Feedback appreciated. My Journal Begins...
- Thread starter jsmacksem
- Start date
Traded most of the day today. Off to a great start up $180 on first uptrend. The rest of the day I spent giving it back. Oh well. I played some new patterns I've never seen, and wasn't exactly sure how to. I saw a head and shoulders early on.
I felt like I traded well, and kept my losses very small. Having the first big winner is what kept me even today.
I noticed today that the %50 retrace of the opening days uptrend was touched 4 or 5 more times throughout the RTH. Is this normal? Is that retrace of an opening trend often tested again and again?
At the end of the day, in my anchor charts of NQ, I noticed a very symmetrical triangle. I tried playing the bear breakout at 3904. It was close to the end of RTH so it didn't go anywhere. I wonder what will happen later, or tomorrow? Any ideas? Once again, even after the Symm B/O, the 50% retrace of opening trend held as resist? I don't want to "get" the market. Ok I do. I'm learning that I will never understand it, and that it's ok. Catch some of the moves of the big boys, and collect your dough.
Some other points...practiced patience hoping to ride winners. However, whenever stopped out because of this patience, I'm happy to report the move did not continue on with out me. Not too trendy today.
3900 and 3915 were key price points for me today because of the anchor chart. on a 60 min, 3900 held as resistance for a while. I caught the first trend realizing it broke 3900 with confidence. I might have exited too soon. 3915 broke too like it did on 8/4, but nothing substantial.
It closed above 3915 too! We've been trending up since 8/8 so I tried keeping that in mind too.
Will 3900 hold as resistance? Well see tomorrow I guess. If not it might be a nice trend day.
I understand the idea of letting winners run. With a nice account, once could easily trade 3 cars, and pull a car or two out for some profits, letting 1 or 2 continue. With 1 car, you have to be very precise. Your stop has to be perfect, your R:R analysed to a t, and sometimes, maybe you have to yank your profits, and get back in if the move continues. Do you agree?
Sorry for the long rant. Chart attached with moves, some explanations...any insight greatly appreciated. HOD and LOD weren't retested too.
I felt like I traded well, and kept my losses very small. Having the first big winner is what kept me even today.
I noticed today that the %50 retrace of the opening days uptrend was touched 4 or 5 more times throughout the RTH. Is this normal? Is that retrace of an opening trend often tested again and again?
At the end of the day, in my anchor charts of NQ, I noticed a very symmetrical triangle. I tried playing the bear breakout at 3904. It was close to the end of RTH so it didn't go anywhere. I wonder what will happen later, or tomorrow? Any ideas? Once again, even after the Symm B/O, the 50% retrace of opening trend held as resist? I don't want to "get" the market. Ok I do. I'm learning that I will never understand it, and that it's ok. Catch some of the moves of the big boys, and collect your dough.
Some other points...practiced patience hoping to ride winners. However, whenever stopped out because of this patience, I'm happy to report the move did not continue on with out me. Not too trendy today.
3900 and 3915 were key price points for me today because of the anchor chart. on a 60 min, 3900 held as resistance for a while. I caught the first trend realizing it broke 3900 with confidence. I might have exited too soon. 3915 broke too like it did on 8/4, but nothing substantial.
It closed above 3915 too! We've been trending up since 8/8 so I tried keeping that in mind too.
Will 3900 hold as resistance? Well see tomorrow I guess. If not it might be a nice trend day.
I understand the idea of letting winners run. With a nice account, once could easily trade 3 cars, and pull a car or two out for some profits, letting 1 or 2 continue. With 1 car, you have to be very precise. Your stop has to be perfect, your R:R analysed to a t, and sometimes, maybe you have to yank your profits, and get back in if the move continues. Do you agree?
Sorry for the long rant. Chart attached with moves, some explanations...any insight greatly appreciated. HOD and LOD weren't retested too.
Attachments
"I understand the idea of letting winners run. With a nice account, once could easily trade 3 cars, and pull a car or two out for some profits, letting 1 or 2 continue. With 1 car, you have to be very precise. Your stop has to be perfect, your R:R analysed to a t, and sometimes, maybe you have to yank your profits, and get back in if the move continues. Do you agree? "
Yes, scaling in & out of trades makes a lot of sense IMHO.
Yes, scaling in & out of trades makes a lot of sense IMHO.
Hey guys, Today was new for me as I've never tried trading my rules inside of a channel. It's a bit a "choppy" to say the least. Still ended up $11.40 for the day. However, I'm not pleased with the performance today for some reason. Maybe I'm used to having some runners, instead of pulling profits out so quickly. Also, I tweaked a couple things on the rules that will enable greater accuracy, for the runs at least. Trade with the trend. No shorts today at all. All longs.
I noticed today that the steeper the climb up, the greater the retracement downwards is. Unless it's a reversal of coarse. It seems the NQ wants to finish that Right shoulder as can be seen on the anchor.:eek: Might lead use into some fun days ahead. or chop.
I noticed today that the steeper the climb up, the greater the retracement downwards is. Unless it's a reversal of coarse. It seems the NQ wants to finish that Right shoulder as can be seen on the anchor.:eek: Might lead use into some fun days ahead. or chop.
it keeps climbing! If anyone was long, no reason to cover. right? i won't
Alright time for an update. I've been studying my arse off. I've got a written plan. I'm trying to determine if i should use a fixed stop and target. I understanding that my stop should probably be placed, if long, below previous support in hopes that the support will keep price up for a little profit. However, what If the risk of that stop outweighs my risk rule? Skip it? Or continue to try that trade with a much closer stop.
I've only been SIM trading for about 3 weeks. The first week I spent learning the buttons and how to place orders on the matrix. LOL. It's always fun trading $5,000,000. 300 cars go!
Two weeks ago I reset to the SIM amount to what my live amount will be. For now I've been consistently losing, but I'm still in the game. As mentioned previously, treat SIM like cash. That's what I'm doing.
I have to learn to "let winners run", if I'm going to make this. I don't want to scalp for 2-5 ticks on the NQ, because my car size isn't going to be large. I would prefer to try and catch some nice runs.
However, with 1 car, that's tough because sometimes waiting for the runners means losing some profits on the table.
I had one runner which reached a nice profit target of 4 points, and I assumed trend continuation. I waited out the retracement, and low and behold, it did not continue, and i exited with a 1 point profit. That's a big chuck not to make in trading "hoping to let winners run". Right?
I've only been SIM trading for about 3 weeks. The first week I spent learning the buttons and how to place orders on the matrix. LOL. It's always fun trading $5,000,000. 300 cars go!
Two weeks ago I reset to the SIM amount to what my live amount will be. For now I've been consistently losing, but I'm still in the game. As mentioned previously, treat SIM like cash. That's what I'm doing.
I have to learn to "let winners run", if I'm going to make this. I don't want to scalp for 2-5 ticks on the NQ, because my car size isn't going to be large. I would prefer to try and catch some nice runs.
However, with 1 car, that's tough because sometimes waiting for the runners means losing some profits on the table.
I had one runner which reached a nice profit target of 4 points, and I assumed trend continuation. I waited out the retracement, and low and behold, it did not continue, and i exited with a 1 point profit. That's a big chuck not to make in trading "hoping to let winners run". Right?
If I may . . .
You say you have a written plan, but if you had a written plan, i.e., a thoroughly-tested and consistently-profitable plan, all these questions would be answered by it: you'd know where to place stops (if you used them at all), you'd have your targets (if you use them at all), you wouldn't be hoping or assuming, you wouldn't be trying. And you certainly would not be consistently losing.
Therefore, since you're "new at this", I suggest you sit back, relax, take stock, and begin again after learning how markets work. Then you're more likely to come up with a much more robust trading plan.
You say you have a written plan, but if you had a written plan, i.e., a thoroughly-tested and consistently-profitable plan, all these questions would be answered by it: you'd know where to place stops (if you used them at all), you'd have your targets (if you use them at all), you wouldn't be hoping or assuming, you wouldn't be trying. And you certainly would not be consistently losing.
Therefore, since you're "new at this", I suggest you sit back, relax, take stock, and begin again after learning how markets work. Then you're more likely to come up with a much more robust trading plan.