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David_R's Trading Journey Journal (Pls comment)


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David_R's Trading Journey Journal (Pls comment)

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  #11 (permalink)
 benharrell 
Pittsburgh, Pa
 
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Hi David,

Good point as it is your journal. I'll be sure to keep my comments and posts specific to your system and workspace.

As for the news, I use this website to keep a watchful eye on what's ahead for the day. Barron's Econoday - Barrons.com

I know there is an indicator/indicators floating around that also can assist w/ onscreen notifications and such--I'll dig around for you on this one. Someone might get to it before me as well...

One last question, are there any other set-ups that you look for at the moment, or do you have a catalog of set-ups that you look for? If so, I would love to hear/see them so that I can continue to keep an eye on a chart with your settings, etc. (i.e. do you look for 100 ZLB's for entry/exit on your higher time frames?)

Best,
Ben

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  #12 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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Ben,

Even though it's my Journal you can post. I don't mind.

I do look for 100 line bounces for an entry. I try and use only a few setups so that I don't over trade, which is a problem for me. So I I can limit the setups to the 5034 (price crossing the 34 ema and 50 cci crossing 0) 5034Z (same as the 5034, but the 50 cci does a ZLR after crossing 0. Somes its just better to wait for this then entering on the 5034, but it depends on the amount of risk), the 5014 (50cci on the right side of 0 and the 14 crossing 0) and the 100 line bounces. In conjunction I may use and trend line break on the CCI.

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  #13 (permalink)
 rassi 
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This looks good David, I have looked at this on min charts and it gives rather slow entries however on volume its much better. Are you incorporating fibs at all as I consider those to be the strongest aspect of Marks setup?

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  #14 (permalink)
 David_R 
Market Wizard
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Here is a chart from today on the ES. I'm not a fan of the ES at all, but i saw this set up and I had a couple losers in CL. Today in CL I get an F because it was sideways and i traded it anyways. I got stopped out on the first trade and of course entered another that was up about 8-10 tics, but reversed and stopped me out again. This ES helped me to make the day not as large of a loser, but putting P and L aside I'm not happy with how I traded this. I traded 12 contracts and took 6 off at 3 tics which is okay. I'm only looking for a small amount on the first half. From that point on my management was aweful. I didn't have a good plan as to where i wanted to exit. Price went in my favor about 5 tics and came back and I took off 3 more for 3 tics. I tell myself to hold for 6 tics for the next 1/4 which is ultimately hit. Once up 6 tics i moved stop to B/E which is when I start to relax. I took off 2 at 1038 which was shy of the prior swing high of 1038.5 for 9 tics. I like to keep one contract just in the event there is a move and I trail fairly tightly. Last one closed at 1037.5 which was in conjunction with the 100 line cross. Overall I give myself a C for poor management of the trade.

I give myself a B+ for looking for a long because i was contemplating a short around the 1038 area where all the blue bars are. There is a high volume bar at around 11:33 AM and then high volume bars with narrow spreads. The trade would have worked in hindsight, but it is counter trend and none of the indicators are in alignment. The only thing there is some divergence on the CCI. It should still be and was a no trade. But....I did short after I was out of the long two contracts at 1037.50 because of the high volume bar at around 12:50. The last push higher was on low volume and with the high volume bar closing on the low i thought we may get a moved down for a quick point or so. It didn't bo anywhere and was about a 2 or 3 tic loss. It is counter trend and even though the 50 cci crossed the +100 it is not below 0 and the higher time frames are not in alignment. This last trade I give myself an F.

I did not post the CL charts because I am embarrassed to do so.

David

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  #15 (permalink)
 David_R 
Market Wizard
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rassi View Post
This looks good David, I have looked at this on min charts and it gives rather slow entries however on volume its much better. Are you incorporating fibs at all as I consider those to be the strongest aspect of Marks setup?

Yes, I do look at Fibs. I like symmetry for staying in the trend and I also like to look at fib S/R on the higher time frame such as a 60 minute to enter on the lower time frame.

I've noticed that the volume charts look smoother, but there seems to be a lot more crosses of the 0 lines like today which is tough to deal with. I'm trying to decide if I stick with volume charts or not.

David

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  #16 (permalink)
 emini_Holy_Grail 
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David_R
You mentioned 3min in line with higher TF, 9 or 15min. do you see both in same chart, 3min and 15min?

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  #17 (permalink)
 Big Mike 
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David,

Throw embarrassment out the window. You need to do "something" with that chart so that you can learn from it and/or improve upon your actions. Posting in a public journal is one way to help minimize making the same mistake twice.

Mike

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  #18 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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emini_Holy_Grail View Post
David_R
You mentioned 3min in line with higher TF, 9 or 15min. do you see both in same chart, 3min and 15min?

No, they were off to the side. If I recall correctly they were in alignment. The program Fibonacci trader allows 3 time frames on one chart. You can put the indicators from a 15 minute directly on a 3 or 5 minute chart. Petty cool. Just and FYI.

D

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  #19 (permalink)
 David_R 
Market Wizard
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Big Mike View Post
David,

Throw embarrassment out the window. You need to do "something" with that chart so that you can learn from it and/or improve upon your actions. Posting in a public journal is one way to help minimize making the same mistake twice.

Mike

Mike, thanks! I know you are right.

Today was worse then yesterday. If there were a grade below F I would give it to myself. I've been trying to create new habits such as following rules and my plan and today was just the opposite. Today is the kind of day that makes me think I'm not cut out for this business.

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  #20 (permalink)
 benbrooke 
Dallas,tx
 
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David ,

i like you journal!

i can relate to you in what happen today , i graded my self today also as F i didnt have any trade setup today and i took without any plan

Dont give up!!

ban.

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