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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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  #391 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
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1st trade of the day

entry type: Buy Stop above resistance.

Solid entry. Took 3 ticks of heat. Per my morning notes I placed a Buy Stop above the 9346 resistance line. Moved my target to 20 ticks. Moved my stop to +5 after it reached 15 ticks. Waited patiently for the target to be hit. I am thinking about trading multiple contracts on the open. Its really my best trade of the day. If I did this I have the potential to be one and done depending on the move.

Robert



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  #392 (permalink)
prague, czech republic
 
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Nice entry! I wonder what sort of stop loss you are having on these type of break out entries? I trade very similar setups based on order flow with very tight stops, thus I wonder what do you use.

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  #393 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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2nd trade of the day..

Entry Type: Buy stop above double top.

My entry was good but I panicked when price started retreating. This cost me again. As soon as I exited the trade it went up and hit my target. +2 on the trade.



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  #394 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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xelaar View Post
Nice entry! I wonder what sort of stop loss you are having on these type of break out entries? I trade very similar setups based on order flow with very tight stops, thus I wonder what do you use.

@xelaar

Thanks! I start out with a 15 tick stop loss. Most of the time I move it to 10 to 12 ticks depending on where my entry is and what the chart looks like. As price moves up so does my stop. Example. 1st trade I moved stop to 10 ticks right after the entry. 2nd trade I had it at 12 ticks which was right below the open of the entry bar.

Robert

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  #395 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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3rd trade of the day

Entry type: Buy Stop above resistance.

Good entry. Took 6 ticks of heat on this one. Hit my target of 15 ticks. I originally had ideas of placing my target @ 9432 which is a resistance line. As I am typing this up price hit this level. I am starting to see targets on the chart. I need to trust what I see and go for it. +37 ticks on the day. May call it here unless something really good comes along.

Robert



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  #396 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Differences in weeks. (to review later)

Two weeks ago I had my best week ever trading. Nearly all the entries were support and resistance breakouts and there was a lot of them. Last week the breaks came mostly on trend line breaks. Had a good week but trades were harder to come by. This week is starting out with support and resistance breakouts. Recognizing the difference in market types is important. If support and resistance breakouts continue to be my best setups then it makes sense to up the position size. I need more trade data to confirm this, but on the surface it makes sense.

Robert

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  #397 (permalink)
Legendary Data Wizard!!!
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Final Stats for the day.

Today was a good day. I saw my entries clearly and was able to capitalize on trades 1 & 3. I am frustrated with the second trade because the stop I had in place was 3 ticks. Had I been stopped out it would have been been good trade management. Instead I panicked and turned a solid positive trade into a minor positive trade.



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  #398 (permalink)
Legendary Data Wizard!!!
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Morning charts for 4-30-13

On the weekly chart CL is sitting at lasts weeks high. On the hourly charts its sitting on a trend line. On the 15 minute chart - a double bottom was broke from yesterday afternoon. This is a decision point for CL. If the trend line is broken on the hourly we go lower. If the trend line holds then we go higher. Right now the bias would be higher because there is a trend line and price is sitting at support of lasts weeks high.




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  #399 (permalink)
Legendary Data Wizard!!!
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Posts: 1,914 since Feb 2011
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1st trade of the day

Entry type: Buy stop above resistance.

Ended this trade flat. Price was just not moving to my liking. My entry was off as well. Had it been closer to the resistance line I might had held it longer. Bad trade off the open

Edit: I over analyzed my entry.

Robert



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  #400 (permalink)
Legendary Data Wizard!!!
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2nd trade of the day.

Entry type: Sell Stop below support. News release.

For some reason I was nervous about this trade. Had a target of 15 ticks but moved it to 10 because it pulled back to my entry 3 times. Should have held this longer. +10 ticks

Robert



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