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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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  #331 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
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Silver Dragon View Post
Price action all over the place this morning. Trading SIM till I see less erratic price movement.

Robert

No trades today. Prices as was all over the place in a tight range. I could not get a good feel for the market. Traded some in SIM which ended with a couple of winners and losers. These were really test trades trying to figure out how to trade these type of days.

Robert

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  #332 (permalink)
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Back in the day.. I guess its been 20 years gone by now, I used to write poetry a lot. For various reasons and much to my wife's dismay I started writing less and less. Now I write a few times a year. When I started to identify my fear on paper poetry is what came out. So I thought would share how I perceive fear. Its raw and unedited but I think it conveys the power fear has over people.

That's pretty good.

I am no literary critic, but it made me read till the end.

VV

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  #333 (permalink)
Legendary Data Wizard!!!
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Stats for this week and a excerpt from my personal journal. This was a sobering journal entry and week for me. Reality about trading for a living has finally set in.


Quoting 
So my stats for the last week were amazing. I should be ecstatic with these types of results but I am not. In the grand scheme of things these stats don't matter. Trading is about having consistency week after week. Sure, I did it this week but can I do it next week or the week after? If I cant do it again then this was a one hit wonder. The reality is, if I were to pass the combine I will then have to another test before going live.. Then I have to do it live.. so you see one week of doing it right does not matter. it only matters if I do it right now and forever.

What did matter this week: This week I documented my trades as they happened. I started the day with where the market was and where it might be going. I focused on taking high probability setups. I am identifying my fears and I am working to conquer them. I am using the trade details this week to define a "real" trading plan. I wrote every day in my personal journal about how the trading day went. At the end of the week I realized my total dollar amount did not matter; only that I traded consistently.

As I move on to next week I wonder if I can do it again. I have been here before....

For context, I dont expect to have results like this every week. I expect that if I follow my plan and trade consistently so that over time I will come out on the positive side of the ledger.

Robert



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  #334 (permalink)
Legendary Data Wizard!!!
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Sunday night open:

Price had a failed breakout attempt of the trend line on the 15 min chart. New upper trend line formed off the high bar mid way through the previous downtrend. Looks like it might retest the lows of the night.

Robert


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I am switching to the June contract for CL.

Robert

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  #336 (permalink)
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Excerpt from my personal journal.


Quoting 
I spent a lot of time this weekend in reflection. Thinking about my past trading experiences. Thinking about where I was and where I am now. Wishing I would have known then what I know now. But then I thought would have I been able to change if I had known? Not sure... There is generally a event in a persons life which makes them take the step to the next level. But without that event change comes slowly if at all. Did the event happen for me? yes.. Will I take it to the next level? Remains to be seen.. I am in uncharted waters but my direction is clear...Time will tell.


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Sunday night open:

Price had a failed breakout attempt of the trend line on the 15 min chart. New upper trend line formed off the high bar mid way through the previous downtrend. Looks like it might retest the lows of the night.

Robert

Final chart for the night. Price tested the bottom and reversed and broke above the trend line and made a new high for the night.

Robert


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  #338 (permalink)
Legendary Data Wizard!!!
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Morning Charts for 4-22-13

Price made a new low over night on the 15 minute chart then took off to the upside when the Asian session opened. On the hourly chart price is in wedge. The weekly chart price is above the support/resistance area. To the upside there is resistance @89.38ish and 90.00. Could be another sideways day today.





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  #339 (permalink)
Legendary Data Wizard!!!
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1st trade of the day.

Entry type: Sell stop below Fridays support area and below the opening 30 min range.

This trade was a tough trade because I had to put my entry way below where I wanted to get in. The reason for this is because there was a lot a support from last Friday which causing chop. I have seen price in these support areas reverse on a dime. There is also support on the lower trend line @8838. On the whole, my entry was solid and price went quickly toward my target. I ended up taking a profit before the home sales report came out @ 10 am. Missed my adjusted target by 1 tick. Ended up +9.

Robert




nosce te ipsum

You make your own opportunities in life.
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  #340 (permalink)
Legendary Data Wizard!!!
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Silver Dragon's Avatar
 
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2nd trade

Entry Style: sell stop below support and low of the day

Using a longer term chart to show this entry and exit. There is support about 5 ticks below where I placed my exit. I think price might break that level, however, I wanted to lock in profits. Took 4 ticks of heat on the trade.

Robert

Edit: I thought about taking multiple contracts on this trade. There are certain trades where I believe it makes sense to have multiple contracts. The simple reason for this is they are very high probability. This is one of those trades. I need to work multiple contracts into my trading plan.



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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February 2, 2015


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