Daytrading the mini-Dow

##UPDATED 1/3/2012##

For this new year, I plan on learning and improving upon my daytrading skills. The market I chose to trade this on will be the /YM. As usual, the goal is to papertrade my current scalping method for a while first to test the validity of it. At the same time, I will also make good use of good money and trade management. Emotional management I can try my best but there is no arguing that you cannot experience that until you trade real money. The starting amount I set for myself is $50,000 and risk is no greater that 1% per trade. Wish me luck

Oh and what did I do with my previous funds? I had some pretty good winnings from trading /YM and I halved the total account I had on it. One half went to my forex account which I am still swing trading, the other, went into my never ending student loans payment.

HAPPY NEW YEAR

pg11 post#214 marks the first post

reserved

Currently at level of interest

Watching the lower time frame for PA to enter short

Quote:

Originally Posted by Datemike 

who you using as broker?

TOS. But I like charting at MT4

Here's my thought on current level. Price currently in zone where sellers have been shown to be overwhelming as indicated by the large bearish outside bars. The small doji preceding it showed indecision and the large engulfing showed that the MM wants to sell here. Now we are revisiting this area again and it's time to watch PA to see where price wants to go.

Quote:

Originally Posted by Datemike 

thats all you need huh? candles & fibs

Pretty much. Adding more stuff tends to confuse and add chaos to my trading...I'm not smart enough for most of the cool gadgets out there

Anyway saw a signal finally on the chart but no trade yet. Would like to see price revisit the area again for a touch trade...so far there is no big red candles yet which signifies heavy selling so I'm thinking we may be able to see a revisit..

Still no trades yet...boring I know but right now I'm watching 11900-11920 for some bullish PA.

On the 3200tick chart we can see price broke above 11900 with conviction as displayed by what seemed to be like bullish three white soldiers. I am thinking we pullback before going up again.

Hourly chart shows a double bottom breakout with a potential target of ~12070. We may flag down to 11900 and find support there and bounce. That is where I will wait for bullish PA...or maybe a touch trade

Break and close below 11900 though...all bets are off until further signs. Maybe retest of neckline of double bottom.

Looks like the latter happened instead. 12000 was tough to crack and we revisited the neckline of the double bottom. Let's see what PA brings.

Went long at 11812

Quote:

Originally Posted by JLC 

Went long at 11812

stop moved to 11813

Out at 11825 for +13 quick scalp

Quote:

Originally Posted by Datemike 

what you aiming for the in the medical field? specialist?

hard to tell right now since i need to experience it first. but so far, surgery seems to be the most interesting.

woke up this morning with throbbing head pain. can't seem to get rid of it argh

Gonna risk a little here and go long at 11827 with stop loss at 11809

I like this level as a support and the double tweezer on hourly can spell potential reversal.

Gonna go KO now..

Quote:

Originally Posted by JLC 

Gonna risk a little here and go long at 11827 with stop loss at 11809

 

I like this level as a support and the double tweezer on hourly can spell potential reversal.

 

Gonna go KO now..

+118 ticks!

Quote:

Originally Posted by Datemike 

Your becoming a trading guru. Did you close out the trade?

Hardly a guru! I think I have a lot more to learn...And yea trade was closed. I was greedy though...I wanted to close at 12000 but thought it could run more. Ended up closing at the break of the pinbar in hourly @ 11949

Contemplated shorting from that pinbar...good level with 12000, fib ret, supply area, and ppz, but was too lazy to monitor and had many things to do today. I see it could have been a good 40-50ticks..

Quote:

Originally Posted by IchibomB 

pretty amazing r/r on that one! Nice trade JLC. 

thanks!

 

Quote:

Originally Posted by mjoke 

Good luck with the MCAT and affirmative action ..   been there done that.. frustrating.
 

 

MCAT is a true beast...do you happen to be a physician then?