Mac's trading journal

February 18th, 2012, 12:24 PM

My trading journal objective:
take a close look at my selection and execution process using education gleaned from reading Al Books book "Trading Price Action Trends" to improve my trading.

current positions in market as of today:
ATLS: bought at 24.80 - targets: 26.80 and 27.85. Stop loss at 24
DRYS: bought at 3.84 - targets: 4.34 and 5.10. Stop loss at 3.62
TBF: bought at 32.19 - target: 32.88. Stop loss at 32.15

Plan:
Review for short term moves in the market, based on daily action and see if Al's set ups work on a daily timeframe for me like they do for him on his 5min charts. Identify positive set ups with potential profitable upside targets and hard stop loss targets. Will be using price bars only plus 20ema based Al Brooks Trading Price Action Trends book. Will use what I can understand and apply to test in this journal. Should be interesting and educational (and hopefully, profitable).

Let the journey (and journal) begin.

February 18th, 2012, 06:08 PM

I wish you all the best. I also like Al Brook's material and price action is my way of trading. I only trade forex.

February 22nd, 2012, 04:39 AM

Glad the market was open today. Activity on my three open positions:

ATLS (24.80 purchase price) was disappointing today. The high didn't reach or exceed the high of last Friday 26.20 vs 26.24. Most of the loss was early at the start of the day and the close saw the stock push up nicely. I will watch this stock closely on Wednesday and am moving my stop up to 2 cents under today's low at 25.29.

DRYS (3.64 purchase price - not 3.84 noted in my original post)spiked up and then skidded down for the rest of today. Hit my stop loss of 3.62 around noon. I will keep an eye on this stock and look at picking it back up if it makes a strong move up from 3.50 or 3.36

TBF (32.19 purchase price) behaved nicely today. Up .36 (1.12%). Came off the top a little. Would have liked to see it close higher on the days move but it is getting close to some resistance at 32.64. My stop loss is moved up to just under today's low at 32.35. If it can't break 32.64 and push up to 32.88 I will look at getting out with a small gain.

New purchases today:

JO was picked up at 50.78 today. Targets 53.50 and 55.30. Stop loss at 49.90. I will let it close the gap and may even buy more at a move up from 49.90 but am out if it drops below that.

RWM was picked up today at 26.37. Targets 27.32 and 29.26. Stop loss at 26.11. This stock is bouncing off some support at the 26.20 level.

SCVL was pick up today at 26.92. Targets 28.00 and 29.49. Stop loss at todays low of 26.58. After a nice push up it pulled back down. Not the kind of action I want to see with a stock breaking a trend line and pushing up over resistance. But if I am wrong, I am wrong and need to get out quick.

Watching for tomorrow:

Gold and Silver looked good today. Nice gap up after a pull back. I will add positions if they cross their Feb. 2nd highs.

That's it campers. Let's see what tomorrow has in store for us.

Mac's trading journal

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Mac's trading journal