Matcha's Dow E-mini Journal

Quote from PatientOperator:



...- 8:55am p.t. Short. Entry on 2 min chart. Didn't take a small profit. Got stopped out.
Lessons Learned - Got all messed up with my protective stop this morning. Wasn't paying attention. Need to adjust the stop after entry and after the price has gone in the intended direction.

--po
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I felt like my entry skill on 2min chart isn't there yet. I guess I better stop doing so. Only take entrys on 5 min chart for now....
 
Quote from PatientOperator:

- 8:55am p.t. Short. Entry on 2 min chart. Didn't take a small profit. Got stopped out.
Lessons Learned - Got all messed up with my protective stop this morning. Wasn't paying attention. Need to adjust the stop after entry and after the price has gone in the intended direction.
More...

OK, I hope I don't sound offensive. Let me know if I do. Just PM me. But since we are now trading buddies, I think its OK for us to agrue and challenge with each other on some trades and point out something that we probably don't notice ourselves.

So why take short here? L1 short? MA down? 8:55 area is always the setup that I lost money on. After the strong 2 leg move/channel price then retrace, formed a 1 leg pullback short set up. But the location is at the LOD area. -low odds

Its a reasonable short set up. I thought about to take it. But.... 1. the prevailing trend is still up.(YTD close formed a very strong spike), then today market open formed another push.
2. right into strong support and LOD. -very risky short unless price break out from LOD then retrace.-breakout pullback short
3. the bear channel is very steep, volume dries up. Sellers are stepping aside or cover shorts( the assumption is very subjective though)
4. if you were to short here, wait for a 2nd entry short.-higher probabillity after a steep sell off. a 2 leg PB short set up or a D/T short entry .

I took a long here, but lousy entry on 2 min.

Then 9:30( this 2 leg pb on MA is always another sticky area too because you usually don't know if bull is going to push price higer or bear is going to push lower and become a L/H). In this case, price formed a failed L2 short. so I went long. Didn't go very far though....

There are certain situations, H1 L1 don;t always work. 2 leg pullback has a better odds of success. H1 and L1 will work when the previous concecutive bars are strong and not too much overlapping... But it usually runs so fast and keep me out of the trade....

This is another part of stats I am working on...
 
Quote from PatientOperator:


You did good to not overtrade today especially after the FOMC meeting announcement. It was tiring staring at the choppy ups and downs.
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I haven't seen such a dud after the FOMC meeting announcement. I used to see it causing S&P to jerk up and down at least 10 points in just a few minutes. I guess we are all numb to the "business as usual" announcement. We are going to keep interest rate unchanged. At zero.
 
Quote from Matcha:

OK, I hope I don't sound offensive. Let me know if I do. Just PM me. But since we are now trading buddies, I think its OK for us to agrue and challenge with each other on some trades and point out something that we probably don't notice ourselves.
More...

Have you two considered getting on Skype and trading together in real time? I don't mean mirroring each other's trades, but discussing setups, stops, targets, trade management, new ideas, and such.

I spent about 7 months, 6+ hours a day, honing strategies and sharing ideas with a few like-minded traders. This was the most beneficial thing I've ever done since I started trading.
 
Quote from Matcha:

.......... I think its OK for us to agrue and challenge with each other on some trades and point out something that we probably don't notice ourselves.

So why take short here? L1 short? MA down? 8:55 area is always the setup that I lost money on. After the strong 2 leg move/channel price then retrace, formed a 1 leg pullback short set up. But the location is at the LOD area. -low odds

Its a reasonable short set up. I thought about to take it. But.... 1. the prevailing trend is still up.(YTD close formed a very strong spike), then today market open formed another push.
2. right into strong support and LOD. -very risky short unless price break out from LOD then retrace.-breakout pullback short
3. the bear channel is very steep, volume dries up. Sellers are stepping aside or cover shorts( the assumption is very subjective though)
4. if you were to short here, wait for a 2nd entry short.-higher probabillity after a steep sell off. a 2 leg PB short set up or a D/T short entry .

....

There are certain situations, H1 L1 don;t always work. 2 leg pullback has a better odds of success. H1 and L1 will work when the previous concecutive bars are strong and not too much overlapping... But it usually runs so fast and keep me out of the trade....

This is another part of stats I am working on...
More...

Hi Matcha,

:) :) It's perfectly A-Okay to review our trades so that we can see things from a different angle!

I took the SHORT trade at 8:55 p.t. because I saw the uptrend has been reversed (and so I thought). It made a HOD at around 7:45, then made a LH at around 8:10. And the 2 LL(s) also. The 20MA on the 2 min chart was heading down. It crossed the 50 MA at around 8:30. (I used data both outside and inside of the regular trading hours for MA calculations). Then with the PB, I entered the SHORT trade at an L1 setup. (In the 1 min chart, I actually saw a L2 setup!)

One thing I noticed when you said the entry point was near the LOD, I checked the YM chart and compared it to the ES chart, the 8:55 entry point in YM was closer to the LOD than the ES chart. In ES, the entry was about mid point between HOD and LOD.

Thank you very much for your analysis of the trades. I agree with you that it's better to wait for a 2nd entry and L2/H2 are better setups than L1/H1.

I will pay more attention to the PA of the previous day.

--po

P.S.
The Australian Open semi-final was really exciting. Li Na won the match! She became the first Asian woman and the first tennis player from China to enter the final in a grand slam event. She is going to play Kim Clijsters on Saturday. It will be another great match to watch!
 
Discipline, Discipline…

Silly me traded again in the trendless environment and middle of the trading range. Thanks to the tight stop today that saved me from losing big

1. 10:37 Short: Exit here when see no FT,
2. 11:49 Long: Getting in the momentum of the breakout. Exit here on a small stop.

No excuse for myself. Range is so easy and obvious to tell today. I violated my rule… Played in the range and “expecting” a trend will follow through.

I will do my best to stop doing this, I promise. I am going to trade on a spreadsheet (real paper) when I have the urgency to take trade in the range day.


PnL: -$70. -13Pts, 2 trades. 0 winrate
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Quote from Bolimomo:

I haven't seen such a dud after the FOMC meeting announcement. I used to see it causing S&P to jerk up and down at least 10 points in just a few minutes. I guess we are all numb to the "business as usual" announcement. We are going to keep interest rate unchanged. At zero.
More...
yeh, everybody is happy besides traders who fade the news.......
 
Quote from NoDoji:

Have you two considered getting on Skype and trading together in real time? I don't mean mirroring each other's trades, but discussing setups, stops, targets, trade management, new ideas, and such.

I spent about 7 months, 6+ hours a day, honing strategies and sharing ideas with a few like-minded traders. This was the most beneficial thing I've ever done since I started trading.
More...

That will be my next plan-get some traders on skype to talk about some trades and share ideas(got the inspiration from you of course). But now I still haven't finished my plan and stats yet--still not happy with it. And I need some more focus in real time....

I am thinking of inviting myself to your chat room one day, if possible! I will only listen to what you guys are doing, I am not going to cause any noise...:p
 
Quote from Matcha:

Discipline, Discipline…

Silly me traded again in the trendless environment and middle of the trading range. Thanks to the tight stop today that saved me from losing big

1. 10:37 Short: Exit here when see no FT,
2. 11:49 Long: Getting in the momentum of the breakout. Exit here on a small stop.

No excuse for myself. Range is so easy and obvious to tell today. I violated my rule… Played in the range and “expecting” a trend will follow through.

I will do my best to stop doing this, I promise. I am going to trade on a spreadsheet (real paper) when I have the urgency to take trade in the range day.
...
More...

Hi Matcha,

"......Played in the range and “expecting” a trend will follow through....."

Sometimes, I had this same feeling too! Hoping the market will do what I "expect". But the market never listens to me. :( :(

Yes, we do need to practice and commit to straight discipline to follow our plan. It is a very very difficult thing for me to do. I have to remind myself everyday!

SOH today. Still trying to make things out of the losing trades from the previous 2 days. I found that I still have this tendency to jump on a trend too late. Thank you very much for your great analysis of my trade from yesterday.

--po
 
Quote from Matcha:

That will be my next plan-get some traders on skype to talk about some trades and share ideas(got the inspiration from you of course). But now I still haven't finished my plan and stats yet--still not happy with it. And I need some more focus in real time....

I am thinking of inviting myself to your chat room one day, if possible! I will only listen to what you guys are doing, I am not going to cause any noise...:p
More...

Hi NoD & Matcha,

Thanks NoD.

I am with Matcha that right now I need more focus in real time...... I have done that before trading with some friends in real time. But didn't do quite well because everyone became somewhat dependent on others opinion.

--po
 
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