Flash's Self Improvement Trading Journal
- Thread starter Flashboy
- Start date
Niahbashi,
Regarding trading those white hammers.. no I did not look at the overnight session.. Now looking back I can see the long upper shadows.. and had I looked at it probably would not have taken the trade..
I don't like looking at the overnight action cause it seems to distart my chart.. but I can see now why it is important in some cases..
thanks
Regarding trading those white hammers.. no I did not look at the overnight session.. Now looking back I can see the long upper shadows.. and had I looked at it probably would not have taken the trade..
I don't like looking at the overnight action cause it seems to distart my chart.. but I can see now why it is important in some cases..
thanks
Not a good day discipline wise.
Broke even for the day.. Gross points that is..
Emini
8 trades
3 winners
2 losers
3 - scratch
Looking back.. I can see a couple trades I should not have taken..
what killed my day was not following my plan.. on the 2 trades at 13:50 and 14:10.. didn't follow my plan.. got out early instead of letting the price work its way up.. I was trying to predict a double top with the top at 13:30.. had I followed my plan here would have had a decent day
The trade at 10:45.. I definitely should not have taken.. trying to buy on a breakout.. but 2 things I did not really cosider were the fact that were are in a downtrend even though we had a higher low.. and the price had already moved a good bit off of the higher low.. not a whole lot of room to run..
The circle at 12:50.. was at lunch.. would like to think I would have taken this trade had I been at my desk.
Hope everyone had a good day..
Jeff
Broke even for the day.. Gross points that is..
Emini
8 trades
3 winners
2 losers
3 - scratch
Looking back.. I can see a couple trades I should not have taken..
what killed my day was not following my plan.. on the 2 trades at 13:50 and 14:10.. didn't follow my plan.. got out early instead of letting the price work its way up.. I was trying to predict a double top with the top at 13:30.. had I followed my plan here would have had a decent day
The trade at 10:45.. I definitely should not have taken.. trying to buy on a breakout.. but 2 things I did not really cosider were the fact that were are in a downtrend even though we had a higher low.. and the price had already moved a good bit off of the higher low.. not a whole lot of room to run..
The circle at 12:50.. was at lunch.. would like to think I would have taken this trade had I been at my desk.
Hope everyone had a good day..
Jeff
Jeff,
I notice on your LiveChart image that there's a single price moving averag.
Thus, I have 2 questions about that MA...
1. What kind of MA is that? (simple, weighted, exponential, 10MA, 20MA)
2. What do you use if for?
NihabaAshi
I notice on your LiveChart image that there's a single price moving averag.
Thus, I have 2 questions about that MA...
1. What kind of MA is that? (simple, weighted, exponential, 10MA, 20MA)
2. What do you use if for?
NihabaAshi
Hey Nihabashi,
It's a 20 period Exponential Moving Average.
I use it to try and get an idea of the trend.. even though I don't always trade with it..
The main reason.. is one of my trades involves going long if the price is moving along the trend line.. like the 2 trades I took yesterday that I got out of quickly..
Did not trade on 8/7/03 & 8/8/03.. out of the office.
Nothing to be excited about today other than closing the day on the plus side..
6 trades
5 winners - 3 of these are basically scatch trades but are positive after commissions..
1 loser..
Made a mistake today of not following my rules.. on the 10:40 trade the market moved in my favor.. bars formed a hammer bar at the movg. avg.. and watching the price action thought it was going to head back up.. so being that had I got out where I did I would be even for the day I decided to bail..
I had even moved my stop to 982.25.. which if hit would have resulted in a 1 pt. profit.. as you can see from the chart on that move 982.00 was resistance and never penetrated .. the market moved down after that some 8 points...
Was tempted to take a long at 11:50 with the forming of that hammer.. but talked myself out of it due to lunchtime duldrums..
Hope everyone had a good day.
Jeff
Nothing to be excited about today other than closing the day on the plus side..
6 trades
5 winners - 3 of these are basically scatch trades but are positive after commissions..
1 loser..
Made a mistake today of not following my rules.. on the 10:40 trade the market moved in my favor.. bars formed a hammer bar at the movg. avg.. and watching the price action thought it was going to head back up.. so being that had I got out where I did I would be even for the day I decided to bail..
I had even moved my stop to 982.25.. which if hit would have resulted in a 1 pt. profit.. as you can see from the chart on that move 982.00 was resistance and never penetrated .. the market moved down after that some 8 points...
Was tempted to take a long at 11:50 with the forming of that hammer.. but talked myself out of it due to lunchtime duldrums..
Hope everyone had a good day.
Jeff
Natalie,
I have somewhat. My charting software goes from 1 min. to 5 min. It would be much better if I had 3 minute data.. like the chart you posted for me.. the 1 minute chart is a little too unreliable I find..
I usually don't wait for confirmation on the reversals because it would require a larger stop and I am uncomfortable with my stops getting any bigger than they already are.
Jeff
Day should have been much better.. but anyday I close out positive is a good one..
7 trades..
6 winners.. 2 basically scratch trades
1 loser
Gross Profit $150.00
The 2 mistakes of the day.. or should I say the 2 areas that need improvement..
The trade I took at 14:30.. after the fed announcement.. market still had not worked through the madness and I tried to short it.. jumped in late too.. put stop too high.. a bad trade.. should never have taken place..
On 15:25 trade.. good trade.. entry was very good.. I just moved my stop too close.. trying to protect profits too cautiously.. my plan calls for moving the stop to below the low of the previous bar which would have been at 984.50 at the time I believe.... which if got stopped out there would have still resulted in a small profit.. too busy thinking about my weekly monetary goal which breaks down to a daily goal which I was trying to make certain I met.. therefore, I moved the stop too close and got stopped out..
market moved up to 990 area and never looked back..
Hope everyone had a good day..
Jeff
7 trades..
6 winners.. 2 basically scratch trades
1 loser
Gross Profit $150.00
The 2 mistakes of the day.. or should I say the 2 areas that need improvement..
The trade I took at 14:30.. after the fed announcement.. market still had not worked through the madness and I tried to short it.. jumped in late too.. put stop too high.. a bad trade.. should never have taken place..
On 15:25 trade.. good trade.. entry was very good.. I just moved my stop too close.. trying to protect profits too cautiously.. my plan calls for moving the stop to below the low of the previous bar which would have been at 984.50 at the time I believe.... which if got stopped out there would have still resulted in a small profit.. too busy thinking about my weekly monetary goal which breaks down to a daily goal which I was trying to make certain I met.. therefore, I moved the stop too close and got stopped out..
market moved up to 990 area and never looked back..
Hope everyone had a good day..
Jeff
Hi Flash,
Just a few comments.
What is your criteria for your entry and exit points, really? It looks like you are way late getting in on moves. And when you do get a good trade you never ride it as high as you ride your losers. That's messed up thinking, that in the long run will grind you up and spit you out of this game.
imnsho you need to:
1. Find a better criteria for entry that has a higher probabilty of follow through. like a 3:1 ratio. Hint: be early and first!
2. find a leading indicator that will confirm the turn.
3. excersize brutal discipline over yourself and do the trades no matter how scary they look at the time.
I'm not really seeing any of this in your posts, its the same story over and over. The definition of insanity is doing the same thing over and over but expecting a different result.
I want you be profitable and wealthy so I don't have to look at your agonizing posts anymore.
regards,
tp
Just a few comments.
What is your criteria for your entry and exit points, really? It looks like you are way late getting in on moves. And when you do get a good trade you never ride it as high as you ride your losers. That's messed up thinking, that in the long run will grind you up and spit you out of this game.
imnsho you need to:
1. Find a better criteria for entry that has a higher probabilty of follow through. like a 3:1 ratio. Hint: be early and first!
2. find a leading indicator that will confirm the turn.
3. excersize brutal discipline over yourself and do the trades no matter how scary they look at the time.
I'm not really seeing any of this in your posts, its the same story over and over. The definition of insanity is doing the same thing over and over but expecting a different result.
I want you be profitable and wealthy so I don't have to look at your agonizing posts anymore.
regards,
tp