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enochbenjamin

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Posts posted by enochbenjamin

  2. Posted

    Surely the most important thing is to avoid delivery,

     

    As a small retail trader your broker will never allow a delivery to happen. Most small traders don't even have the funds to even accept delivery if they wanted to.

  4. Posted

    Pay close attention to pivot points early in the session. I have also noticed that if price is near resistance 1 hr before the NY open - it is a low risk short as price will most likely go down to the pivot before deciding the eventual direction. As the day progresses pivot points become less reliable.

  6. Posted

    Money Management is in my opinion the "HOLY GRAIL" of trading. I finally understand it but I still lack the discipline to follow it consistently. It has been said that with proper MM you can randomly enter trades and still be successful. While I don't know about that, I do know that for my trading if I limit my daily loss to $250 and I make at least $750 on winning days, I can have 2 winning days a week, losing the other 3 days and walk away with more money than I started the week with. The concept is simple. The hard part is sticking with it and turning trading platform off as soon as you lose $250.

  8. Posted

    wow! i need to be spanked! I broke the ultimate trading axiom - never let a winner turn into a loser. was up $370 and in a futile attempt to get $130 more bucks wound up losing it all +another 470

     

    -$470 :crap: :crap: :crap: :crap: :crap: :crap: :crap:

  14. Posted

    Today I shorted CL 7 cents below the HOD was very confident in my analysis and then kept my stop too tight. Unfortunately what could have been a huge winner turned into a scalp for 15 cents :crap::crap::crap:

     

    Got 1 up on ya! I shorted 4¢ from the high of the day and bailed with just a 10¢ profit.

    :crap: :crap: :crap:

  17. Posted

    another small loss -120. I pulled up my charts from last fall and something obvious stuck out! I was only trading CL - nothing else. I was FOCUSED! Going back to my bread and butter trades - just shorting trend line breaks of CL at resistance - ideally with shooting stars!

  18. Posted

    first day of having a customer requested broker enforced maximum drawdown day. -353.50 and the platform froze me out!

     

    :-(

     

    SIM traded the rest of the day for +910

     

    go figure.

  20. Posted

    So you are saying that if you have a virgin that was created with the RTH data.... and then if that level is penetrated overnight, you don't look at it anymore?

     

    Not saying I won't look at her but from my brief experience the virgins are much more likely to hold up if they have NEVER been revisited after being formed. So I would prefer to fade a pristine virgin.

     

    This is just how I play em - but this is not a concept I invented so you might find differing opinions.

  21. Posted

    Question:

     

    If you are picking virgin POCs off that come from RTH, and one of them is penetrated over night for example, is that POC still valid and virgin?

     

    I personally don't mess with virgins that have been fooling around overnight. It is interesting to note that the virgin 1114 held overnight.

  22. Posted

    Hi All,

     

    I just wanted to add to the discussion about Tweezer Tops or Tweezer Bottoms that the reliability of them increases when they occur as dual candlestick pattern signals (see chart attachment). For example, a tweezer top with an engulfing price action is a dual trade signal in comparison to a tweezer top with no other candlestick pattern being involved.

     

    Also, arguably just as important, don't forget that these tweezer tops or bottoms contain a wealth of information besides just being a trade signal. They actually setup a way to identify key changes in supply/demand areas that can be used to confirm trades that occur afterwards within those key price areas. In addition, those key price areas can be used as profit targets for trades taken below or above those key areas.

    [/b]

     

    M.A. Perry

    (formerly known as NihabaAshi)

     

    Great addition. Thanks.

     

    Can you expand upon how you identify supply/demand areas?? Do you identify them with just the candle formations or in combination with cumulative delta?

  23. Posted

    EB,

    Do you filter these trades at all by watching the speed of the pullback/price movement or the number of times the top end of the tweezers are touched during the 10 minutes it takes for these to show up on your chart. Just curious.

     

    I am definitely watching - I only enter with limit orders. The last minute to 30 seconds of the candle formation is the most important and will sometimes provide hints as to what is going on.

     

    Remember that the 2nd SD is a high probability exhaustion point - so even if you just entered with a stop it is a low risk/high probability trade. Under normal circumstances you'll know if the trade was good in less than 5 mins.

     

    The main reason I watch and enter with limit orders is because I am trying to keep my risk very small. Ideally 5 ticks but almost never more than 10. Most of the time I am happy with 10 ticks, but in the cases when I do let her ride, as soon as 10 ticks are booked I move my stop to break even and then trail each with the stop 1 tick above the previous candle.

     

    I know its more than you asked for, but....

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