Matcha's Dow E-mini Journal

Nice stopping yourself and going back to study the mistakes. Gotta agree with above ('Went fishing') that letting the full stop get hit just to prove you wrong is not the best way to approach the trade. I've done the same thing so many times... you know its not going to work. Take yourself out. Stop hoping. Of course I'm not one to lecture as I had a horrid Thur/Fri and have moved to sim.

Hope this week is better for us all. Good luck!
 
Took only one trade today.

Market open, first bar formed to a huge bull bar with shaved top. Then 3 consecutive bull bars with HH and HL. Since the price is still trading in YTD’s range, so I did nothing. 7:00am H1 long+a BO PB long. 60min chart it’s at the upper trend channel line, So I did nothing again… Then market continued to make HH and LL with no good looking H2 long setup. It’s always very difficult to get in with the parabolic run up with no deeper retrace. Bull trend day is hard to get in for me but looks so easy to trade in hindsight… have been studied this type of tight bull channel move for quite a while, but I still have difficulty to get in on any H1…

But nice market today sends me a H2 long with tiny risk.. I got almost 1:3 RR on the trade.

10:10am, long, H2 at EMA. 24 Pts

PnL: $117, 24Pts, 1 trade
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Mathca, I think buying H1s in a channel is risky. Probably the best way to trade these channels is to buy below bars or sell above bars (in a bear channel) using a few tick stop.
 
Quote from Matcha:

Took only one trade today.

....

But nice market today sends me a H2 long with tiny risk.. I got almost 1:3 RR on the trade.

10:10am, long, H2 at EMA. 24 Pts

PnL: $117, 24Pts, 1 trade
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Hi Matcha,

Excellent discipline to wait for that 1 clear and awesome H2 setup. That's the best way to trade to capture the maximum return!

Today's YM chart trended better than the ES chart.

My trading today: (3 trades, 1S- 2L+, 67%WR +2.25 ES pts.)

- Took a SHORT trade at 7:32am p.t. Using the overnight data, I thought the market was making a L2 setup. Lost 1.5 pts.
- After the market broke out to the upside, waited for a PB, entered LONG at around 7:45am. +2.5 pts.
- He He! The 3rd trade was identical to your H2 setup, went LONG at around 10:10am. ES didn't do as well as YM. Only captured +1.25 pts.

Lessons learned: Trading against the direction of the MA is risky! The last 1/2 hour reversal seemed to be quite dominant lately. Studying this for potential profitable setup in the future.

Best of trading to you!

--po
 
Quote from Went Fishing:

You've been here before, My Dear. From the time you took your first trade till the close,,, the moving ave snaked around in a 20 point range!! Prices stayed in a range of 38 points!! The ONLY good moves (if you can call them that) were counter trend trades off the previous days high, but I know that's not your style. You know with your style of trading,,, your positions need breathing room, like the 100 point range of yesterday. ....
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I totally agree. I want to say this again to myself. For right now, only take pullback trade when the most "obvious, clear" trend is defined. I will try not to make the same mistakes again... The "fade" "outside in "trade isn't my focus now...

So I guess that will probably limit my trades to 5-6 signals per week...

And one more thing.... I'm not buying the line, "But when I was in this trade, I didn’t, I “hope” for I was right, I let the full stop run to just prove that I was wrong." You're a better trader than this,,,, when I read this I knew you were in SIM,,,, I'm I right about that??
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Oh, believe me. I just want to kill myself after I had that moment. Not because of I had that losing trades, because of that type of thoughts and emotions can stop me from thinking clearly and becoming a professional traders. Next time, if I started to have that thoughts, I will just completely get out of the position...

I was in SIM, I am glad that since I can now fix this lousy emotional reaction of "hope" sooner.
 
Quote from PatientOperator:



My trading today: (3 trades, 1S- 2L+, 67%WR +2.25 ES pts.)

- Took a SHORT trade at 7:32am p.t. Using the overnight data, I thought the market was making a L2 setup. Lost 1.5 pts.
- After the market broke out to the upside, waited for a PB, entered LONG at around 7:45am. +2.5 pts.
- He He! The 3rd trade was identical to your H2 setup, went LONG at around 10:10am. ES didn't do as well as YM. Only captured +1.25 pts.

--po
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Congrats on another profitable day! Consecutive wining days! You rock!

I didn't know you started to trade premarket.... You do enjoy trading:D
 
Quote from Snowman75:

Nice stopping yourself and going back to study the mistakes. Gotta agree with above ('Went fishing') that letting the full stop get hit just to prove you wrong is not the best way to approach the trade. I've done the same thing so many times... you know its not going to work. Take yourself out. Stop hoping. Of course I'm not one to lecture as I had a horrid Thur/Fri and have moved to sim.

Hope this week is better for us all. Good luck!
More...

"stop hoping, just get the freaking out of the trade "

Put this in my plan...:p
 
Quote from Matcha:

Congrats on another profitable day! Consecutive wining days! You rock!

I didn't know you started to trade premarket.... You do enjoy trading:D
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Hi Matcha,

No, I don't do premarket trading. :) I might have done that a couple of times to test out some features on the IB TWS system. But on my charts I use 24 hour data instead of using only the regular trading hour (RTH) data. It makes a slight difference on the MA and the stochastics calculations during the first hour of trading. Sometimes to the point that it might skew up the direction of the trends!

Ha Ha! I do enjoy trading though! :) :)

--po
 
Quote from Matcha:


...
7:00am H1 long+a BO PB long. 60min chart it’s at the upper trend channel line, So I did nothing again… Then market continued to make HH and LL with no good looking H2 long setup. It’s always very difficult to get in with the parabolic run up with no deeper retrace. Bull trend day is hard to get in for me but looks so easy to trade in hindsight… have been studied this type of tight bull channel move for quite a while, but I still have difficulty to get in on any H1…

But nice market today sends me a H2 long with tiny risk.. I got almost
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Good work Grasshopper!

But I might have spent too much time on another planet. I recognize what HH and LL mean. What is BO PB H1 H2 H1s? Mostly what is H1 H2 H1s?

PO?

TYA...
 
Lots of trading range price action behavior. SOH most of the day. Done trading at 12.00. Then price broke the range shooting up until close.

8:17, short. Price broke the support level and the wedge bear flag. The selling pressure is huge. So I refered to 2 min chart and looking for a micro channel short type of entry. Held for 3 bear bars, saw the accumulated bottoming tails. Didn’t exit here since the trade hasn’t reached my target yet. Then market retraced 15 pts continued to go down, trailed my stop to the pivot high. Instead of making another L/L, market formed a D/B took my stop. -6TK

Well, tomorrow then!

PnL: -$32. -6pts. 1 trade.
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