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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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  #461 (permalink)
Legendary Data Wizard!!!
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Combine Results Day 13


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  #462 (permalink)
Legendary Data Wizard!!!
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I made a mistake. This entry was not a valid. The two previous trades where breaks of support and a new low of the day. This trade was simply a new low. The probabilities are less on these types of trades and they tend to pull back further which this one did.

After the two near misses I had on the first two trades I think I was emotional and made a rash decision. I should have taken a break and cleared my mind after the two losses.

Edit: "I think I was emotional" - Should be "I know I was emotional".
Robert


Silver Dragon View Post
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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xelaar View Post
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

@xelaar

Alex,

Thanks! I agree I need larger wins. The problem is I dont know the best method of setting targets. It seems when I try to go for anything over 20 ticks I get burned. Maybe I am getting in to late on the trade. I dont know. I will be reviewing my trades this weekend to see what I can come up with. Although, I dont think I am going to change my method at this point. I am too far into the combine and dont want to style drift and completely knock myself out of the combine. If anything I would like to at least get rollover.

Your combine is looking very nice!! You have plenty of time to finish it out. As you told me; Slow and steady!

Robert

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  #464 (permalink)
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Robert, how about increase the number of contracts for each trade?

You combine report shows you've the discipline and consistency of a good trader. Instead of stretching yourself for elusive larger targets, trading multiple contracts might be a better route. You can keep your current set up you're comfortable with. Just my thoughts.

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  #465 (permalink)
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shzhning View Post
Robert, how about increase the number of contracts for each trade?

You combine report shows you've the discipline and consistency of a good trader. Instead of stretching yourself for elusive larger targets, trading multiple contracts might be a better route. You can keep your current set up you're comfortable with. Just my thoughts.

Hi @shzhning

I have thought about this many many times and there are a few reasons why I have not gone down that path.
  1. The 30K combine leaves to little room for error to trade multiple contracts. With a $500 loss limit it would be very easy on a bad day to hit it.
    .
  2. The Live Trader Prep which follows a successful combine only allows a $500 loss limit for the week. Two bad days in a row and you would be done.
    .
  3. I thought about adding contracts once I got a cushion like $1000 but the problem I see is if I were to have a couple bad days like this week then I would have to go back to one contract and make up twice as much ground. Currently sitting at 915 had I traded two contracts this week when I was over a $1000 there is a possibility I might be closer to 700 today.

With that said, I think it makes sense to have multiple contracts if you have the appropriate plan and combine to make it work. I have thought about a custom combine and raising my loss limit to 700 or 800. This would give me enough cushion for my trading style to use two contracts. Its something I will be thinking about if I dont make it through this one.

Thanks for refreshing the idea. Something to think about this weekend.

Robert

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Morning Charts 5-13-13

Doji formation on the weekly charts last week. Generally indicates a top. However, on the daily chart we have had 3 days of rejection as price has tried to go lower. Last Fridays low touched the trend line and reversed. Hourly chart looks to be in a pennant formation. Overnight on the 15 minute chart there was a channel. Price broke out of it this morning. To me there are contradicting signals as far as the long term price movement goes. Short tern - Buy above 96 and short below 95.





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1st trade of the day

Entry type: Sell Stop below the low of the opening bar on the open

Solid trade. Took 4 ticks of heat on the trade. This trade had good follow through on the way down. +15 ticks

Robert

Edit: made a mistake on entry type. should have not been low of the day



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Legendary Data Wizard!!!
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Goals for the day

My goals for today:Trade my plan. Don't 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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  #469 (permalink)
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Looks like a range day on both black and shiny golds, be careful with these break outs while inside the value area! Good goal!

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I am very distracted at the moment. I am not seeing the market clearly. Taking a break to get the distractions taken care of.

Robert

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