Matcha's Dow E-mini Journal

[Matcha]

Quote from Trader_BG:

Here is the first 8 bars from Friday....2 nice scalp's and you are done for the day.....I usually trade only the first and the last hour...(this is 5 min ES chart)

Nice chart and thank you TB!

I would like to get used to combine 15min and 5 min chart first , then to add smaller time frame chart in order to take less risk and possible scalp one contract out at +10tck, when I am allowed to trade 2 contracts!

May ask your questions when I get to that point!

 

[luckylucy]

Quote from Matcha:

Nice chart and thank you TB!

I would like to get used to combine 15min and 5 min chart first , then to add smaller time frame chart in order to take less risk and possible scalp one contract out at +10tck, when I am allowed to trade 2 contracts!

May ask your questions when I get to that point!

nice job, Matcha!

 

[PatientOperator]

Quote from Matcha:

Today is another “scratched trades” day. Traded live in AM session. Took 4 trades.

Trade 1: 6:55. long pullback, Planed to ride the trend but when see a huge reversal bar after the Break out bar, I exit at +3tk
Trade 2: 7:18 reenter, hit trailing stop at +12tk
....

I paid more attention to 15 min and 5 min charts today. I got to train myself look at a bigger picture more.

PnL: +$40. 4 trades. 75%winrate

Hi Matcha,

You did good today trading with the trend both in LIVE and in SIM. Nice chart combining the 5 min and 15 min on one chart. I wish IB can do that.

I only took 2 LONG trades in the morning at about the same time as your trade #1 & 2. Net for the day +2.75 ES points. Then just watching the market for the rest of the day. Spotted 3 good LONG setups in the afternoon. I didn't make the trades, just marked them on the chart for practice. This seems like a good exercise to do in SIM. Just marked down all the possible setups on the chart without having the stress of keeping score on the PnL front.

Best of trading.

--po

 

[Matcha]

I did horrible in bear day again. I get a bit too distracted by large time frame today. I stopped trading now and will only watch the market later. And I began to realize my discipline issue is affecting my trades these days more than anything.

This discipline issue has been addressed by Nodoji, KDASFTG in last week’s post. I wanted to list them today again because right now I feel like it’s so critical that I have to fix them. But besides to train myself to think like a trader and continue to study the market, I am not sure what else I can do to solve the problem.
1. I let one trade’s loss and win affect my judgment on the next trade.
2. I lost focus when I exit from the trade that not working. I sort of gave up so I either missed a move or I don’t reverse it when the set up is strong.
3. I stopped taking all the valid setups after losing trades.
4. I wanted to get back in the trade at the later day so I took low prob. trades.
I think the losses from past few days are OK. I am allowed to make all the mistakes I can at this point. What’s not OK is really not taking the great setups signal that presented to me. I either don’t stay alert or fear of hit the buy and sell button that might cost anther losses. I did not trade with my plan. I am just not very disciplined.

I put down all the great tips about discipline from MD’s book on a sticky note right on my screen. Every time I looked at it, I just thought why it’s so damn hard for me to “think probability” and stay disciplined. And when can I trade like a pro…When do I “get it”…

Trade 1. long. Bear trap. fBO bull channel. -8tk. I hesitated, so I did not reverse.

Trade 2. Short, I got out immediately since it wasn’t a set up, it doesn it’s trading range reaction.

Trade 3. short. A solid setup. I shaked out by a bottoming tail while entry bar is forming, I shaked out for nothing. +3tk

Trade 4. long. Wedge pullback long. -7tk

Trade 5. Short. Shaked out by the bottoming tail.

PnL: -$122, 5 trades.

Now go back working on my issues. Good trading, all!

 

[jas_in_hbca]

Lot's of retracements like last week when we got beat up.
Feels like more A-B-C type corrective action which is a bit different than what we're used to ,imo.

Hang in there.

 

[PatientOperator]

Quote from Matcha:

I did horrible in bear day again. ....

... And I began to realize my discipline issue is affecting my trades these days more than anything.

.... I am not sure what else I can do to solve the problem.

1. I let one trade’s loss and win affect my judgment on the next trade.
2. I lost focus when I exit from the trade that not working. I sort of gave up so I either missed a move or I don’t reverse it when the set up is strong.
3. I stopped taking all the valid setups after losing trades.
4. I wanted to get back in the trade at the later day so I took low prob. trades.
.....

I just thought why it’s so damn hard for me to “think probability” and stay disciplined. And when can I trade like a pro…When do I “get it”…

...

Hi Matcha,

I shared all of those discipline problems that you listed. I think the best thing we can do is to go back to the basics and work on keeping a "simpler" trading plan.

I think in today's market, if you would have refrained yourself from going after those 2 long trades, it would be easier for you to stay with your discipline. On the 5 minute chart, the perceived "reversals" in those 2 instances haven't quite shown a 2nd HH/HL sequence. Going long might not be a high probability trade (just my thoughts).

Today I used the 9/18 EMA(s) to guide me on which side the market is on (uptrend or downtrend). The crossover of those 2 MAs happened at around 6:35am p.t. and has been in a downward trend till the end of the day. The TRIN has also been above 1.5 for most of the day.

My trading today - I only traded 1 SHORT trade earlier in the morning netted a small gain. I then continue with yesterday's mental exercise - watching the market for the most part of the day and keep asking myself what is the current trend and marked up those setups I would have taken. For now, I wanted to practice more on spotting the setups without having to worry about the PnL. I think I am trying to get back to the basics on my setups and my system. I am sticking to only trading those setups that are with the trend. I am trying to work on my discipline issues one small step at a time.

I know you can do it, by going back to what's most comfortable for you.

Wishing you the best of trading!

--po

 

[Matcha]

Quote from PatientOperator:

Hi Matcha,

I shared all of those discipline problems that you listed. I think the best thing we can do is to go back to the basics and work on keeping a "simpler" trading plan.

I think in today's market, if you would have refrained yourself from going after those 2 long trades, it would be easier for you to stay with your discipline. On the 5 minute chart, the perceived "reversals" in those 2 instances haven't quite shown a 2nd HH/HL sequence. Going long might not be a high probability trade (just my thoughts).

Today I used the 9/18 EMA(s) to guide me on which side the market is on (uptrend or downtrend). The crossover of those 2 MAs happened at around 6:35am p.t. and has been in a downward trend till the end of the day. The TRIN has also been above 1.5 for most of the day.

My trading today - I only traded 1 SHORT trade earlier in the morning netted a small gain. I then continue with yesterday's mental exercise - watching the market for the most part of the day and keep asking myself what is the current trend and marked up those setups I would have taken. For now, I wanted to practice more on spotting the setups without having to worry about the PnL. I think I am trying to get back to the basics on my setups and my system. I am sticking to only trading those setups that are with the trend. I am trying to work on my discipline issues one small step at a time.

I know you can do it, by going back to what's most comfortable for you.

Wishing you the best of trading!

--po

In Jan and early Feb, when we had buy every pullbacks at the open type of day. Things are very easy. Took 20pts then watch the market as long as I don't do crazy things.
Right now we are in a correction mode. I become a bit all over the place. The poor read on large time frame and 5 min is one of the problems. But I believe screentime will help. Discipline lately become an obvious problem too... Hopefully, experience will help that too.

 

[NoDoji]

Quote from Matcha:

1. I let one trade’s loss and win affect my judgment on the next trade.
2. I lost focus when I exit from the trade that not working. I sort of gave up so I either missed a move or I don’t reverse it when the set up is strong.
3. I stopped taking all the valid setups after losing trades.
4. I wanted to get back in the trade at the later day so I took low prob. trades.
I think the losses from past few days are OK. I am allowed to make all the mistakes I can at this point. What’s not OK is really not taking the great setups signal that presented to me. I either don’t stay alert or fear of hit the buy and sell button that might cost anther losses. I did not trade with my plan. I am just not very disciplined.

I made the same mistakes so many times, I began do doubt my sanity. I've read MD's book 3 times cover-to-cover and it's next to my bed so I can read the basics every night and every morning.

These are the days when you will make mistakes, sometimes many times over, and finally you'll get so frustrated that you become disciplined out of the sheer desire to prove that if you trade all your setups according to all your rules the whole day you will lose a ton of money and the market will sabotage you at every turn.

 

[Matcha]

Quote from NoDoji:


These are the days when you will make mistakes, sometimes many times over, and finally you'll get so frustrated that you become disciplined out of the sheer desire to prove that if you trade all your setups according to all your rules the whole day you will lose a ton of money and the market will sabotage you at every turn.

 

[luckylucy]

Hi, Matcha. I have noticed that recently, the counter trend you made usually where i made exactly the same one. Although we have totally different methodology, we saw the market and made the same mistake almost at the same time.