NoDoji's Day Trading Log
- Thread starter NoDoji
- Start date
- Status
A tidbit about support and resist numbers. (levels)
You sit there and nothing is happening with price. You look at the chart and say to yourself...........if this price gets hit they will want to go higher. ...........if this price gets hit they will want to go lower. You have laid out your battle plan so you wait for the action to start.
You will with experience confirm your spots on the charts if and when price actually hits your targets and if on target you will see price get excited as some want it it go further and some defend it. You usually see a battle before one side or the other wins out. Sometimes you will not see a pop but you are observing what the big players are watching and thats what you want. You want to be in their shoes, skirts, HA.
When you see your spots coming alive..........you are doing fine.
This is a fun game.
PS: yes it is a game, a game of grabbing the others guys cash. :eek:
You sit there and nothing is happening with price. You look at the chart and say to yourself...........if this price gets hit they will want to go higher. ...........if this price gets hit they will want to go lower. You have laid out your battle plan so you wait for the action to start.
You will with experience confirm your spots on the charts if and when price actually hits your targets and if on target you will see price get excited as some want it it go further and some defend it. You usually see a battle before one side or the other wins out. Sometimes you will not see a pop but you are observing what the big players are watching and thats what you want. You want to be in their shoes, skirts, HA.
When you see your spots coming alive..........you are doing fine.
This is a fun game.
PS: yes it is a game, a game of grabbing the others guys cash. :eek:
Magnificent success story. Rarely a losing trade, and never a losing day, much less a losing week. Method employed keeps "changing with the markets". This magnificent journal reads like my adventures. Congrats.
Nod, and you thought you had a slow start. This guy is TOTALLY lost in the forest. :eek:
ycxc16588
Registered: Aug 2009
Posts: 4
12-11-09 05:28 PM
12-11-2009
Here is the brief summary of today's trades.
Total trades: 14
winner: 8
loser: 6
winning trade range: 0.25-1.25 pts
losing trade range: 0.25-1.0 pt
net P/L: 1.75 pts.
I forgot to cancel one stop order after I've exited a trade. It has cost me 1pt for fixing the msitake.
There was a selling climax at 10:20 (central time), followed with a brief shallow retrace, which probably is mainly due to short covering. Expecting another test at swing low, I entered short after short covering faded. I covered at 10:40, and try to go long since selling volume is exhausted as compared to 10:20. My limit order was not filled. I waited for the brief pull back and entered long and exited when approaching double bottom neckline resistance level.
There is another volume spike at 1:18 after price breakout 1106-1106.25 resistance. I entered short at 1106.75 and covered at 1105.5 (1105.15 was a38% FIB retrace at the time. price broke 1106 .25 resistance prior to breakout).
At 2:40, price made move to break 1107.5, which it failed to break at 1:10. However, the vol at 2:30 were relatively low at this time frame. I entered short 1107.5 and covered at 1106.5 (I choose 1106.5 since it was the supply line established from 1 to 2 pm.). 1105 was a decent support and I went long at 1105.5 and exited at 1106 right before clsing bell.
Most my losing trades occured when price was rangebound between 1105 to 1106. I tried to enter trade before actualy breakout. I was not certain about the direction of breakout. I am still not very used to breakout momentum play with stop orders. However in retrospec, all later three breakouts were to the upside. Price broke 50% FIB retrace and went to test 61.8, then 78.6%, then eventually intraday high shortly after open. Those rangebounds were mainly consolidation biased to upside due to prvious price trend. When I entered trade to expect a breakout, I was actually a little biased to downside move since I thought EURO/USD would put more selling pressure on equity market. Apparently I misjudged the situation.
Edit/Delete ⢠Quote ⢠Complain
ycxc16588
Registered: Aug 2009
Posts: 4
12-11-09 05:28 PM
12-11-2009
Here is the brief summary of today's trades.
Total trades: 14
winner: 8
loser: 6
winning trade range: 0.25-1.25 pts
losing trade range: 0.25-1.0 pt
net P/L: 1.75 pts.
I forgot to cancel one stop order after I've exited a trade. It has cost me 1pt for fixing the msitake.
There was a selling climax at 10:20 (central time), followed with a brief shallow retrace, which probably is mainly due to short covering. Expecting another test at swing low, I entered short after short covering faded. I covered at 10:40, and try to go long since selling volume is exhausted as compared to 10:20. My limit order was not filled. I waited for the brief pull back and entered long and exited when approaching double bottom neckline resistance level.
There is another volume spike at 1:18 after price breakout 1106-1106.25 resistance. I entered short at 1106.75 and covered at 1105.5 (1105.15 was a38% FIB retrace at the time. price broke 1106 .25 resistance prior to breakout).
At 2:40, price made move to break 1107.5, which it failed to break at 1:10. However, the vol at 2:30 were relatively low at this time frame. I entered short 1107.5 and covered at 1106.5 (I choose 1106.5 since it was the supply line established from 1 to 2 pm.). 1105 was a decent support and I went long at 1105.5 and exited at 1106 right before clsing bell.
Most my losing trades occured when price was rangebound between 1105 to 1106. I tried to enter trade before actualy breakout. I was not certain about the direction of breakout. I am still not very used to breakout momentum play with stop orders. However in retrospec, all later three breakouts were to the upside. Price broke 50% FIB retrace and went to test 61.8, then 78.6%, then eventually intraday high shortly after open. Those rangebounds were mainly consolidation biased to upside due to prvious price trend. When I entered trade to expect a breakout, I was actually a little biased to downside move since I thought EURO/USD would put more selling pressure on equity market. Apparently I misjudged the situation.
Edit/Delete ⢠Quote ⢠Complain
Hog, I also subscribed to his journal and found this initial post quite surprising. I tried that route in sim and when you grab a pt or two and see a 3-10 handle move transpire after you exit the trade, it becomes very frustrating.
I see that in the first 2 hours and last hour of trading ES has very nice moves and I want to capture 1 or 2 of them a day.
Thank you for pressing me non-stop about this; I still fight with taking profits too soon!
Scalping for tiny moves works in the mid-day doldrums IF you're really quick on your entries and exits, but why play the high stress game when there are easy pickins at least once a day?
- Status