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March Challenge Trading Journal
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Created: by RedDotScott Attachments:13

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March Challenge Trading Journal

  #1 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

March Challenge Trading Journal

Hello All,

I am very green at trading. I took trading instruction recently from Adam Milton. If you have had a bad experience with Adam please don't air that here. The trading courses/info thread may be a better forum for that.

I will try to be diligent in posting to this journal, admittedly for my benefit, as an aid to keep me honest about my trading. Any insight is a welcome.

I run commercial solar projects around the country so most of my posts will be nocturnal.

Thank you Big Mike for this forum.

Scott

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  #2 (permalink)
Quick Summary
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

March 1st


Attached are two screen shots showing the 1 min dax futures. The first shows the long trade at the 4th touch of the upward trend channel (yellow) with targets (green) and stop loss (red) as well as the bearish wedge showing the short trade.

The second screen shot show the 1 min dax futures with the short trade from the bearish wedge with entry targets and stop loss.

The analysis is performed on the DAX futures charts and the trades are executed on the underlying DAX-201203-DTB.

I am sim trading at this time and the goal of this journal is to give me the confidence to actually trade with $.

Sierra Charts and Interactive Brokers.

Thanks again Big Mike for this opportuniy to hold myself accountable,

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-dax-1.-min-1-3.3.2012.png   March Challenge Trading Journal-bmt-dax-1.-min-2-3.3.2012.png  
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  #4 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

March 1st Dow

Hello all,

Attached is a chart of the 60 min NYSE that I use for analysis to trade the YM.

This chart shows the formation of a bearish wedge.

I am waiting on the price to move bellow the lower trend line with the entry at the break of the low of the most recent touch of the lower trend line.

This could take several days or weeks. An excellent opportunity to be patient.

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-ym-1-3.1.2012.png  
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  #5 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

March 1st Dow cont.

If find one of the toughest things to do is determine exit (profit) targets that do not keep me in the trade after the price reverses. One thing that I try to use is the support and resistance shown on different time frames. I have an example of a short trade,(entry at yellow line, exit targets at green line, stop loss at red line), from a bearish wedge on the 5 min chart and the exit target based on the support (pink line) on the 1 min chart.

Any comments welcome.

Thank you,

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-ym-5-min-1-3.1.2012.png   March Challenge Trading Journal-bmt-ym-5min-2-3.1.2012.png   March Challenge Trading Journal-bmt-ym-3-3.1.2012.png  
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  #6 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

Dow

Yesterday I posted a Bearish wedge formed on the 60 min chart on the NYSE index. Today the price moved through and traded below the lower trend line. I entered this trade at the yellow line and watched the price move against the trade almost immediately (yikes!). Patience, patience. This is a longer term trade and will move up and down hourly.
I just need to trust in my analysis.

Thanks,

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-nyse-60-min-2-.png   March Challenge Trading Journal-bmt-nyse-60-min-3-.png  
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  #7 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

Dow YM

In a previous post is showed a chart pattern that I used to enter a short trade on the Mini Dow. This was on the 60 min chart and would take a day or to to complete. It is now complete, see attachement. Please keep in mind that the Indices and the futures contract trade at slightly different prices and on the NYSE it was about 13pts when the trades were made to close out the trade.

Thank you,

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-nyse-60-min-4-.png   March Challenge Trading Journal-order-book-ym.png  
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  #8 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

DOW YM lack of currage

The bearish wedge from the NYSE 60min chart had the price move all the way down to the price the market was at when the char formed.

I went back and listened to one of the archived webinars by Suri Duddella where he states that he is aware of 100's of chart patterns but is intimate and trades only 6 or 8. I find this to be critical to my trading. How can I become proficient at trading if I am constantly changing tactics? There is an over whelming amount of information out there to tease confuse and confound new traders.

I am grateful to Big Mike and all who post here for helping to separate the wheat form the chaff.

Thanks,

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-nyse-60-min-5-.png  
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  #9 (permalink)
Elite Member
Sarasota,
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 14 since Jan 2012
Thanks: 16 given, 2 received

Charts working together

I have learned that nothing can beat watching the market. No amount of reading/watching videos etc can substitute for watching the market.

I have posted a 5 min chart with the price moving down from a bearish wedge pattern. This move down is forming the second shoulder of the bullish H&S on the hourly chart.

I will be off for a few days. I am taking my Boy Scout troop to the keys for spring break.

Thanks,

Scott

Attached Thumbnails
March Challenge Trading Journal-bmt-nyse-5min-3.9.2012.png   March Challenge Trading Journal-bmt-nyse-60-min-3.9.2012.png  
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  #10 (permalink)
Trading Apprentice
Baltimore, MD
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: Futures
 
Posts: 2 since Feb 2013
Thanks: 0 given, 1 received

Adam Milton trading instruction


Hi Scott,

I too am one of Adam's old students and would love to be able to share notes with you. I think it would be helpful for both of us to refresh the course material. I would appreciate your assistance since I took the course from him back in 2011 and could use a bit of refresher. I understand Adam suffered an accident and is no longer available. Have you heard anything about his status?

Kind regards,
Murat

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