NQ trading journal

D

Dobbes

This is a space where I am trying to track my progress learning to daytrade the NQ. My methodology is my own interpretation of what I learned from reading the AHG megathread. Anek's method in the thread evolves constantly, so its really hard to say what exactly that is. It starts as a scalping approach, then it turns in to some sort of reversal seeking method based on confluences of S/R (support and resistance).

After trying Anek's initial scalping method for some time, I've noticed that its really only applicable when the trends are strong. I still try to apply it, though infrequently (referred to on my charts as AHG1 plays). I'm working on trying to apply confluences of S/R to move away from scalps entirely and take fewer trades a day for bigger gains.

But all that's easier said then done. Commonly, my winners reverse themselves, I get stopped out after moving to BE too early. I really haven't a clue what I'm doing wrong anymore (been on a bit of a losing streak). All comments are appreciated.

Some notes: 1970S = 1970 Support
1970 R = 1970 Resistance
DT = Downtrend
UT = Uptrend
UTL = Uptrendline
DTL = Downtrendline
DB = Double bottom
ME = Market emotion indicator
MFE = Max favorable excursion

I think those are the only abbreviations I use.
 
5/6

PNL as of 5/6


Notes for 5/6
I've got a lot of problems with my trading right now. I take too many trades, really need to focus on what a good setup is, but that may only come with screen time. There's got to be more issues than just that. At my current rate, I may not be ready to go live until next year.
 
5/7




PnL

Net today (profits less commissions): 5.93

Had more thoughtful trades, and managed to not act like a maniac, except for 2 chases.

My only regret is that I did not gross more on such a clearly trending day.
 
5/8



P&L


Net -11.82 after commissions

Not entirely sure what went wrong.

Blech. Can't keep on having days like this.
 
5/9


Net 1.2 points after commissions

Quit while I was ahead. Price hit its S/R levels and rebounded perfectly. Should've just had two trades today and netted +30. Instead there was chasing, bad entries, and a few profitable scalps, and a few bad scalps in chop.

It is getting more clear to me what I need to do. I need to either get in at the start of the trend, or if I miss my fill, patiently wait for pullbacks and do AHG1 scalps.

-2.79 points net/day for this week
it was -2.76 last week

I've got an idea I want to backtest on replays this weekend.
 
I don't see the predominant trend charts on any of your posts.

You must be aware of what the main trend is doing, the main trend referring to the combination of highs and lows of the previous days, even weeks.

If that main trend is uptrending, when it retraces to a support level, you will know that taking longs will increase your odds of success.

On the other hard, if the main trend is downtrending, when it retraces to levels of resistance you know the shorts will increase the odds respectively.

Always be aware of what the big picture is doing and where is at, even if you are scalping the intraday.

This will not only increase your odds but allow you determine when an intraday trend might had enough because it's really going, against the main one and hitting major levels of support resistance.

You cannot do this correctly with only one chart. A clear understanding of what the market has been doing is most important.

Good luck.

NN
 
Thanks for your comments.

I take the trend off an anchor chart in traditional AHG fashion. Its also what I use to pick out pivot points before the trading day begins that I treat as tentative S/R levels before the day begins. That's where the 'bounce off 1970R' remarks come from. I also examine a daily chart for S/R levels off the CME, but I'm questioning its usefulness, and might drop it by the end of next week.

I could start posting the anchor charts if you think its a good idea.
 
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