Started the Trades

+9

At last a positive day. Not much to talk bout though. Worked hard in the morning but miscalculated some trades. Have to actually go to a gig this afternoon. Gotta get some rest now. These new techniques of trading using stops adds more for me to handle. I have to develope new habits of going back and forth using different strategies involving the situations and setups.
Bought 125.32 10:06 (200)
Bought 125.07 10:10 (200)
Bought 125.91 10:14 (400)
Sold 125.02 10:17 (300)
Sold 125.02 10:19 (300)
Sold 125.09 10:21(200)
My original entry point was bad. I miscalculated the measured moves. I was setting up a stop loss order when it turned into a market buy because I hit buy instead of sell. I was so used to short positions that I made this error. Didn't even know I had a position of 800 shares at one point. A really bad trade but somehow by accident, it got minimized.
CAT
Sold Short 106.34 11:22
Bought Cover 106.50 11:24
I went to fade its 10 EMA this time for a scalp which is something I haven't done in a while. I went to cancel the order but too late. My old habit of not sitting long enough for a trade got to me again. It went a tick above what I thought was a top for it at the time. So that's when I exited. I was confused but realized that because I was trading counter trend in a short position, the long side can go one tick above its previous resistant bar tops. It made me get out but I lost the fact that I was trading counter trend, not with the trend. Eventually it did come down to where I could've gotten out with a scalp. The smart thing would be to wait it out despite my emotions. I need to give myself a ten minute time frame to wait for these trades.
Scalps
Bought 125.08 Bought 125.19 Sold short 124.86
Sold 125.12 Sold 125.42 Bought Cover 124.78
Sold Short 124.72 Sold Short 124.89
Bought Cover 124.70 Bought Cover 124.87
CAT
Bought 105.97
Sold 105.99
 
+91

Calling it a day. I was doing well until I really had a dumb move.

Sold Short 125.93 12:11
Bought Cover 125.69 12:22

I wasn't focusing on where it could go but wanted to do a scalp based on the EMA line again. Ruined my day. Should've realized that it started into a channel with a lot of overlap. I got in the middle and got burned. This is the chop one wants to avoid.

Scalps
Bought 126.67 Sold Short 125.69 Sold Short 124.81
Sold 126.75 Bought Cover 125.19 Bought Cover 124.79
Bought 125.085 Bought 125.46 Sold Short 125.78
Sold 125.22 Sold 125.49 Bought Cover 125.78
 
Correction on losing trade. Was not a short sale.
Bought 125.93
Sold 125.69

Correction on scalp of Bought Cover 125.78
Sold Short 125.78
Bought Cover 125.76
 
-79

Sold Short 126.4555 09:35
Bought Cover 126.87 09:42

Thought it was going to do the same as last Friday but in hindsight it was a different situation. The big gap up led with a first bear bar down on the 5 min chart. It was followed by a smaller bar that pulled back then down one tick past the previous bear bar low. This is where my entry was. However, I failed to realize that this was still counter trend and the gap up in the beginning was just one large up bull bar. Often with counter trend moves, the EMA's lead to suppression of the counter trend legs. I was counting on getting out on at least break even and hoping for the other leg to pan out but never happened. The bars had difficulty getting past and staying past the 10 & 20EMA on the 1 min chart and couldn't make it to the 5 min 10EMA. On friday's chart down spike in the first hour, it was well into trending down and below the 10EMA on the 1 min chart. The key is understanding how much of a suppressor the EMAs are and not trade counter trend on both 1min & 5min time frames. I am actually now incorperating both. The 5 min will tell where one will end up eventually.

A set back but yet I still remain optimistic on the future. As long as there is reason why the bad trades didn't work and it makes sense, I believe these mistakes could be overcome in the long run. I am using a new technique using entries on stops which is different than what I did months ago. It still needs tweaking based on the situation and there are growing pains. It didn't help that I got scared into taking scalps that didn't make a difference.

Scalps
Bought 127.57 Sold Short 127.89 Bought 127.64
Sold 127.59 Bought Cover 127.86 Sold 127.66
 
-34

The Bad. I get so faked out by pullbacks.. I couldn't hang. It all ended up where I thought they were going but I couldn't stick with it mentally. I have to add more wait time into it.
Sold Short 127.97 09:43
Bought Cover 128.19 09:46
Sold Short 127.03 11:31
Bought Cover 127.18 11:33
Sold Short 126.43 15:52
Bought Cover 126.47 15:53

Scalps
Sold Short 127.81 Bought 127.24 Bought 127.16
Bought Cover 127.14 Sold 127.27 Sold 127.31
Sold Short 127.25 (100)
Bought Cover 127.22 (100)
Sold Short 127.09 Bought 126.78 Sold Short 126.28
Bought Cover 127.05 Sold 126.81 Bought Cover 126.26
 
-160

Same old problems again. Not holding on long enough getting psyched out. With this new way of trading supposedly with the trend, I'm going back to paper to iron out the holding period issue. I used to scalp out all the time and sure I can make +15-20 per day but that's not what one is here to do. I need to hold on for the trades to pan out and to be profitable. My scalps should I have held on would've made it a break even day.

Bought 126.64 10:25
Sold 126.15 (100) 10:32
Sold 126.00 (100) 10:33

It was an odd look to the chart but it went slightly above it's last bar on the 1 min chart. I've been looking at the 1 min chart again and that time it costed me since I didn't notice the upside down hammer on the 5 min. chart. It's tough to mentally use both charts to make a determination. I didn't have a stop in place and it kept drifting down.

Bought 125.79 10:37
Sold 125.4502 11:29

This was the worst one since it was a pure guess and a bad emotional revenge trade that I chose to hold on too long. There was no set up here. I was just too upset that I got in.

Scalps
Sold Short 126.03 Sold Short 124.95
Bought Cover 126.00 Bought Cover 124.84*
Bought 124.35 Bought 124.72
Sold 124.37 Sold 124.75

*Don't know why I opted to get out so fast. I failed to look at where it should end up instead of getting out.
 
I'm not a charting tech guru.. A bit old fashioned but here is a photo of hard copies of the 5 min and 1 min charts for GS. Notice how the discrepency between the 1 min and 5 min on one it could look good on one chart but not on another. All in all this turned out to be a large pullback that I thought was going to finish its leg.

* CORRECTION ON INFO WRITTEN ON THE CHART PAGE. THOSE ARE BUY AND SELL LONG ENTRIES NOT SHORT ENTRIES AS PREVIOUSLY WRONGLY WRITTEN ON THE CHART.
 
Couldn't add two charts into one post.. so here is the one minute chart.

* CORRECTION ON INFO WRITTEN ON THE CHART PAGE. THOSE ARE BUY AND SELL LONG ENTRIES NOT SHORT ENTRIES AS PREVIOUSLY WRONGLY WRITTEN ON THE CHART.
 
You must log in or register to reply here.
Back
Top