I had a decent read this morning and the execution boxes were well placed.
I could not reconcile the action between the 4000 tick prep and 1000 tick execution chart and mostly stood aside.
There was not much action this week for me to speak of and I ended the week in slightly positive territory.
It continue to execute the more complex sequences and avoid the most basic areas. Today, a bet needed to be made as the price approached the 1109.00 inside support area.
I was focusing too much on the "what if" scenario and wanting to see more evidence that 1109.00 was going to hold. There was too much thinking about what the outcome would be if the price started selling through 1109.00.
My issue lately is not being concerned about my trades working and being directionally correct. It is whether I will be able to stay with the trade as it pushes against me or retests my entry point after an excursion.
This is causing me to try to get too precise of an entry. I can not expect to make a career out of perfectly timing my trades. It will not happen regardless of how skilled I become.
My attempt to hit the precise moment and price I want is actually leading to bad timing.
This is not an exact game and never will be. It is best to just hit the simple areas and get executions painted in my blue and magenta boxes.
I am working on figuring out how to overlay the 1000 tick execution chart onto the higher time frame prep.
I think this will go a long way into demonstrating how I truly visualize the market and may help to reconcile the divergence between my reads and execution.
G'day Brian - I have learned a ton from your blog so thank you. I'm going to try to come to the workshop in ATL in August with Alexander. If your down there I will buy you a beer as way of saying thanks. Anyway I just read your post and thought of something that might help. I just changed to NT7.0.0.17. Yes it's beta but it's so much more stable than 6.5 with tick charts and large workspace (constant crashes even with the LargeAddressWare Hack) I just had to do it. I believe it is almost ready to be released so this is a very stable version and I have been trading my live account for 2 weeks no major dramas. In anycase back to your post, what I have found useful is Global Draw Objects. I do my prep on the 5000 tick chart and make those objects Global Draw so they are also on my 1000 Tick chart. I have found this a huge help so I know what you mean by your comments. The Protege Pivots did not work with NT7 so I found another Swing Marker Indicator and tweaked it so it does the same thing as the Protege Pivot. Anyway hope this helps some not sure if you can make the move to NT7 yet but if you can I think you will be pleased with the Global Draw Objects.
ReplyDeleteIf you want any more specifics I would be happy to help if I can. My personal email is swdewar(AT)gmail.com
Cheers,
Scott from Minnesota via Australia.
Hello. Thanks for the information. I have started working with NT 7 and do find it more stable than the previous versions. I am glad that you find the blog informative. I am working to step it up and really make an impact but it is taking a long time while I am fighting my own trading battles. I am in Atlanta and would be glad to meet. The workshop will be good. It made a huge difference to me to be able to trade with other professionals in the room.
ReplyDeleteHi Brian, Only this evening I discovered your Blog. I'm doing the Protege course at the moment with Alex and will be in Atlanta for the workshop in August. Excellent course!
ReplyDeleteRegarding chart overlay, you might want to check out a Drawing tool I currently use called Inkscape, www.inkscape.org, I use it to mark up my homework charts with Alex and will go on to do prep when I get there. You can set transparency levels on overlaid charts. Let me know if you need more info. Hope to meet up with you when in Atlanta. Kevin