Daybreak Trading

[gcgecko]

What software needs to be downloaded to run these video files with .swf extension. I click on them but my computer tells me I don't have the proper player software to run them. Please tell me what site I need to visit to find the software download. Thanks.

[swansjr]

Originally Posted by gcgecko What software needs to be downloaded to run these video files with .swf extension. I click on them but my computer tells me I don't have the proper player software to run them. Please tell me what site I need to visit to find the software download. Thanks.

It's an Adobe's Flash file. If you have this application installed on your browser you can simply download the file to you computer, open a new browser window and select file->open. At least that's how I can get it to play. It works well with firefox.

[daedalus]

Awesome thread swansjr!!! Very rarely do we see anyone "show their cards" in so much detail and back it up with proof in videos/pictures, etc.

Keep it up!!!

[swansjr]

Originally Posted by daedalus Awesome thread swansjr!!! Very rarely do we see anyone "show their cards" in so much detail and back it up with proof in videos/pictures, etc. Keep it up!!!

Well thanks much. Happy to hear you are enjoying the thread.

[swansjr]

I've been getting sloppy with my trading discipline. It all started with the fading volatility over the summer. The EC market was just not trending much in the early morning. Then the kids are home which means, early morning soccer practice which distracts me from my screen time. I then got lazy about posting here at TL. Then lazy about practicing my trading on historical data. Next was laziness about video recording my trades…and so on…

Well, time to get back on the horse. I need to bring back my focus and discipline.

I've not been trading over the past few weeks since I don't feel confident. I'll first need to practice on historical data and reviewing my setups. During this hiatus from day trading I've also been reading "Reading Price Charts Bar by Bar" by Al Brooks. It's a difficult read but full of great information. It's defiantly not a book for beginners however, if you are interested in day trading I would recommend it. I've not completed the book and Al recommends to only study small chucks of his work at a time. Take it slow, in other words. What's interesting are some of the price patterns he points out on the ES market (which is his primary market to trade) can also be seen on my EC charts. This is of no surprise but it is my hope that a merger of these two trading styles may be of help to me.

At times the Watts system gives me too much info. There are many indicators on the screen and I find I'm looking at two or three time frames. This causes second guessing of signals. Brook's strictly uses one time frame and identifies excellent patterns based largely on trend lines. Again, my hope is I can simplify my trading by using a handful of Brook's concepts in addition to a single EC chart with the Watts signals. Brooks price action explains a lot more of what I'm seeing and as potential Brook's patterns play out, Watts create wonderful entry signals. In a very crude summary this is how I picture it: Watts nails down great entries while Brooks paints a bigger picture, locates key trading points and explains the "why". At least, that's how it looks now in hindsight.

To some it may sound like I'm still looking for the holy grail. I'm not. I'm simply finding out what works for me. Anyway, I'm still alive and working hard to become a successful discretionary trader.

[swansjr]

In my previous post I was talking about using Al Brooks setups with my Watts trading. Attached are two flash videos where I talk about two price action setups that are seen on my 445 tick chart.

Watts_Brooks_Setups_1.swf

Watts_Brooks_Setups_2.swf

[swansjr]

Day 41
September 3, 2009

Three trades. Two winners. One Loser.

Today I decided to jump back in as it appeared opportunity was before me. Now, it's been weeks since I traded and to be honest, by confidence has been bruised. Anyone, who has followed this thread, knows I've had difficult time pulling the trigger. I've spent the last few weeks casually reviewing my setups and watching the market.

My first trade I actually tightened my target to only 5 ticks. I did this purely for psychological reasons. I felt it was important for me to have a "win" more than anything. I then proceeded to take another trade with my full target. It was hit within seconds. My final trade was stopped out, by two ticks. Then the market rolled over. Seen that before. Not a problem.

I can happily state my three trades were all in the correct direction (short) and all were good trades. Overall I'm very happy. I was able to determine the trend and find my points of entry. I scalped all trades and was not focusing on runners. I still can do it. I feel really good about today.


P&L: $62

[gcgecko]

I want to thank you for a great thread. I am a struggling trader and your videos are a huge help. I hope this starts a trend of people using video in their threads. I don't know if it is difficult to use video, but it sure is great! I was wondering if you could do another one or two videos of your setup and rules to take a trade. I went through all of your videos and one explained your basic setup and it seemed so simple. But, then future videos showed you passing on some tdes and then taking others. So then I became confused as to what you were using for your entry trigger. I hope this is not too much to ask? I also hope you will keep this thread going, it has really been great to see a method illustrated thru voice and video. Thank you!

[swansjr]

Day 42
September 8, 2009

Three trades. One winner. One loser. One break even.

Today I was taking long positions off my 445 time frame and was able to scape by with a small gain. It seems I was trading long near the top of a great bull trend that was taking place all morning. I know I've been sloppy with recording my trades and will work on that this week.


P&L: $44

[swansjr]

Originally Posted by gcgecko I want to thank you for a great thread. I am a struggling trader and your videos are a huge help. I hope this starts a trend of people using video in their threads. I don't know if it is difficult to use video, but it sure is great! I was wondering if you could do another one or two videos of your setup and rules to take a trade. I went through all of your videos and one explained your basic setup and it seemed so simple. But, then future videos showed you passing on some tdes and then taking others. So then I became confused as to what you were using for your entry trigger. I hope this is not too much to ask? I also hope you will keep this thread going, it has really been great to see a method illustrated thru voice and video. Thank you!

You are most welcome. I'm really pleased to hear you are gaining something from this thread. The basic setup is rather simple. But I found, at least during the summer months, that it was not always a great way to enter a trade. With the choppy summer action I found by combining my higher timeframe with my lowest timeframe I could pin point high probability entries. This may be unnecessary if EC starts to move this fall.

I should be more diligent in recording my live trades and I should make videos describing my setups exactly how they exist today. Creating videos has helped me explain, refine and solidify my own trading rules. Thus, they seem to be a win-win between me and those reading this thread.