MissTick's ES Trading Journal

M

MissTick

Hello,

I am new to trading but really want to make this work. I have read various books and been a passive observer on a few forums over the past half a year or so.

I have decided that now is the time to get involved and put what I have been reading and learning about to the test.

I am going to start off by using a simulation account but once I gain confidence and consistency I will fund a real account and make the next step.

This journal is where I am going document all of my experiences good and bad. It will not just contain trades but also I guess my learning experiences and all of that jazz.

After looking at different trading options (forex, options, stocks) I have decided that the ES (S&P) is what I am going to focus on trading. I want to day trade so I guess I will be using short time frames and from what I have read thus far believe that my trading will be based off of plain price action.

I am saying now that I really am at the beginning of my journey so would caution anyone against following what I do, after all I am not completely convinced I know exactly what I am doing yet anyway :-)

I do invite people to comment and join in as I know I can use all the help I can get at this time.

Other than that, I think that is it for the time being...

I will be back soon.

MissTick
 
The approach I am going to take is to trade from support and resistance levels only, whether that be range trading or trend trading. These could be S&R levels, pivot points, fibs and in some cases MA's.

I am going to use the NYSE TICK as my confirmation or validation of a trade rather, if I expect a level to hold I wan the TICK to confirm my entry by showing it is over extended.

That's it... nothing more, nothing less...

Hopefully I am on the right track, but only time will tell.

If anyone else uses $TICK could you let me know what your experiences are with it?

MissTick
 
I am good to go!

I have all of my charts set up. I am using Ninja Trader with KineTick data feed.

I have the following charts up:

ES 2 Min
ES 5 Min
ES 15 Min
ES 60 Min
TICK 2 Min

I will be using the 60 and 15 min primarily for direction and the 5 and 2 for entries.

I am using a simulation account that comes with Ninja Trader and have altered my commissions to charge me $4 round turn which seems to be the standard from my research.

If all goes well I am looking at opening an account with either velocity or interactive brokers. I will open a GBP account so I don't have the exchange rate risk.

Well I think that is me...

Lets see how we go on this first day!
 
My pre market thoughts are that the ES is still in a range from the dailies perspective so I don't have any directional bias from a longer term perspective.

However the 60 minute is making lower lows and lower highs, plus it looks like the market is respecting the 1160-1164 area after testing it and turning over now, so my bias from an intraday perspective would be to sell rallies should this level hold through the open.

If this is the case I will be using the 5 min and 2 min to look for entries.

How does that sound? Am I being logical?

MissTick
 
Quote from MissTick:

How does that sound? Am I being logical?
More...

You will find out soon enough, Miss :)

In all seriousness, it does sound like a good starting approach.

As of now, I take all my signals from the 5-minute chart and look at the 1-minute chart secondarily.

I consult higher time frames sporadically before the open to identify potential targets before the day, but when the bell rings, I pay attention to the 5-minute/1-minute, that`s it. Levels and such are calculated in advance.

From there, it is simply a matter of looking for strength or weakness as price approaches those levels/turning points, etc.

Good luck :)
 
Hello Laissez Faire,

Thank you for your input. It makes a lot of sense and is what I am going to try to do I think.

Hopefully my first day is a good one :-)




Hello Swan Noir,

Actually I already have his book I bought a while ago... I do like it. It is based on this and Mike Reeds book that I have come up with my trading plan.

I didn't know about the chat room though, I will try it out.



Appreciate the input!

MissTick
 
Quote from MissTick:

Hello Laissez Faire,

Thank you for your input. It makes a lot of sense and is what I am going to try to do I think.

Hopefully my first day is a good one :-)
More...

I should add that backtesting charts manually is what really accelerated my learning, but I traded both live and sim before I found out that, to my detriment.

It was NoDoji who pointed me in that direction. Do a search on her posts :)
 
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