That is still good dear, you are more discipline day by day~~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!
Matcha's Dow E-mini Journal
- Thread starter Matcha
- Start date
Nice discipline! Hey Matcha, stupid question: how do you get the attachments to show up in the posts? I switch to FESX from YM and started a journal. I've been attaching my trades but they don't show up. You need to click on the file in the post to see it. Thanks and good luck today!
Not an easy day for me to trade. Luckily I identified the day as a bear trending trading range channel day a little earlier than I could before.
#1: 6:43. Short: L1 short at the MA, Although the support level is fairly close, but at least worth a scalp at the open. The down momentum on globex chart is stronger. No follow through. The large potent reversal bar retraced too deep. So I exit at -7loss before it hit my stop.
#2: 8:14. Short, L2 short at the resistance level. Trend now is clearly down. No follow through again. Exit at -4pt loss.
A bit discouraged after taking 2 losing trades. Glad I kept the losses small, so I felt OK to continue take trades with no distraction.
The 2 sided trading now to me are both strong. The overlapping bars price action is more obvious than clean trending pattern. So trending trading RANGE day is more likely to form today. But since trend is down, I figured I would play bear channel (if it formed) + failed H2 pattern. Took the same set up on trade 3 and trade 4. Entry were OK. Exit could be a little betterâ¦
#3: Short: Failed H2: L2 short: BO.PB short: Wedge bear flag short at the dueling lines. +21Pts. Had my original exit at 11750. Then I decided its too aggressive.(Although price finally landed there) And my exit plan and mantra for the year is: always take 20Pts since itâs the normal run of the YM⦠In this case, I am glad I followed my plan.
#4: Short: Failed H2, BO.PB short. I went for a scalp profit on the trade. Because what concerns me is the test of the LOD might fail since the bull leg is strong and lots of bottoming tails at LOD. And it the 3rd push since market open in the bear channel. +10Pts⦠But price now sold off 20Pts more from where I took Profitâ¦
PnL: $90, 4 trades, 50%winrate
#1: 6:43. Short: L1 short at the MA, Although the support level is fairly close, but at least worth a scalp at the open. The down momentum on globex chart is stronger. No follow through. The large potent reversal bar retraced too deep. So I exit at -7loss before it hit my stop.
#2: 8:14. Short, L2 short at the resistance level. Trend now is clearly down. No follow through again. Exit at -4pt loss.
A bit discouraged after taking 2 losing trades. Glad I kept the losses small, so I felt OK to continue take trades with no distraction.
The 2 sided trading now to me are both strong. The overlapping bars price action is more obvious than clean trending pattern. So trending trading RANGE day is more likely to form today. But since trend is down, I figured I would play bear channel (if it formed) + failed H2 pattern. Took the same set up on trade 3 and trade 4. Entry were OK. Exit could be a little betterâ¦
#3: Short: Failed H2: L2 short: BO.PB short: Wedge bear flag short at the dueling lines. +21Pts. Had my original exit at 11750. Then I decided its too aggressive.(Although price finally landed there) And my exit plan and mantra for the year is: always take 20Pts since itâs the normal run of the YM⦠In this case, I am glad I followed my plan.
#4: Short: Failed H2, BO.PB short. I went for a scalp profit on the trade. Because what concerns me is the test of the LOD might fail since the bull leg is strong and lots of bottoming tails at LOD. And it the 3rd push since market open in the bear channel. +10Pts⦠But price now sold off 20Pts more from where I took Profitâ¦
PnL: $90, 4 trades, 50%winrate
Hi Matcha,
I think you did very well today. The most important thing was you identified early on a bearish day. You were persistent in your SHORT trades and were not distracted even though the first 2 trades didn't work out. The other 2 SHORT trades that followed was the reward from your great observation.
One comment for today's trading. ES was in a much more bearish day than the YM. ES was down -15.50 pts or -1.20%. The Dow was down about -0.1%. All because of 1 stock (IBM) in the Dow. Nasdaq did even worse today.
My trades today (5 trades, +1.75 ES points, 60%winrate):
- Seeing the bearish tone, for the morning session, I traded only SHORTS, 1 win, 1 loss. Then I think I made a mistake assuming the market has hit a bottom at around 10am pt and made 1 LONG trade at around 10:56am and lost.
Then the market continued to go down. I took 2 successful SHORT trades later in the day. - Looking back, I should have waited a bit longer before I assumed the trend has reversed or passed up the idea of going LONG which was a low probability trade. So, today 4 SHORT trades (3S+, 1S-), 1 LONG trade which I shouldn't have taken (1L-).
- I need to work on identifying when a trend has reversed.
--po
Quote from PatientOperator:
.....
My trades today (5 trades, +1.75 ES points, 60%winrate):
- I need to work on identifying when a trend has reversed.
--po
I like ES chart today. It was trending very well... Unlike YM
You did good too! try to eliminate long when trend is clearly bearish... No matter how tempting the set up looks...
Thanks for the instructions on posting. Will try it out!
Nice job on the trading and sticking to the shorts. I would have been very frustrated after the first 2 shorts came out as losses.
Personally, I should have done much better on my STOXX trades. Didn't have enough patience to ride the trend. Made some profit but should have made alot more.
Perhaps you should mix in some ES trades along with the YM. The YM activity yty was just stupid cause of IBM. You probably would have made more money on the ES.
Another thing to think about is commissions. I was payin $4.74 per contract with Tradestation for YM. Now on the FESX, the total commission is $2.40 !!!!! That is huge! You can stratch trades left right and center and cost you peanuts.
Good luck today!
Nice job on the trading and sticking to the shorts. I would have been very frustrated after the first 2 shorts came out as losses.
Personally, I should have done much better on my STOXX trades. Didn't have enough patience to ride the trend. Made some profit but should have made alot more.
Perhaps you should mix in some ES trades along with the YM. The YM activity yty was just stupid cause of IBM. You probably would have made more money on the ES.
Another thing to think about is commissions. I was payin $4.74 per contract with Tradestation for YM. Now on the FESX, the total commission is $2.40 !!!!! That is huge! You can stratch trades left right and center and cost you peanuts.
Good luck today!
Matcha
I almost had a heart attack, when I saw that white line under trade #1 .... At first glance it appeared you took 20 pts of heat on the trade!! I thought,,,, Boy, She must have fell asleep again on that trade
then I noticed the dotted line.Keep up the good work
. And remember when we close out a trade, no could'a, would'a or should'a .... just acceptance of our actions. "Glad I kept the losses small, so I felt OK to continue take trades with no distraction", Very well done Matcha, this is an attribute of a winner.
Took 2 trades today.
1.7:48, Short, L2, BO PB short from Bear Channel. +22Pts
8:30 market turned and channeled up. The bull move almost has no deeper pull backs. I can see how it runs all the shortsâ stops along the way. It also trapped me out of the long. 10:30, market sets up a wedge/channel bull flag at the EMA.I took the trade.
2: 10:50. Long. H2, BO PB long. I was a bit too eager to take profit at the next resistance levelâ¦Missed half of the move. +15Pt
PnL: $180, 37Pt. 2 trades
1.7:48, Short, L2, BO PB short from Bear Channel. +22Pts
8:30 market turned and channeled up. The bull move almost has no deeper pull backs. I can see how it runs all the shortsâ stops along the way. It also trapped me out of the long. 10:30, market sets up a wedge/channel bull flag at the EMA.I took the trade.
2: 10:50. Long. H2, BO PB long. I was a bit too eager to take profit at the next resistance levelâ¦Missed half of the move. +15Pt
PnL: $180, 37Pt. 2 trades
It appears the Year of the Rabbit is going to be good to you