Snowman's Eurostoxx 50 Journal

Like I said in my previous post, I was going to try and short. I shorted a little early afterall at 2942 and got some serious heat as the market moved against me to 2946. Fortunately this was on little volume. The next few bars had even less volume and ideally I should have shorted at 2944 or 2945 (if lucky). Bad entry :( I decided that any push up now was a change in direction and that I would get out at worse at 2947. Not very smart having such a wide stop (5 points)... Something to think about... The market then moved in my favor and I was out at 2939 :D Phew!

Short @ 2942
Exit @ 2939
+3 points
 

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Market opened higher today and proceeded to drop down into yty's balance area. See market profile using TS Price Distribution. Note: I drew the 2948 and 2935 lines yty! FESX has dropped into that area and has been rotating in it. Magic :) Won't look for any more trades today unless I have a good reason. Would like to see a high volume bar and/or breakout from this range. Of course, an attempt to play the range could also be attractive.
 

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Stupid Question:

How do I get my attachments to show up in the post?

I see that in some journals you can see the chart without having to click on the file. How can I get my posts to look like that?

Please someone? anyone?

Thanks in advance.
 
Took another 2 trades, but can't say I'm happy about them. A little bit of a revenge type. I kept trying to jump in to participate in the trend but the market didn't let me and now I am trying to squeeze some of the profit I believe is owed to me. So I'm shutting myself down for the day.

I took a momentum long which I scratched at same price (2926). I am not a momentum-type trader so I decided if it didn't work immediately I was out of there. Then I took a momentum short at 2923. S&P and Dow were breaking down to new lows of day but DAX and Stoxx just wouldn't follow. So I got out at 2922. These 2 are shown in chart attached.

Trades:
1/18: W:2 L:1 E:0 Won: +9 Lost: -2 Profit for day (in pts): +7
1/19: W:4 L:0 E:1 Won: +6 Lost: 0 Profit for day (in pts): +6

Profit so far: +13 pts
# trades: 8
Avg profit: 1.6 pts
 

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Quote from Snowman75:

Stupid Question:

How do I get my attachments to show up in the post?

I see that in some journals you can see the chart without having to click on the file. How can I get my posts to look like that?

Please someone? anyone?

Thanks in advance.
More...

After you submit your post with attached pic.

1. click "edit/delete"
2. find the pic file link , right click to "properties", then highlight the URL link of the img, Then "copy" note:ctrl C isn't working
3. then go back to your post that is now ready to edit.
4. type "[ img ] [ /img ]",
5. then paste the pic link/url inbetween "[ img ] [ /img ]"--no space between bracket and letter

I hope I am clear..sorry...


Here is the Reference to explain how to add PiC on ET. you can also find it when you click "et code" when you type your post.

Adding Images

To include a picture or graphic within the body of your message, you can simply surround the address of the image as shown here:

"
url]
"

Note that the http:// part of the image URL is required for the code.

You can even create a thumbnail-type hyperlink by surrounding your [img] code with a [url] code like this:

[ url=http://www.elitetrader.com ][img]http://www.elitetrader.com/i/l2.gif[/url]
 
:(

Just wiped out my previous days gains.

Tried to get short at 1st yellow arrow. My price didn't get hit and market dropped.

Then tried to get long at 2nd yellow arrow. Price didn't get hit and market went up.

Finally I got in and lost a sh*tload. Decided to add to my short position, hoping for a reaction off of yty's action (horizontal line). Once market went higher I chased it to get out :(
I just should have just exited my first position at 2924-5 and forget about it... but no... I knew it would go my way... NOT!

There goes the previous 2 days profits and a bit more :(

Short@ 2920 & 2929
Exit@ 2933
-13-4 = -17 points

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Ladies and gentlemen,

I present to you my big screw up day :(

Yty I was annoyed that I had some great oppties that I missed. Today I was determined not to miss them. Unfortunately, I continued to miss great oppties as the market moved I could enter with my limit orders. Especially in the morning I practically called the top and bottom but I was too late with my orders. The I was determined to make some money, however I forgot I can't always be right. So I go into a short which worked against me. I should have stopped myself out but no... I added to the position. Ended up losing 17 pts on those 2 contract! Stupid, stupid, stupid. Then I lost 3 pts going long at 2930 at around 12:45pm of my chart. Good stop as market continued downwards. This was another stupid long as the market showed weakness with the double top earlier. I was trying to make it back immediately and just ended up losing more money. I then figured a short was worth a shot. And it was. I got in short at 2929 at around 14:20. My tgt was 2922. It hit 2923 and then reversed. I was too greedy. I should have taken 3-5 pts and be done... but noooooooooo... I wanted to make it back. So I lost another 3 pts. With my confidence shattered, I took 2 more trades that went in my favour but I was too scared to let the trade work for me. Made 1 pt on the one and 2 points on the other. Pathetic. I'm definitely overtrading. And need to work on this. In addition, I had a feeling today would not be ideal and should have not traded or waited for the best oppties. I saw a few good chances to scalp but my orders weren't hit. I also need to fade less... Oh well... If anyone is reading this I would appreciate if they could tell me where they thought were the best oppties. Thanks.

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Trades:
1/18: W:2 L:1 E:0 Won: +9 Lost: -2 Profit for day (in pts): +7
1/19: W:4 L:0 E:1 Won: +6 Lost: 0 Profit for day (in pts): +6
1/20: W:2 L:4 E:0 Won: +3 Lost: -23 Loss for day (in pts): -20

Profit so far: -7 pts
# trades: 14
Avg profit: -0.5 pts
 

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Conclusion: I currently suck.

Yty's bad results are due to forcing trades and lack of strict trading framework. My trading has been too lax and not enough strict rules/controls are in place.

Having spent a long time on systems and technicals, I have come to the conclusion that I like Market Profile and Price Action the best. Now I need to work on forming my own methodology using these tools.

Also, I am switching to sim. I've lost enough money :( FYI, I dropped another 5pts yty and 3 this morning on the FESX. Then I was going to get long at 2949 and didn't... and missed the rally. It's official... I am a daytrading buffoon.

Will sim for the next few weeks and see how it goes. In the meantime will continue to study my charts and work on bringing together the tools I like most.
 
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