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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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  #451 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Combine Report Day 12


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Legendary Data Wizard!!!
Cincinnati Ohio
 
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Morning Charts 5/10/13

CL finally broke through all the support which has been holding it up all week. On the daily chart it broke below support . On the hourly chart it broke through a cluster of bars which has been support over the last couple of days. (see green box) On the 15 minute chart it was in a downward channel overnight and it broke out of it this morning. Could be a volatile session on the open. With these big bars it makes it more difficult to find a good entry spot. I will be waiting to see what develops.

Opec news:


Quoting 
OPEC keeps 2013 world oil demand growth forecast unchanged at 800,000 bpd and sees downside risks for the rest of the year

Says:
- Raises 2013 demand forecast for its own crude at 29.84mln bpd, up 90,000 bpd from previous forecast.
- H2 2013 will see much higher global oil use and expects demand for its crude to average 30.47mln bpd in H2 2013, up from 29.14mln bpd in Q2.
- OPEC secondary sources estimate groupís output rose in April by 280,000 bpd to 30.46mln bpd by Saudi Arabia, Iraq.






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Legendary Data Wizard!!!
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Goals for the day

My goals for today:Trade my plan. Dont force trades. Wait for the trade to come to me. Manage the trade through my targets and stops. Have patience and let the trade play out. Don't let fear or indecision keep me from taking a trade. If the conditions are met take the trade!

Robert

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Legendary Data Wizard!!!
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1st trade of the day

Entry type: Sell Stop below low of the day

I let this one get away. I missed my target by 1 tick and it reversed. I didnt get out when it started going back up. -3 ticks.



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Silver Dragon View Post
1st trade of the day

Entry type: Sell Stop below low of the day

I let this one get away. I missed my target by 1 tick and it reversed. I didnt get out when it started going back up. -3 ticks.

This loss really came down to the mental games of the combine. My avg win and avg loss are fairly close. In the back of the mind I was thinking if I close it out with a small win then it will draw the numbers closer together. If I go with a small loss then it make it further apart. I dont mind the daily loss limit and the max DD but the other numbers put me on edge. I guess its good to have these parameters in place but I feel like I am gaming the system when I have to make a decision like this. It just feels like cheating to me.

Robert

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Legendary Data Wizard!!!
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2nd trade of the day

Entry Type: Sell Stop below low of the day

Good setup but there was no follow through the downward movement. -4 ticks

Edit: so price took me out by 1 tick then reversed and hit my target.

Robert


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Legendary Data Wizard!!!
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3rd trade of the day

Entry type: Sell stop below low of they day

Valid entry- no follow through on the first leg down. Reversed took out my stop and then went on to hit my original target. Taking a break. -10 ticks.

Robert




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  #458 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Final stats for 5/10/13

3 losses in a row. I am done for the day. Today's difference between have a winning day and a losing day came down to 3 ticks on the first two trades. Two ticks away from a target on the first trade and one tick on a stop on the second trade. Days like this will happen, its part of trading.

Robert




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  #459 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Silver Dragon's Avatar
 
Posts: 1,897 since Feb 2011
Thanks: 5,419 given, 4,512 received

Final stats for the week

Ended the week down 8 ticks. -165 net when commissions are added in. I am taking this as a good week; I did not hit my loss limit nor did I give back all my gains from the previous two weeks.

Robert


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  #460 (permalink)
prague, czech republic
 
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Good trading, Robert! Looks like you are having same situation in crude today as I was having in gold, big down trend but no follow through on breaks lower for most part. I think your trading is good and consistent, maybe, just, that you need to concentrate to capture larger winners, same problem as I have. Keep doing it, good consistency. Have a good weekend.

Alex

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