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Stocktastics Focus Sessions
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Stocktastics Focus Sessions

  #31 (permalink)
Trying to make a plan...
Perth, Western Australia
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
 
Stocktastic's Avatar
 
Posts: 35 since Oct 2011
Thanks: 13 given, 26 received

Follow the Plan

Just quick recap on the EURUSD trade. Didn't get triggered either way on the trade during nfp which was the plan.
I note that when I decided to leave the market for the evening, I wrote I would cancel the orders. However, when I was going to bed I checked and saw the EURUSD dropping but I hadnt been filled on the long. Decided to leave it to trigger and went to bed. Why ?

Well, I did get filled and stopped out quite quickly. In a lucky break my second contract had a auto BE of 4 pips instead of 40 and I got stopped out at BE for 1 half. This only made the loss -30 pips, but I could have avoided any loss at all if I followed the plan.

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  #32 (permalink)
Trying to make a plan...
Perth, Western Australia
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
 
Stocktastic's Avatar
 
Posts: 35 since Oct 2011
Thanks: 13 given, 26 received

Monday

Finding keeping up with journaling live via the website a bit cumbersome, so I am going to go back to use OneNote through the day and will try to upload the results daily. This is what I wrote in my journal so far today :-


Monday, 5 December 2011
8:56 AM

Ok, need to start journaling again. So this is the beginning of the new journal.
I still need to copy this up to Big Mikes Trading Forum when I have time.

I have a standard set of charts that I MUST stick to, I can't now see any other reason to change them.

Early Asia small gap up in some pairs, probably looking for shorts only at the moment.

GBPUSD 1.5640 is a key intraday area for shorting.
futures.io (formerly BMT) 30 min 1.5639, futures.io (formerly BMT) 60 min 1.5638 60min SuperTrend Short Stop 1.5638
Daily PP 1.5634

Of course, finding that waiting for trades to come to me has not been working so much, maybe should be looking at long from here to 1.5635 zone ?

5/12/2011 9:07 AM

Ok went long on the 1.5605 level in early asia session, I am on the train going into work. I have Target 1 at 1.5634 and Target 2 at 1.5660. Expecting bounce at least to 1st level before real shorting strength comes in.


5/12/2011 7:12 PM
Trade Idea of going long at 1.5600 was good.
However, was watching charts on and off at work. As Europe session neared felt it was coming back down. Moved both SLs to BE, but even then thought it was coming down more so closed both positions. As the chart shows it would have hit both targets if I had left it. Profit was only $14.80 instead of $28 Target 1 and $54 for 2nd target, making $80.

Now

I notice the way that I wrote, "felt" that it was coming down. This is an important comment, as again emotion must have been rolled up in this trade. I panicked as it was coming down and I wanted to make some profit. I didn't even wait for the 30Min candle I was watching to complete before deciding to bail.

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  #33 (permalink)
Trying to make a plan...
Perth, Western Australia
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
 
Stocktastic's Avatar
 
Posts: 35 since Oct 2011
Thanks: 13 given, 26 received

Nice Work if you can get it


Notice this pattern on the GBPUSD on the 8 Range bars. This is around 4:20 NY time I think (5:20 AM WAST) on Fridays session. You would think some nice Algo programs just drove this up and down for some quick 60 pips profit up and down when little or no liquidity .... nice work if you can get it.

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  #34 (permalink)
Trying to make a plan...
Perth, Western Australia
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
 
Stocktastic's Avatar
 
Posts: 35 since Oct 2011
Thanks: 13 given, 26 received

EURJPY

Ok. Liked the look of the EURJPY for a long. Was above daily PP, above 15 min, 30 min and 60 min futures.io (formerly BMT) line.
A little far from the 60 min line which I didnt like while I was in the position.

I was reading stuff on futures.io (formerly BMT) forum while watching the trade. Was still bouncing of the entry area (104.83), so looked ok, but again while I am in the trade I seem to find ways not to like the entry. As always I was nervous when the trade was on. Keep on trying as its only proven results, based on consistency that will rid me of that issue.

ISM Non Facturing on the way so I wanted to be out of the trade. A quick spike up to resistance at 105 in the 8 Range bar was enough for me to jump out with $35 profit. This gives me a total of +$51 for day.

Nothing special and took profit too early on the GBPUSD trade, but I am happy with my entries off the charts, as I am using the futures.io (formerly BMT) line on the different timeframes as well as Pivots etc to guage the entry and exit. This is my intention so I can eliminate one part of my trading mistake, which is changing chart setups everytime I start to lose a few trades.

I need to start actually posting my origin SL and TPs, but I manage that largely on the the Ninjatrader chart so dont see the need to write it down. Will look at posting the chart and updating if I move SLs/TPs.

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