Matcha's Dow E-mini Journal
- Thread starter Matcha
- Start date
Hopefully she can consistently be good, and all her 11 friends!Hi Matcha,
Wow! Excellent trades! Congrats! Most importantly, you traded both according to your designated SETUP. It pays off to be disciplined.
My trading today: (3 trades, 67% WR, +2.25 ES pts.)
- Started late to the trading this morning. Took a SHORT trade at 8:46am p.t. with a loss. Next time I will be more careful when the trend is getting a little bit old especially with a 3 push down since 7:00am (a 10 point drop).
- After the reversal to the upside, took 2 successful With-Trend LONG trades after a PB at 9:20am and 11:28am.
- Lesson learned: Be careful trading with the trend when the market has gone through 3 legs down or up!
Keep up with the good work Matcha!
--po
see how only trade one set up works?
On 3rd leg, I always just scalp or take profit at the test of the next pivot level.. or pass on the trade...
Probably a good idea for us new traders is to be very picky on High prob trades then take a "reasonable" profit then walk away. We are just starters, we can always take a little more risks later when we get more experience.
I am hooked with "wall street warriors" this afternoon. Have you seen it? I am watching the 3rd espisode season 1. This new guy turned 13k into more than 1 mil in college. His strategy is to fade the extreme move causing by the news.... So strange, he seems so emotional! I don't know how he survived! Not sure what happened to him later. And then this plasticy "try to look barbie" lawyer lady who close millions of dollars deals for a living. I believe a lot of the content is over exaggerating, but it's very fun to watch. more entertaining than educational!
Okie, gave back all the gains from yesterday⦠3 trades, no winners. Stop trading now after 3 losing trades in a row. I have to keep telling my self now: Got to love the losers, only way to learn trading.
Trade 1: long. Get in the trade too early. I usually wait for the BO PB 2nd entry long when the bear flag is too strong. Full stop was hit â
Trade 2: short. L2. I knew that the market could either be a range bound (at the bottom of the range) here or would be the start of the bear trend. Short on the bottom of the trading range is usually not what I do, but here the previous leg down is strong, so I took the entry. Since I âexpectedâ an immediately follow through if itâs the start of a bear trend so I thought if I donât get the FT on the next 2 bars, I would exit before the stop was hit. But when I was in this trade, I didnât, I âhopeâ for I was right, I let the full stop run to just prove that I was wrong.
Trade 3: Short, Again, enter too early, didnât wait for a 2nd entry short signal- a D/T, failed H2 long at top of the trading range⦠I deserved it!
Stop trading today. Got to be a little pickier next week. Have a great weekend!
PnL: -182, 35Pts, 3 trades, 0 Win
Weekly:
PnL:$88 (22 points)
Avg Trades per Day: 3
Winrate: 44%
Profit Factor: 1.37
Largest losing trade: $72
Largest winning trade: $107
Trade 1: long. Get in the trade too early. I usually wait for the BO PB 2nd entry long when the bear flag is too strong. Full stop was hit â
Trade 2: short. L2. I knew that the market could either be a range bound (at the bottom of the range) here or would be the start of the bear trend. Short on the bottom of the trading range is usually not what I do, but here the previous leg down is strong, so I took the entry. Since I âexpectedâ an immediately follow through if itâs the start of a bear trend so I thought if I donât get the FT on the next 2 bars, I would exit before the stop was hit. But when I was in this trade, I didnât, I âhopeâ for I was right, I let the full stop run to just prove that I was wrong.
Trade 3: Short, Again, enter too early, didnât wait for a 2nd entry short signal- a D/T, failed H2 long at top of the trading range⦠I deserved it!
Stop trading today. Got to be a little pickier next week. Have a great weekend!
PnL: -182, 35Pts, 3 trades, 0 Win
Weekly:
PnL:$88 (22 points)
Avg Trades per Day: 3
Winrate: 44%
Profit Factor: 1.37
Largest losing trade: $72
Largest winning trade: $107
Hi Matcha,
A profitable week for you!
Agree with you 101% "Got to love the losers, only way to learn trading".
I have also added the same rule to myself in 2011 to stop trading for the day - after 3 strikes in a row, I'm OUT.
I assume your current "full stop" is approx. 14 YM points, am I correct? Mine is currently set to about the same at 1.5 ES points for initial stop loss.
My trading today: (3 short trades, 2+, 1 b/e, +1.25 ES points)
- took a short trade at 7:44am p.t. on a PB. Didn't take a small profit. The price moved back up. Got out at even
- got back in and went short again after another PB at 7:57am. This time I took profit too early.
- took another short during the lunch doldrums. Market went side way. Got out at +0.25pt.
Lessons learned - quite a choppy day from 8:00am forward. Need more work on how to get out of a trade - how & when to move stops and profit target!
Thank you Matcha. I will be more careful taking WT trade on the 3rd leg. I seemed to have the tendency to hop on a trend a little bit too late. I think you are right that the 2nd leg of a trend is easier to trade.
I have not seen the Wall Street Warriors. I just checked it out at Hulu.com. Looks like an awesome show. I think I will get hooked too. I will try catching up with a few episodes this weekend!
Have a great weekend!
--po
Hi, PO. You did great today and this week! I am so happy for you! Today's lesson is quite expensive for me but really learned that I tended to short at the bottom of the trading range+LOD area when trend isn't clearly down. The importance of the context!!!! I took 3 this type of trades this week. only one of two worked! The profitable short worked because price has already broke out of the TR then pullback, Its a breakout PB setup + L2 short set up. The trend is clearly down. EMA is slope down.Quote from PatientOperator:
Hi Matcha,
......My trading today: (3 short trades, 2+, 1 b/e, +1.25 ES points)
- took a short trade at 7:44am p.t. on a PB. Didn't take a small profit. The price moved back up. Got out at even
- got back in and went short again after another PB at 7:57am. This time I took profit too early.
- took another short during the lunch doldrums. Market went side way. Got out at +0.25pt.
Lessons learned - quite a choppy day from 8:00am forward. Need more work on how to get out of a trade - how & when to move stops and profit target!
The other lesson I learned this week is to be strict on taking 2nd entry when the bear leg and bull leg is too strong.-the Breakout PB from bear/bull leg. If I understand it correctly, I think Handle123 explained that trick in Frank's thread as well.
the above 2 errors could have saved me almost $180 this week, but no whinning about "could, should, would" in trading for me~!!! Tomorrow I can do better! And I have to!
Trust me on this...never trade against a moving average. learn to use the moving average properly and it will be the only tool you will ever need. However, you are going to have to spend some time to understand how to effectively use it. In the process, you will discover how the market and your personality can be integrated. There are no books, videos or seminars that will provide the answer.
For what it's worth, I use only one simple moving average on one chart. The remaing setup ( as simple as it is ) that I have adopted, has been the result of lots of years of careful observation.
For what it's worth, I use only one simple moving average on one chart. The remaing setup ( as simple as it is ) that I have adopted, has been the result of lots of years of careful observation.
You've been here before, My Dear. From the time you took your first trade till the close,,, the moving ave snaked around in a 20 point range!! Prices stayed in a range of 38 points!! The ONLY good moves (if you can call them that) were counter trend trades off the previous days high, but I know that's not your style. You know with your style of trading,,, your positions need breathing room, like the 100 point range of yesterday. By the time the setup was valid (Friday) the move was over, we've seen this before. And one more thing.... I'm not buying the line, "But when I was in this trade, I didnât, I âhopeâ for I was right, I let the full stop run to just prove that I was wrong." You're a better trader than this,,,, when I read this I knew you were in SIM,,,, I'm I right about that??
You had/have the skill and the tools,,, you just didn't have the market.
Good Trading to You next week
Hi Matcha,
Thank you for your support and encouragement.
You know what, I learned from your lessons too!
Tomorrow and onwards you shall do better and better. Stay the course!
--po