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Zimmer's Journal: Naked Chart Reading


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Zimmer's Journal: Naked Chart Reading

  #101 (permalink)
TickTick
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mtzimmer1 View Post
Ask Chipps. He posted it!



Oops lol thanks!

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  #102 (permalink)
 
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 Chippstrader 
Randolph+NJ/US
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Experience: Intermediate
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TickTick View Post
What program is that logging and plotting your trades?

That is an edgewonk journal feeded with my trading details from Sierra Chart. I manually feed those setup details in Edgewonk and log them while I journal my trades.

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  #103 (permalink)
TickTick
Anchor Alaska
 
Posts: 27 since Jun 2019
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chipps1983 View Post
That is an edgewonk journal feeded with my trading details from Sierra Chart. I manually feed those setup details in Edgewonk and log them while I journal my trades.



Ahh cool thanks! Before trading futures, I use to use free platforms like myfxbook to sync/monitor/log/provide analytics of my Forex trading. I haven’t been able to find anything like that for futures.

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  #104 (permalink)
 
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 mtzimmer1 
Upstate NY
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Nice one and done today.

Trade 1:
-YM is at ATH so there are no levels above us to stop price.
-Swing projection increases.
-Per my rules I need to take this trade at my Area of Interest.
-Because there were no levels above us I had no target to begin trailing.
-I opted for trailing aggressively as soon as we broke the swing high.



Self-Eval
75% Accuracy
-Entry was not perfect because I was late by a few seconds and entered with a market order to not miss the move.
-Price chopped at my entry.
-I did not move stop until the swing high was tested.
-I began trailing where I was supposed to trail.

Results:
+.65R

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  #105 (permalink)
 
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 mtzimmer1 
Upstate NY
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I'm not going to post these everyday, but this morning I have some spare time and it seems like the thing to do.

-Overnight we reached all time highs on all three of the Indexes around 3am.
-Since then only NQ has been able to exceed the high made at 3am, and even so, with weak projection beyond that point.
-My bias for the open is bearish.
-It is difficult to tell how deep the correction will be as we have many consecutive bullish swings that form a larger composite swing.
-I have key levels marked on each index and will re-assess price at each level.
-If I get a valid opportunity to enter short I will take it.
-If price moves down without me I will wait for the long to setup at each key level.

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  #106 (permalink)
 
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 mtzimmer1 
Upstate NY
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Nothing worth taking today. There were a couple setups that sort of met my rules, but it was a big mess and difficult for me to read. Messed around with some pairs trading on the micros and had a good result from that.

I have decided to begin trading the Russell in addition to the other three major indexes. Checked it out today and it moved very nicely. Liquidity looks good enough to me.

The only setup that met all the conditions of my rules today was on the Russell. I passed on it because I had not taken the time this morning to mark up significant levels on the Russell. Anyway here is the trade. It is a trend continuation trade with a target of yesterday's high. (the blue line) Not a huge winner by any means but a solid, easy 1R+ win.

Another benefit to adding the Russell is that it doesn't seem to be as tightly correlated as the other three. Theoretically this should provide me with more opportunities when the primary markets are ranging and chopping as they were today.


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  #107 (permalink)
 
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 mtzimmer1 
Upstate NY
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I've been watching the three indexes and find it very manageable to locate potential setups, set alerts and then see how price reacts in those areas. My system works similarly on all instruments so I am thinking about slowly adding more instruments to my daily preparation to increase the number of potential setups during my session.

Here is a setup that worked out insanely well on CL today. It would have had an initial 6 tick stop. If I had stuck to my trailing rules I could have locked in at least 60 ticks on this one. The occasional 10R trade makes a big difference in total P/L and expectancy.

For the rest of this week I will just add Russell. Next week perhaps I'll introduce CL or currency futures.


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  #108 (permalink)
 
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 mtzimmer1 
Upstate NY
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Man, where did that HUGE drop come from? Thank you to the Fed for introducing some volatility into the market.

No setups all morning. Then all of a sudden this HUGE drop comes out of nowhere. I am caught off guard by this and let a couple A+ trend breakout trades pass as projection is increasing. When I finally get my bearings and check to ensure we have ample distance beneath us before any key levels I take the first breakout setup I get. These trades are not what I am most comfortable with and because of that I manage them aggressively. The assumption is rapid price acceleration. If price slows down then there is a problem and I want out.

Here is the chart of the day on the Russell.


And a close up of my trade with entries and stops detailed.



Thoughts:
Obviously, this would have been a nicely profitable trade if I had entered the trade earlier. But we have to work with what we have. Given the entry, I would say my management was very good. I did not want to give the market much room as I knew that it was possible to rubber-band back from this extended move even in the absence of one of my key levels.

Self-Eval:
100%

Results:
Lets call it a positive scratch. Nothing to write home about.

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  #109 (permalink)
 
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 mtzimmer1 
Upstate NY
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Had two trades on the Russell.

Trade 1:
Trend Continuation
-Good projection, no sign of the downward move stopping.
-Target of my big levels.
-Entry wasn't great because I didn't have my stop mkt order in place when price setup and I ended up taking a regular market order at a worse price.
-Management was perfect. Once we reached the significant levels I trailed aggressively and captured the meat of the move!

Missed Trade:
Counter-Trend
-Price reacts off my levels.
-Breaks previous swing high.
-Entry should have been where the arrow was.

Trade 2:
Trend Continuation
-Good projection.
-No major levels above us. Some minor levels.
-Entry was good.
-Exit was good.
-Adhered to rule, "if projection decreases, then trail aggressively on next swing.
-Also my exit decision was influenced by how long price chopped at my entry. Inefficient movement of price makes me question my analysis. Need to do research on whether or not time spent at a level has an effect on outcome!



Results:
1 win, 1 BE
+1R

Self-Eval:
50%
Two good exits, one good entry, and one not so good entry! One missed trade!!
Okay day, but plenty of room to improve.

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  #110 (permalink)
 
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 mtzimmer1 
Upstate NY
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One trade today.

Meh.

I don't really have a defined mechanism for managing these trades.

This is the bigger picture:



And my trade:



And my trailing rules had they been adhered perfectly:




BUT I have another rule that states, "if the area of interest is violated then stop is to be trailed aggressively."
In this case I followed neither rule. I moved the stop to break-even instead of trailing aggressively OR trailing behind the swing high. In the moment I was just happy to get out of this trade for a break even.

Results:
1 BE

Self-Eval:
Acceptable entry. Random management. 50%

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Last Updated on September 30, 2019


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