Momentum Scalps, OTM, +1 hour roughly

#1

Hi,

Trying a suggestion of OTM binaries roughly next hour out on momentum scalps, going for $15-20 profit.

Note the market turning at my entries, this is what is bothering me. I’m not sure why and I’d like to learn from this.

Two of my entries are in line with APEX and MVP direction, two of them are not, however from what I understand this does not largely matter with this sort of trade. Large dollar figures shown on chart are risk amount of trade, 3 in the teen to $20 range, one of them was way out.

CL: 2014-07-09_1648 - Doppelrock’s library

TF: 2014-07-09_1652 - Doppelrock’s library

Thanks in advance!

Rob

#2

Yes the market is going to turn and you will lose… inventory out… every business has expenses

I am a bit confused by your post those. Several of those if choosing next hour out would have won.

I’m not sure if your just taking end of hour next hour out.

If your trying to figure out how to never lose.

Or maybe your just choosing real far out strikes - you did not list your strikes - its a momentum scalp - meaning its a close strike but without this information i can’t really analyze an arrow with a dollar amount.

And your missing a ton of trades that you failed to market up so not sure why you did not put those winning trades on there either? (also always grab that top left to bottom right on screenshots so we can see instruments and settings and dates etc… also need to see the deviations as maybe your layering in at deviations just can’t tell with your chart)

You seemed to fail to mark all the profits on your chart… just make sure income is greater than expenses

i took your chart and market up the trades that should have won if you where following the rules on each entry and not choosing a far off strike.

Are you using the simulator to see based on the UNDERLYING strategy (ie bars size - 3 ticks - or 2 x bar size - 2 ticks etc… movement what would the profit be??)

07.10.2014-15.20.png1057x983

#3

Hi DM,

Thanks for getting back so quickly.

Lesson learned here: Strike selection utilizing strike simulator, utilize 3 tick rule properly.

In reading MoveMaker and MeowSkin’s recent comments, it is clear that I need to continually improve and balance my perspective to trade effectively. I focus on this habitually, but seeing someone else say it in the forum was very helpful. I just need to reflect and find a better and more regular routine to do so.

My primary question here was looking to see if I might be missing in reading the chart, as the market turned at or soon after I entered each time. I can see how providing the strikes is essential for in depth analysis of each trade, I didn’t list them here because I was focusing on the change in price action after my entry. I would love to never loose, but its clear that loosing effectively is part of a winning strategy, hence your product in/out comment.

After today’s webinar I realize my 3 tick entry was not utilized properly and I was not using the scanner simulator. The scanner simulator is something that has slipped by me in the details, watching it in action today was immediately helpful and will help me improve.

Thank you for listing the winning trades. The trades I posted are the only ones I took. I did not single them out for example sake. I lost these trades live, hence my confusion/murphys law comment. I did not take the 18 winning trades due to a range of reasons (bathroom, trades 11,12,13,14,15 slipped by rather fast, might have had trouble choosing strike, was focusing on another trade, etc). I see the winning trades clearly, they are easy to spot. You can imagine my confusion, seeing them and only having executed loosing trades.

Screenshots are correct, it bugs me just as much when folks post incomplete charts, it must have been an error somewhere or screen zoom on your computer or something. I’ve made that mistake in the past and it is super clear how annoying that must be for you, so I don’t do it anymore. Makes me cringe when I see screenshots like that in the forum, lol :stuck_out_tongue:

I will study the scanner simulator now, and begin meditating regularly.

Thanks,

Rob

#4

Good job - way to self analyze.

Note they do not move that fast and you ahve exceeding volume alerts.

Those range boxes are one hour so there is plenty of time to catch nearly all of them

if your scalping you have to focus and be ready and have the binary up don’t sit back and wait around for an alert then find it - it will be to late.

Scalping is focused trading either focus on it and do it or don’t but don’t try to half do it or you will end up catching the bottom by the time you get around to things.