Matcha's Dow E-mini Journal

[PatientOperator]

Quote from Matcha:

Have been dealing with the platform problem most of the day. Will reload TS and updates later today.

....

Trade 3: 10:27. Classic H2 long. The trailing stop is too tight. After being stopped out, I couldn’t find an entry to “just get in with the trend”. Needs more work on “holding”.

Weekly: +24Pts, $79
Winrate: 50%
# of trades per day: 3
Largest winning position: 24pts
Largest losing position: -15pts
....

Hi Matcha,

A winning week for you!

Hope you got your platform problem resolved.

I have been working on my trailing stops and exits. For me, it's hard to see a winning trade of 1.5~2.0 ES pts. to slip away trying to capture a bigger return and allowing it to become a scratch trade. I think I am going to stick with my plan to take my stop to b/e after a 1 point move. I definitely would not want to see a 1.5+ points to turn into a losing trade. It would be easier if I trade more than 1 contract. Al mentioned in his book that, with 2 contracts or more, you can take a scalper profit on 1 contract and move your stop to b/e and aim for a swing trade for the remaining contract.

Quote from Matcha:

I feel like shorts are more difficult to hold than longs unless you were in a breaking down hard run early with no retrace. I tend to "shake out" more often by the large up/downs moves as bars forming. More and more experience will help us stay with the trade.

I also find that it will be better for me now to catch 20Pts in the AM then call it a day. In the past 4 weeks, most of the good trades were made in the AM, especially at the open. Since now I am still in sim, I tried to trade full session as practice. but in live, this will be what I am planing to do.

I think that's a good plan for trading LIVE. Focus in the morning and catch that 20pts goal and then call it a day. Less "work" and less stress.

My trading today - 4 long trades in the morning, 3+, 1-, net 2 ES points. Then watched the market, looking for setups and did some mental trading without pulling the trigger.

Have a great weekend! Don't forget to change your time on Sunday!

--po

 

[Snowman75]

Quote from Matcha:

Have been dealing with the platform problem most of the day. Will reload TS and updates later today.

Trade 1: 6:46. First trade is a pure bad chase trade. An impulsive one. Buy at the top of the bear channel. Wrong market context to take the setup. Got out of it when I realize it’s a bad mistake. -8tck

Trade 2: 7:28. Short L/H. Triangle top, Low 2 short. 2nd attempt failed to break out. Set target at the other end of the triangle. Price bounced back. Took the trade out when see a big bull reversal bar.

Trade 3: 10:27. Classic H2 long. The trailing stop is too tight. After being stopped out, I couldn’t find an entry to “just get in with the trend”. Needs more work on “holding”.

PnL: -14pts. 3 trades

Weekly: +24Pts, $79
Winrate: 50%
# of trades per day: 3
Largest winning position: 24pts
Largest losing position: -15pts

Have a great weekend!

Matcha,

I've notice alot of your trades really need momemtum going for them to work. I'm not saying that is right or wrong, but you need to better filter the ones you take and price action alone is not going to cut it. You will have to incorporate some bigger picture analysis and some of the stuff that NoDoji and the others mentioned. The initial long was running into resistance from yty, and the 2nd trade (the short) was after a higher low. Now if you thought it was range bound then the location was not idea. I'm not saying you should stop what you are doing. I think you are going great. Most of the time your stops are saving you and you make some great calls and reads but to move to the next level you need to work on filtering which signals to take, and to do that using higher timeframes. At least I think this is what has helped me.

Just my 2 cents.

Snowman

 

[Matcha]

Demoed on ES today. Only took one trade. Got out at 2 pt.

 

[Matcha]

Quote from Snowman75:

I've notice alot of your trades really need momemtum going for them to work. ....You will have to incorporate some bigger picture analysis and some of the stuff that NoDoji and the others mentioned. ....

Thanks for noticing that. Snowman

I am definitely working on looking at bigger picture and incorporating higher time frame analysis.

 

[PatientOperator]

Quote from Matcha:

Demoed on ES today. Only took one trade. Got out at 2 pt.

Hi Matcha,

Welcome to the ES trading!!!!! A very nice H2 setup that you took.

I took 2 trades, 1 Short in the morning and 1 Long in the afternoon. Exited too soon. Net +2.25 ES pts. I still need a lot of work on the "exits".

--po

 

[NoDoji]

Quote from PatientOperator:

I took 2 trades, 1 Short in the morning and 1 Long in the afternoon. Exited too soon. Net +2.25 ES pts. I still need a lot of work on the "exits".

When you say you exited too soon, do you mean you exited before your profit target (or target zone) was hit, or that you exited based on your trading plan and then priced moved further in your favor without you? There's a difference. If you hold for target and price then keeps going without you, then in retrospect it's always "too soon", but in terms of trading your plan, your exit would be fine.

 

[PatientOperator]

Quote from NoDoji:

When you say you exited too soon, do you mean you exited before your profit target (or target zone) was hit, or that you exited based on your trading plan and then priced moved further in your favor without you? There's a difference. If you hold for target and price then keeps going without you, then in retrospect it's always "too soon", but in terms of trading your plan, your exit would be fine.

Hi NoDoji,

It's a bit of both. In the Long trade that I took in the afternoon, at 3:02 PM EST at 1286.75, my initial target was for 2.50+ points or exit at around the previous swing high at 1289.75.

But right after I entered the trade, it dropped to 1285.25 (-1.50 pts) just above my protective stop at 1285.00. The price immediately bounced back to 1288.00 (up 2.75 points) and it dropped back a few ticks and then went back up to 1288.00, that's when I decided to close the trade "to preserve my profit". And the price went to a swing high of 1290.25.

I made 1.25 points for the trade which has a potential of up to 3.50+ points or at least made my initial target of 2.50+ points. But I got "scared" out of the trade due to the initial -1.50 point drop. In retrospect, I am afraid I might still do the same thing next time I face the same situation. This is what I really need to have some discipline and some mental work to be able to hold my trade to at least my initial target.

I appreciate any input on how I can better handle this type of situation.

Thank you.

--po

 

[NoDoji]

Quote from PatientOperator:

I appreciate any input on how I can better handle this type of situation.

Thank you.

--po

Use an OCO order with your stop and target bracketed and walk away until an alarm alerts you that an order was filled.

 

[PatientOperator]

Quote from NoDoji:

Use an OCO order with your stop and target bracketed and walk away until an alarm alerts you that an order was filled.

Thank you NoDoji,

All my trades are in (OCO) bracket orders with a target and a stop. I just need to work on the "walk away" part.

--po

 

[Snowman75]

Quote from NoDoji:

Use an OCO order with your stop and target bracketed and walk away until an alarm alerts you that an order was filled.

hmmm.... perhaps you are right. I wish I felt that comfortable but to be honest overall I found every bar to be too important to walk away. It helps confirm my trade or provide evidence if something is wrong...