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David_R's Trading Journey Journal (Pls comment)
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David_R's Trading Journey Journal (Pls comment)

  #111 (permalink)
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rassi View Post
Here is a 15 min day session only of the ES yesterday. I have market it up showing reasons to trade away from the marked areas. You could use either volume setups from Gomi's ladder or Market delta or indicator based triggers on lower value volume charts or dare I say it price action triggers!


Rassi,

Thanks for the chart. At the 61.8 level you say "Target for prior swing up" What do you mean by that? Does that mean you expect a 61.8 retracement?

D

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  #112 (permalink)
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David that means that when the 78.6 retracement of the swing into the high is broken then that level becomes the target. Which happens to overlap the 61.8 of the larger swing. Hope that helps.

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  #113 (permalink)
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In my preparation to trade again I did take one sim trade today. From the $ perspective I was pleased with the results and one of these a day would make me a happy guy. From all the other perspectives and what I believe to be the more important ones, I feel I did a good job and would give myself a B+, but I have to admit that watching price oscillate back and forth waiting for the target to be hit is more than just a test of patience. Sim is not real money, but I still want to see the trade work out. I think the more we see our trades work out the more confidence we build and then the more we can accept the price oscillation as just part of the game.

I am happy with myself for not messing with the targets. I put them in place and left them. I did move my stop to limit risk once I felt that price had moved sufficiently away from the entry area and didn't trail price too closely. Once my initial target was hit I moved my stop to entry plus 1 point. Price did come back to stop me out, so one question of myself is, did I manage the last part of the trade well? I also waited for target one to take of 2/3 of the position instead of taking one contract off at say 1 point. I'm not real sure what to do about this, but I do feel that targets need to be greater than risk. Maybe I'm wrong about this.

By the way, I literally took no heat on the trade. At the most a few ticks and the whole time price was wiggling around I was always in the green, so I really have nothing to complain about.

David

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  #114 (permalink)
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David_R View Post
In my preparation to trade again I did take one sim trade today. From the $ perspective I was pleased with the results and one of these a day would make me a happy guy. From all the other perspectives and what I believe to be the more important ones, I feel I did a good job and would give myself a B+, but I have to admit that watching price oscillate back and forth waiting for the target to be hit is more than just a test of patience. Sim is not real money, but I still want to see the trade work out. I think the more we see our trades work out the more confidence we build and then the more we can accept the price oscillation as just part of the game.

I am happy with myself for not messing with the targets. I put them in place and left them. I did move my stop to limit risk once I felt that price had moved sufficiently away from the entry area and didn't trail price too closely. Once my initial target was hit I moved my stop to entry plus 1 point. Price did come back to stop me out, so one question of myself is, did I manage the last part of the trade well? I also waited for target one to take of 2/3 of the position instead of taking one contract off at say 1 point. I'm not real sure what to do about this, but I do feel that targets need to be greater than risk. Maybe I'm wrong about this.

By the way, I literally took no heat on the trade. At the most a few ticks and the whole time price was wiggling around I was always in the green, so I really have nothing to complain about.

David


Hi David,

Was that your entry timeframe or did you drop to a lower t/f ?

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  #115 (permalink)
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rassi View Post
Hi David,

Was that your entry timeframe or did you drop to a lower t/f ?


Rassi,

In this particular case the chart shown is where the setup occurred and the one I used to enter.

David

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  #116 (permalink)
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First live trade in a long time. I'm feeling very comfortable with the new methodology. I'm actually thinking that it isn't really a new methodology, but just a different way of looking at things. I was very patient to let may first target get hit. There were times that I started to second guess myself and wonder if I should change things, but that is not part of the plan. My patience paid off and the target got hit. I was aggressive with my stop adjustment and was stopped out shortly after. I don't feel that I did anything wrong on this trade. I allow myself some discretion on stop movement etc., but do like to stick with first profit target at least. I've also come to accept and realize that I can do well and I don't need a huge runner every time I take a trade with the intention or desire of making $10,000 on one trade.

I have a mental target of $200 per day. I feel that is very doable and reasonable and anything more than that is icing on the cake. As time progresses that number can increase, but I'm not in a hurry. Today I took this one trade and I am done. I've exceeded my mental target. I am not sure if that is the best approach or not. I know that some have loss limits, but not profit limits. I think for now it is the best way to go. I give myself an "A" today for all aspects of the trade.

Charts showing the setup etc.

By the way, it turns out I did screw up the charts in that I should of had 300, 900 and 2700 tick and instead had 150, 300, 2700 and 8100. ooops.

David

Attached Thumbnails
David_R's Trading Journey Journal (Pls comment)-ym81910_trade-.jpg   David_R's Trading Journey Journal (Pls comment)-ym81910_trade-b.jpg   David_R's Trading Journey Journal (Pls comment)-ym81910_trade-dom.jpg  
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  #117 (permalink)
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Nicely done David, bravo. Glad to see you back in the saddle I can't write much right now, but am proud of you to have the determination to see things through.

Mike

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  #118 (permalink)
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Big Mike View Post
Nicely done David, bravo. Glad to see you back in the saddle I can't write much right now, but am proud of you to have the determination to see things through.

Mike

Mike,

thanks. i appreciate it. You as well as others on the forum have been a huge help.

Mike, I saw you still have the pneumonia. I think you should get back to the doc and don't mess around with it.

David

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  #119 (permalink)
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David_R View Post
Mike,

thanks. i appreciate it. You as well as others on the forum have been a huge help.

Mike, I saw you still have the pneumonia. I think you should get back to the doc and don't mess around with it.

David


Day #2 of taking live trades. I feel it was an ok day. I did have one screw up on a CL trade I took. I think I got impatient or wasn't looking carefully, but that was a 3 tick loss. I was looking at CL because YM and ES were like watching snails walk the sidewalks.

Other than the screwed up CL trade I feel I did okay, but am not real happy with the trade management. I'm trying very hard not to exit everything at one target as well as giving the trade room. I keep hearing let the winners run, but at what cost do we do that? I also only traded one contract at times and realized that I should be taking it off at my designated first target area and not looking for it to run.

I think it was a tough day because most of it seemed to be grinding and slow with low volume.

I will give myself a C+ to a B- for the day. Feeling pretty good for the most part. The one ES trade I bailed on was the only time I felt stressed.

Charts in order of trades. DOM is for entire day.

Not shown, but trade one hit T1 and I managed kind of poorly and let it stop me for +3 on second contract.

David

Attached Thumbnails
David_R's Trading Journey Journal (Pls comment)-ym82010_trade-.jpg   David_R's Trading Journey Journal (Pls comment)-cl-trade-82010-.jpg   David_R's Trading Journey Journal (Pls comment)-es82010_trade-.jpg   David_R's Trading Journey Journal (Pls comment)-estrade082010-b.jpg   David_R's Trading Journey Journal (Pls comment)-ym82010_trade-dom.jpg  

Last edited by David_R; August 20th, 2010 at 05:29 PM. Reason: trade one note
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  #120 (permalink)
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David_R View Post
Day #2 of taking live trades. I feel it was an ok day. I did have one screw up on a CL trade I took. I think I got impatient or wasn't looking carefully, but that was a 3 tick loss. I was looking at CL because YM and ES were like watching snails walk the sidewalks.

Other than the screwed up CL trade I feel I did okay, but am not real happy with the trade management. I'm trying very hard not to exit everything at one target as well as giving the trade room. I keep hearing let the winners run, but at what cost do we do that? I also only traded one contract at times and realized that I should be taking it off at my designated first target area and not looking for it to run.

I think it was a tough day because most of it seemed to be grinding and slow with low volume.

I will give myself a C+ to a B- for the day. Feeling pretty good for the most part. The one ES trade I bailed on was the only time I felt stressed.

Charts in order of trades. DOM is for entire day.

Not shown, but trade one hit T1 and I managed kind of poorly and let it stop me for +3 on second contract.

David

David, dont sweat on the exits, in these summer markets best off just all in all out to smaller targets imho.

Glad to see its working out for you! wtg

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