Matcha's Dow E-mini Journal

Market gapped up. Daily chart a bullish candle, 60 min chart is trying to get through the resistance level. All these conditions set up a bullish tone. So today my plan is to buy at the pullback.

6:55 potent reversal candle (15 Pts range) at R1 level. I went for a long immediately to ride the bullish momentum at the open. But I was stopped out for a loss. -11Pts

7:24, long again. Great long set up, 3 leg pullback was complete. Long bottoming tails signals buyers. But stopped out again. -10Pts.

TRADE A: 7:38, this time I have a better odds to go long. A failed move down with bottoming tails then potent reversal candle. But I was out quickly at 7:59am, because the retrace candle was too large. B/E

Right at that point, on 2 min chart price sets up an inverse H/S pattern. But I had not guts to go back in to continue to go long this time. I was more willing to wait and look to buy at breakout pullback from I-H-S base.

TRADE B: Break out pullback at R level. The I-H-S pattern, bullish trend at the market, nice bullish candles in 15 min and 60 min chart all suggested that highly likely the price is going to test HOD. But I realized that it’s going to slowly grind up since the pullback was fairly steep and fast. This time I left my stop at the 2 tick below 2 tick below the breakout pull back bar( under 2 min chart pivot low). But market didn’t fulfill my “wish”. I was out before the crazy sell-off because market stopped to form higher low and it stalled there for too long. I am glad I was out before the sell-off began.

I didn’t chase the sell-off. Was looking into long opportunities after the bearish momentum dies down.

TRADE C: Clearly the entry was too early and aggressive, although it formed a I-H-S at 2 min chart. Next time I need to wait for at least a D/B on 5 min with such a dramatic fluid sell-off. With a sell off that large, it usually takes longer time and more fights between bulls and bears..

TRADE D: long, demands pick up here, lots of bottoming tails, 15 min chart is showing bottoming. The target will be YTD high, it’s also the 50% retracement of the selloff. But if the trend is strong, I would hold and let market take me. Then I trail my stop. Stopped out at 2 min trail. Re-entered at D/B pullback pattern on 2 min. but momentum didn’t seem pick up right away. So I am out and done for the day.
Only 16ts

Today’s PnL: -$62, 7 trades, 57% winrate


“Oh, Sweetie, please be very picky next time”. (Talking to myself;-P)

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Quote from Matcha:


“Oh, Sweetie, please be very picky next time”. (Talking to myself;-P)
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Let me help you... maybe this will have more weight.

“Oh, Sweetie, please be very picky next time”.

:D :D Coming from Sis ~~~ maybe even more memorable. ;)
 
Quote from Bolimomo:

Let me help you... maybe this will have more weight.

“Oh, Sweetie, please be very picky next time”.

:D :D Coming from Sis ~~~ maybe even more memorable. ;)
More...

Haha!!!!! Best strategy of the day!!!!! :) :) :)

--po
 
Matcha,

What a great journal you've been writing here. Thanks so much for your invite. This is concentrated learning at it's best, I can't help but be impressed by your progress and by all the great advice provided here. I'm looking foward to following this and tackling NoDoji's journal as well.

Boli, ~~~, PO, NoD - You all are great, very knowledgeable and helpful. I'm working on a new approach to markets (or re-validating what I remember of my old approach) - There is a lot of insight here. I used to use a subset of the TA that Boli is teaching. It amazes me how so many here dismiss TA especially fib. The recent comments about engineers brought more than a few chuckles as that's my background as well :D I struggled with a need for reasons - It gets wired into the brain in engineering school. I've also worked for years on the "operations" side so I know chaos is part of physical processes and market processes.

Best to All/
FMR
 
Matcha

Nice to see you bringing down the amount of trades per day, I see you easing back to "normal". When I give the market my money (loss) I put them (the market) on a repayment plan... I use to Demand payment in full but that never really worked out so well, for me. I always thought of you as a cool chick, I didn't figure a little stress would drive you to talking to yourself!! :)

I'll reiterate;

“Oh, Sweetie, please be very picky next time”.


Here's a little eye candy, just for you :)
 

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Only two trades were taken today, not too much profit. Spending lots of time reading articles about Price Histogram.

TRADE A: great entry to go long. Price pullback on Pivot Point,+ support level, bottoming tails, price moved above MA. Larger time frame bullish.

Out when I saw the bar started to get bearish and up to the resistant level, plus it’s a Friday, light volume. So when I see some bearish signal I often think the trend is not going to continue very long and it possibly turned into a choppy range day.

Only 10 Pts profit


TRADE B: last minute momentum play. Price tried to break the resistance level twice then failed. Then it made a lower high. A large shakeout bar shaked out lots of buyers, then followed by red candle. I went in for an immediately short and expected the sell-off momentum is going to happen before closing. It did not happen fast enough, so I was out for a scratch trade.

Around 9:30, market gave a great buy signal. Friday + lunch time, I let it pass by.

Volume was super light today. Hopefully more volume comes in next week.

Today’s PnL: $55. 2 Trades

Weekly Recap:
PnL: -$269
Avg Trades Per Day: 8
Winrate: 38%

A losing first week, but I am still OK to live trade next Monday.

I learned a lot from first week of live trading. Only pick up the “finest” and not to over trade are key issues for me. If I can achieve these two goals in live as soon as possible, at least I can work towards to become a B/E trader and not to go broke.

Have a great weekend!
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Quote from Went Fishing:

Matcha

Here's another that may be a bit more helpful
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Hi, Went Fishing

Thank you so much for your chart! I have been so fascinated of the price histogram these day! Thank you again! But too bad , TS doesn't have the indicator....:-(

Today I use your chart and draw grey trading area and POC on my YMZ chart(the Dec contract). I have been watching how price reacted at the POC and the margin of the grey area(value high, value low) today. Looks like today is another great example of applying Price Histogram precisely!

For sure Price Histogram itself doesn't mean anything, but with RSI, Bay by bar analysis, S/R, Multiple time frame, Internals reading, FIB. Price histogram can add more odds into my trading strategy. And keep me out of bad trades.

Once I got the indicator in TS,I got to look at those gap away days, when price trade away from YTD's grey area and POC, How price reacted at the past days POC level and the VPOC level.


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