Matcha's Dow E-mini Journal
- Thread starter Matcha
- Start date
Hi Matcha,
You did good today capturing >20pts. You kept your loss small and came out ahead! Way to go!
All the best for tomorrow!
--po
Typical â20% trending dayâ today. I tend to lose a lot in this kind of day before because 1)I couldnât recognize it before it actually happened. 2)I kept fighting the strong trend. 3). I donât know where is the entry point to join the trend so I either missed the move or I sucked in small losses.
Today, I finally got some idea and common sense on how to trade a trending day and learned not to fight the bulls.(I am learning it very slowwwww like I have brain damageâ¦) The effort of studying trending days is finally proved itâs not wasted at all! But I am still not doing excellent today⦠Still got some practice to do in trading this type of market. I am thinking if I can trade one type of day, just one type of day well, this kind of trending day should be the top tick and it should be helping me pay some monthly meal, and it has to be no brainer, painless trading day⦠I have to know how to trade it! And if I canât trade this kind of day, what else can I trade???
Yes, SIFU. No short trade was made! I read my $TRIN, I looked for bull flag and I read chart bar by bar.
And WF, I traded off 24 hour chart from the open. And I paid a lot attention to premarket reaction.
First trade was a long. 2 leg pullback to EMA and VWAP. Entry one tick above the signal bar. But the price slowly slowly moved up. I took the trade off before 7am news with a small loss.
TRADE A: âWâ bottom, another 2 leg pullback formed a bull flag at YTD high and S1. Resistance became support. Enter 10797. Exit 10829. The exit was the 9.30 VAH/resistance level, besides the normal run up for Dow was 50Pts in a strong trend. So I took profit and I didnât want to wait another pullback since itâs the 3 push up. But at that point, I still didnât think today will be a trending day.
Then market made a 4th push at the blue circle. Yes, I am opinionated. I thought the 4th leg wouldnât last very long. I would buy once it retraced deeper. So I let the perfect bear trap go and didnât act fastâ¦. When I realized itâs a typically strong trending day a 2HM type of strong trend day Brooks talked about. It was a bit late to get in.
Market just slowly grind up and continue break out, break out in doldrums.
TRADE B: Breakout pullback and failed double top trade. Exit before the 12:30 reversal time and it was a good decision to make.
In general, today I have a bit more confidence to trade in trending day. But I still have some difficulty to buy when market just continue going higher and higher. Still have some difficulty to recognize itâs a super strong trending day.
Got to go read Al and âgo stareâ charts this afternoon now.
PnL: $202, (not impressive PnL in trending day, but a bit improvement). 3 Trades. 67%winrate
Today, I finally got some idea and common sense on how to trade a trending day and learned not to fight the bulls.(I am learning it very slowwwww like I have brain damageâ¦) The effort of studying trending days is finally proved itâs not wasted at all! But I am still not doing excellent today⦠Still got some practice to do in trading this type of market. I am thinking if I can trade one type of day, just one type of day well, this kind of trending day should be the top tick and it should be helping me pay some monthly meal, and it has to be no brainer, painless trading day⦠I have to know how to trade it! And if I canât trade this kind of day, what else can I trade???
Yes, SIFU. No short trade was made! I read my $TRIN, I looked for bull flag and I read chart bar by bar.
And WF, I traded off 24 hour chart from the open. And I paid a lot attention to premarket reaction.
First trade was a long. 2 leg pullback to EMA and VWAP. Entry one tick above the signal bar. But the price slowly slowly moved up. I took the trade off before 7am news with a small loss.
TRADE A: âWâ bottom, another 2 leg pullback formed a bull flag at YTD high and S1. Resistance became support. Enter 10797. Exit 10829. The exit was the 9.30 VAH/resistance level, besides the normal run up for Dow was 50Pts in a strong trend. So I took profit and I didnât want to wait another pullback since itâs the 3 push up. But at that point, I still didnât think today will be a trending day.
Then market made a 4th push at the blue circle. Yes, I am opinionated. I thought the 4th leg wouldnât last very long. I would buy once it retraced deeper. So I let the perfect bear trap go and didnât act fastâ¦. When I realized itâs a typically strong trending day a 2HM type of strong trend day Brooks talked about. It was a bit late to get in.
Market just slowly grind up and continue break out, break out in doldrums.
TRADE B: Breakout pullback and failed double top trade. Exit before the 12:30 reversal time and it was a good decision to make.
In general, today I have a bit more confidence to trade in trending day. But I still have some difficulty to buy when market just continue going higher and higher. Still have some difficulty to recognize itâs a super strong trending day.
Got to go read Al and âgo stareâ charts this afternoon now.
PnL: $202, (not impressive PnL in trending day, but a bit improvement). 3 Trades. 67%winrate
Honestly,,,,, I'd rather have the skin removed from my inner thighs with a rusty cheese grater, than ride a 3 or 4 hour trend. :eek: I'm too impatient.
You did well, you stayed on the right side of the day and you took your profits when they appeared, good job. Many traders use MAs to identify trends. You could keep an eye on the spread between your VW ave and your 20 ave, If this spread continues to widen .... prices are trending. That VW ave is a very, very long MA and it ain't going to turn very fast. Note the end of your chart.
Hi Matcha,
Ha Ha! "go stare" at charts! That's what I have been doing for the most part of the trading day today.
I kept trying to fight the strong trend (at least in my head) for the whole day even though the TRIN had been super bullish. But I got rewarded when everything lined up at the last half hour and got my wish for that one SHORT trade. In retrospect, my energy should have been better used by going LONG for the most part of the day just like what you did. You are right that it was difficult to find the right spot to jump on board the strong and persistent rising trend.
What is important for today was the regaining of your confidence in believing in yourself, trusting what you have learned and traded the HIGH Probability trades. More of these practice, the day will come soon that you will tell yourself - "I got it."
--po
Today we got some pretty nice âstage 1,2 3â setups.( Quote from Boli). I worked on the âstareâ assignment over the past weekend. So everything today is pretty visible for me.
I took one break down trade at stage 1. Took one âstage 2â trade on real paper. (got to try a few nice reversal trade setups soon in SIM). Took one trade on stage 3.
But no major large move, all small profits because PA didnât support some large moveâ¦
9:00am First scratched trade was taken on a buy pullback set up. Pattern failed to be a Double Top with todayâs high, then a higher low. -7Pt
TRADE A: 9:56 took a short, 10878 breakdown from mid pivot/previous support now resistance. Took profit at YTD close which is also a measured move down. 14Pts.
The move of the day then completed 4 pushes down and a failed final flag. So on paper, I took a long, it worked out this time.
TRADE B: 11:06, short 10884, price finished 2 push up retrace then formed a reversal bar at resistance level/VWAP. Planed to hold it until itâs near the retest of LOD, but when price started to form large bottom tail doji bar at next support level, I took out the trade. The buying pressure is too large, and price is forming another push up. +9Pts
TRADE C: Flip to long. 10881. Stopped out at resistance level. 7Pts
Then price started to chop. I called it a day before 12:30.
PnL: +$105, 4Trades, 75%winrate
I took one break down trade at stage 1. Took one âstage 2â trade on real paper. (got to try a few nice reversal trade setups soon in SIM). Took one trade on stage 3.
But no major large move, all small profits because PA didnât support some large moveâ¦
9:00am First scratched trade was taken on a buy pullback set up. Pattern failed to be a Double Top with todayâs high, then a higher low. -7Pt
TRADE A: 9:56 took a short, 10878 breakdown from mid pivot/previous support now resistance. Took profit at YTD close which is also a measured move down. 14Pts.
The move of the day then completed 4 pushes down and a failed final flag. So on paper, I took a long, it worked out this time.
TRADE B: 11:06, short 10884, price finished 2 push up retrace then formed a reversal bar at resistance level/VWAP. Planed to hold it until itâs near the retest of LOD, but when price started to form large bottom tail doji bar at next support level, I took out the trade. The buying pressure is too large, and price is forming another push up. +9Pts
TRADE C: Flip to long. 10881. Stopped out at resistance level. 7Pts
Then price started to chop. I called it a day before 12:30.
PnL: +$105, 4Trades, 75%winrate
I know which (price) action novel you're reading at night
Nice trading!
Hey, wanted to let you know something funny: The day before yesterday I posted here about how a doji bar following a move was like a self-contained range and should be played as a breakout, preferably in the direction of the prevailing trend. So yesterday there's a doji bar in CL following a trend line break to the downside, followed by a small inside bar. Instead of having my buy and sell stops bracketed around the doji bar, I short the break of the small bar, place a single stop just outside the doji bar's high, throw $90 in the toilet and miss a $220 move up to a new high by not placing a additional stop to get me long where my short was stopped out. I seem to have a very a short attention span for taking my own sage advice!
Matcha,
Another nice job, well done. You sure picked the meat out of that spaghetti ! !
It's nice to see you grabbing those profits, we can only take what the move offers.... No hoping, no wishing and no praying (for more).
Another nice job, well done. You sure picked the meat out of that spaghetti ! !
It's nice to see you grabbing those profits, we can only take what the move offers.... No hoping, no wishing and no praying (for more).