Weekly Wrap (#02.22)

  • Weekly number recap out of 30 potential setups this week
  • Trend of the week – 2048 Tick move
  • Looking Ahead – MML trend on the charts
  • The last word: Trading Losses
  • Joining our community of like minded traders
  • Celebrating this weekend: My top 3

Attempting to determine which way a market will go on any given day is merely a guess in which some will get it right and some will get it wrong. Being prepared in either direction intraday for the strongest probable trend is by plotting your longer term charts and utilizing an indicator of choice on the lower time frame to identify the setup and remaining in the trade that much longer. Any chart posted here is merely a snapshot of current technical momentum and not indicative of where price may lead forward.   


Looking back one WEEK @ a time…..

Good trading is always going back over the trading week and reviewing the setups that may or may not have worked out and what kept you in or perhaps took you out too early. Looking for the trend move and remaining in the setup is the objective. It’s your patience and discipline that will continue to grow as a trader when you implement such tools.

Markets currently trading: MNQ, MCL

*Results will vary for each individual trader based on market entry/exit and/or live versus simulated environment.


By the Numbers…..

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Five weeks of stats on the updated T3 strategy, the discipline and patience is paying off. Instead of spewing out the numbers that you can read and analyze here on your own, it comes down to knowing how to identify the entry and what is the exit strategy. Good trending sessions can make stats look good, however even in trending sessions, it keeps us out of false setups in the chop. We don’t catch every trend. Just the ones that we are looking for.

Personal Trading Stats: 87.5% on the updated entries

*Disclaimer: Daily/Weekly stats are complied on a 24 hour market. It does not represent the actual trades taken and if a loss occurred. Personal trading stats are shared intraday with members of the TradingFibz community via slack and here in the blog.


Trend of Week – 2048 Tick Move

1/13 – 1/14

Looking ahead….By the MML’s

Setups reflective of highest probability trend based on price action crossover of the T3 moving average in sync with momentum indicators and using 1 of 4 possible trade management setups and exit strategies. Market order entries/exit will vary whether simulated or live for each trader. All setups are called out on real time charts in a screen share room and randomly posted online.

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Looking at the bigger picture on the two hour MML charts, price action starting the week out on the pullback after support on the 24 hour MML to the Major S/R.

1/10

MML long term support levels heal through the week as the 7 day MML also found support with the 24 hour levels and price action bounced in between the Resistance and support to find us back at the same level to start out the week.

 

1/14

Clearly the weekly picture seen below continues to chop at the tops. Break below the upper resistance and then we can start to watch more downside levels on the shorter MML frames.

Weekly

Looking ahead. As we head into week three of 2022 and earnings season starts, throw in some FED /interest rates into the mix and you have got yourself a mix of no direction. If only the fed speakers would stop spewing out “what if” scenarios. 15,000 downside and 15973/16250 upside remain viable levels to watch for as intraday trend on the 2 hour MML levels will show the probability of either direction. Waiting for the setup intraday when all indicators in sync gives us the best setup for the scalp of runner.

As always, MML’s will adjust with momentum and will reassess as the market moves ahead into week three of 2022.

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The Last Word….my 3 sense

Trader error and taking the loss.

A blog of topic within itself, but a short comment to remind ourselves of possibilities when it comes to losses. Out of all the positive trades this week, I took myself a loss on Friday AM which I clearly after looking at why I bailed after entering a trade, I shouldn’t have in the first place. I could spend some time reviewing the trade itself, however the big lesson is what I did and did not do next.

The first thing I realized is that I was willing to finish the day out in the RED if no other setup according to my trading plan would be on the charts. Nothing was going to change my entry based on the fact that I had to finish the day in the green. No revenge trading. No entries on what I may think may work out if half my indicators were primed. ONLY on my setup. So I waited. Waited some more. Eventually several hours down the road, my setup was as clear as any other day. Did I hesitate because I already took a loss? I didn’t hit my daily allowance of losses so w/o hesitation, I took the entry. Took in some ticks and lessened my loss for the day. 

The Cinderella story would be that I finished back in the green which has happened on other days. This day it was not meant to be and I finished in the RED. Where in the past I may have held my head down low, and question my strategy and look for other markets to trade, I was complacent in my setups and high probability of walking away from trades with a winner, that I would wait for the next trading session.

Losses are going to happen based on what you and I can’t control…price action. Losses are going to happen on trader error of being impulsive and not waiting for the setup or simply bailing where there was no reason to bail because it did not hit your exit strategy. Yeah…the trade actually ended up working out where I was too impulsive to bail.

It’s what you do next that matters most.

Updated Template with ALL in Sync signal

If you are interested in not spending a lot on how to trade through the University of Trading and this is of interest to you, please join us daily in the trading room with access to the chartbook templates and trading with like minded traders. Information may be found here.


Celebrating This Weekend….to name a few

  • National Booch Day
  • National Hat Day
  • Hot and Spicy food Day

Information Credit: NationalDayToday


Government Required Risk Disclaimer and Disclosure Statement

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.     

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