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Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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I would be interested in some critique of my trades today. Especially from CNMS2 or Spydertrader.
Thanks and have a great weekend !
trade 1
Short on RTL bounce. Lo of previous bar taken out and INC Red PRV.
Exited - Stopped out for small loss.
trade 2
Same reasoning as trade 1.
Exit when LTL was hit.
trade 3
Same reasoning as trade 1
Exit - Next bar I thought was a FTT. Wanted to take small profit.At the time
only my RED trendline was in place.
trade 4
Long Resistance taken out ( dash red line starting at 1110 ). Inc green PRV.
Exit - NO VE. Next bar hit LTL on dec volume. Wanted to break even (BE).
trade 5
Same reasoning as trade 4.
Exit - Failed to break thru resistance. Wanted to take small loss
trade 6
Short Previous bar taken out and broken out of long LTL. Close to RTL.
Exit - stopped out
trade 7
Short - Short still is looking good here.
Exit - stopped out.
Done for today. I am beginning to overtrade. This is where I typically
mess up. DONE FOR THE DAY.
Thanks and have a great weekend !
trade 1
Short on RTL bounce. Lo of previous bar taken out and INC Red PRV.
Exited - Stopped out for small loss.
trade 2
Same reasoning as trade 1.
Exit when LTL was hit.
trade 3
Same reasoning as trade 1
Exit - Next bar I thought was a FTT. Wanted to take small profit.At the time
only my RED trendline was in place.
trade 4
Long Resistance taken out ( dash red line starting at 1110 ). Inc green PRV.
Exit - NO VE. Next bar hit LTL on dec volume. Wanted to break even (BE).
trade 5
Same reasoning as trade 4.
Exit - Failed to break thru resistance. Wanted to take small loss
trade 6
Short Previous bar taken out and broken out of long LTL. Close to RTL.
Exit - stopped out
trade 7
Short - Short still is looking good here.
Exit - stopped out.
Done for today. I am beginning to overtrade. This is where I typically
mess up. DONE FOR THE DAY.
Attachments
I'd be willing to bet you spend too much time watching and reacting to your ES 1 min charts.
Try this, setup a larger ES chart, when you have a formation or action point look at the YM, if the YM is in a formation or at an action point look at STR/SQU which leads the YM. You might not even need to look at the YM, only if more info is needed.
I don't see STR/SQU in the screen shot.
Try using only these tools to make dollars, any other tool just helps carve the turns to make nickels.
Do you want to make dollars or nickels?
Try this, setup a larger ES chart, when you have a formation or action point look at the YM, if the YM is in a formation or at an action point look at STR/SQU which leads the YM. You might not even need to look at the YM, only if more info is needed.
I don't see STR/SQU in the screen shot.
Try using only these tools to make dollars, any other tool just helps carve the turns to make nickels.
Do you want to make dollars or nickels?
Quote from 8833broc:
DONE FOR THE DAY.
If you intend to trade on the Forest or Tree Resolution level, you appear to be waaaaaay far down the rabbit hole.
Relax. Breath. Slow Down.
Your trades always have a reason for exiting, but rarely have a reason for holding. Remember, the most frequent action during the day is Hold - not Enter, Exit or Reverse. The most glaring example of your lack of patience in this regard occurs when you entered on a Pennant which was not yet breaking out (Volume Still Decreasing). Again, relax. Find whatever resolution level works best for you and stick to it. I do not see (based on these examples) you feeling comfortable at the 'limb' level, but that appears to be where you currently trade. Was this by design or by accident? If by accident, learn to stay on your correct resolution level. If by design, re-think this decision.
In addition, when you do enter on the Traverses, you do so waaaaaay late. Remember, Point One (FTT) precedes a Point Two. Then the market retraces back to Point Three. You appear to enter just before Point Two forms resulting in a wash trade or a small loss as the market retraces. As a result, you often miss the move.
Short this morning from Point Three until the breach of the RTL on increasing Volume netted 13 points. If you failed to capture these points because of lack of patience or overtrading, then I encourage you to focus on drawing the "lines in the sand" and not taking action until a breach occurs. otherwise, your actions serve no other purpose than to reinforce the wrong lessons.
I hope you find the above information useful.
- Spydertrader
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