Feedback appreciated. My Journal Begins...
- Thread starter jsmacksem
- Start date
THANKS TD. first Xmas watching markets so good to know. No Xmas in UK? You know it's Xmas in America as soon as FREE products don't even satisfy consumer desires.
Merry Christmas.
-JS
Total non event so far, all too poor for xmas i guess this year.
Today was hard. Entered the day positive and ready. Had my plan and my signal.
Trade 1: -3 PT
BOT 4319. Pullback after extended move up.
Stop 4316.
Target measured move Yesterday High minus a couple ticks. 4325.75
* Apparently the Pullback had more juice. Trade entered, stop hit immediately.
Trade 2: -3 PT
Same signal. Bot 4316.5
Stop 4313.5
Target same as previous, but 2 points less because of lower entry.
*Pullback had more juice. Trade entered, shot hit immediately. I began to question validity of signal. But it was still there.
Trade 3: +4.25 points
Same signal. Additionaly, 50% of up move held as support. Bot 4313.25.
Stop 4311.5.
Target, same measured move as trade 2. Or breach of trend line.
*Target not hit, trade took too long, exited on breach of trend line. Happy the signal worked this time.
Trade 4: -1.5 pt
Bot 4316.25. 50% PB after quadruple topping at 4320.25.
Stop under 50%. 4314.75
Target Yesterday high of day. Minus couple ticks.
*Ticked me in stopped me out.
Trade 5: - 2 pt
Sold PB after quadruple top. 4312.75.
4314.75 Stop above trend line.
Target was measured move. 4308.
*Great entry, but my stop was hit. I have to determine if I'm placing them too close. 2 ticks higher and I would have been fine would have hit target.
Trade 6: - 2.25 pt
Sell 4281.5 Pullback after move down.
Stop 4283.75.
Target, since we were in unchartered territory, I targeted 4275, or a trend line breach.
*Ticked in and immediately stopped. This is happening often and needs to be corrected.
Trade 7: -2.5 pt
Bot 4290.50. Pullback entry back into trading channel.
Stop: 4288
Target, premkt trading range support minus a couple ticks. 4295.
Trade 8: + 7 points.
Sold 4276.75. Pullback continuation. Support became resistance.
Stop, 4279.75, above previous support.
Target, measured move, 4269.75.
Target hit.
Loss. -3 points. Plus commission.
Review of my performance are in the following questions.
Did I objectively identify my edge?
Trades 1 through 3 were tough. I would say it wasn't objectively identified, until the 50% pullback level became support. Trades one and two could have been avoided, if I had waited for more confirmation. Trade 4 was 50% level hold PB, but I'm considering adding that I need two closing bars before initiating. Trade 4 only had one closing bar. Trade 5 is the same for trade 4.
Trade 6 also could have been avoided with a two bar closed PB. Same with 7.
Trade 8 HOWEVER, had only a 1 bar pullback close, but that pullback tested a previous support level, confirming a bias short. So I need to decide whether I need a 1 bar close, or two. Trade 8 would have been missed with a two.
I must learn to objectively identify my edges better. 3 losers today would not have been taken.
I predefine the risk on every trade.
Every trade had predefined risk. However, stops could have been placed more appropriately on a couple.
I completely accept the risk or I am willing to let go.
I didn't have to let go of any and risk was completely accepted. The risk amount fell within money management parameters.
I act on my edges without reservation or hesitation.
I feel I did this well today. I tried really hard to wait for my signals. I was really proud that I didn't chase the really large swings that happened today. I was also ok with it. I enjoyed watching the large swings, and I enjoyed being ok with the large and missed swings.
I pay myself as the market makes money available.
I did this with trade three. It would go to target, and I decided to pay myself. This point more or less probably pertains to multiple contracts, which makes sense. However, no reason to give away profit.
I continually monitor my susceptibility for making errors.
I have to work on this, this evening. With trades 1, 2, 4, and 5, I think there is a lot I can learn there about my signal. Errors were made, I have to find those in these trades. Primary focus on 1 and 2 I believe.
Trade plan made for each trade.
yes. I was happy with the plans. However, I also need to spend time testing my stop placement. It's too close at times I believe, which might require that some trades get skipped because of the money risk rules.
I'm trying hard to stay objective, and I'm really thankful for this journal.
I'm going to work on stop placement, and also looking more at the pullback and if I want to change a couple pieces of criteria I've written down.
Trade 1: -3 PT
BOT 4319. Pullback after extended move up.
Stop 4316.
Target measured move Yesterday High minus a couple ticks. 4325.75
* Apparently the Pullback had more juice. Trade entered, stop hit immediately.
Trade 2: -3 PT
Same signal. Bot 4316.5
Stop 4313.5
Target same as previous, but 2 points less because of lower entry.
*Pullback had more juice. Trade entered, shot hit immediately. I began to question validity of signal. But it was still there.
Trade 3: +4.25 points
Same signal. Additionaly, 50% of up move held as support. Bot 4313.25.
Stop 4311.5.
Target, same measured move as trade 2. Or breach of trend line.
*Target not hit, trade took too long, exited on breach of trend line. Happy the signal worked this time.
Trade 4: -1.5 pt
Bot 4316.25. 50% PB after quadruple topping at 4320.25.
Stop under 50%. 4314.75
Target Yesterday high of day. Minus couple ticks.
*Ticked me in stopped me out.
Trade 5: - 2 pt
Sold PB after quadruple top. 4312.75.
4314.75 Stop above trend line.
Target was measured move. 4308.
*Great entry, but my stop was hit. I have to determine if I'm placing them too close. 2 ticks higher and I would have been fine would have hit target.
Trade 6: - 2.25 pt
Sell 4281.5 Pullback after move down.
Stop 4283.75.
Target, since we were in unchartered territory, I targeted 4275, or a trend line breach.
*Ticked in and immediately stopped. This is happening often and needs to be corrected.
Trade 7: -2.5 pt
Bot 4290.50. Pullback entry back into trading channel.
Stop: 4288
Target, premkt trading range support minus a couple ticks. 4295.
Trade 8: + 7 points.
Sold 4276.75. Pullback continuation. Support became resistance.
Stop, 4279.75, above previous support.
Target, measured move, 4269.75.
Target hit.
Loss. -3 points. Plus commission.
Review of my performance are in the following questions.
Did I objectively identify my edge?
Trades 1 through 3 were tough. I would say it wasn't objectively identified, until the 50% pullback level became support. Trades one and two could have been avoided, if I had waited for more confirmation. Trade 4 was 50% level hold PB, but I'm considering adding that I need two closing bars before initiating. Trade 4 only had one closing bar. Trade 5 is the same for trade 4.
Trade 6 also could have been avoided with a two bar closed PB. Same with 7.
Trade 8 HOWEVER, had only a 1 bar pullback close, but that pullback tested a previous support level, confirming a bias short. So I need to decide whether I need a 1 bar close, or two. Trade 8 would have been missed with a two.
I must learn to objectively identify my edges better. 3 losers today would not have been taken.
I predefine the risk on every trade.
Every trade had predefined risk. However, stops could have been placed more appropriately on a couple.
I completely accept the risk or I am willing to let go.
I didn't have to let go of any and risk was completely accepted. The risk amount fell within money management parameters.
I act on my edges without reservation or hesitation.
I feel I did this well today. I tried really hard to wait for my signals. I was really proud that I didn't chase the really large swings that happened today. I was also ok with it. I enjoyed watching the large swings, and I enjoyed being ok with the large and missed swings.
I pay myself as the market makes money available.
I did this with trade three. It would go to target, and I decided to pay myself. This point more or less probably pertains to multiple contracts, which makes sense. However, no reason to give away profit.
I continually monitor my susceptibility for making errors.
I have to work on this, this evening. With trades 1, 2, 4, and 5, I think there is a lot I can learn there about my signal. Errors were made, I have to find those in these trades. Primary focus on 1 and 2 I believe.
Trade plan made for each trade.
yes. I was happy with the plans. However, I also need to spend time testing my stop placement. It's too close at times I believe, which might require that some trades get skipped because of the money risk rules.
I'm trying hard to stay objective, and I'm really thankful for this journal.
I'm going to work on stop placement, and also looking more at the pullback and if I want to change a couple pieces of criteria I've written down.
Attachments
Break this down and figure out why for the most part.., you weren't
Strive for centered (neutral if you prefer) - which is neither positive or negative
Being ready is good
RN
Ok. I'll strive for centered. Was I not objective?Break this down and figure out why for the most part.., you weren't
Strive for centered (neutral if you prefer) - which is neither positive or negative
Being ready is good
RN
When I wrote I meant to say that I'm trying to see both the good and the bad about today.
Or do you mean objective reading the signal?
Objective (centered / neutral) with all things trading related
=================
Off hours - kick..., cuss.., scream..., jump up and down.., get mad..., be happy..., spin around..., dance on the table...., howl at the moon..... whatever floats yer boat
But never during work - compartmentalize - and shut that stuff down when trading
RN
Ok. Now I understand. Thanks for that. I'm going work on the neutrality, centered.
My take if you don't mind on those trades sir..........
I find it really hard to read your chart for some reason, so might be mistake, old age eyes issue maybe despite the 23" screen.
1 and 2 trying to pick a bottom in a down move, good odds it'll keep going up but when, risky trades to take.
3 better, market was on the way up, in an up market good trade.
4,5,6 and 7 not enough history detail to trade off, did you see something in the live movement ??
8 good trade, market in a downtrend, up move, turned back down and you jumped on it.
Personally I don't think you have a psychology issue here, I say not enough chart information for the size of your SL, the bigger picture needs more room for error, which yes comes with it's own issues sadly.
Charts attached are how I trade, M1 and HA, look how smooth and easy it is with this setup to spot the direction to enter with. ( HA Makes it look easier, entries aren't as easy )
1 and 2 I'd of been looking to short going with the 11sma's direction.
3 was fine, 11's direction was up, up day ideal setup.
No idea, where the rest are as my numbers differ from yours.
M5 view with my method to, not enough info for me to trade with.
I find it really hard to read your chart for some reason, so might be mistake, old age eyes issue maybe despite the 23" screen.
1 and 2 trying to pick a bottom in a down move, good odds it'll keep going up but when, risky trades to take.
3 better, market was on the way up, in an up market good trade.
4,5,6 and 7 not enough history detail to trade off, did you see something in the live movement ??
8 good trade, market in a downtrend, up move, turned back down and you jumped on it.
Personally I don't think you have a psychology issue here, I say not enough chart information for the size of your SL, the bigger picture needs more room for error, which yes comes with it's own issues sadly.
Charts attached are how I trade, M1 and HA, look how smooth and easy it is with this setup to spot the direction to enter with. ( HA Makes it look easier, entries aren't as easy )
1 and 2 I'd of been looking to short going with the 11sma's direction.
3 was fine, 11's direction was up, up day ideal setup.
No idea, where the rest are as my numbers differ from yours.
M5 view with my method to, not enough info for me to trade with.
Attachments
Hey TD, would it be easier if I left my PA lines in and that way you can maybe see what I saw before each bar printed? Wed. morning I'll leave all that up. I just removed it because I thought it would make it simple to see the trades taken.
Did you read my review on trades one and two? I wasn't trying to literally pick a bottom, but I was expecting a PB continuation. The method continued getting ticked in.
Trade 3 had great confluence in PA. After an extended move up, plus 50% PB level held as support. Great opportunity.
4567 --> In the live movement yes. It was another continuation PB, but it was right after many obvious attempts to take out 4320.25. Trade 6 was great. I just got stopped out. If my stop was only two ticks higher, I probably would have exited B/E. I wouldn't have held that range for one hour. Trade 7 was a continuation that went immediately down by 5 ticks, then got stopped out.
8 also had previous support being broken to add more confirmation to the down move. Measured move target as well.
For some reason I can't tell you why I don't like HA bars. I've used them in the past. I simply don't like them. I almost feel like they give me bias when I shouldn't have one. I don't want one. Does that make sense? Oh the bars yellow! No wait. It's blue! Wait. AHHHHHhhhhhhhh... A boring grey bar that ticks up and down tells me plenty for now. I don't want to add color.
Hope I answered your questions,
JS