TygerKrane's Pip-Pickpocketing

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MightyOne
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Postby MightyOne » Wed Jun 30, 2010 2:14 am

TygerKrane wrote:[highlight=darkred]Looking for lessons on how to best handle the consolidation part...[/highlight]
Waiting for outcome to compare with what happened yesterday...
Trying to cut down on my drawdowns. (and my overall horrible trading, lol.)

{even though my helpful note from Pablo101 said: "You guys really need to wait for MOMO"}


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Are you starting with and trading based on a high TF chart?

If so then you will start off with a 1/5 or 1/4 position and increase your position size as larger periods of time close over stronger and stronger imaginary lines.

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TygerKrane
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Postby TygerKrane » Wed Jun 30, 2010 12:03 pm

RESULT
10hrs 40mins later...Seeing the M90 on bullish MOMO make it back up completely to a bearish MOMO origin, will observe now for if the area becomes a next consolidation, or the price only lasts a short time in this area.

Not exactly sure where my imaginary line might be, perhaps the open of the last M90 candle (that red one) at 109.00. [To possibly trade the bullish MOMO back down...]

Will check back how it evolves in a few hours.

[highlight=violet]Observing for:[/highlight]
  • how to choose my bias from this point
  • mastery of getting in when following rule of "price closes over an imaginary line..."
  • how I might consider adding to position if I had entered at that bottom from last night. {Related to "exit during corrections" in the quote box below.}
  • Application of Sit-Down Challenge to improve my trading:
    http://kreslik.com/forums/viewtopic.php?p=16832#16832
    MightyOne wrote:None of those fancy trading methods even matter if you are the type to trade in one direction from a line that lasts for X, exit during corrections, & reinvest profits.
    {my first line would be my imaginary line from last night; so I guess my second imaginary line would be the 109.00 that I denoted above?}



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Overview:

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**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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Postby TygerKrane » Wed Jun 30, 2010 12:16 pm

Hey guys,
Sorry I haven't been replying to you all, not trying to be rude, I like all this info and ideas flowing in.
I've just barely had enough time to make my observations, learn some lessons, markup charts and post them up.
Maybe when I get to work.

Thanks Again,
[highlight=black]~Krane[/highlight]

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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Paper Trading setup for 06-30-10

Postby TygerKrane » Wed Jun 30, 2010 2:50 pm

Don't mind me and my questions as I talk to myself, just points of interest for my next set of observations; for the goal of avoiding drawdowns in trading what I see...

Pretty textbook Zlining for item#2 I think tho...

Looks like any number of aliassmith posts, I might add =D> :smt023

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**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

aliassmith
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Re: Paper Trading setup for 06-30-10

Postby aliassmith » Wed Jun 30, 2010 4:14 pm

TygerKrane wrote:Don't mind me and my questions as I talk to myself, just points of interest for my next set of observations; for the goal of avoiding drawdowns in trading what I see...

Pretty textbook Zlining for item#2 I think tho...

Looks like any number of aliassmith posts, I might add =D> :smt023

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You mean like this text book set up I grabbed today. 8)
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TygerKrane
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Re: Paper Trading setup for 06-30-10

Postby TygerKrane » Wed Jun 30, 2010 4:25 pm

aliassmith wrote:
TygerKrane wrote:Don't mind me and my questions as I talk to myself, just points of interest for my next set of observations; for the goal of avoiding drawdowns in trading what I see...

Pretty textbook Zlining for item#2 I think tho...

Looks like any number of aliassmith posts, I might add =D> :smt023

Image


You mean like this text book set up I grabbed today. 8)


You Da Man, you lucky punk!!
Of course, when you put in the amount of time that we do to learn this, calling it 'luck' is kind of offensive, isn't it??...no disrespect my man, peace bro!

Thanks for posting! :smt031
~Krane

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

aliassmith
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Re: Paper Trading setup for 06-30-10

Postby aliassmith » Wed Jun 30, 2010 4:40 pm

TygerKrane wrote:
aliassmith wrote:
TygerKrane wrote:Don't mind me and my questions as I talk to myself, just points of interest for my next set of observations; for the goal of avoiding drawdowns in trading what I see...

Pretty textbook Zlining for item#2 I think tho...

Looks like any number of aliassmith posts, I might add =D> :smt023

Image


You mean like this text book set up I grabbed today. 8)


You Da Man, you lucky punk!!
Of course, when you put in the amount of time that we do to learn this, calling it 'luck' is kind of offensive, isn't it??...no disrespect my man, peace bro!

Thanks for posting! :smt031
~Krane


No offense taken!

Even tho we put all the time in to develope our edge, there is still luck
involved, just as there is in poker.

That zline could have failed just like any other S/R. The trick is knowing
when to fold and pressing your wins for big pots. :)
Trade Your Way as Long as It Makes Money!

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TygerKrane
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Re: Paper Trading setup for 06-30-10...RESULT#1

Postby TygerKrane » Wed Jun 30, 2010 4:53 pm

[highlight=darkred][font=lucida console]Two sources of drawdown for me:[/font][/highlight]
1. Entries that go against me
2. Trades in profit, that I don't take quick pips on b/c I weirdly think that any trade that stays good for 15mins means that it is destined to net me 75+ pips...

I need better discretion to avoid the second type of drawdown. Psychologically, I find that either:
a) I get a good trade for 75+ pips FIRST and then I think that every trade I enter thereafter should net me 75+ pips
or
b)I get in drawdown from type#1 [one trade or several trades], and then I think that my next trade [singular] should go large enough to cover losses

So, mentally, I need to work on my discretion when it comes to taking the easy pips that the market gives me.

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Last edited by TygerKrane on Wed Jun 30, 2010 5:12 pm, edited 4 times in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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Re: Paper Trading setup for 06-30-10

Postby TygerKrane » Wed Jun 30, 2010 5:02 pm

aliassmith wrote:No offense taken!

Even tho we put all the time in to develope our edge, there is still luck
involved, just as there is in poker.

That zline could have failed just like any other S/R. The trick is knowing
when to fold and pressing your wins for big pots. :)
Brilliant!!Image

Now lets get those bastards!
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~Krane

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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newark18
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Postby newark18 » Wed Jun 30, 2010 9:15 pm

Tyger,

You certainly have been putting in a lot of effort with this thread. With all this work, you are surely on your way.
Failure is an opportunity to learn.

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