Firewalker's Journey: A path of discovery in search for enlightenment

This is a discussion on Firewalker's Journey: A path of discovery in search for enlightenment within the Trading Journals forums, part of the Reception category; Some of the problems I've been having in the past, were confusing signals about whether price was moving up, down ...

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Old Sep 18, 2006, 9:49pm   #435
 
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more thoughts

firewalker99 started this thread Some of the problems I've been having in the past, were confusing signals about whether price was moving up, down or sideways... I've abandoned all ways of drawing channels, bands, triangles,... and focused on horizontal lines. Using S/R on intermediate or long term to indicate possible "areas" that help me through the day as possible indicators. Before I used too hang on too strictly to these lines. Now that I've let go of this need to "prove" myself that there was something (or nothing) there, I am more focused on what price is doing. Price can find support at a slightly different level which doesn't mean that the level loses it's validity.

One other thing I've concluded of the papertrading: trading with one contract is much more difficult than with two. Unless you have a perfect entry, you'll have to put a wider stop which in turn makes the risk:reward ratio less interesting. Also, I'm more bound to taking profits too early, for the risk of losing out on the trade or letting price turn back again and erase all potential profit. Therefore, trading two contracts makes is much easier to 1) take profits at a slightly earlier exit and let the second contract go further 2) "fix" a compromised entry.
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Old Sep 19, 2006, 10:02pm   #436
 
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S/R zones on NQ

firewalker99 started this thread Today's and yesterday's.
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Old Sep 19, 2006, 10:04pm   #437
 
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S/R on DAX

firewalker99 started this thread Today's and yesterday's.

5890-5895 also pop-ups up again as this was previously important S/R and is where price found a landing on the way down in the evening session and later on even bumped off to head upwards again.

Important area to look for tomorrow: 5925-5937.50
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Old Sep 19, 2006, 10:23pm   #438
 
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Trying to be emotionally detached

firewalker99 started this thread Today I let emotions slip back into my trading which caused me to take a short on a low point, not according to plan, nor a good entry. This caused me to lose out on a potentially profitable day (actually it was going to profitable if we don't count this one particular losing trade). If this happens again, we will punish ourselves with papertrading the next day until all emotions are ruled out. What caused me to react this way, was the first trade going the wrong away because of the news. I was confident in my trade and it was going the right way, with the first target just nearly missed.
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Old Sep 19, 2006, 11:07pm   #439
 
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On a hinge...

firewalker99 started this thread The average daily range is almost half of what is was 3 months ago... price is moving towards an outbreak? All of this doesn't matter to me as it's no part of the system, but I still like to keep an eye on the bigger picture...
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Old Sep 20, 2006, 8:30am   #440
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Looks like you are making much better progress with your own efforts.
Best to stay on one time frame although the main trend is more clearer on the 60min or 120min charts.
Are you trading both Nasdaq and Dax.
Where do you get the charts from.
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Old Sep 20, 2006, 8:57am   #441
 
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Originally Posted by Joey
Looks like you are making much better progress with your own efforts.
Best to stay on one time frame although the main trend is more clearer on the 60min or 120min charts.
Are you trading both Nasdaq and Dax.
Where do you get the charts from.
Thanks Joey.
The charts are all drawn myself. Just images or screenshots from my broker (IB) with lines or annotations on it myself.

I used to be trading DAX alone, but this didn't work out so fine. Now that I put the NQ next aside the DAX for the evening session I can relate much better in the moves and things came much clearer. Also, I've found the NQ to be much more comfortable for placing stops which impeded my learning process. Like Douglas wrote "... the amount of money you risk per trade should be an amount that you are completely comfortable with. If you don't stay within this tolerance level, you will be, at the very least, uncomfortable, in which case to whatever degree you are, you shut down the learning process."

Where do you find yourself in your trading?
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