Matcha's Dow E-mini Journal
- Thread starter Matcha
- Start date
I was trapped out of the market a few times today. Only 1 trade was taken.
7:30am, Market sets up a H1 long at EMA, by looking at the choppy bull leg since the open, Itâs more like a trading range type of day and still too much uncertainties. But market quickly broke out, I couldnât chase the momentum since the risk will be too large.
Waited for another PB, a spike channel pullback buy.
#1: 8:50am: H2 Long. D/B pullback long, itâs not the best and cleanest setup since too much tight trading ranges PA, and again too close to next resistance level. But I still think it is worth the risk to take the trade since trend is strong, pullback is shallow, otherwise I will be stopped out and re-evaluate. But I was stopped out at 9:50am. +6tick
10:20am another long setup. I didnât take it since itâs the 4th wave of the move and again the resistance level is very close. It reminds me of the same setup I took on Tue. Kept taking long but price couldnât break HOD. But market shoots up this time without me.
PnL: $27. 1 trade
Weekly:
PnL:$166
Avg Trades per Day: 2
Winrate: 50%
Profit Factor: 1.99
Largest losing trades: $47
Largest winning trades: $112.60
The winrate really needs to improve a little better⦠I enjoyed my "trade only one setup " 2011 new plan in my first journal week! My after market chart looked nicer and cleaner, stats looked more concise! (sometimes I felt like my chart looked a bit more like professional's chart.. hehe...
, comparing with the charts I posted at the beging of this thread ) More importantly, I now trade more relaxed and the "picture" gets a bit clearer!
But this is just first week, still a lot of time and work ahead to prove if this will be my profitable method that take me to CP this year!
Have a great 3 day weekend, everyone!
7:30am, Market sets up a H1 long at EMA, by looking at the choppy bull leg since the open, Itâs more like a trading range type of day and still too much uncertainties. But market quickly broke out, I couldnât chase the momentum since the risk will be too large.
Waited for another PB, a spike channel pullback buy.
#1: 8:50am: H2 Long. D/B pullback long, itâs not the best and cleanest setup since too much tight trading ranges PA, and again too close to next resistance level. But I still think it is worth the risk to take the trade since trend is strong, pullback is shallow, otherwise I will be stopped out and re-evaluate. But I was stopped out at 9:50am. +6tick
10:20am another long setup. I didnât take it since itâs the 4th wave of the move and again the resistance level is very close. It reminds me of the same setup I took on Tue. Kept taking long but price couldnât break HOD. But market shoots up this time without me.
PnL: $27. 1 trade
Weekly:
PnL:$166
Avg Trades per Day: 2
Winrate: 50%
Profit Factor: 1.99
Largest losing trades: $47
Largest winning trades: $112.60
The winrate really needs to improve a little better⦠I enjoyed my "trade only one setup " 2011 new plan in my first journal week! My after market chart looked nicer and cleaner, stats looked more concise! (sometimes I felt like my chart looked a bit more like professional's chart.. hehe...
, comparing with the charts I posted at the beging of this thread ) More importantly, I now trade more relaxed and the "picture" gets a bit clearer! But this is just first week, still a lot of time and work ahead to prove if this will be my profitable method that take me to CP this year!
Have a great 3 day weekend, everyone!
Quote from Matcha:
My after market chart looked nicer and cleaner, stats looked more concise! (sometimes I felt like my chart looked a bit more like professional's chart.. hehe...
I'm guessing that your screen time is paying off and as you see your setups forming, you're mind's eye is filling in the blank at the hard right edge with the bigger picture of what happens more often than not. So instead of it appearing ragged, scary and uncertain where you're about to enter a trade, you now have confidence in your edge, knowing that as long as you keep trading it, more often than not price will follow a certain way. This makes trading way more relaxed!
Nice work, and have a great long weekend!
Quote from Matcha:
....⦠I enjoyed my "trade only one setup " 2011 new plan in my first journal week!
(sometimes I felt like my chart looked a bit more like professional's chart.. hehe...
Hi Matcha,
This sums up your excellent work for your 1st trading week in 2011!!!!
Congrats!
I feel more relaxed too by simplifying my trading strategies and narrowing my setups.
Have a great weekend everyone!
--po
P.S. Thanks for reminding me that there will be no trading on Monday!
Matcha
I agree with ND, and I'm sure you do to. Your screen time and the hours of laborious study is obviously paying off. You appear to be much more confident and much more relaxed in your trading. More often than not is basically the best we can hope for (probabilities) with any edge. Sitting through a day and not taking a single trade shows me the value you place on your commitment to disciplined trading, my hat is off to you.
So far, YOU ARE! Keep up the good work, and let time take care of itself.
Thank you Nodoji, WF, PO and Lucky lucy!
Nodoji, I can't thank you enough for the post market Bar by Bar analysis you suggested me to do when I first started! I will keep work on it.
WF, thank you for instructing me putting things in a different perspectives. The Bigger persective. (Volume profile, the V excise, points of the move, tears, runs, round numbers, 20Pt mantra etcs..........)
I will keep it up and slowlyyyyy move forward.
Nodoji, I can't thank you enough for the post market Bar by Bar analysis you suggested me to do when I first started! I will keep work on it.
WF, thank you for instructing me putting things in a different perspectives. The Bigger persective. (Volume profile, the V excise, points of the move, tears, runs, round numbers, 20Pt mantra etcs..........)
I will keep it up and slowlyyyyy move forward.
Not happy with myself today.
Got up early, had all the prep works done, then I felt asleep... Missed one entry at the open. Then 2nd entry signal shows up at 8:00, I hesitated to enter.... Now I fully woke up...
Then I had to watch market move horizontally whole day with no more signals to trade untill 12:37. Time over.
Tomorrow then!
Got up early, had all the prep works done, then I felt asleep... Missed one entry at the open. Then 2nd entry signal shows up at 8:00, I hesitated to enter.... Now I fully woke up...
Then I had to watch market move horizontally whole day with no more signals to trade untill 12:37. Time over.
Tomorrow then!
Get Happy, shake it off, take the lesson and move on. We traders are a weird bunch, early birds, night owls, insomniacs or just plain tired folk. I've slept through some very nice trends myself, kicked back in my chair without a care in the world, let it go my dear.
That must have been some M.L. King Day party!
Quote from Matcha:
Not happy with myself today.
Got up early, had all the prep works done, then I felt asleep... Missed one entry at the open. Then 2nd entry signal shows up at 8:00, I hesitated to enter.... Now I fully woke up...
Then I had to watch market move horizontally whole day with no more signals to trade untill 12:37. Time over.
Tomorrow then!
Hi Matcha,
Yes tomorrow! The market will be there for you! You did good spotting the setup at 12:37.
My trading today (1 single trade) - took me till around 8am p.t. to determine the market was in a slightly bullish mode. The 30 minutes and 60 minutes charts confirmed upward MA(s). PA shows HH, HL. The only thing missing was the $TRIN stuck at around 1.5 or higher and the first 1.5 hrs seemed to be in a trading range. By that time I have decided to wait for a good setup(s) to go long. Took 1 LONG trade at around 9:30p.t. Made 1 ES pt. Then waited for the next several hours till around 12:24p.t., entered a "Limit Order" to go LONG at a H2 setup but did not get executed. The late day long setups could have been good trades. Well, there is always tomorrow.
I am glad today I have stayed away from all temptations to go SHORT.Good trading!
--po