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Miltons Lost Paradise Daytrading Journal


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Miltons Lost Paradise Daytrading Journal

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  #1 (permalink)
 ollivermilton 
Linz / Austria
 
Experience: Intermediate
Platform: Ninja Trader
Trading: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received

Hi traders!
--
Welcome to my journal!
It took me quiet some time to actually convience myself to write a journal - although I defenitly always understood the good reason and the value of a honest good journal. But for some reason I always denied to write journals, maybe out of laziness and I guess out of fear for having to confront myself with reality and kicking myself out of the bubble and get over the joy of selective perception. The reason why I finally will publish on a regular basis is simply because of the progress I expect to make since I cannot lie to myself anymore because all is now public and you guys would bash me.
--
After reviewing a lot of trades and after a lot of thinking I came to the point that most of my mistakes are from a mental nature. Surprise. Mens greatest enemy is his own ego. There are plenty of trades that I have done, simply because I wanted to trade and not to wait but more like in an unconcious state of mind. Patience. I think patience is my personal holy grail. And this in like every aspect of life. Even as a teenager I was very bad in having patience in getting laid and nowadays I really hate to wait in the supermarket in a row and I totally hate to be stuck in a traffic jam, this drives me really mad
Also my selfconfidence is a little scratched as I lost a little money some time ago - when japan got crushed by the earthquake. I then went to sim, went back live, did well, stayed live, lost, relized I know a very little of nothing, studied, went sim, went live, lost, went sim, went live, won, stayed live, lost, went sim, went live won and then lost agin ad nauseam.
But the annoying thing about this is that I always knew that 1. I know better and 2. I could do better as I would bring my mind closer to the presents but because of my lack of patience and my lack of mentality I sometimes had a really big issue with concentration and awareness which caused a lot of stupid action. And quiet often I realised this within seconds after I opened my position. So I am done with this behaviour.
--
So whats the status quo:
Since a couple of days I am doing really well. I always have a vision which I am looking for but if it does not appear than I stay flexible and go with the flow. I readjusted my setup a little bit and I do focus now a lot on price action. I am just very noobish in reading price action as I just started to studying but the very little I know serves me well so far. I am using different time frames, tick charts, keltner channels, trigger lines, macdbb. I will stay in SIM till I feel 100% comfortable for a good period of time. I will only trade intraday and only the first two hours of the opening. I will mainly focus on the ES.
I started yesterday with a SIM bankroll of 5K and did since than 6 trades my current bankroll is now 6900. 2 stopped out and 4 successfull. I will trade with 2 - 4 contracts depending on the situation. My target is to be consistent in taking trades. So before entering a trade I will always define the target. I will always make sure that I have a good risk to reward ratio and that the direction fits in my vision. Generally I will work with tight SL and will use the latest pivots as SL or sometimes triggerlines or anything else - all depends on the situation. I try to take as less trades as possible and only trade what I understand and what I know. I do not want to trade casino roulette style.
My big picture goal is to reach a certain level of skill which allows me to be on a consitent level profitable. I would like to trade as I reached a certain bankroll level with 10 contracts but doing it with the same coolness like trading just one contract. This will take time but no master fell from heaven so far.
--
I will not be able to trade every day - as I got a job and still go to university which I am about to finish - but I will try to trade as much as possible.

I will provide screenshots and a small commentary to my own screens (my vision, my thoughts, my reflections). I will try to make videos aswell but I dont have a mic plus I am shy . I truly would like to invite you guys to watch, see, and leave comments and any sort of inspirations and support me with your knowledge and insight in trading.
--
Btw: Mad props to big mike for putting this forum into life! awsome job!
--

So.... enough said....

Good luck & trade well

Wild wishes

Milton



P.S.: Screenshots of yesterday and today will follow on the next post in a while, as i am not home yet... and pls excuse some spelling or grammer mistakes, i am not a english nativer speaker...

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  #3 (permalink)
 ollivermilton 
Linz / Austria
 
Experience: Intermediate
Platform: Ninja Trader
Trading: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received


here are my charts of today and yesterday.
my approach usually to trading is that i start to look at the higher timeframes to get a impression of the overall direction; the big picture. then i look at the movement of the market and try to evaluate if we are focussing a movment along the overall direction or if we are in correction or consolidation of the current trend. that gives me an idea about the positions i am seeking and the targets i am aiming to. also by looking at priceaction i can figure out if the current move - whatever direction it is currently moving - is weak or strong. also i keep my eye open for bar patterns or specific pivot areas like double tops and/or bottoms or flags or etc. then i break it all down step by step to the smaller timeframes until i finally have a good vision. depending on the markets speed i will choose to trade from the 987 or 610 or even smaller timeframes.
--
todays and yesterdays ES have been pretty similar about the vision. by looking at the bigger timeframes i saw that we have broken a nice bulltrend and that we are now in a range with a slight downwarddrill. by breaking this down to a lower timeframe and by looking at price action i found a good entry at the midband. i had - what i call midbandivergence - on 1597 macds and they also started to roll to the downside on 987. the first half of my position got closed at my target the outer band - i then closed the second half as price showed weakness i could go for new low. what supported my decision in taking a short was the 5 minute chart which showed strong momentum to the downside wide small triggers and large triggers. Macd of higher timeframes also showed down.
--
wild wishes
milton

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  #4 (permalink)
 ollivermilton 
Linz / Austria
 
Experience: Intermediate
Platform: Ninja Trader
Trading: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received

hello everyone!
--
today was a pretty lame day in the morning US session.
premarket would have been more attractive but i havent had any time.
--
by looking at the higher timeframe i defined a target of 1275 first and then 1288 yesterdays high. this would be a nice doubletop. so the trend today was up. I first went long at 1256,50 after price couldnt break through the midband but i was to fast with SL so i get taken out + 1 tick.

since the market really slowed down and because of lot of divergence at macd i was looking for a retracement on the 987 chart. i went in for a short from the midband since everything pointed down. macds down + bearish divergence, price action down, broken midband. unfortunatly the divergence got broken and i got taken out.

i then went long as smaller macds started to push up and price action also move upwards. unfortunatly i got a bad fill. i scaled out my position after 2,5 points because price was showing again weakness and i didnt feel comfortable trading today.
--
have a nice and relaxing weekend!

wild wishes

milton


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  #5 (permalink)
 ollivermilton 
Linz / Austria
 
Experience: Intermediate
Platform: Ninja Trader
Trading: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received

here are my screens of today

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  #6 (permalink)
 Mickey Caine 
Kent, England
 
Experience: Intermediate
Platform: Sierra
Broker: Infinity
Trading: Oil
 
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Hi olliver

may I suggest, when posting your charts, you break the screen up a bit, so as to show maybe just one chart at a time. Your picture looks very pretty, however it is, to my eyes at least, utterly illedgible. Thanks

And many wild wishes to you to.

MC

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  #7 (permalink)
 ollivermilton 
Linz / Austria
 
Experience: Intermediate
Platform: Ninja Trader
Trading: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received

just click on the picture... as it pops up click on it again... you can zoom into it... so it should be very easy to read and see... but i post nextweek as your requested...
--

milton

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 bluemele 
Honolulu, Hawaii
 
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Olliver,

Welcome aboard.

Good looking charts. haha...

What do you use the PRICE ACTION SWING for? How are you working with it? Looking for 'harmonic' patterns or just helping you see PA?

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  #9 (permalink)
 ollivermilton 
Linz / Austria
 
Experience: Intermediate
Platform: Ninja Trader
Trading: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
Thanks: 131 given, 76 received


bluemele View Post
Olliver,

Welcome aboard.

Good looking charts. haha...

What do you use the PRICE ACTION SWING for? How are you working with it? Looking for 'harmonic' patterns or just helping you see PA?


thx...
hehe...
nice colour, isnt it?!
--
you mean by price action swing the 5 min chart? right?
the 5 min chart is my chaperone... it tells me if its legitimate to enter a trade or not... i only enter trades if the 5 min chart is in my favour... never go short on a tick chart when the 5 min is pushing up...
the strength of the 5 min chart is defined by the small and large triggers...
--

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 bluemele 
Honolulu, Hawaii
 
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Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
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ollivermilton View Post
thx...
hehe...
nice colour, isnt it?!
--
you mean by price action swing the 5 min chart? right?
the 5 min chart is my chaperone... it tells me if its legitimate to enter a trade or not... i only enter trades if the 5 min chart is in my favour... never go short on a tick chart when the 5 min is pushing up...
the strength of the 5 min chart is defined by the small and large triggers...
--

No, the indicator you have on your chart that shows the HL/LL/LH/HH and the %...

Just curious on how you are using it.

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