A fresh start! Doji's Trading Journal

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newscalper
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Postby newscalper » Thu Sep 05, 2013 9:44 pm

Doji - when you use the 50% tool are you using it just on mbars or do you (for example on H4) just use it on bars at the extreme i.e. , say if price is moving up and the bar going into the high extreme is an mbar, you mark that, then you look for failure of the 50% for a reversal, or alternatively, if the extreme has been made and an outside/mbar has been made south you then mark fibs and look for a retrace entry ( as I marked out on Aussie Yen last week and you took? Nice trade btw)?

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Postby dojirock » Fri Sep 06, 2013 12:59 am

Yes, you can do it both ways if the momentum is part of the extreme. Thats what is most important is identifing the momentum bar or bars and marking those said bars. good observation!

doji


newscalper wrote:Doji - when you use the 50% tool are you using it just on mbars or do you (for example on H4) just use it on bars at the extreme i.e. , say if price is moving up and the bar going into the high extreme is an mbar, you mark that, then you look for failure of the 50% for a reversal, or alternatively, if the extreme has been made and an outside/mbar has been made south you then mark fibs and look for a retrace entry ( as I marked out on Aussie Yen last week and you took? Nice trade btw)?
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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Postby newscalper » Mon Sep 09, 2013 11:47 am

Just playing with a new chart setup
Image
The arrows weren't actual trades, just my thought on it.

Today trade is off the weekly low. Just wary of the yearly open so in trend following mode. May come back at me
Image

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Postby MightyOne » Mon Sep 09, 2013 6:33 pm

Your stop loss determines the largest chart that will influence your trade decisions.

To have a stop at the extreme is to trade a chart and to have a stop within the range of a candle on said chart is to trade a smaller chart.

The act of trading is simply moving stops (hopefully because you are adding size) and making that final decision to liquidate.

In order to hold for large pips you have to have position on large charts & your stops have to stay outside of the gyrations of smaller charts.

Notice that I didn't say anything yet about what the large chart is doing, simply that you hold the extreme.

You start by trading aggressively (adding size) away from an extreme based on your small charts (M2 & M30, M5 & M15, whatever) with an allowance of no more than 1 counter trade for every 2 trades away from the extreme; too many CT trades and your chance of missing the move skyrockets.

Next you reduce your size and move your stop to the location it would be had you been trading based on the large chart all along.

And from there you add size to move along the extremes of the larger chart...
here is a basic example:

Image


Note that it would have worked equally as well had you gone short from the high extreme of the prev. candle.

SO

1) multiday extremes
2) Small Charts
3) Add Size
4) Unwind Positions / move SL to a better location on large chart
5) Add Size based on new chart
6) Liquidate.

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Postby newscalper » Tue Sep 10, 2013 11:44 am

Image

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Postby newscalper » Tue Sep 10, 2013 11:46 am

Mo 'High extreme of the previous candle' - I have no idea which candle you're referring to?

The rest of the info, yeah, I kind of get it, although if I'm trading off a weekly low I don't know why that isn't a multi-day extreme? The 2 minute charts etc yeah, if you can trade I can see how that works and I understand re gaining pips to move the position back BUT I can't win any pips on small charts, Tried it and I fail every time all I do is lose.

What's wrong with the idea of 'win pips' on whatever chart, liquidate, inject pips into next trade - either by injecting into stop, or position size, or both?

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Postby MightyOne » Tue Sep 10, 2013 4:58 pm

In the picture it says "trade off of this (extreme)", the candle before that is the one I was talking about for the short.

I wrote this whole thing because you said that you were using the yearly open to which I responded that if you can't put a stop at an extreme then the chart should be irrelevant to you.

I never said that the weekly isn't a multiday chart.

"What's wrong with the idea of 'win pips' on whatever chart, liquidate, inject pips into next trade - either by injecting into stop, or position size, or both?" -newscalper

I think that is a question that you need to answer yourself.


Yes you can win pips on small charts, you just have to ditch technical analysis (don't draw on a small chart) and dive into your emotions.

1) does it look like it is going up or down?
2) what will the chart look like if I am wrong?
3) don't wait for breakouts or anything, just enter.
4) if a candle CLOSES & the picture looks like "2" then liquidate.
5) REMEMBER: SMALL CHART, SMALL PIPS; you are not trying to hold.
6) don't use market orders to liquidate, place a limit order at the extreme.
7) the exception to "6" is if the candle is abnormally large compared to the recent past PA.

Personally I don't use hard stops as I prefer a close all macro to avoid disaster (that is what the stop is anyways).
I also delay my M2 data by 3 seconds so that I keep my sanity.

You don't want to get lost trading the 2 minute, you want to always be aware of what the 30 minute or hourly is doing (has the M30 been dropping red candles, is your M2 long just making a red candle shorter, ...kind of thing).

Lastly, you want to always be aware of where your SL is on the multiday chart.

My most commonly used charts are:

M2
M30 <-- map for M2
H6 <-- temporary extremes
D3 <-- extremes
D12 <-- extremes

The key point to remember is that, in holding the extreme of x chart, you CAN scale upwards to x chart.
By reducing size you can hold a larger extreme and by holding the extreme you can move upwards.

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dojirock
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Postby dojirock » Tue Sep 10, 2013 10:46 pm

Anyone having a tough week? Im at 6 losses in a row....feel like im blind.
No more trading for me this week. :(
down 6 percent....
It always takes Momentum to break Momentum!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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MightyOne
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Postby MightyOne » Tue Sep 10, 2013 11:59 pm

dojirock wrote:Anyone having a tough week? Im at 6 losses in a row....feel like im blind.
No more trading for me this week. :(
down 6 percent....


Does poker count? =)

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Postby bettlebox » Wed Sep 11, 2013 3:24 pm

E/U trades today. I learnt to like days like these now.

There are two forces acting upon us: Suffering pushes us forward from behind and pleasures entice us and pull us forward.

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