my journal

This is a discussion on my journal within the Trading Journals forums, part of the Reception category; Back at about 6500 just in case anyone wants to know. I've been as low as 4800, about two weeks ...

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Old Dec 17, 2009, 8:06pm   #1591
 
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Re: my journal

Yamato started this thread Back at about 6500 just in case anyone wants to know. I've been as low as 4800, about two weeks ago.
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Old Dec 17, 2009, 8:08pm   #1592
 
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Re: my journal

Yamato started this thread going long again soon, this time within the system
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Old Dec 17, 2009, 8:13pm   #1593
 
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Re: my journal

Yamato started this thread Ok, done it. And respecting all rules in system. This is my last trade however, for the rest of the day.
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Old Dec 17, 2009, 8:24pm   #1594
 
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Re: my journal

Yamato started this thread Yeah, whatever... I closed it early because i felt the push up was exhausted. And I was right by the way. I think I will add the rule again. I am so good today (because there's trend). And I picked the bottom... oh, man... I am so good...
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Old Dec 17, 2009, 8:27pm   #1595
 
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Re: my journal

Yamato started this thread NEW SYSTEM:

PRO-TREND DISCRETIONARY SYSTEM

HOTKEYS
"B" for "buy 1 at market" with 20 ticks bracket order
"S" for "sell 1 at market" with 20 ticks bracket order
"C" for "close position"
----------------------
CHARTS
SET UP THESE CHARTS ON IB'S TWS:
1 DAY OF 1-minute ES, CL, GBP "line" mode with their 225-period slow moving averages
2 DAYS OF EUR.USD@IDEALPRO 15-minutes CANDLES WITH PIVOTS
4 HOURS OF EUR.USD@IDEALPRO 1-MINUTE CANDLES WITH 15-periods and 210-periods moving averages
----------------------
RULES
ENTRIES can be made if:
1) you sense trend (high volume/range, no news wait, touched >= 2 pivot lines, correlated all above/below their mas)
2) time is 15.00 to 20.00 CET
3) your entry and your take profit are > 10 ticks away from any pivot lines or any 0.0100s levels if beyond S2 or R2
4) you're checking "correlated" chart for exact timing of entry
5) the 225-period ma is in favor by > 10 ticks
6) the 15-period ma gets crossed by price (in favor) after being on the other side >= 4 minutes
EXITS
Bracket order of 20 ticks.
Early exit if you feel your move has either failed or exhausted its momentum before reaching takeprofit.
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Old Dec 17, 2009, 8:45pm   #1596
 
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Re: my journal

Yamato started this thread good long signal... coming up in a few minutes

I'm going to make one more long trade
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Old Dec 17, 2009, 8:50pm   #1597
 
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Re: my journal

Yamato started this thread 3 minutes at the most to the signal
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Old Dec 17, 2009, 8:55pm   #1598
 
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Re: my journal

Yamato started this thread it's happening....
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Old Dec 17, 2009, 8:56pm   #1599
 
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Re: my journal

Yamato started this thread I entered long but I just noticed i broke my rules as it's past 20 CET
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Old Dec 17, 2009, 8:58pm   #1600
 
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Re: my journal

Yamato started this thread if it hesitates, i'll close it early
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Old Dec 17, 2009, 9:06pm   #1601
 
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Re: my journal

Yamato started this thread Moved stoploss up to almost breakeven... all changes to my system... but i feel confident
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Old Dec 17, 2009, 9:12pm   #1602
 
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Re: my journal

Yamato started this thread Hey, the move failed, and i closed it early at a 50 dollars loss.

I sucked because i took the signal, but I am good because i was able, psychologically to exit early.

I don't have to 2000 dollars each time I make a mistake... i don't have to lose 2000 dollars before admitting i made a mistake.

Just like in life, i should never hesitate to admit i made a mistake.

Hey, I said the market would go up and instead it went down.
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Old Dec 17, 2009, 9:18pm   #1603
 
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Re: my journal

Yamato started this thread Losing 250 dollars on one trade should really be the worst accident that could happen during my trade: not the regular expected loss. I should learn to exit as soon as my signal has failed. Like when it recrosses the fast moving average in the opposite direction.
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Old Dec 17, 2009, 9:39pm   #1604
 
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Re: my journal

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Quote:
Originally Posted by wprins View Post
Well, 3 bar patterns as a matter of fact also are used in some circumstances. My mentor sometimes calls 5 bar patterns "swing points" and 3 bar patterns "half swingpoints".

Anyway, I suggest that the rationale is that 5 bar patterns carry more weight (are more statistically significant I suppose) than 3 bar patterns, at least as far as I understand things. Part of it probably is simply that 5 bar patterns are naturally going to be less frequent than 3 bar patterns. Having more signals (by using 3 bars) may mean you have more false signals to cope with, and 5 bars has perhaps been found to be the best general balance, not generating to much signals, but not too few.

It's like the waves on the sea. Most waves are common, shallow affairs, from which it's hard to discern the trend of the tide, but every so often you get a bigger wave that gives pushes further out. Such waves carry more importance in terms of reading the movement of the tide/sea.

As for using different numbers of bars (7 bar patterns? 9 bar patterns?) You should of course do your own experiments ("take ownership of your trading", as I was told, and indeed this is what you do) but it's probably a good idea to at least try out what works for others before starting to test alternatives.
Thanks for the further information on your method for discerning trend from range.
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Old Dec 17, 2009, 9:44pm   #1605
 
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Re: my journal

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Quote:
Originally Posted by wprins View Post
OK, but bear in mind I'm as much a student here still as you are. Indeed in most ways you are ahead of me. I don't want to be seen to be the teacher/expert on everything "Bill Williams". That, I'm not. (In other words, I have no desire to reach further audiences or compete with academics.)

Also, just to clarify as for the actual mechanics I tried to explain previously -- the MA's are used to determine sideways/trending state. Then together with 5 bar patterns determine possible entry points. The 5 bar patterns by themselves do not in and of themself determine the trend. I understand this is a bit vague but I'm trying to avoid having to rewrite a book here (which I have no interest in) to get concepts across. You were originally asking for suggestions for keeping you out of the market when it's going sideways and I made some. I'm hoping you'll go take a shower or a bath and come up with your own creative use of these suggestions (as you often do) and/or pick up some of the details about these ideas from the original author which we can then discuss as peers, rather than getting all of them from me, a fellow student of the markets.

Nevertheless, I'll try and help with a pictures or such to help explain my own understanding of these ideas (but perhaps tomorrow, it's late now and I have the dreaded weekly IT meeting tomorrow first thing.)

Edit: By the way, you mentioned English is not your first language, so let me congratulate you. Your English is excellent. I would say, your English is better than many Briton's command of their own language. (As an aside, English is technically also not my first language, as I'm originally from South Africa, although I'm pretty much bilingual. Aangename kennis Travis, goed om jou te ontmoet! That's a bit of Afrikaans, my native tongue.)
Many thanks... for these undeserved compliments. Now I may actually get insecure because I'll have to live up to the expectations. Let's just say that I write English better than most Italians, rather than the British.
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