20 Ticks Today How to get back in your Trading Routine

20 Ticks Today How to get back in your Trading Routine

After missing last Friday & this Tuesday for the long weekend, we had the distinct challenge of getting back in the ‘rhythm’ of the markets in order to profit this week from our trading.

We always have trouble getting back into the swing of things when we go away from the markets for a few days, so here is what we focus on:

• Embrace your daily routine: our minds and bodies love routine, it makes us confident and comfortable with our actions. The sooner we get back into our routine the better

• Focus on the rules and the best patterns, rather than your Profit & Loss Statement: its easy to get emotionally-charged when you go back into the markets b/c your mind tells you “we need to make up for lost profits”, however, we need to avoid allowing those emotions to play into this by following our rules

• Don’t try to do too much: it’s more important to wait patiently for the very best opportunities to get into a trade then to FORCE the trade b/c you feel like you have missed previous opportunities b/c you were aware from the markets.

Again, the most important aspect of getting back into the rhythm of the markets is to get back to where you left off. Focus on your routine and get confident again in what you are doing.

It won’t take long, but it takes the correct approach.

We had a challenging day today b/c we had 2:00pm EST FOMC Meeting Minutes, which meant we KNEW that price would be a little slow today.

As always, we follow our routine, we plan our trades and we trade our plan!

3 trades today, 2 winners (its all about managing losses!)

TOTAL = 20 ticks or $200usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!

Review Our Trades From Yesterday!

See All Of Our Previous Trades

Click Here To See How We Set-Up Our Workspace

TODAY’S TRADE ROOM QUESTIONS:

Time & Sales Window:

– Yes, the larger orders are split up into smaller batches

o Filtered Time & Sales shows those small batches

– We watch the Filtered Time & Sales Window to identify when those ‘smaller’ batches hit the market

– Wait for large buyers (long) or large sellers (short)

– If we don’t see anything, we wait for the next pattern

How do we manage the News?

– Wait 5 mins before, 5-mins after

– Exception: US Market OPEN 15-minutes before, 5-mins after

If your levels don’t match JJ’s

– Re-load historical data

– My DocumentsNinjaTrader 6.5templates

o Delete the line file for the specific market in question

Dynamic Indicator:

– Trigger Lines: always changing with price changes

Static Indicator:

– Prev High of Day: Does not change with current price

Delay in Webinar:

– No wireless connections

– Sometimes its better to use a separate computer than your trading computer (bogged down)

– As a member, you have your own charts, market data, indicators, 100% trained on how to use them.

Trade Confirmation comes in 3 different forms:

– Positive: we see buyers to get long

– Negative: we buyers, and avoid a short

– No-Confirmation: we don’t see anything at all, so we wait

– Don’t forget the rest of the rules! Momentum, 6-ticks, slope trigger line, etc

11:00am EST Look for Lunch:

– Price action will slow down

o Slow Pace of Tape (RED < 100)

– Sideways Markets

o Flat Trigger Lines

o All of them were the SAME price level (big concern)

– Big Money Leaves the Market

o Fewer large orders on FILTERED T& S

o Large orders are our confirmation! So we need them!

11:30am EST always brings more volume, so we wait for it

10:30-11:30am EST = sometimes gets VERY slow (dead zone)

www.SpeedTest.net and test your download speed, that will have an impact on how fast you can download the charts, data, and the movement in price

Medium Timeframes = additional layers of risk

– Show more aggressive traders what risky trades look like

– Clearly define a LOW RISK trade to a new trader

Always make sure you CPU clock is set to EST, so your charts will follow that clock

Time & Sales Window Flickers:

– Video Card trying to keep up with the new information, new price data

In a slow day like today, what is our profit goals?

– Goals = do not lose money

– Goals = make money

– Goal = wait for the BEST patterns

o This is tough b/c the VOLUME is low

 RED Pace of Tape

o LOW VOLUME = less consistency in our results

 Consistency comes with consistent volume