Trading Journal based on "Teach a Person to fish ..."

hari09omkar · #**101** 29th October 2007, 10:54 AM

Quote:

Originally Posted by newbee

What is your objection to that?
...
Everyone keeps talking of the failure rate for traders of 90%, even 95%, inspite of that I want to do it.

No objection at all.Do ne thing.

newbee · #**102** 29th October 2007, 11:19 AM

Quote:

Originally Posted by newbee

Follow up day 2

Shanghai Composite Index closed just about a percent up, Monday would be decider, should track it for 2-3 days more.

Bulkowski book says that IR has a failure rate of 13% and target between 10-21%, but thats for a pattern of about 3 months, we r looking at 1 day, we will go with 10 %

Thanks
nb

Follow up Day 3

It seems that this one would go in the 13% classification.

Thanks
nb

newbee · #**103** 29th October 2007, 11:44 AM

Hello

Quote:

Originally Posted by hari09omkar

No objection at all.Do ne thing.

Thanks for being so objective.

Quote:

Originally Posted by hari09omkar

Dear nb,I guess u have no clear answer or idea to my questions,so u fired all of dem back to me.It does seem with d eekish emoticon dat u r not trying to learn,instead inviting a duel.Not d rightest way to ask.For duel:mood nahi hai aj.

Sounds kinnda of funny to me, when you wouldn't want to answer the very questions you have raised. I guess its ok to ask questions, but not answer them.

And regarding duel n all ... bs, not the least interested, specially, now that I know

Quote:

Originally Posted by hari09omkar

I just went to bed,in d market hours(Indian market),and concluded dis in my dream.Bcz I am a day dreamer and no connection with reality.

Thanks
nb

newbee · #**104** 29th October 2007, 11:45 AM

Hello

Difficult day for intraday trading with NF, already up 3% on open, consolidating in a sideways actions, no point looking for shorting such a roaring bull, what would be RR for upside breakouts?

5830 should be considered as support area, as after gap took support around 5832-5828 twice, so 5825 on spot can be SL for longs and BO point for gutsy shorts.

Thanks
nb

newbee · #**105** 29th October 2007, 12:46 PM

Quote:

Originally Posted by newbee

Hello

Difficult day for intraday trading with NF, already up 3% on open, consolidating in a sideways actions, no point looking for shorting such a roaring bull, what would be RR for upside breakouts?

5830 should be considered as support area, as after gap took support around 5832-5828 twice, so 5825 on spot can be SL for longs and BO point for gutsy shorts.

Thanks
nb

Hello

Current top at 5912, what next new high or double top, interesting chart 02. Mid swing low 5882 (Agressive SL)

Thanks
nb

newbee · #**106** 29th October 2007, 12:56 PM

Hello

Shorts being suckered in again?

Chart 03

Thanks
nb

newbee · #**107** 29th October 2007, 03:54 PM

Hello

Historical day for sensex, traded above 20K

Intraday sideways consolidation, strong close for indices

Thanks
nb

PS: Will be taking a 2 days break from posting the journal

newbee · #**108** 1st November 2007, 05:18 PM

Hello

What a day, 400+ points of intraday movement. How much a good trader would be able to capture?

Price Action:

Gap up open + 100 points, 50% retracement / pullback (5960),
Double top, no breakout, big red candles, down trend
Failed to take support even at yesterday's close
DT overshot the range by aprox 25%, takes support DB
Nice recovery, morning support acts as resistance (5960)
Ploughs back through various supports like 50% of upmove, 5900, earlier support(LOD) @ 5880, finally takes support @ 5440.

(morning fall) 6007 - 5880 = aprox 130 points = 5967.8 - 5838 (afternoon fall)

Thanks
nb

newbee · #**109** 2nd November 2007, 05:03 PM

Hello

Chart for intraday price action. Another big swings day, lots of intraday volatility. In the end a nice rally after sideways action.

Paper trading and this journal have helped me a lot. The first day I started paper trading, I was kicking myself for having a bias, today having a definite bias is the integral part of my trading plan.

Because of Saints’ patient guidance it was possible for me to understand the subtle but vital difference between trading based on the bias formed because of logical/emotional reasons and bias developed out of observing the price action happening on the charts.

Today's PA was a very good example of that, we started the day with a news (Global Markets

) based -ve bias, but the price action showed us the other way.

From Monday onwards I will stop posting the daily charts on this thread.

During the weekend I will try and post the modified part of my trading plan, we can call my trading system, i.e. entry, exit and SL rules.

I want to thank all the boarders who have posted on this thread, all the interactions and feedback has helped me.

Thanks
nb

newbee · #**110** 6th November 2007, 04:42 PM

Hello

For the trend following method we use, trend lines are an important part of the tool set. There are many different ways of drawing them, connecting 2 or more pivot points is the most common one. There is lot of subjectivity in drawing a trend line. They even say every chartist has his own way of drawing them.

So far so good, but what about newbies like me, I don't mind personalized way of drawing trend lines but how do I make sure I am using a consistant way of doing it ?

From what I have experianced

Trend Lines should not be drawn too tight. We need to give them enough slack such that for the trend line break to take place we should get significant price reversals and not just a small wipsaw. I feel the slope of the trend line is more important, then if it passes through 1 or many pivot points.

The above rules will change completely, when someone is drawing a channel around the price to fade the extreams, in this case we need to keep it tight.

Todays price actions, with trend lines.

Thanks
nb