NexusFi: Find Your Edge


Home Menu

 





Fundamentals for New Traders


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one aquarian1 with 48 posts (18 thanks)
    2. looks_two Big Mike with 4 posts (2 thanks)
    3. looks_3 Rad4633 with 4 posts (1 thanks)
    4. looks_4 urghan2 with 4 posts (3 thanks)
      Best Posters
    1. looks_one COTtrader with 1 thanks per post
    2. looks_two urghan2 with 0.8 thanks per post
    3. looks_3 Big Mike with 0.5 thanks per post
    4. looks_4 aquarian1 with 0.4 thanks per post
    1. trending_up 10,836 views
    2. thumb_up 27 thanks given
    3. group 7 followers
    1. forum 58 posts
    2. attach_file 25 attachments




 
Search this Thread

Fundamentals for New Traders

  #21 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

We have closed out on one contract are holding the second.
(This is called "scaling out" of the trade as opposed to all-out at one price.)
We have adjusted the sop on the second to the cost price 1589.75

You scale out if you believe the setup is still valid but you are concerned that the price action shows weakening.


..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NexusFi Journal Challenge - April 2024
Feedback and Announcements
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Futures True Range Report
The Elite Circle
Better Renko Gaps
The Elite Circle
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
 
  #22 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

Looking to next week.


..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #23 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593


This shows the entry of the trade for day 1.
As mentioned in the video the last retracement was to 3/8 (37.5%) and we could have waited til then.
https://screencast.com/t/frBDcY97cMm

However, I wanted to get the fill in on the video and moved up the price to get a fill.
So I'm filled at 1610.75 instead of 1610.
We are long 1 contract with a target of 1614.25 and a sell-stop of 1608.75
The day looks trendless and range bound so perhaps not the best to demonstrate a trend trade!


Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #24 (permalink)
 
COTtrader's Avatar
 COTtrader 
JACKSON, MICHIGAN
Legendary Market Wizard
 
Experience: Intermediate
Platform: TS and Trading View
Broker: TS
Trading: ES Awesome!
Posts: 955 since Jul 2009
Thanks Given: 406
Thanks Received: 648

Good trade and trade hold...

Ken COTtrader


aquarian1 View Post
This shows the entry of the trade for day 1.
As mentioned in the video the last retracement was to 3/8 (37.5%) and we could have waited til then.
Trade for Monday 6 May- Higher highs and higher lows - aquarian_ian's library

However, I wanted to get the fill in on the video and moved up the price to get a fill.
So I'm filled at 1610.75 instead of 1610.
We are long 1 contract with a target of 1614.25 and a sell-stop of 1608.75
The day looks trendless and range bound so perhaps not the best to demonstrate a trend trade!



Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #25 (permalink)
 
COTtrader's Avatar
 COTtrader 
JACKSON, MICHIGAN
Legendary Market Wizard
 
Experience: Intermediate
Platform: TS and Trading View
Broker: TS
Trading: ES Awesome!
Posts: 955 since Jul 2009
Thanks Given: 406
Thanks Received: 648

Aquarian1

Nice fib extensions on range days like today based on ON lo/hi.

Ken COTtrader

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #26 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

Sold and out


Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #27 (permalink)
 
COTtrader's Avatar
 COTtrader 
JACKSON, MICHIGAN
Legendary Market Wizard
 
Experience: Intermediate
Platform: TS and Trading View
Broker: TS
Trading: ES Awesome!
Posts: 955 since Jul 2009
Thanks Given: 406
Thanks Received: 648

@aquarian1

Satisfying to capture a good trade.

Question, are you paying for your barchart service?

That very same information you can get on your NT charting for free.

I looked at the barchart levels and they exactly match mine on the daily and weekly.

I also run the monthly. These are on my 5 min chart.

Ken

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #28 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

Hi Ken,

the barchart was free. Sometimes it is easier to get a chart there that looks like how I want it to for a particular purpose which in this case was a simple educational example.

The thread is to showcase fundamentals for new traders an if you (or others) have questions new traders might ask please chime in.

New traders - please ask your questions and if you have a sample trade to be review please contribute

Sample questions - some of which I've answered in videos so far are things like
How did you pick the points for the retracement/extension tool?
How do you pick the level (the percentage) it might retrace to?
How do I draw a trend line?
How do I find S/R points and which are stronger?
How do I set a target?
When should I scale out?

etc.

..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #29 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

So for fun I've started a 20 day test.
The sim account has $30,000 -pretend money - initial balance
The profit target for other might be $2,000 - let's do better than this, please.

They use $500 daily loss limit and $1,500 maximum drawdown - I think these are a bit silly, but this is only for fun.

Here is today day one - 0ne trade 3.75pts on 6 pt day.
This is 58% of the range. I hope to do better that this but this journal comes after my own trading so if I'm busy I may not get the best entry. Or if I'm sleeping, like today not the best exit.


..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #30 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593


9:48 AM 5/7/2013
Today is looking like a range bound day.
Thi is an example of a poorly timed trade which we scratched (which means entered and exited at the same price)


Visit my NexusFi Trade Journal Started this thread Reply With Quote




Last Updated on May 14, 2013


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts