Timeframe Traded: 9:45am to 10:08am EST
Total: +6.1 Points
I'M HAPPY!
Totally unlearned everything I knew about scalping/daytrading and did what I never had the nerve to do before. I no longer want to be the scared animal that when out in the open, is constantly looking for the nearest shelter. I want to hunt. Not to be hunted.
And as a hunter, I don't want to go into the jungle with an outdated map. Charts older than today's are simply good for telling me where the market is today in relation to yesterday. Today, I look at everything with fresh eyes. I want to know my terrain, and only use tracks that have been used time and again by others, and I set up my traps along that track.
Then I watch. I take note of how many ticks the market moves up before it comes down for each ascend and vice-versa. I keep a lookout for supports and resistances via the market depth trader and I look for setups that tell me that the bulls are cleaning up the bears and vice-versa at these levels, and when they show up, I get ready to go in for the real breakouts when market retests those levels.
For the first time, I didn't sit on the edge of my chair; there was no cold sweats, racing heart, dry mouth and stiff shoulders. No more getting out with a 3-point loss after missing the best chances to bolt when the market's clearly trading in a range in an unhurried manner. I took the chance to make some trades as price went below where I placed a long entry. It didn't matter that I could only BUY to not offset the first long entry. I made a few ticks here and a few ticks there, leaving only 1 contract outstanding. Then I bought 2 more contracts from the low of the day (at that time) and sold all above the point of my first entry.
Radical approach for me. I wasn't averaging my loss though (not that I think it's a bad strategy - it's really for an experienced trader to assess on a case-by-case basis if that's the way to turn a bad situation around).
I was simply playing along a well-laid track. Where I entered gave me some room to decide if i want to scratch the trade or bail at minimum loss, or wait for it to come back to give me some profits (on hindsight, really a habit I have to kick). I started at the mid-point of the range, and not too far from where my "point of no return" is. Worst case scenario: I bail at a loss that I've set to be the maximum drawdown for today, and that's an amount that allows the market to test the low and come back up. If it doesn't come back, I bail at max pain.
Total: +6.1 Points
I'M HAPPY!
Totally unlearned everything I knew about scalping/daytrading and did what I never had the nerve to do before. I no longer want to be the scared animal that when out in the open, is constantly looking for the nearest shelter. I want to hunt. Not to be hunted.
And as a hunter, I don't want to go into the jungle with an outdated map. Charts older than today's are simply good for telling me where the market is today in relation to yesterday. Today, I look at everything with fresh eyes. I want to know my terrain, and only use tracks that have been used time and again by others, and I set up my traps along that track.
Then I watch. I take note of how many ticks the market moves up before it comes down for each ascend and vice-versa. I keep a lookout for supports and resistances via the market depth trader and I look for setups that tell me that the bulls are cleaning up the bears and vice-versa at these levels, and when they show up, I get ready to go in for the real breakouts when market retests those levels.
For the first time, I didn't sit on the edge of my chair; there was no cold sweats, racing heart, dry mouth and stiff shoulders. No more getting out with a 3-point loss after missing the best chances to bolt when the market's clearly trading in a range in an unhurried manner. I took the chance to make some trades as price went below where I placed a long entry. It didn't matter that I could only BUY to not offset the first long entry. I made a few ticks here and a few ticks there, leaving only 1 contract outstanding. Then I bought 2 more contracts from the low of the day (at that time) and sold all above the point of my first entry.
Radical approach for me. I wasn't averaging my loss though (not that I think it's a bad strategy - it's really for an experienced trader to assess on a case-by-case basis if that's the way to turn a bad situation around).
I was simply playing along a well-laid track. Where I entered gave me some room to decide if i want to scratch the trade or bail at minimum loss, or wait for it to come back to give me some profits (on hindsight, really a habit I have to kick). I started at the mid-point of the range, and not too far from where my "point of no return" is. Worst case scenario: I bail at a loss that I've set to be the maximum drawdown for today, and that's an amount that allows the market to test the low and come back up. If it doesn't come back, I bail at max pain.
FX
Long:
EUR/USD
EUR/JPY
AUD/USD
EUR/JPY
Positions opened at 12:30am EST
Positions closed at 7:00am EST
Total: + 240 pips
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