So, I haven't been a lurker, but I also haven't really been a big contributor to the site. My inspiration for finally doing a journal is the series of members webinars and thought I would add to the conversation.
What to expect:
Weekly -> Weekly levels including hi, low, mid point and low volume nodes (LVN)
Daily -> Pre market homework at beginning of day. Post-market homework and trades, practice exercises (these may change, open to suggestion of exercises to do in market replay)
Trading style:
I use auction theory and look at volume profile as well as market profile. I keep track of the auction using a footprint chart and a 3 min chart (with CCI)
Key levels:
So I trade based on market generated stats: For example, If I am long and market is going my way, I may chose to hold the long until an extension of the IB by 1.25 or 1.5, because statistically, this is a good target. My current thinking on my stats is that they tend to be better targets, not so trust worthy as entry points
Risk management:
I have a daily loss limit and when experiencing losses I reverse martingale until daily loss limit is hit, or I trade my way out. I also don't like trading after 11:30am due to impatience when in a trade.
Entry:
Based on order flow (OF) as shown by footprint
Current practice exercise:
4 tick exercise... I enter based on OF
This week I will explain each part of my current trading style (not a system) as part of my daily post-market homework. There may seem like a lot to look at, but everything I have is based o my fundamental view that the market is a 2 way auction.
Next post I will show my key charts and will note what else I look at.