Little Lex's YM Daytrading Journal

Hi gurucandidate,

thanks for your insight. I completely agree on what you said about target selection and hanging on to winners.

To me it clearly is one of the weak points of my trading. I agree that target selection has to be done on a case by case basis and factors such as the identificaton of trend or range days are important (among many others).

Good trading to you,

LL
 
LL, I looked at your chart and commented on how my style of trading would have played that move in YM, now I don't know what the internals did or the overall picture of everything (what time frame that was when it happened etc...) and I wasn't playin the market today...if you liked my style or have any questions/comments lemme know, and I hope its beneficial, I am not tryin to sound like I have a perfect method or anything, just givin my insight and attemptin to be somewhat helpful :-)
 

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dubs07,

thanks for posting the edited chart. The way you lowered the stop seems like a very useful strategy which I will try to integrate into my trading.

The retracement you marked "1" would have been a perfect entry. The reason why I entered the trade earlier was that I was afraid to "miss the train".


Quote from dubs07:

I am not tryin to sound like I have a perfect method or anything, just givin my insight and attemptin to be somewhat helpful :-)
More...

Don't worry, I really appreciate your comments and help.

LL
 
Again I focused on selecting only high probability trades with a favorable risk/reward ratio. Therefore I took only 2 trades today. Trade management remains my biggest weakness.

I am satisfied with both trade entries. Both trades were far in the green after only a few minutes. The main problem was again related to targets and stops.

Trade 1 (long) was up 17 points at its maximum. I trailed the stop from my standard -15 points to -8 points. This new stop was slightly below a previous double bottom. Then the Dow came tumbling down and I got stopped out at -8 points. What had happened? DOUBLE TOP !!!

Trade 2 (short) was a perfect entry and was closed (after only 73 seconds!) for a profit of 13 points. The Dow fell a further 35 points in the following minutes.

What does this tell me? I stayed in the first trade too long and exited the second trade too soon. With better trade management this could have been a good day (example: closing the first trade +15 instead of -8 would have made a huge difference).

Trade 1: -8
Trade 2: +13
Day: +5
Week: +20
Month: -25
 

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oh and LL, what time frame do you normally trade in? like the 15 minute, 5 minute, 2 minute 1 minute...

knowin this I think I can help you with entries and exits...
 
Hi dubs07,

When trading I generally use the 1 minute chart. When looking for setups or trying to understand the "bigger picture" I also look at the 5 and 15 minute charts.

Thanks for taking the time to comment on yesterday's charts. I will have a look at the edited charts after the close today.

Good trading to you,

LL
 
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