Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[Dave]

Good evening and happy Monday,

I spent a good deal of time over the weekend reading the forum and watching and re-watching videos, and felt I gained some clarity. Time will tell....

I've arranged my ideas as:

--- let it break, let it show clear direction ---
- When price is outside the S12 gator and eWave momentum is increasing, find a pullback to the gator and take a continuation
--- if S12 comes back inside the gator ---
- When price is outside the M1 gator and eWave momentum is increasing, find a pullback to the gator and take a continuation
--- if M1 comes back inside the gator ---
- When price is outside the M5 gator and eWave momentum is increasing, find a pullback to the gator and take a continuation
--- if M5 comes back inside the gator then sit and wait for clear direction ---

This will take application and I need to tune my eyes, but today's session was approached with confidence and, even though it wasn't profitable, it felt clearer. A good few entries for sum -5.3 points.

1. LOBOT. Didn't carry on. Maybe went too far already but it was the first pause on S12
2. Break of day's range. Everything was down and the pullback to the M1 gator was perfect. Didn't like the big SL so moved to BE early. Entry a bit late, cross of gator would have been better and that’s a consideration for these HTF pullback entries. 
3. Good entry. An M1 pullback. Didn't run
4. S12 pullback, inside/just after the M1 pullback, didn't go
5. An M5 pullback into an M1 Setup1
6. An M1 pullback into an S12 Setup1
7. An M1 pullback into an S12 Setup1 (a bit ambitious after the big push, and the M1 pullback wasn't really to the gator, bit far away)

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And then a question.... to what extent do you consider the purple line of M1 (the red line of M5) relevant when trading S12? I understand we want to trade with the trend of the HTF, but is the M5 red line too far away to consider? There were good moves filtered today because I wanted purple to be correct on both S12 and M1. Example:

20201012.04.jpg

 
Thank you

[immy]

Hi Dave

great post fantastic ideas and some good trades there

btw: if you wanted to monitor your discipline you can apply the T20 Principle. Too many trades? No problem, for day trading on the m1 we give ourselves a DS1 or DS0 based on overall performance for the day/session. Its a judgement call. I maintain my week and month in this fashion.

hope this helps

cheers

[Dave]

Good evening,

A frustrating session today! It was all there for the taking from LO and for about 30 mins, but the bounce of the ball just didn't go my way.

0. Not an entry but marked as a pullback to an open gator with rising eWave momentum and continuation. One to note.
1. Pisses me off. I don't know why this was stopped and the data feed doesn't show the SL above the candle being hit. Anyway. Probably my ATM error and so I'll set the SL to swing from now on and then adjust it. Could have had 10 or BE at worst.
2. Another annoying one. An M1 pullback to an S12 Setup1. Trailed too closely.
3. Another annoying one. An S12 pullback with increasing eWave momentum. Trailed too closely.
4. S12 pullback quickly in and out but the spot was good so....
5.... back in with a better confirmation candle. Another annoying one though with the trailing SL hit, and then the drop.
6. M1 pullback to S12 Setup1. Here I let the SL breathe, probably influenced by the previous trades, when I should have at worst trailed closely on the green turn of eWave.

Time to walk away for a little while, and there's always tomorrow!

20201013.01.jpg

 

[Dave]

Hi Dave

great post fantastic ideas and some good trades there

btw: if you wanted to monitor your discipline you can apply the T20 Principle. Too many trades? No problem, for day trading on the m1 we give ourselves a DS1 or DS0 based on overall performance for the day/session. Its a judgement call. I maintain my week and month in this fashion.

hope this helps

cheers


 

Thanks Immy. Will do! Daily batches that contribute to a daily 1 or 0. I like it 
 
 
 

[Dave]

It seems tip outs to the fraction of a point are the order of the day.... I must be blacklisted somewhere!
M1 pullback managed on M1, where it stayed outside the open gator and eWave momentum continued to increase.
Cya tomorrow

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[immy]

Trading Pullbacks on S12.

Should we Do it? 

Here's how I think about it.

I see a Very clear , very strong break on m1, and I MISS it.

I see it very clearly where it's going. I see clearly there are no levels to the left, The market is going as a whole in that direciotn

All I need now to GET in... 

How though? 

The answer ... Aha.. Its high volatile times...  Icna time an entry on s12... Sure why not... lets do it... 

I won't be looking for S12 pullbacks as my main gameplay. NO... 

hope this makes sense. 

[Dave]

Yes that makes sense. M1 (or price in general) has to be going for it. Clear and running. We must wait for it to break and move before dialling down.

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[Dave]

Good evening, 

A quick LOBOT today, and a market that went a long way afterwards. +17.8 points, and a feeling that a lot was left on the table, but 2:1 achieves the daily goal. This is an area of improvement for me - greed management - and being happy to bank it and walk away. I try to focus on the idea that whatever happens around my entries, good setups, bad setups, big moves, small moves, whatever, doesn't matter. It's just the noise of the market that surrounds the short time periods that matter. So don't worry about the background noise if the goal is hit.

20201015.01.jpg

 
But... man... this really influenced my thinking for the next little while. With the goal in the bank I sat back and watched a couple really nice Setup 1 entries go by. I filtered them because of the depth of the pullbacks on the HTF eWave. Particularly at 10:30, the depth of the pullback on eWave came higher than the previous pullback. Maybe that's a silly reason, everything was down.

20201015.02.jpg

And a question, we talk about volume and movement. Anyone using ATR or something similar as a guide? I read it here somewhere, maybe a passing comment from Immy, but can't find it now. I'm thinking that LO is always the time to be sat for trades, but if after 30mins the volume isn't there then it's probably time to pass on the session. Hence my M1 setting of ATR(30) and S12(150), but only a thought for now and interesting to watch. For example, it's 52 mins past LO and M1 ATR(30) is 12.5 and S12 ATR(150) is 5.2. Probably a good time to keep trading!

Cheers
 

[Dave]

Had a little break and came back to see ATR still up (I need to establish objective thresholds if this is to become a thing) and my conditions satisfied for an S12 pullback short trade:

- M1, recent cross of ZL/new peak/shallow pullback on eWave and consecutive red candles;
- S12, price pulling back to open gator, correct eWave momentum without divergence.

It's all about a moving chart! I need to learn to only trade days like today and to sit on my bloody hands when it's quiet.

20201015.03.jpg

 
 

[immy]

Good evening, 

A quick LOBOT today, and a market that went a long way afterwards. +17.8 points, and a feeling that a lot was left on the table, but 2:1 achieves the daily goal. This is an area of improvement for me - greed management - and being happy to bank it and walk away. I try to focus on the idea that whatever happens around my entries, good setups, bad setups, big moves, small moves, whatever, doesn't matter. It's just the noise of the market that surrounds the short time periods that matter. So don't worry about the background noise if the goal is hit.


20201015.01.jpg
 
But... man... this really influenced my thinking for the next little while. With the goal in the bank I sat back and watched a couple really nice Setup 1 entries go by. I filtered them because of the depth of the pullbacks on the HTF eWave. Particularly at 10:30, the depth of the pullback on eWave came higher than the previous pullback. Maybe that's a silly reason, everything was down.


20201015.02.jpg


And a question, we talk about volume and movement. Anyone using ATR or something similar as a guide? I read it here somewhere, maybe a passing comment from Immy, but can't find it now. I'm thinking that LO is always the time to be sat for trades, but if after 30mins the volume isn't there then it's probably time to pass on the session. Hence my M1 setting of ATR(30) and S12(150), but only a thought for now and interesting to watch. For example, it's 52 mins past LO and M1 ATR(30) is 12.5 and S12 ATR(150) is 5.2. Probably a good time to keep trading!

Cheers
 

 

hi Dave

There is a Separate Section in my trading plan which deal with this. 

What to do on those very high volatile and uni-directional days? The days when there is nothing to the left and the DAX30 just moves rapidly in one direction? 

Having traded this marekt for over 7 years  i know that form time to time, it does those super hot days. And specially the "bearish" days are very nice. 
I have a special cotinegency plan for it. Which is very simple. When this happens, keep taking signals until they fail to work. Don't mistrust the market, don't allow the "sacred" cow of "market has oversold too much" or its gone to ofar... etc etc. Keep your eye on the lowers lows and lower highs... and continue to trade as long as it goes. Today ... you won't believe when I tell you ... it was 43% profit. 

yes, if you were part of the trading room you'd have seen my calls and all those trades 

cheers 

here is what I said about people leaving their desks on a day like this ... 

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