Please critizize my charts

[tradinghumble 10]

Hi friends, this is one of my favorite bb sites, I've learned a lot with the articles posted here. I've decided to share my trading chart for today and some of my thoughts around what was happening at the time... that's not to say that I've done everything right (I didn't) but didn't lose any money either :-)

 

Please feel free to criticize my thoughts... thanks !

 

[lrushing 10]

TradingHumble,

 

When conducting chart analysis, it is sometimes more effective to start with you’re trading strategy (signal, set-up, entry, stops, targets....) and validate each component to see the effectiveness and efficiency of how well the strategy was able to identify and successfully execute the necessary trading actions.

 

By trying this approach, you are then more able to know where to begin looking to focus on refining the strategy based on the components that are deteriorating or need to be adjusted according.

 

Some traders will be able to give you feedback and comments on your charts, but until you share the details of how you execute to enter and exit, the comments may not assist you in improving your trading plan or trading strategy.

[tradinghumble 10]

Thank you so much for the feedback, I've decided not to focus on my entries/exits as this is not necessarily my focus at this point. I can pick good entries and sometimes (good exits). My goal as of lately has been to:

 

- make sure I can clearly follow the movement during the day -- what some people call to be "in the zone"

- be more disciplined with my stops (my account would've been huge right now had I been more disciplined)

- stick to one charting platform, settings and indicators (I'd prefer not to use any)

- get to know 1 or 2 instruments really well

 

The following is my annotated chart for last Friday where I show two of my entries... stops are not noted.

 

http://charts.dacharts.com/2007-03-16/sharp2be_4.png

 

Thank you for your feedback. I'd appreciate if you had any suggestions on how to become more disciplined regarding risking too much... I sometimes get excited and enter more contracts than I should.

 

Regards,

 

tHumble

 

 

 

 

 

TradingHumble,

 

When conducting chart analysis, it is sometimes more effective to start with you’re trading strategy (signal, set-up, entry, stops, targets....) and validate each component to see the effectiveness and efficiency of how well the strategy was able to identify and successfully execute the necessary trading actions.

 

By trying this approach, you are then more able to know where to begin looking to focus on refining the strategy based on the components that are deteriorating or need to be adjusted according.

 

Some traders will be able to give you feedback and comments on your charts, but until you share the details of how you execute to enter and exit, the comments may not assist you in improving your trading plan or trading strategy.

[torero 10]

In this case, your focus should be on discipline in conjunction with strategy building. Create a business/trading plan and detail the actions (how many trades per day, max. stop loss, max. drawdown you're willing to accept the fact that the strategy failed etc).

 

From your post, you're already trading live while not having discipline as well as not having a final trading plan and strategy intact. Should move to paper until you know all the performance results, nuances of your new strategy. Once you find that it's overall profitable, then start with 1 contract to get the confidence as well as gain discipline. No amount of chart analysis will help without get a grip on the psychological side in order.

 

Good luck!

[tradinghumble 10]

Thanks for the advice Torero. I actually have a trading plan in place but yes, I've been having problems following it by the book. I'm currently reading Mark Douglas. I'll post my trading plan here when is done. Thank you.

 

In this case, your focus should be on discipline in conjunction with strategy building. Create a business/trading plan and detail the actions (how many trades per day, max. stop loss, max. drawdown you're willing to accept the fact that the strategy failed etc).

 

From your post, you're already trading live while not having discipline as well as not having a final trading plan and strategy intact. Should move to paper until you know all the performance results, nuances of your new strategy. Once you find that it's overall profitable, then start with 1 contract to get the confidence as well as gain discipline. No amount of chart analysis will help without get a grip on the psychological side in order.

 

Good luck!

[walterw 10]

tradinghumble: would like to know what time frame are your charts and what are your indicators settings.... cheers Walter.

[tradinghumble 10]

Some charts for today's trading.

 

Walter -- I use the 89ticks and 5 minutes for trading. I look the daily and 240 minutes to get "possible" direction before the day starts.

 

Regards,

 

Sharp2Be