come to the purpose: working on discipline.

 

Hi,

Your trade produced 12 ticks profit. May I know what is your average size of profit and losses. Also, what is your winning ratio? My opinion is that the size of the gain is a bit on the low side, though I understand it to be a scalping system. Have u tried it on higher time frame charts or do you prefer lower time frame because you feel that it suits your mentality of smaller loss and gains?


Thanks

 

Hello.
During the "non-summer months" the average trade is 14 ticks.
It does work on higher timeframes too.
Yes, I have chosen this timeframe because it suits my personality.
The risk to reward seems crazy, but it works. It is usually 1:1.
However, the win rate has been 75%.

 

How come you did not get signal around, after 13:00 ?

 

Probably because:
From 10:30 - 13:00 YM was pretty much sideways on my chart.
Shortly after 13:00 I see a breakdown, but not my type of trade which needs a trend in place to find a reversal.

Thanks.