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This 1047 - 1050 area..lots of volume firing off up here....good day for a gap fill...
Thanks Blue for describing the chart indicators that you posted.
quote:
Originally posted by BruceM

Blue,

I had a good long campaign off the 5 minute range
my initial stop was above the 99.50 on that short campaign



Hi Bruce,

I hope you don't mind the questions - I just trying to learn.

1. So "good long campaign" means you went long after open and then did a SAR at 1096.2?
2. On the 6 contracts sold at 1096.25 you had a stop-loss 1099.50 or -3.25 pts?
3. Your profit objective for the short of 1096.25, was the 1094 to 1092.50 area? That would be 2.25pts and 3.75 pts?

4. Do you have a way to know when you are going to increase your size of the trade?

Thanks.
quote:
Originally posted by MonkeyMeat

Thanks Blue for describing the chart indicators that you posted.




no worries, mate!
Hi Blue,

#1
I didn't stop and reverse...I'm not agile enough in my thinking...I will usually pair out at plus or minus numbers, overnight numbers or RTH numbers if I have enough working and I'm not stopped

#2 correct , per contract but it wasn't a hard stop


#3 correct..most would look at this as poor risk to reward but most also haven't been in the game as long as me...not an ego thing, it just works for me and most don't last at day trading

#4 sometimes I'll average in but usually not above 14 contracts...after that my stress levels go up and my job of trading is not enjoyable...I'm in this to make cash and enjoy the process

Hope that helps and feel free to ask any questions u want...not a bother

quote:
Originally posted by blue

quote:
Originally posted by BruceM

Blue,

I had a good long campaign off the 5 minute range
my initial stop was above the 99.50 on that short campaign



Hi Bruce,

I hope you don't mind the questions - I just trying to learn.

1. So "good long campaign" means you went long after open and then did a SAR at 1096.2?
2. On the 6 contracts sold at 1096.25 you had a stop-loss 1099.50 or -3.25 pts?
3. Your profit objective for the short of 1096.25, was the 1094 to 1092.50 area? That would be 2.25pts and 3.75 pts?

4. Do you have a way to know when you are going to increase your size of the trade?

Thanks.


quote:
Originally posted by BruceM

Hi Blue,
#4 sometimes I'll average in but usually not above 14 contracts...after that my stress levels go up and my job of trading is not enjoyable...I'm in this to make cash and enjoy the process

Hope that helps and feel free to ask any questions u want...not a bother



Thanks Bruce,

I a book I was reading he refers to varying ones size and going heavier on the "good trades" though of course he doesn't remember to tell you how he distinguishes.
His idea is that if one will have more losers than winners (with stops etc) and so you want more on the good ones.
(So lose 5 pts, lose 5 pts, lose 5 pts, win 30pts - that idea).

1. Do you get an instinctive feel "this is going to be a good one and let it run further?"

On yesterday's trade you had one that you were hoping to close at 1089 but it started back up and you closed it. This was the last of six.
2. Since you had a profit on the others, why did you not hold it longer - especially as you had a short bias?

Thanks.
quote:



1. Do you get an instinctive feel "this is going to be a good one and let it run further?"







I'm not Bruce, but I would love to give my 2 cents on this question. I don't put on "hard stops" and in so doing I don't sit back and relax, like most do when they place a stop profit and stop loss orders (OCO) I am not saying I watch ever tick but I am constantly monitoring the market for changes in trend, changes in direction via 30min hi/lows. The majority of my trades are small winners and small loses, but I can feel the big $$$ winners. And I can feel a good winner before its way in the green. I don't think its some special kind of intuition but instead seeing the chart pattern fulfill what you thought it would, or even better.
I am a swing trader I stay in the market from 10min to a couple days. And usually within a very small amount of time I can tell if its going to be a good trade or a normal scalping trade. Wither its my methodology or my own doings my account runs in a period of a lot of small losses-small winners-mid size winners-big winners-small losses. I have noticed this cycle for a very long time. I can fell a winning strick coming, I can also feel a string of losers coming. I have somewhat learned to listen to this and trade MM accordingly. I don't have the words for it but I do feel when its time to let run a lot farther than normal.
quote:

Originally posted by CharterJoe



(a) but I can feel the big $$$ winners. And I can feel a good winner before its way in the green. I don't think its some special kind of intuition but instead seeing the chart pattern fulfill what you thought it would, or even better.
.........
(b)I have noticed this cycle for a very long time. I can fell a winning strick coming, I can also feel a string of losers coming....




Thanks Joe,

You seem to be speaking of two things here.
You both:
-(a) feel when a individual trade is going to be a big winner and
-(b) you also feel when you will have a winning streak (of several days? a couple of weeks?) coming.
Is that correct?

If (a) do you increase size as your confidence grows?

Do you have an idea of whether the big trades count for the bulk of your profits at the end of the month? For example do 3 big winners count for most of your profit 80%+ and the small profit/small loss trades say 25 month are pretty much a wash?

Thanks

blue,

Without my big trades my account would just tread up slowly. I don't know the % but the bigger trades are what make my week and month. These trades come when the market(s) are trending and my trades are in the direction of the short/mid/long term trend. I look to buy pullbacks and breakouts in trending times. When I traded ES full time these trending markets would not come around often enough, now in FX I can go from currency to currency looking for trends. As there is almost always a pair trending like I need it too, so now I am in a market that trends more often and more continuation in the breakout direction.
Thanks CJ!
Hi blue..I missed these questions...sorry

sometimes I have an instinctive feel that turns out well and other times it doesn't...hence the nature of being a discretionary trader...I do beleive that certain patterns get WIRED in after watching the screen for so long so I'm not sure if that is instinctive..


Your second question...in hindsight holding that last contract would have been great but I was thinking about the time of day, being inside the 60 minute range and the ability of volume to attract and reattract price.....sometimes it takes TIME to reject a level....we still don't want winners to turn into losers. I also like to have the market go in my favor fairly quickly as it is boring and frustrating to watch price ping-pong all over the place in a tight range....sorry I can't be more clear...and sorry for missing this one
quote:
Originally posted by blue

quote:
Originally posted by BruceM

Hi Blue,
#4 sometimes I'll average in but usually not above 14 contracts...after that my stress levels go up and my job of trading is not enjoyable...I'm in this to make cash and enjoy the process

Hope that helps and feel free to ask any questions u want...not a bother



Thanks Bruce,

I a book I was reading he refers to varying ones size and going heavier on the "good trades" though of course he doesn't remember to tell you how he distinguishes.
His idea is that if one will have more losers than winners (with stops etc) and so you want more on the good ones.
(So lose 5 pts, lose 5 pts, lose 5 pts, win 30pts - that idea).

1. Do you get an instinctive feel "this is going to be a good one and let it run further?"

On yesterday's trade you had one that you were hoping to close at 1089 but it started back up and you closed it. This was the last of six.
2. Since you had a profit on the others, why did you not hold it longer - especially as you had a short bias?

Thanks.

I SAID A DAY GO IF 1033 DOESNT HOLD WE'LL LIKELY GET A TEST OF 1018-19.50.. STILL FEEL THAT WAY