Extreme Futures Daytrading

[ppplaci]

Valley, thank you for showing me. This coming from a person from a very lengthy trading background forcing me to think it through, had to read your post a few times for the info to sink in to understand....
What you describe ..I usually called breakout or buying on higher high
Phrases ppl hear every day then just ignore it. But this is exactly the way, trend following what I think is profitable.
Unfortunately I could never swing trade before, cause always too excited about the small movements..as a scalper/daytrader. Will try to look into it ..will put another layer of film on my charts in my mind to see what you mean in action.

--well if I think about it is also great, cause before the previous high, there is a moment (or a series of endless moments) where it is not decided yet whether it is a lower high, and the trend reverses, or not just a lower high and it has enough power to become more than a double top.

I will probably keep doing what I am doing, cause this needs time but if I see an opportunity this thought will definately help me to stay in the trade longer.
Thx for sharing

---
have to read it tomorrow I am not a whole person today...it is not a breakout strategy but resistance line break together with what you described.... got it now I think

 

[ppplaci]

And just finished my 4 pack Asahi beers

To all your health!

 

[ppplaci]

Now I am chitchatty after the beers
Looked at my chart and I can see again and again that I am not selective enough.
I am too keen to enter a position.
The question what I should ask myself before trades: Is this a point where others would see a higher chance for the price to continue towards my desired direction?
I don't always do that. unfortunately
also I think maybe subconsciously I am doing cr*ppy trades so I have a reason to enter with a higher stake maybe? due to impatience..have to sleep on this.

 

[ppplaci]

The 10-hour challenge

 

[valleyvintner]

You got a grip on it quickly! There's a little more to it of course. The retraced low that became the initial stop didn't take effect until the market took out the previous high at 1955.00. That had the effect of confirming previous support at 1937.25. In addition, someone trading the daily time frame will regularly check the 60 minute bars to look for shorter term zigzags of the same type, which can provide intermediate stops.

 

[ppplaci]

Yes got it for timing smaller timeframes are great.. And I get what you say too, but since the entry is only above the upper resistance line, then before that there is no point o have a stop, because before there is no trade. Another level broken so the previous becomes the stop, and some more closer trailing can be achieved by looking at the 60 min chart.
What is 1 sigma and 2 sigma? Is that a setting of the adaptive EMA? Will try to look for it in MT4, couldn't find it in Ninjatrader

 

[ppplaci]

ok, I read my journal yesterday twice.
Few changes needed.
First: new boosted plan removed, it is just a result of my greed and impatience. Wouldn't I be more than satisfied if I made it to this years end and made 200k? Wouldn't I be happy for 50k? F**kyeah I would. The purpose of this whole plan is to teach me to value the little as well, to teach me control.
And, because of that new plan, I am slipping. I feel I am not performing good enough in terms of profit. And that changes my mindset, resulting in more and more aggressive behavior and drawdowns.
So, plan will stay always the same, if I make more, great, but will keep the pace. Will only resume trading next week when my mother went back home to Hungary. Until then conditions are not ideal not to mention I am being rude if I look over the fact that I treat this as work, even than I could easily ask for a couple of days off from the boss (me)
But again the urge to trade, to get ahead, quickly now, sooner than possible, again, greed impatience. I might even add fear. The worst of them all. Fear of not performing, not being able to show those who doubted me etc. Of course I should think like: Scr** them.
Sorry, I starry-swear a lot, it will pass
If I resume trading Monday and trade every day, I will still finish month 2 on 22nd of September, so still good since I started on 21st of July.
I removed the greedy plan from my profit chart so now it shows how different the drawdowns became.
And also I know it is not just the above, this slow paced long trend suffering will persuade me one day to chew my own arm off. Just unbearably horrible. Wish it was winter already, so everybody would be sitting in from of the PC clicking instead of scorching in the sun (which I should be doing as well )

 

[ppplaci]

I really should be having a well deserved rest and not looking at the charts, but I just had to check where we are.
Of course when I stop trading, THEN comes the best short setup of the month....
Trendline break, lower high, smaller TF trendline break, kindof head and shoulders, S&P bouncing from 2000 level.
Ehhh.....Read the journal, and realized one other thing was different when I started. Less chart. Probably more focus on one which is good.
Besides...forgot what I wanted to write... got some bug, sore throat etc...
Screenshot of the new chart setup with the nice short.

--oh remebered what I forgot
So, less charts seems better. And sometimes ym russell S&P move together sometimes not. And if they don't always, then why would I make my decisions based on something that is moving in another direction.
If it falls because all of them have a nice short setup, or because only Russell falls, or they have some news supposedly making the market crash..doesn't matter. It will not make a difference if I am watching 15 charts, just dividing my attention...
And patience. I want 200k. And I have a year for it. And, summer won't last all year, long will turn down eventually....price will move faster..the way I like it.

 

[ppplaci]

So, Russian Ukrainian conflict worsens, beginning of the day, there was an almost perfect head and shoulders on the Russell, and nothing happens.
Yeah probably the previous big short was also because of a promise of a war.
At the same time I am disappointed at the technicals. Chicago PMI and Consumer sentiment was very bullish, and maybe that's what stopped the fall??? .. or the resistance line at about 1163?
Or maybe conspiracy theorists FED manipulation?
They just printed another billion dollars (everything is possible nowadays)
Will never know...

 

[ppplaci]

I will try something else. Finish this journal. It was ..has been useful, but I am spending too much time with it, instead of other things... reading a book, watching a film, think about how I could improve... instead I am looking at threads, checking how many people seen my posts, thread attachments, ... its like a "like-junkie" on Facebook. And not just that...because I know that ppl watching, its like an extra pressure, that I am not aware of all the time, but it is there, somewhere in the background, working its magic on me.
Maybe I will restart later on but I have to see how this decision will affect me, my trades, my discipline and all else required for trading. Maybe I will post the profit graph time to time.. maybe I will change my mind by Monday..
But, right now, this is it.... apologies for those who have been quietly following.

 

[valleyvintner]

Your posts have been interesting. They remind me of my own prolonged and unsuccessful period of self-education from 1983 till 1992. When I finally found a philosophy, method and tactics that worked, I became a non-stop winner. This winning strategy, of which I showed you a quick example, is significanty better than the CFRN system - which is not bad. Its main shortcoming is that it enters a lot of statistically doomed trades that the swing trading method filters out. Every good wish with your ongoing efforts!
valleyvintner