Matcha's Dow E-mini Journal

Quote from Now is Now:

Matcha....

While I am not infavor of "time " charts...pull up and print out all your charts you have published here...sure on close obversation you will see the "obvious" trades...

As for you personal goals, besides NOT going broke...the answers lie within...

NiN
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For me, the "obvious" patterns are critical now. Seems like I can only rely on certain patterns to pull the triggers... Plus I am still reading Al's book, studying 5 min chart helps me learn his price action analysis. But the minute chart does have lots of drawbacks. ... I am still testing and exploring. Finally, I can find a "great" chart for me to trade.

I really hope I am not going to "blow up" my account, then go broke. I hope that's not going to happen.

Lately I have been thinking about that a lot. In theory, with daily loss limit-2% of total account, trade small, manageble size of contracts, leave buffer in your account, only invest 25% of saving in trading, only focus on one market,etc. It takes quite a while to blow up an account. In my senario, for my account, it takes 2.5 month to blow.(continue losing, no winning days). But when the "fear/greed" me comes in breaking the discipline, it only takes a week to blow. I hope that's not going to happen to me!!
 
Quote from ~~~:

tell them don't put all the eggs in one basket (don't just invest in stocks) and if they have some excess money .. invest in Chongming Island.
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Chongming Island Real Estate? They only invest in stocks. I will tell them for sure...
 
Quote from ~~~:

My parents deceased .. so you are very lucky you can still take your mom to enjoy some great food in HK..I love and respect people who're filial to their parents :) Matcha .. you can also take your mom to "Yung Kee" @ Wellington St, Central, HK island or "Yue Kee" @ Shan Tseng, Sham Hong Road, New Territories for the famous roasted goose(so yummy!). For dim sum, go to Che's Cantonese Restaurant (located in a office building) @ Lockhart Rd, Wan Chai.(must try the polo char siew bun) Also try taking your mom to Lei Yue Mun (a small fishing village on the Kowloon side) where u can pick the live seafood and then take it to a restaurant for cooking. I love the Superb Seafood at Lei Yue Mun :)
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I am so sorry to hear that... Now you have ET friends here like us!!
Thanks for great suggestions. I kept picturing those restaurants! I love seafood! Not huge fan of meat, but I do like the taste of "HK style BBQ goose, duck, pig. Shiu Luk). I love "little Saigon" for live seafood too! I hang out more around Kowloon side. And I am a digger for street food!:p I love to go shopping in CauswayBay,TST, I love local street fashion. I also like people watching all suity guys and girls in Central... Ha! So much to do in HK!
I use this website, searching food. In chinese
http://www.openrice.com/restaurant/index.htm
 
Quote from babykuttan:

Hi

How is the measured move calculated?. Thanks in advance.

Enjoying the thread.... very nice.


Trade 2: Short. ,measured move and floor pivot point (S1 level) played out nicely too. But I took profit at the 9825 zone-last S level...Didn't have the guts to wait for more points.
Entry:9885
Ext:9828
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HIHI, Thank you for enjoying this thread.

Bolimomo taught me the trick."Mirrored trick"!

See chart I attatched.
You can do the orange line type of measured move. The range on the consolidation pattern will be mirrored to the down move.
Or use the blue line as measured move on the leggs.
But make sure the extended move landed on significant S/R level.
This method gives you an idea where to take your profits.

Here is the reference link to study:
http://stockcharts.com/help/doku.ph..._analysis:chart_patterns:measured_move_-_bear
Let me know if you have any questions.

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My mind was so off today. I wasn’t focus enough the whole day. I had lots of thoughts on my mind besides trading.

I made all the amateur’s mistakes. In early session I turned a few profits to loss. I was -$80 from morning sessions. The last 2 hour session. I went “funky”, set big loss, over trade. Then I chased the market on fake a breakout trade, when market turned direction, I moved stop to a magnificent wide level…Needless to say, my magnificent stop got hit. One trade I lost -$180. 36 Pts.

Now I am having a bit headache and starting to second guessing myself.-a big “NONO” to a trader. I am going to take a nap now and read “Trading in the zone” tonight.

-$138 today, 14 Trades, 50%winrate

Bad trades(in circle) were marked on the chart for me to remember today.

No Al today, need some encourage. Take nap first to get rid of this headache.
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Quote from Matcha:

My mind was so off today. I wasn’t focus enough the whole day. I had lots of thoughts on my mind besides trading.
.....
Now I am having a bit headache and starting to second guessing myself.-a big “NONO” to a trader. I am going to take a nap now and read “Trading in the zone” tonight.
.....
No Al today, need some encourage. Take nap first to get rid of this headache.
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Matcha: a few points:

1. Don't give up too easily. Trading is never easy.

2. Get used to losing days. They happen to even the most experienced traders. Channel the frustration in learning something about the losing trades. See if you can spot a behaviorial pattern. You need to correct the behavior that causes similar losing trades.

3. Be prepared for blow outs. It is a real possibility, especially with small accounts and beginners. Many successful traders blew out their accounts multiple times early on. I never "blew out" my account. But it is only a technicality. I lost lots of money early on just the same. Multiple gyrations of credit card advances to replenish the account and repaying the debts for years. Make your level of wisdom proportional to the accumulative dollars that you have "lost".

4. You have chosen day trading to start. I wouldn't recommend it. Day trading is the hardest style of trading IMO. It takes years of experience (observations, theorization, action plans, practices, and feedbacks) to master the intraday market movements. And you need to be quick in recognizing market changes. Because things change on a dime. Not restricting yourself to intraday movements, and try to capture some multiple swing moves may be easier.


As for the futures movement today, 6/8/10... it was really challenging. And so was yesterday. And so was last Friday... and last Thursday... and... :p

It was unusual. Overnight it went up. Then it went down. After US markets opened, it went up. Then went down. Then finally went up one more time and didn't look back. It's an N plus another N. Or maybe a M plus a V. It will be interesting to see how it holds up tomorrow. My guess is tonight Hang Seng will go up like gangbusters. And Europe probably too.

I think you need to pay more attention to intraday swings. Don't try to scalp. It is very hard to scalp for beginners.
 
Remember what I said upthread...

I see price moves in waves. Typically three waves. It will need to have some rests before resuming.

That's why it is beneficial to look at price movements in different time-frames. Lower time-frames give better granularities. You will get a better picture of the move. Kind of like a HiDef TV.

I overlaid a 400-tick chart on ES over your 5-min chart. What I see is a move that started at about 11 am PDT. It was a reversal from the earlier down move. Basically reversing the entire down move that went from 10:00 am to 11:00 am. This up move has 3 major waves (or I call it "3 + 1" because of the double top). The #1: Impulse. The #2: Continuation. The #3: Maturity. You were trying to long, at about 11:45, thinking that it was a "break out". But it wasn't. (or "Not Yet") Look to the left... Dow had reached 9884 or so twice earlier. If you long there, you are buying into supply.

The best is to short on overhead supply with a tight stop (for a real breakout). Or wait for a pull back instead of chasing. Do a Fib on this entire move. A good long chase would be about 50% retracement. Don't chase the 61.8% (or higher) retracement because then the move would be iffy. Definitely not 78.4%. Either 38.2% or 50% would be good for a long. Stop maybe half way down to the beginning of the up move.


Remember: Count your waves on a move. Look at RSI or MACD as aids if you are not sure.

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Quote from Bolimomo:

Matcha: a few points:

1. Don't give up too easily. Trading is never easy.

I am not going to give up trading.

2. Get used to losing days. They happen to even the most experienced traders. Channel the frustration in learning something about the losing trades. See if you can spot a behaviorial pattern. You need to correct the behavior that causes similar losing trades.

I am trying to get used to losing days. They hurt... Not only the money, but the behavior of not following rules to make bad trades to slow down the learning process hurt more than the money part.

3. Be prepared for blow outs. It is a real possibility, especially with small accounts and beginners. Many successful traders blew out their accounts multiple times early on. I never "blew out" my account. But it is only a technicality. I lost lots of money early on just the same. Multiple gyrations of credit card advances to replenish the account and repaying the debts for years. Make your level of wisdom proportional to the accumulative dollars that you have "lost".

I hope I am not going to. If I really did happen. I had some little back up finance to continue to do some tradings... Then I will continue to practice and practice day trade.

4. You have chosen day trading to start. I wouldn't recommend it. Day trading is the hardest style of trading IMO. It takes years of experience (observations, theorization, action plans, practices, and feedbacks) to master the intraday market movements. And you need to be quick in recognizing market changes. Because things change on a dime. Not restricting yourself to intraday movements, and try to capture some multiple swing moves may be easier.

I know its soooo hard. Trying my best to really "get it"...

I think you need to pay more attention to intraday swings. Don't try to scalp. It is very hard to scalp for beginners.

I thought that my trading plan was all intra-day swing set up. But somehow they all turn out to be scalp. I either out too quickly or stop out on a wrong direction... I will work on the wave count strategy and re look back the trades.
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Thank you again. I will keep all these comments in mind. Please help me build up some market commonsense. Market prep, feed backs, "anticipation" for tomorrow etc.
 
Quote from Bolimomo:

Remember what I said upthread...

I see price moves in waves. Typically three waves. It will need to have some rests before resuming.

That's why it is beneficial to look at price movements in different time-frames. Lower time-frames give better granularities. You will get a better picture of the move. Kind of like a HiDef TV.

I overlaid a 400-tick chart on ES over your 5-min chart. What I see is a move that started at about 11 am PDT. It was a reversal from the earlier down move. Basically reversing the entire down move that went from 10:00 am to 11:00 am. This up move has 3 major waves (or I call it "3 + 1" because of the double top). The #1: Impulse. The #2: Continuation. The #3: Maturity. You were trying to long, at about 11:45, thinking that it was a "break out". But it wasn't. (or "Not Yet") Look to the left... Dow had reached 9884 or so twice earlier. If you long there, you are buying into supply.

The best is to short on overhead supply with a tight stop (for a real breakout). Or wait for a pull back instead of chasing. Do a Fib on this entire move. A good long chase would be about 50% retracement. Don't chase the 61.8% (or higher) retracement because then the move would be iffy. Definitely not 78.4%. Either 38.2% or 50% would be good for a long. Stop maybe half way down to the beginning of the up move.


Remember: Count your waves on a move. Look at RSI or MACD as aids if you are not sure.
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Everything looks so clear now. It was a clearly strong R level... I was so persistant to short there...

I got that FIB retrace theory. Thank you.

About the scalp and intra day swing set up. Do you mind to pull an example on intra-day swing trade? Example on chart will be great! :D For a beginer to trade pullback, where should I be in and where to take profits. Just want to get your view on it.

Like I said, I thought all my trades were intraday swing. long/short on pullbacks. Somehow, most of turn to look like scalp. Probably trading one contract is the reason to look like scalp too.:D
 
I have some questions to ask.

From your past day trading experience. Is this the most volatile market to intrad day trade? Does that mean if I can survive in this market, I can trade any market condition?:D

About swing stock trade, I am always very afraid of the opening gap under this market condition. (I dont have any swing trade position now). Do you think it's the major risk for swing stock trading?:D
 
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