bakedbeans' learning journal

[chappy]

Hi Beans ..thanks for the invitation ..I saw things a bit differently on the 5 min.Ignore the p&l , this is demo so I was dreaming big ..however this is exactly how I would have entered today on my live account .The MacDonald kept me in ..

[chappy]

MACD.......not McDonald's...ROFL

[aliassmith]

Hi Beans ..thanks for the invitation ..I saw things a bit differently on the 5 min.Ignore the p&l , this is demo so I was dreaming big ..however this is exactly how I would have entered today on my live account .The MacDonald kept me in ..

Im going to have to learn to trade the ES from you. 10 points in one swoop thats, $15k

[bb01100100]

That's a great trade, Chappy! Nice work!

That looks like 11.75 points on your 10x lot to get the $5875? I guess alias is swinging 30 lots to get his 10pt 15k trades

Was your entry at 4424.75 due to macd + a pullback on the second green bar, or something else?

Oh wait, I see.. while I was busy getting myself stopped out at 4420 and starting my day -1% down you were waiting. So we both took a similar trade long at ~4424, but I took 3 points and then had three losers in the 4429, 4431 and 4427 price area, while you ran your trade back through several deep retraces and into the close - nice work.

Apart from the fact I was busy trading every little stab and parry, when I do try to run something longer I get shaken out by those kinds of retraces.

How did you handle going from being 6-7 points up and then retracing hard back to being 2 points up; and then again being circa 11 points up and then the retrace back down to circa 5 points up before you git the 12 points target? (Well, it looks that way on my chart, but on yours I don't see lower wicks for that second retrace I mentioned).

Thanks for posting the chart - I had trouble reconciling it until I realised your wicks are almost invisible

Cheers,
Baked.

[chappy]

I was hoping you would ask about the retraced.I hold because I am not watching the price or the p&l .I only want to see the MACD and the close .That is the reason I went to line charts yrs ago. Bar charts scared me out of trade. Ya,a bit scary at first but I move to break-even quickly so there is nothing to lose .Let's see what happens today .

[chappy]

Hi Beans ..thanks for the invitation ..I saw things a bit differently on the 5 min.Ignore the p&l , this is demo so I was dreaming big ..however this is exactly how I would have entered today on my live account .The MacDonald kept me in ..

Im going to have to learn to trade the ES from you. 10 points in one swoop thats, $15k

When Alias needs to "learn" from me .....we are ALL in big trouble ....

[bb01100100]

I was hoping you would ask about the retraced.I hold because I am not watching the price or the p&l .I only want to see the MACD and the close .That is the reason I went to line charts yrs ago. Bar charts scared me out of trade. Ya,a bit scary at first but I move to break-even quickly so there is nothing to lose .Let's see what happens today .

I can see the benefit in looking at closes only; you bypass all the games and shake outs.

With the MACD are you doing classic divergence trades or just looking for turns, etc?

[chappy]

A lot of action earlier but very little after 2pm. Can you see where I would have entered ?

[bb01100100]

I was thinking about how Chappy held through the session yesterday and captured big points, which lead me to a revisit of Alias' thread where he mentioned structure and linked to Dave's market structure video. I have watched most of that and learned a great deal.

I will use the 1 hour timeframe to mark validated highs and lows and identify where structure shifts from short-to-long or long-to-short are located. That helps with having a framework to work within.

My results from today were positive. I traded aggressively with 4,8 and 12 lots doing small scalps (avg winner was 6 ticks) since the range was fairly small. I traded some zline retests and some support zone rejections.

2023-07-01-MES.jpg (147.8 KiB) Viewed 2490 times

I'd like to show my fills, but the color scheme in Sierra for them is unreadable.. I need to make some time to get them looking sane, then all will be laid bare! Well, at least until I'm trading full ES lots, heh.

I'm not excited about today despite being green for the day/week/month; it felt more like rolling up my sleeves and doing what needed to be done. I felt that if I was more patient I would be more effective/efficient. That was true.

2023-06-EOM-PnL.jpg (166.97 KiB) Viewed 2490 times

My max DD was -$6.28 but I don't feel that's representative since I had an open drawdown maximum of $215.
Going forward I'll record both max DD and max open loss.

Would I be right in thinking that with most funded trader accounts (e.g. FTMO, 5ers, etc) that the higher of maxDD and open-loss would be what triggers an evaluation fail? I'm interested in using their risk parameters as guardrails for my own trading - good habits, etc.

I assume July is going to be a quiet since people in the northern hemisphere will take vacations... does this make the market more likely to sit in small ranges and possibly behave differently at support/resistance zones, etc?

[bb01100100]

A lot of action earlier but very little after 2pm. Can you see where I would have entered ?

For the morning, looks like some good options:

• Maybe 4454 at circa 08:30
• Maybe a reentry at 4480ish at 11am? That might have been stopped on the second leg down
• Maybe a second attempt just after 12pm at circa 4479? Not sure if your TZ is NY but maybe you'd avoid the lunch lull

For the afternoon - no trade - MACD is dead?

Thanks,
Baked