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Trade The Value Trading Journal


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Trade The Value Trading Journal

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  #1 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Philosophy: I focus on day and short term trading via market profile and technical analysis. I look for optimal trade location that provide asymmetric risk to reward opportunities.

Markets: I trade Gold, Crude Oil and E-Mini S&P futures.

Strategy 1: Excess Breakout: Market moves quickly with strong volume, Enter via market order in direction of breakout. Minimum risk:reward of 1:3.

Strategy 2: Value Area Extreme Retracement: If market retraces to VAH or VAL and stalls, fade the market via a market order. Minimum risk:reward of 1:3.

Risk: Maximum 3.5% of account equity on any one trade.

Journal: Enter all trades in Trading Journal. Monitor performance weekly, monthly, quarterly and yearly.

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  #3 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received


Final Market Update 3/1/12

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  #4 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Monthly Quick Review

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  #5 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Monthly Quick Review updated to include 3/1/12 trades.

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  #6 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Gold, Crude Oil and E-Mini S&P screen shots with trade locations for 3/1/12

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  #7 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

LESSONS 3/1/12

KEEP IT SIMPLE: Today I simplified my trading. I reduced my number of strategies to 2. Previously I was trying to implement 4 or 5 different strategies. I was confusing the hell out of myself and suffering from analysis paralysis. The problem I was suffering from was not wanting to let go of EVERY opportunity. I have to accept the fact that I will not catch EVERY move. That is ok. The key is to catch some moves. Nobody can catch 100% of the moves. Patience is key!

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  #8 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep. 3/2/12

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  #9 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Update 3/2/12 10:49am

OOps! I butchered this trade. This made me realize I need to update my strategy rules. The correct trade, according to my rules, was to short the retracement to the VAH. I've updated my rules.

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  #10 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received


Gold, Crude Oil and ES screen shots with trade locations for 3/2/12. Will update Trading Journal and Monthly Quick Review and Post later. I also made an error on an ES trade. Similarly, I should have followed the excess breakout requirement before entering ExBo long. Correct trade was fading VAH.

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  #11 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal for 3/2/12. (Still holding ES short positions)

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  #12 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Lessons for 3/2/12

Rules: I had a contradiction today in 2 markets (GC, ES). I missed a trade and went with another. I did not have a clear parameter to guide me. I realized I needed to clarify my rules so I'd know which trade to take. Typically, I am able to remain patient and wait for a setup. However, if 2 contradictory setups occur simultaneously, I have a very difficult time making a decision.

Updated Trading Strategy Rules: Only trade in the direction of the current excess breakout condition.
(A) Long: Excess Breakout Bar long then can only take long positions. Look to enter on b/o of excess breakout bar high, or retracement to VAL.
(B) Short: Excess Breakout Bar short then can only take short positions. Look to enter on b/o of excess breakout bar low, or retracement to VAH.

Once the trade direction parameter is set, you cannot change it until the opposite trade direction parameter is met. Ideally, this will keep you aligned with current market sentiment and keep you from entering and reversing multiple times throughout the day.

BE SELECTIVE!

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  #13 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Monday 3/5/12 No Trading Today I had to go to a job this morning so I was not able to trade. Nevertheless I decided to do my morning market prep to maintain a continuity of market awareness.

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  #14 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep Tuesday 3/6/12

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  #15 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Gold, Crude Oil, ES screen shots with trade locations for 3/6/12

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  #16 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Quick Monthly Review for 3/6/12

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  #17 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Lesson 3/6/12:

I've had 3 losing days in a row. It's time for an extensive review. I'll be looking at:

1) Overall Market Conditions during +/- days.
2) Strategy Setups
3) Markets
4) Time of Entry

I'll post my findings

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  #18 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep for Wednesday 3/7/12

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  #19 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trade Screen Shots for Wednesday 3/7/12

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  #20 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Quick Monthly Review for Wednesday 3/7/12

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  #21 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Performance Review 2/27/12 - 3/7/12

1.) Market Conditions: Generally speaking the market was balancing at the top of an up trend during Monday and Tuesday last week. The markets started to break down. Gold went first then Crude then ES. My performance is better an days that are at least hitting the average pit range and volume. On days that were below the average I did worse.

2.) Strategy Setups:
A) Exbo -11
B) VARet +21
3.) Markets:
A) YG -6
1) ExBo +0
2) VARet +0
B) QM +11
1) ExBo +4
2) VARet +16
C) ES -11
1) ExBo -14
2) VARet +6
4.) Day of Week:
A) Monday -11
B) Tuesday -1
C) Wednesday -6
D) Thursday +9
E) Friday +3
5.) Letter:
A -2
B -19
C +3
D +6
E +3
F -6
G +6
H -3
I +6
6.) Trend Location:
A) Trend Initiative -31
B) Trend Responsive -9
C) Counter Trend Initiative +2
D) Counter Trend Responsive +35
7.) Trade Location:
A) InB +10.50
B) SOB -27.05
C) OB +10

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  #22 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
 
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Posts: 512 since Aug 2011


Conal View Post
LESSONS 3/1/12

KEEP IT SIMPLE: Today I simplified my trading. I reduced my number of strategies to 2. Previously I was trying to implement 4 or 5 different strategies. I was confusing the hell out of myself and suffering from analysis paralysis. The problem I was suffering from was not wanting to let go of EVERY opportunity. I have to accept the fact that I will not catch EVERY move. That is ok. The key is to catch some moves. Nobody can catch 100% of the moves. Patience is key!

....Nobody can catch 100% of the moves....?

hi conal

it is entirely possible for a trader to catch 100% of the moves, you know?

just so.... that those moves are defined and fallen within the perimeter of that trader's trading setups, trading plans, trading strategies and his/her risks/rewards guidelines.

under the aforementioned conditions, traders can capitalize 100% of that market ups and downs, both way.... knock on wood....

but then, i tend to agree with you, that no one can manifest that envious feat every trading day, days in and days out, nights in and nights out....

wishing you even more profitable tradings both now and in days to come, K, conal?

on the other hand, a trader really does not need to capture too many moves in a trading day, you know?

ask yourself first, but then there are loads of other preliminary questions also; such as, how many trades do you wish to execute in a trading day?

but then the question would be dependent on which market and which product.... too?

any way, to make the long question shorter--what does your trading plan say about the trade setups that you ought to take....?

if you only want to execute 4 or 5 trades a day, you really need to use longer time frame to complement your trading strategies et al.... which i am certain you already knew this.

wishing you speedy success, conal.

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  #23 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Thanks for the reply nakachalet. I agree with your sentiments that you can catch 100% of the move according to your setup and executing your plan 100%. I'm trying to be more patient and selective, looking to catch 1 or 2 moves. I want to be careful not to over trade, looking for a setup on every little twist and turn. Happy trading!

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  #24 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep for Thursday 3/8/12

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  #25 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
 
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Posts: 512 since Aug 2011


Conal View Post
Thanks for the reply nakachalet. I agree with your sentiments that you can catch 100% of the move according to your setup and executing your plan 100%. I'm trying to be more patient and selective, looking to catch 1 or 2 moves. I want to be careful not to over trade, looking for a setup on every little twist and turn. Happy trading!

hi again, conal

most of us do not mind pocketing 4 or 5 tics small potato per trade,

then if any of those trade does go according to our indic projects,

then it is all the better--i can assure you, this happens very often.

reasons? our setups have been carefully selected and vigorously tested before they are put into real time horse work, so to speak.

wanna share what some of your setups are? only if you wish to do so, K? <sorry, am in trade>

kind regards

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  #26 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trade Screen Shots for Thursday 3/8/12

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  #27 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Quick Monthly Review for Thursday 3/8/12

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  #28 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep for Friday 3/9/12

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  #29 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received


nakachalet View Post
hi again, conal

most of us do not mind pocketing 4 or 5 tics small potato per trade,

then if any of those trade does go according to our indic projects,

then it is all the better--i can assure you, this happens very often.

reasons? our setups have been carefully selected and vigorously tested before they are put into real time horse work, so to speak.

wanna share what some of your setups are? only if you wish to do so, K? <sorry, am in trade>

kind regards

Basically 2 setups:
1) Breakout: Looking for rejection of price via large volume and a large range. Enter in direction of breakout.
2) Retracement: Looking for price to stall at VAH or VAL, fade against level.

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  #30 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
 
nakachalet's Avatar
 
Posts: 512 since Aug 2011


Conal View Post
Basically 2 setups:
1) Breakout: Looking for rejection of price via large volume and a large range. Enter in direction of breakout.
2) Retracement: Looking for price to stall at VAH or VAL, fade against level.

thx conal

but what do they each means in terms of trading though?

could you pls explain perhaps with one of your charts as accompaniment, so it is easy to see and perhaps, understand better; what does each mean and what does each entail?

and particularly:

1--at which point in time, does one ENTER the trade?

2--and HOW DOES ONE KNOW, HOW LONG TO HANG ON TO THAT TRADE?

3--and, if the trade already entered, does not pan out; how long before bailing out?

4--and, how does one know, when to bail out, pls?

so next time, we could recognize them, when we come across any of them by ourselves on someone else charts, pls?

only if you have the time, K?

thx much again, conal.

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  #31 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trade Screen Shots for Friday 3/9/12

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  #32 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Trading Journal and Quick Monthly Review for Friday 3/9/12

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  #33 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Progress

I think I'm making some progress, however, my equity curve is very choppy. I think I'm on the right track but need to do some tweaking. The 5 minute chart may be too quick for my personality and style of trading. I'm going to start watching a 30 minute bar chart along with the market profile chart. I'll start forward testing new setups and see if I can smooth out the equity curve.

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  #34 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Update for Monday 3/12/12. I did not trade today. I had to go out to a job. I did spend some time when I got home setting up my new charts. I think using longer time frames better suites my personality and style of trading.

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  #35 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Market Prep for Tuesday 3/13/12 FOMC today. Be patient!

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Conal
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nakachalet View Post
thx conal

but what do they each means in terms of trading though?

could you pls explain perhaps with one of your charts as accompaniment, so it is easy to see and perhaps, understand better; what does each mean and what does each entail?

and particularly:

1--at which point in time, does one ENTER the trade?

2--and HOW DOES ONE KNOW, HOW LONG TO HANG ON TO THAT TRADE?

3--and, if the trade already entered, does not pan out; how long before bailing out?

4--and, how does one know, when to bail out, pls?

so next time, we could recognize them, when we come across any of them by ourselves on someone else charts, pls?

only if you have the time, K?

thx much again, conal.

I'm not sure I have enough data to answer all your questions but I'll do my best. I was taking ever instance of the setup so I could track various conditions and then perhaps filter out the best setups.

1) Entry, breakout long above high of a bar that has a large range and large volume. Stop set to 3 ES pts and target set to 9 ES pts. vice versa for short.

2,3,4) Stay in trade until stop or target is hit, or signal in opposite direction.

The screen shot attached shows an ES long.

My equity curve has been pretty choppy though. I'm looking to adjust my setups, I think I'm better suited for a longer time frame like a 30 minute bar chart. I have switched to that and done some initial visual backtesting and will now forward test it for awhile.

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  #37 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Trade Screen Shots for Tuesday 3/13/12 FOMC

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  #38 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Lesson for Tuesday 3/13/12 FOMC

1.) Putting it All Together: My style of trading require patience and objective thinking in order to put all the pieces together. It takes time and experience to be able to read everything properly in order to positions yourself in asymmetric opportunities.

2.) Attitude: It's vital that you keep a positive attitude. It's easy to get discouraged and lose confidence. You have done an extremely good job at persevering and sticking to your methods. Keep up the good work!

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  #39 (permalink)
Conal
Boston, MA
 
 
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Trading Journal and Quick Monthly Review for Tuesday 3/13/12 FOMC

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  #40 (permalink)
Conal
Boston, MA
 
 
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Market Prep for Wednesday 3/14/12

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  #41 (permalink)
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
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Conal View Post
I'm not sure I have enough data to answer all your questions but I'll do my best. I was taking ever instance of the setup so I could track various conditions and then perhaps filter out the best setups.

1) Entry, breakout long above high of a bar that has a large range and large volume. Stop set to 3 ES pts and target set to 9 ES pts. vice versa for short.

2,3,4) Stay in trade until stop or target is hit, or signal in opposite direction.

The screen shot attached shows an ES long.

My equity curve has been pretty choppy though. I'm looking to adjust my setups, I think I'm better suited for a longer time frame like a 30 minute bar chart. I have switched to that and done some initial visual backtesting and will now forward test it for awhile.

thx conal

perhaps, just perhaps, on exit you could have a smaller time frame screen to guide you, if and when direction changes--so perhaps you could decide to close out your profitable/nonprofitable trade without having to suffer the full stop. just a whimsicality.

good and profitable trading, conal.

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  #42 (permalink)
Conal
Boston, MA
 
 
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Trade Screen Shots for Wednesday 3/14/12

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  #43 (permalink)
Conal
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Trading Journal and Quick Monthly Review for Wednesday 3/14/12

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Conal
Boston, MA
 
 
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No Trading on Thursday 3/15/12.

I was traveling for work so I was not able to trade. It can be frustrating to be pulled away from practicing and screen time, but it's a necessary evil. In fact next week, I'll be traveling Tuesday - Thursday. I was able to read a little today. I'm reading Outliers by Malcolm Gladwell. I highly recommend it! I hope I'll be able to read while I'm traveling. I plan on re-reading Markets in Profile by James Dailton.

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  #45 (permalink)
Conal
Boston, MA
 
 
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Market Prep for Friday 3/16/12

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  #46 (permalink)
Conal
Boston, MA
 
 
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nakachalet View Post
thx conal

perhaps, just perhaps, on exit you could have a smaller time frame screen to guide you, if and when direction changes--so perhaps you could decide to close out your profitable/nonprofitable trade without having to suffer the full stop. just a whimsicality.

good and profitable trading, conal.

That's a good suggestion, I'll definitely have to keep that in mind going forward. Thanks! Happy trading.

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  #47 (permalink)
Conal
Boston, MA
 
 
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Trade Screen Shots for Friday 3/16/12

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  #48 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Trading Journal for Friday 3/16/12

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  #49 (permalink)
Conal
Boston, MA
 
 
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Market Prep for Monday 3/19/12

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  #50 (permalink)
Conal
Boston, MA
 
 
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Trade Screen Shots for Monday 3/19/12

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  #51 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Trading Journal for Monday 3/19/12

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  #52 (permalink)
Conal
Boston, MA
 
 
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Lessons for Monday 3/19/12

If you have a trade that hits the target then stop trading that symbol for the rest of the day. We had a +9 in the ZB then tried to reverse the position and got stopped out. This makes no sense. Stay with the trend and if it hits the target then stand aside.

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  #53 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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No Trading for Tuesday 3/20/12

I'm traveling for work and am not able to trade Tuesday, Wednesday or Thursday.

Today I finished reading Outliers by Malcolm Gladwell. It's very interesting and I highly recommend it. Tomorrow I'm going to re-read Markets in Profile by James Dalton.

It's frustrating not being able to trade but I'm hoping I can read and reflect on trading and therefore still make some progress even though I'm not able actively trade.

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  #54 (permalink)
 Big Mike 
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Manta, Ecuador
 
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Conal View Post
Trade Screen Shots for Monday 3/19/12

You should post the screenshots at the original size. The size you are posting is quite small, unless your desktop is only 800x600 or something?

Mike

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  #55 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Big Mike View Post
You should post the screenshots at the original size. The size you are posting is quite small, unless your desktop is only 800x600 or something?

Mike

I had made a screen shot then made some notes then re-did then screen shot...hence the small size. I'll post the originals going forward. Thanks.

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  #56 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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No Trading Wednesday 3/21/12 or Thursday 3/22/12 Traveling for work.

I was able to read some more of Markets in Profile. I learn something new every time I go back to it. I think I'm slowly integrating new aspects of it into my trading. There is a lot to assimilate, so if I can keep picking it up little by little I think that will work in the long run.

I'm focusing more and more on trade location. I have to admit I'm a bit of a setup junky. I like clear, precise parameters to enter and exit. The trouble I'm having with the book is taking a more holistic view of the markets. I feel like it starts to get very subjective, perhaps too subjective for me. However, I have found that if a take notes of the big picture then maybe I could hold off on taking setups until they get into an ideal location. I think this is the next step.

I'm working on adjusting my trading journal so I can have an entry for longer term bigger picture conditions upon entry.

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  #57 (permalink)
Conal
Boston, MA
 
 
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Market Prep for Friday 3/23/12

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Conal
Boston, MA
 
 
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Screen Shots for Friday 3/23/12

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  #59 (permalink)
Conal
Boston, MA
 
 
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Trading Journal and Quick Monthly Review for Friday 3/23/12

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Conal
Boston, MA
 
 
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Lessons for Friday 3/23/12

Time in Trade: I noticed a few trades that became profitable right away. Conversely, other trades were either profitable then stalled and came back to my entry (ES short 10:01) or never took off from my entry (QM 10:31). Perhaps if the trade does not work rather quickly then it's indicative of poor trade location and should be exited early, before the stop or target it hit.

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  #61 (permalink)
 nakachalet 
siam, west coast andaman sea
 
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Conal View Post
Lessons for Friday 3/23/12

Time in Trade: I noticed a few trades that became profitable right away. Conversely, other trades were either profitable then stalled and came back to my entry (ES short 10:01) or never took off from my entry (QM 10:31). Perhaps if the trade does not work rather quickly then it's indicative of poor trade location and should be exited early, before the stop or target it hit.

it appears for the very first time, you stumbled upon the very fact that if and when you have an indicator or indicators that correctly, more often than not, could ride on the ridge of price action, north or south, as it revealed itself to you when you stated that--I noticed a few trades that became profitable right away....; then if you could tweak that indic to include sort of empirical price action sample....

that same indic would serve you and enrich you more than you can imagine.... is my one man opinion.

good luck and have fun. and wishing you the best.

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  #62 (permalink)
Conal
Boston, MA
 
 
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No Trading Monday 3/26/12 due to work schedule.

I wasn't able to trade Monday, my work schedule has been pretty busy. I'm hoping it sill become a little more consistent so I can trade.

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  #63 (permalink)
Conal
Boston, MA
 
 
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Market Prep for Tuesday 3/27/12

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Conal
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nakachalet View Post
it appears for the very first time, you stumbled upon the very fact that if and when you have an indicator or indicators that correctly, more often than not, could ride on the ridge of price action, north or south, as it revealed itself to you when you stated that--I noticed a few trades that became profitable right away....; then if you could tweak that indic to include sort of empirical price action sample....

that same indic would serve you and enrich you more than you can imagine.... is my one man opinion.

good luck and have fun. and wishing you the best.

Happy accident, haha. I hope I can keep stumbling on improvements. Happy trading!

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  #65 (permalink)
Conal
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Trade Screen Shots for Tuesday 3/27/12

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Conal
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Trading Journal and Quick Monthly Review for Tuesday 3/27/12

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Conal
Boston, MA
 
 
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Lessons for Tuesday 3/27/12

Trade Location: I entered GC long, ES long, ZB short and QM short on a retracement to the value area extreme. All were stopped out except QM. GC and ES VAL declined after I entered it, ZB VAH increased after I entered. QM VAH stayed the same and had been declining throughout the day.

You want the value area extreme to hold, it shouldn't move against you after your entry. You are looking for good trade location, if the location starts as an extreme and then turns into fair price, you no longer have good trade location and should enter the trade. Had I done that I could have exited GC, ES and ZB early for a smaller 1pt loss.

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Conal
Boston, MA
 
 
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Market Prep for Wednesday 3/28/12

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Conal
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Trade Screen Shots for Wednesday 3/28/12

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Conal
Boston, MA
 
 
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Trading Journal and Quick Monthly Review for Wednesday 3/28/12

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Conal
Boston, MA
 
 
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Lessons for Wednesday 3/28/12

3 Trades: Only take a maximum of three trades per day per symbol. You can take (1) LTRbo (2) LTRre (3) VARet.

First Hour: No trading the first hour of the pit open of the symbol. Based on a review of performance (see screen shots), taking trades during A & B periods = 52 trades, -77.5 points. Taking trades C period and later = 88 trades +126.3 points.

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  #72 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Market Prep for Thursday 3/29/12

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  #73 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
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Posts: 50,070 since Jun 2009
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Congratulations on your journal!



In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.

A) What are the top five benefits you have seen as a result of regularly posting in this journal?

B) What are the top five problem areas you have identified as a result of regularly posting in this journal?

C) Were you initially reluctant to start this trading journal? If yes, why?

D) How do you feel, overall, about your journaling experience?

E) Would you recommend to others that they should also start a trading journal?

Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.

Enjoy your weekend,
Mike

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  #74 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Trade Screen Shots for Thursday 3/29/12 and Friday 3/30/12

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Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
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Trading Journal and Quick Monthly Review for Thursday 3/29/12 and Friday 3/30/12

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  #76 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received

Lessons for Thursday 3/29/12 and Friday 3/30/12

Over Trading: I watched a webinar by Tom Alexander in which he recommended following a variety of markets in order to find the best opportunities. I agree with this over philosophy, however, I think I implemented it poorly. I was taking way too many trades. 8 trades on Thursday and 13 on Friday. We need to cut down on the number of trades, therefore:

Rule Update: Only 2 trade setups:
(1)Profile.305: Based on current market condition of the 30m 5m TPO profile, enter on close market order. Minimum 3:1 reward to risk.
(2)Value Break Out: If value is rising with average volume, enter long @ DPOC limit. Vice versa for short.

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  #77 (permalink)
Conal
Boston, MA
 
 
Posts: 72 since Feb 2012
Thanks: 6 given, 11 received


Big Mike View Post
Congratulations on your journal!



In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.

A) What are the top five benefits you have seen as a result of regularly posting in this journal?

B) What are the top five problem areas you have identified as a result of regularly posting in this journal?

C) Were you initially reluctant to start this trading journal? If yes, why?

D) How do you feel, overall, about your journaling experience?

E) Would you recommend to others that they should also start a trading journal?

Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.

Enjoy your weekend,
Mike

A) What are the top five benefits you have seen as a result of regularly posting in this journal?
1) Evolution: I feel like I have evolved as a trader. I know much more about what I like and can do well versus what I don't like and don't do well. I don't like trading a lot during the day, I'd much rather take 1 or 2 ideal setups. Therefore, I don't like using tick charts or small minute charts. However, I do like getting updates on strong volume and price movement when it happens. Therefore, I like to watch the volume on a 5 minute chat to catch changes. I use a 30 minute profile (5 minute TPO) to monitor the value development. I take setups off this chart. I monitor daily and weekly charts for overall market sentiment.
2) Screen Shots: I had never taken screen shots, or annotated charts before. It has been a huge benefit. I think you become more aware of the market condition by commenting on charts as they develop.
3) Trading Journal: It been awhile since I used my excell trading journal. I had been writing in notebooks and doing rough analysis by hand. You can dig much deeper with a spreadsheet journal. I have been able to brake down my trading.
(1) I found I was not profitable trading in the first hour of the pit session.
(2) I am taking way too many trades.
(3) I have been able to increase my profits by adapting my style to better suite my strengths and minimize my weaknesses.
4) Doing the Work: I think a big part of success is showing up, doing the work. By keeping a journal, having a plan, being honest with your results, you will improve. If you don't know what your preferences are and what your strengths are you cannot adapt.
5) Confidence: I am proud of the hard work I've done and the progress I've made. If I can make this much progress every month then I will be in good shape. Trading is a marathon not a sprint.
B) What are the top five problem areas you have identified as a result of regularly posting in this journal?
1) Over Trading: I was taking way too many trades. I even felt overwhelmed trying to keep up with the signals.
2) First Hour: I was not profitable in the first hour of trading.
3) Analysis: I was monitoring and recording data that I didn't need to. I focused more on annotating charts rather then notebooks.
4) Charts: I had been using tick charts and shorter minute time frame charts for signals. However, my personality/style is better suited for longer time frame minute charts.
5) Consistency: I was more consistent with journaling and doing my home work this month than any previous month I can remember.
C) Were you initially reluctant to start this trading journal? If yes, why?
I was excited about the challenge. I think my biggest hurdle was consistency and getting back to a spreadsheet journal. I'm not sure why, but for some reason I got frustrated entering the trades into the spreadsheet. Most likely because I was losing and didn't want to "relive" the "failure" over again. Now I look at it as an opportunity to learn something about myself and therefore my trading and improve.
E) Would you recommend to others that they should also start a trading journal?
My experience as been enlightening. I have learned so much about myself and my trading. I have made huge adjustments and improvements. I hope I can make as much progress in the future as I've made this month. It has also shown me that doing the work produces results.
E) Would you recommend to others that they should also start a trading journal?
Absolutely! Every professional trader I've heard keeps a journal. If a group of people who are successful are all doing the same thing, you probably should be doing it. It produces results, it's that simple.
Lastly, I was not a member of Big Mike Trading before this challenge. I'm glad I did and I'm grateful the form is here, Thank you!

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