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Breakout Journal - a journey to full time trading


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Breakout Journal - a journey to full time trading

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  #301 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Took a scalp play on the 15 minute bars. Waited for the pull back after a huge down bar. The plan was to take a 10 tick scalp. Ended up +11 with slippage with 0 MAE. This was executed perfectly. I set a Buy Stop above the high of the bar with a 5 tick stop and waited for it to tick up. Trade took 7 seconds from entry to exit.

This is a setup I have been watching and practicing for a while. This is the first time I executed it in a combine.

Robert

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  #302 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Silver Dragon's Avatar
 
Posts: 1,891 since Feb 2011
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Silver Dragon View Post
Took a scalp play on the 15 minute bars. Waited for the pull back after a huge down bar. The plan was to take a 10 tick scalp. Ended up +11 with slippage with 0 MAE. This was executed perfectly. I set a Buy Stop above the high of the bar with a 5 tick stop and waited for it to tick up. Trade took 7 seconds from entry to exit.

This is a setup I have been watching and practicing for a while. This is the first time I executed it in a combine.

Robert

Went to a the well for a second time and this time it did not work out. Ended up losing 3 ticks on the trade.

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  #303 (permalink)
Legendary Data Wizard!!!
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Took a trade on the break out of the trend line. Did not have the patience to hold it to my target of 15 ticks. Ended up +11. I watched this one closely because the day has been very bearish. My feeling is there could be a strong pullback to the downside on any type of weakness.

Robert


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  #304 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
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Silver Dragon's Avatar
 
Posts: 1,891 since Feb 2011
Thanks: 5,403 given, 4,498 received

Currently sitting at +40 ticks for the day. There is one more possible breakout to the upside and one to the downside I might take assuming it does not happen late in the afternoon.

I felt very comfortable trading today. I turned off my P/L on the last trade. It was freaking me out a little not being able to see it. However, I did notice I was forced to look at the chart in relation to support and resistance levels and not the number ticks I had gained. Will attempt to go to all day tomorrow without seeing my P/L.

Last night - notes.

I saw the downside potential last night but did not have the courage to put the target below the support. I was going to attempt to make it two trades. The trade idea was right but was lacking in execution.

I originally had a 20 tick target which was above the low of last week. The plan was if my first target hit to put a sell stop below last weeks low. Well price blew through the low before I had a chance to setup the stop. Hindsight - I should have set up the entry while in my first trade because it was a high probability trade. The only positive thing that happened was I didnt chase the trade. Last night would have been the rare exception where it ended positively but even knowing this it still would have not been worth the risk.

My entry last night was 90.55 and todays low 87.86. I ended up with 20 ticks last night. Not a bad trade by any means but still I caught myself saying what if.... So, I am giving myself an A for recognizing the what was happening and a C-/D+ for capitalizing on it.

Robert

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  #305 (permalink)
Legendary Data Wizard!!!
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Took one last trade for the day and ended +6 ticks. It was a rejection of the upper trend line.

Trade stats for the day.

Robert



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  #306 (permalink)
Legendary Data Wizard!!!
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Updated weekly chart. CL is in the support zone. If it breaks out of this zone the next zone is between 85 and 86.


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  #307 (permalink)
Legendary Data Wizard!!!
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15 minute chart. Channel formed with today's action. There is a bit of bottoming out since the close. Price is in the midddle of the channel so there is a possibility of breakdown if it breaks or rally if it holds.. choose your poison.

Edit: posted wrong chart.. Now fixed!


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  #308 (permalink)
Legendary Data Wizard!!!
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Posts: 1,891 since Feb 2011
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Silver Dragon View Post
15 minute chart. Channel formed with today's action. There is a bit of bottoming out since the close. Price is in the midddle of the channel so there is a possibility of breakdown if it breaks or rally if it holds.. choose your poison.

Edit: posted wrong chart.. Now fixed!


And the poison is breakdown.

Robert


nosce te ipsum

You make your own opportunities in life.
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  #309 (permalink)
Legendary Data Wizard!!!
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I cant remember where I heard it but someone said the trades which look the worst or where you have the most fear in taking generally end up being the best trades. I have found this to be true over the last couple of days. Tonight I missed a 50 tick run because of fear. All the signs were there, it was screaming take me! take me! I even had the sell stop set. I took it out and 15 minutes later price was 50 ticks lower. I have missed out on 150 ticks (conservative) over the past 24 hours because of fear and poor execution.

So what can I do?? I have to take the trades for better or worse... for richer for poorer.. regardless of what I feel at the moment... I suppose this would be considered growing pains in the world of trading? Man this sucks! Feels like I missed the shot to win the game..

Robert

nosce te ipsum

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Legendary Data Wizard!!!
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First trade of the day was flat. The entry conditions were met however, price moved a few ticks in the direction of the trade then just stopped and hung in mid air for more than a minute. When it started to reverse I got out.



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February 2, 2015


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