NQ trading journal
- Thread starter Dobbes
- Start date
I think I should add these:
Entry criteria are as follows:
System 1 (Position system of glory, PSG for short)
-Identify probable areas of S/R on a chart with a high timeframe
-Observe PA at those levels and the strength of the trend
-If there is no trend/Chop/a very weak trend, get a good fill close to the S/R
-If there is a strong trend, sit on hands (SOH in the charts), and wait for it to run out of steam before taking a position in favor of the S/R
System 2: AHG1 (scalping)
Wait for a strong trend to form
Patiently wait for a pullback
Enter on said retracement, trail stop tightly
Still defining my set-ups. These will get more specific as time goes on.
Entry criteria are as follows:
System 1 (Position system of glory, PSG for short)
-Identify probable areas of S/R on a chart with a high timeframe
-Observe PA at those levels and the strength of the trend
-If there is no trend/Chop/a very weak trend, get a good fill close to the S/R
-If there is a strong trend, sit on hands (SOH in the charts), and wait for it to run out of steam before taking a position in favor of the S/R
System 2: AHG1 (scalping)
Wait for a strong trend to form
Patiently wait for a pullback
Enter on said retracement, trail stop tightly
Still defining my set-ups. These will get more specific as time goes on.
I have been making market calls on ET live for NDX. Check my threads from Monday May 05 to Thursday May 08.
The calls went short NDX (which should be similar to NQ) at the following times:
1. Monday at 10:10AM.
2. Wednesday at 9:56AM.
3. Thursday at 1:53PM.
You want to check it up (Check my threads. I also posted the last two calles in RennickOut).
The aim of the above calls is to time the tops of the day.
The calls went short NDX (which should be similar to NQ) at the following times:
1. Monday at 10:10AM.
2. Wednesday at 9:56AM.
3. Thursday at 1:53PM.
You want to check it up (Check my threads. I also posted the last two calles in RennickOut).
The aim of the above calls is to time the tops of the day.
5/12/08
Anchor
Entry
PnL
Net: -9.15 after commission
Awful trades today. Went to find S/R levels for the day and define my position trades to find out we were in a triangle. Managed to break my entry rules continuously. Terrible discipline. I don't know how much of it is a result of the morning I had, but excuses don't really matter or help.
Its pretty clear I had a downward bias (all shorts) and shorted into a strong uptrend that was confirmed on anchor. Instead of going with the trend and printing money, I ended up giving it away.
Just fucking pathetic
Anchor
Entry
PnL
Net: -9.15 after commission
Awful trades today. Went to find S/R levels for the day and define my position trades to find out we were in a triangle. Managed to break my entry rules continuously. Terrible discipline. I don't know how much of it is a result of the morning I had, but excuses don't really matter or help.
Its pretty clear I had a downward bias (all shorts) and shorted into a strong uptrend that was confirmed on anchor. Instead of going with the trend and printing money, I ended up giving it away.
Just fucking pathetic
Dobbes... some friendly advice as i sit here instead of studying for finals...
You are trading way too much man. Even with one contract, focus on catching the big moves of the day until you learn how to do that consistently. Then, move on to scalping smaller moves.
Many times on one of your charts when you said reverse here I found myself saying why? All good in hindsight, but what are your setups? Define them...
If you are trading reversals pick a formation that you can trade that is somewhat objective such as dragon (mentioned in anek's thread). Take a small risk with it and shoot for the moon as anek has stated many times. You'll be stopped 50% of the times, but the other 50% should make you bank if you let it run. But, if you are playing reversals you cant be taking 5 pt targets. 5-10 pts is minimum if you are trading 2 contracts and can scale out, but IMO with one contract, be very liberal with letting winners run. Draw a trendline and don't get out until it breaks and then price action confirms.
AHG is low accuracy until you get good. Focus on large winners and less trades...
O by the way, my main bread and butter is reversal plays and I trade AHG. When I was messing around with one contract most of my days had ~30-40% win ratio and I often had 3-4 losing trades in a row. But, when I got a winner, I would hold for usually a minimum of 15 pts. Especially in this volatility...
You are trading way too much man. Even with one contract, focus on catching the big moves of the day until you learn how to do that consistently. Then, move on to scalping smaller moves.
Many times on one of your charts when you said reverse here I found myself saying why? All good in hindsight, but what are your setups? Define them...
If you are trading reversals pick a formation that you can trade that is somewhat objective such as dragon (mentioned in anek's thread). Take a small risk with it and shoot for the moon as anek has stated many times. You'll be stopped 50% of the times, but the other 50% should make you bank if you let it run. But, if you are playing reversals you cant be taking 5 pt targets. 5-10 pts is minimum if you are trading 2 contracts and can scale out, but IMO with one contract, be very liberal with letting winners run. Draw a trendline and don't get out until it breaks and then price action confirms.
AHG is low accuracy until you get good. Focus on large winners and less trades...
O by the way, my main bread and butter is reversal plays and I trade AHG. When I was messing around with one contract most of my days had ~30-40% win ratio and I often had 3-4 losing trades in a row. But, when I got a winner, I would hold for usually a minimum of 15 pts. Especially in this volatility...
Hope this helps... had some more free time and bored...
This is how you reduce trades...
Don't get out until big trendlines broken and get in near pivots, reversal formations, s/r from trednlines, etc. or whatever you use.
Basically... once you are in... hold the fucker as long as you can.
For some reason image didn't work... trying again.
What up Stav? I'll be back in the room on wednesday or monday!
http://tinypic.com/view.php?pic=34nmxdt&s=3
This is how you reduce trades...
Don't get out until big trendlines broken and get in near pivots, reversal formations, s/r from trednlines, etc. or whatever you use.
Basically... once you are in... hold the fucker as long as you can.
For some reason image didn't work... trying again.
What up Stav? I'll be back in the room on wednesday or monday!
http://tinypic.com/view.php?pic=34nmxdt&s=3
and don't move your stop!