jasinhbca's quest for discipline, knowledge & profits

Felt rested and focused today. The only way to trade.

1 trade for 2 points. Not a huge win but I think i had a pretty good read of the market so happy about that.
 

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Quote from Hooti:

How is it going Jas?

Read any more of Brooks?
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Hey Hooti,

I was just thinking this morning i may get more benefit out of studying my own charts rather than reading Brooks. But i'll still read him on the weekends.

Past week i've added to my trading plan rules for when i can add to open position, (only on two types of set ups and if the current position is up x amount of points) and am in the process of re- writing my set ups in a more specific manner.

From the looks of your journal your keeping very busy. How's the Elliot wave theory going ? Take a look at the SP500 from july 1 to now and tell me what you see.
 
First trade in awhile.

Stopped out of my long trade for -2.25. Glad i recently revised my stop loss. In review this wasn't a great PA read but it wasn't a random entry either. Hopefully just rusty after the break.

2nd trade short for + 4.00. No real complaints on this. Watched a re-test of a break out then sold. Could have picked up another 2 points if i held longer but wanted to lock in profits. Also wasn't a clear indication price would continue further down.

I expect and look forward to volatility picking up soon.

Goals this year are to increase consistency and then increase size.
 
Fighting my market bias again today. Thought about going long around 7:30 pst which would've been a great entry with no heat. Instead decided to wait for what i thought would be a less risky short. Then later thought again about long but passed.

First half of the day about every pullback could have been bought for a profit.

Finally found my short around 10:00. Slight hesitation on entry, price went 2 pts in my favor then quickly reversed. Closed for -.25

After that i soon decided to call it a day before I did something stupid.

Frustrating to sit infront of the screen as the eyeballs dry out and not have anything to show for it. Oh well, can't dwell on it.

On the plus side i think my PA reading skills are slowly improving.

Last thought: I really want to catch a 30 pt NQ down move. Is it 'cause i want the excitement, a big win (ie ego boost) or some kind of validation that i can do it. I don't know. I'm not sure this is healthy then again isn't getting big wins the goal ?
 
Quote from jas_in_hbca:

Fighting my market bias again today. Thought about going long around 7:30 pst which would've been a great entry with no heat. Instead decided to wait for what i thought would be a less risky short. Then later thought again about long but passed.

First half of the day about every pullback could have been bought for a profit.
More...

Try this, when the markets open, adjust your charts to show data starting 9:30 am EST only and then youu will have the averages on the right side of the price and guide you with your entries and exits.

just a thought.
 
Thanks, JP. My problem is that on the big picture i'm quite bearish and think the market could roll over any day now. I'm expecting at minimum a 10- 15 % correction. I need to either ignore that or only trade on the short side and accept i'll miss trades. I think the obvious answer is ignore my bias. Should be an easy fix , right ?:eek:
 
Combine lack of discipline and market chop and want do you get ?

-4.50 pts 2 trades

Boredom, late entry long and then chased a short.

Nothing else really to add except i need to get my sht together. This lack of discipline is unacceptable.
 
It's sure not easy,
had a -2 pts today in one trade. We did about as well as each other.
Looked at what turned into the 8 pt drop, and said out loud that I should short there, but just didn't. I was just a little late, then didn't get in.
Next time...
 
-.75 on first trade short

I think i should have taken a bit more heat and not exited at resistance as has been pointed out to me before.

Otherwise i don't see anything terribly wrong. Any comments on fine tuning this though are appreciated.

will post my second trade soon.
 
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