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

[Dave]

Thanks Immy. It’s the same message. Trade the shit out of it when it’s moving and sit tight when it’s not. And days like this are absolutely moving and keep hitting signals.

And I don’t doubt the 43% one bit.... it was that day.... well done. And well said.

Cheers
 

[Dave]

Some reflection over the weekend about my trading habits. In particular, the time I choose to spend at the charts and how I decide when to and when not to trade. I’ve probably had it backwards!

- LO is great. New information. New volume. Often some direction, even if short lived. LOBOT.
- Sustained volume and direction is important for a sessional trend. And this often establishes itself from LO and for the next couple hours.
- Sometimes though, price does not move clearly and stays within a choppy range.

My habit has been to sit through the chop. To sit and watch and wait, but not always patiently or without error, for a setup. And we all know what sitting and watching does - you start to see things! You start to feel that your time spent should be rewarded with a nice entry and a good trade and some decent profit. But if it’s not moving then it’s not the time for any of that.

My habit has also been to bank my profit when the market is moving and to see it as “job done”.

So, it’s time to flip it.
- Be available at LO. Be available for the new money to set the trend. This will be clear within 30mins to max. 1hr.
- Make an assessment of volume and direction. ATR can help, but it isn’t everything because big candles can still go sideways.
- And if the market is not moving, don’t stare at it like an idiot, willing it to move. Just walk away and come back when a trend develops.
- I will use alarms to notify me of when price breaks out of the identified range, and I’ll be back at the keyboard ready to go for a nice setup in a moving market and into clear space.

I actually think that this type of trading and time management will not only make me more selective with the entries I take, but it’ll be easier to manage at home in the evening. The market gets stuck in a range more than it trends, and the time spent trading at the right times will have the psychological effect of being more productive. Not just watching sideways rubbish. 

And of course it’ll all make me a better trader. More selective with my entries. More disciplined with not trading when the conditions aren’t right. And that’s what it’s all about. 

Cheers
 
 

[immy]

Dave!

One of the best posts in this forum ever made so far by anyone. I recommend everyone, who wants to day trade, read this post and its observations. it comes from years of practice. Dave may not yet be a highly profitable trader but he does know what's at stakes and what the market is. Dave, thank you for sharing your thoughts and I wish you consistent success.

The DAX30 easily show's its hands within the first 15 minutes.
If it does not move , feck it.

cheers

[Dave]

Thanks Immy. 

Initially it seems counterintuitive - less screen time for better results. But I’m planning for it to be more screen time at the right times and less screen time at the wrong times. 

I’ve added this condition to my trading plan and flowchart - time of day is correct (LO + 1hr) and volume, direction and momentum are sustained. If not, set price alarms at notable levels and walk away. Only come back when those alarms are triggered. 

Cheers

[peacefulearth]

thank you Dave for sharing your observations ... it is a very insightful learning ... I shall make the best use of it possible in my trading  also ... thank you Imi for the tip ... reminding again ... and again... they help a lot  
 

[Dave]

This is the picture. Boxes step up. Pullbacks are 2,3,4 candles only and are shallow. Pullbacks are to the open gator. Pullbacks are at new peaks of eWave with increasing momentum. 

4FBBDAB1-448F-499D-A25D-DA10EF4F1844.jpeg

 
 
 
 

[immy]

This is the picture. Boxes step up. Pullbacks are 2,3,4 candles only and are shallow. Pullbacks are to the open gator. Pullbacks are at new peaks of eWave with increasing momentum. 


4FBBDAB1-448F-499D-A25D-DA10EF4F1844.jpeg
 
 
 
 


 

wooh... Picture from 2013... Nice
Same stuff... same ideas...
 
Although you can be sure I just did not see the price candles on this M5 chart as I see them now. 
Those candles are enough for me instead of dropping to M1. But that's a legit way too. That's how I learned this pattern. 
 

[Dave]

Good morning, 

I've realised that since joining the Discord group I've not touched my journal. So this is a new commitment to documenting every trade here. I have other records but I've always enjoyed being able to visit the forum and the journals and to look through my and other people's entries, and so I want to continue to make this journal available for that.

I'll use this little list to make record and comment, and lots of pictures!

Cheers,
Dave

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[Dave]

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[Dave]

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