2 minute YM
Gio will be giving a lecture on charts and her CCI techniques after the mkt close, so let me spit out my mkt day recap quickly. I sat out the first hour again. My serious problem of perpetual fatigue is still afflicting me. The YM seemed to have a better range than ER, so I concentrated on the YM (2 min & 5 min). I did 16 paper trades today (12-4-2). Wait, that's 18 trades. My 10 trade limit is still a solid guideline for me, and one I will start off with when doing real trades, but in practice, I guess I should be actually getting in as much practice as possible in trade setup recognition and execution.
All day, I found myself sluggish in focus/concentration. My entries were late -- all of them, which turned out not so bad. In fact, I've been looking at various lagging filters (like the Fisher Transform) that slows down my CCI trigger finger. I'm finding that it does help me in jumping into those increasing instances where the CCI signal will whip you out. [See the two arrows marked with an X for two shorts I didn't take because I waited for the Fish to flip down. That kept me out of the trade an extra bar, by which time, the trade would've already been underwater.
The real problem for today was my exiting so slow. I took the full stop loss whack on the 4 contract losses which turned a really nice day into a so-so day.
note: That new scribble shit over the price bars is the random walk indicator (length = 14). I'm looking to see if crossovers are timely or useful in any way. Not sure yet judging by today as I wasn't keying in on it much in realtime. I've also added a thin white DMI (directional movement index, length = 14) atop the CCI. That shows nice promise as a trend indicator above/below the CCI zero line. In fact, today it gave nice ZLR signals right off the zero line.
I'll report back later if I can glean anything from Gio's lecture. I'm actually willing to give her YM 2 min, 5 min, 8 min, 13 min stuff a try. My brain has eroded and now functions at the speed and tone of her voice, so maybe I'm on her wavelength, and her trading style would suit me to a T.
posted by Fearless @ 1:40 PM
3 comments
3 Comments:
Thanks, Coastal. I have a big problem with continually tinkering with my charts/indicators. It's a combination of fear (not being able to let go of old stuff and not being able to trust new stuff fully), frustration (not finding immediate results/gratification from CCI alone), boredom and lack of confidence. I'm trying to face these faults head-on. As shown here, my charts have already evolved from Woodie's basic to stripped down to now totally souped up again as I search for my mythical "perfect CCI filter." It'll evolve to simpler again, no doubt.
You've got me thinking... I'm sure it doesn't help my overall chronic fatigue problem by being bombarded with chart indicators + bracket trader + hotcomm + IB. I've turned off CNBC already. I replaced the TV with music in the background, and I've stopped that as well. That only leaves a few other things to strip down, so I'll be working on that.
The Gio lecture was pretty interesting. The best info I got from it was that she uses the 2 minute chart for entries, then goes to longer charts (5, 8, 13) to monitor it. This goes against Woodie's "use the same timeframe to get in and out." She went through a couple of her trades today and it was good stuff.
"(futile?)" was just my sarcastic fatalism -- or was it my fatal sarcasm? It's my nod to that adage we've all seen/heard/read a million times in this trade: "95% (or some other obscenely large number) of all daytraders fail."
I agree. I am what I think. That's why I'm named Fearless! :) Honestly, I didn't even remember the "futile?" part in my blog title. I created this thing long ago, but have only started posting in it in earnest recently. I have every intention of making this blog a long, drawn out success story.
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