ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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I recently entered a real long trade with a 2 point target 1 contract. I decided to go for 2 points since with the market moving like it is right now, going for just 1 point is kind of silly.
My goal on this trade was to average down once since I did not want to get stopped out do to noise, however, I did not feel like doing a 2 contract trade and see the market go down right after I go long.
Anyway, I took no heat on this trade at all, pretty amazing, and it went all the way 2 points in just minutes while I was deleting posts from trolls so I am happy. Now, I will open my excel log and record the reasons for the trade. I think I have become a much better trader after upgrading to NT 7, and then going back and re-reading my mentors complicated instructions. They are complicated since many of the words are not in the English language or any language, and I have to spend much time trying to understand what he trying to get me to understand.
My goal on this trade was to average down once since I did not want to get stopped out do to noise, however, I did not feel like doing a 2 contract trade and see the market go down right after I go long.
Anyway, I took no heat on this trade at all, pretty amazing, and it went all the way 2 points in just minutes while I was deleting posts from trolls so I am happy. Now, I will open my excel log and record the reasons for the trade. I think I have become a much better trader after upgrading to NT 7, and then going back and re-reading my mentors complicated instructions. They are complicated since many of the words are not in the English language or any language, and I have to spend much time trying to understand what he trying to get me to understand.
If you studied Price Action and had a firm understanding of a bars range either from the H/L or O/C and where a Bar's O/C is to another, and where these ranges are in time, you wouldn't have to make arbitrary decisions about 1 or 2 points or if a market is volatile.
Previous ranges and intense study of price action would be a nice way to create real discipline into what price is going to do on any given bar...just some insight [not that you asked].
And obviously you are into technology, as you well know, you can write powerful scripts in C# via NinjaTrader. The point being automated trading algos just loves potent Price Action code.
Thanks for your response. Looking back at that trade, I see that I could and would have gotten at least 3 points. I guess I am used to days where the es market barely moves.
Also, I felt I needed to have run a 2nd contract to aim for the price action target that I now see in hindsight quite easily. This is not really an issue of understanding, but of psychology. I don't like to take losses, and have a hard time letting my winners run. This is something that I still need to work on.
Right now, I am still working on identifying valid setups in real time based on proved techniques, and once identifying them, getting long or short quickly without fear and having my auto order management take over after I am in the trade.
Also, I felt I needed to have run a 2nd contract to aim for the price action target that I now see in hindsight quite easily. This is not really an issue of understanding, but of psychology. I don't like to take losses, and have a hard time letting my winners run. This is something that I still need to work on.
Right now, I am still working on identifying valid setups in real time based on proved techniques, and once identifying them, getting long or short quickly without fear and having my auto order management take over after I am in the trade.
Quote from petty1978:
If you studied Price Action and had a firm understanding of a bars range either from the H/L or O/C and where a Bar's O/C is to another, and where these ranges are in time, you wouldn't have to make arbitrary decisions about 1 or 2 points or if a market is volatile.
Previous ranges and intense study of price action would be a nice way to create real discipline into what price is going to do on any given bar...just some insight [not that you asked].
And obviously you are into technology, as you well know, you can write powerful scripts in C# via NinjaTrader. The point being automated trading algos just loves potent Price Action code.
Hey bro, great job on taking notes on how your trade went. You should attach the chart(s) you based your entry/exit on along with your notes in excel. What's the old saying, "a picture is worth a thousand words."
I keep a log as you do, and now have a screenshot of the chart I entered on, and the chart when I exited. I simply make notes of where the charts with longer TF's were, but am going to change this, and start keeping these as well.
I only pull 1 live trade/day (sim vs. Real money is totally different emotion, meaning I don't like sim unless I'm learning something in particular.) Some days like today, I haven't found a trade "weak antelope" to snack on, and I'm sure not risking "running through the plains/killing field expending all of my energy, and losing my meal to bigger tigers."
After I have made a week of trades (anywhere from 3-4 on average), I take the weekend and study the notes I made, and study the charts I was looking at when the entry AND exit were made.
To eliminate some of the chop (noise that confuses), I like to look at longer TF's, then narrow my decision to shorter TF's when I'm looking for prey.
Again, great job on keeping good records. The records coupled by the risk of real money in a trade is a great teacher. I look at stuff over the weekends, and often say, "wow! I can't believe I missed this/that. OR, need to tighten up discipline here, there, etc.,"
Wish I could get in contact with my mentor too right now. I think he's ignoring my emails and letting me "walk alone," which is probably his testing me. Don't know...
BGT 8275...stop skinny about 8050...SHRT CRM 8265
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Thanks for the feedback. Some clarification please. You used the extension derived from the daily range 2 days ago. What are you then basing the 200% expansion on? Which daily range? Yesterday or 2 days ago? It's hard for me to grasp this concept since you're applying the range from 2 days ago.
Can you elaborate on what you mean by "a unique way"?
I have a over 20 page file in Microsoft Word on trading setups with charts attached. Also, I have had my mentor e-mail his charts after the day is over, so I can see where he took a trade long or short.
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