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chungp2's Trading Journal

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  #101 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Scaled into a long position today. Bought @ 13796 and 13793. This area was a support level from yesterday that I thought would hold, at least for the early part of the session. Got to both targets. Ended up being my only trade for the day.

Pain of Regret > Pain of Discipline
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  #102 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Been busy with packing, choosing what to keep and throw away...sad to leave Korea, but excited to start a new journey.

1/28
One trade on the 28th with three contracts. Kept risk within my limits. Decided to call it a day after the trade was completed. Ended up a winner A+ for the day.

1/29
Didn't take any trades. None of my levels were tested.

1/30
Took three trades. The first one could have been managed a whole lot better had I been looking at the DOM when I placed my stop. I got tagged on my three lot and got stopped out...to the tick. Price then reversed and shot off to all of my targets. In replaying the trade, I noticed that my stop was at a level with a significant amount of bids. In hindsight, it would have been better to place my stop below that level (pics for references). I would have given myself an A+ for this trade for simply following my plan, but since I ignored vital information on the DOM that could have saved me, I'm gonna have to give myself a B+.

Trade number two, I scaled into with 2 contracts. the 13873 level that I have highlighted in the attachment can be ignored. Trade was a winner. Followed the trading plan to the T. A+.

Last trade I simply decided to exit early, as it was getting close to the 4:15PM EST session pause. Got out for -2 ticks. Not too happy with the way this trade ended up. I should have just probably avoided the trade altogether since it was getting late in the day. C+ for this trade.

Overall, a B+ for the day.

Pain of Regret > Pain of Discipline
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  #103 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received


Two trades for the day.

Give myself a F for the day.

First trade was done according to the plan. But the trade was taken 3 mins prior to the Chicago PMI. Went short...the Chicago PMI was positive...I got stopped out. 1 Lot for -16 ticks. Trade was taken in hopes for a negative result for the Chicago PMI. F for this trade because I was trying to predict the news.

2nd trade ended up being a winner (long). Took two lots, determined risk and reward before I entered into the trade. Placed stop @ a spot that would have been enough room for price to move. Everything in this trade went perfectly. Got to both of my targets. Ended up a little over positive for the day because of this last trade. However, I get a F simply because it was not in the plan. The trade was taken at a level that I identified as a prior resistance zone (in fact the same level that is referenced in the first trade of the day). However, since price has broken through, I now assumed that it would act as support, which it did (for a little bit). Some would say that I have adapted to the developing situation, but I don't quite see myself being able to do that consistently and profitably.

Pain of Regret > Pain of Discipline
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  #104 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Got rid of the GOMCD. Now only really using price action, support and resistance areas and VP. Setting stops based on VP, and adjusting position size based on how far my stop is from my entry point. Stop are no longer mechanical. If i get stopped out of a trade, it will be because my hypothesis on the market was wrong, not because of some hard mechanical ruled-based methodology that I have created. Stops can be adjusted based on new information presented in the DOM, as long as it is within reason and still allows me to have a positive risk to reward ratio.

Pain of Regret > Pain of Discipline
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  #105 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Note to self for future reference:

- do not cook dinner while doing premarket analysis...causes you to lose focus

- eat dinner at the dinner table...not at your desk...causes you to lose focus

-don't talk to fiancee on the phone while doing premarket analysis...causes you to make dumb mistakes during premarket analysis.

Moving on. Three trades today. Focused on keeping risk within limits.

First trade of the day. I didn't even notice that I completely screwed up my trading notes for the 13852 level. I had planned on entering long @ 13852, but I didn't have the proper stop placement and lot size written down in my notes. Caused me to scramble a little bit. I decided to just enter in with one lot and set stop and target based on previous VP levels. Trade worked out pretty well...was actually more of a scalp.

Second trade was absolutely disastrous. Scrambled to enter into the market...went in with a 2 lot when I should have gone in with a 1 lot. I would have still lost in this trade no matter what, but I could have at least halved the damage. Scaled in @ 13853 and 13851. Pretty much the same level as my first trade, but was anticipating that this level would hold as resistance. Was dead wrong and didn't get one tick of pleasure out of this one.

Last trade was beautiful. Have to pat myself on the back for this one. I had a 3 lot waiting @ 13810, 13808 and 13806. Had my stop @ 13802 (based on previous VP level). Price bounced off 13806 and shot off to all targets...well the first two targets went pretty quick. The last one was a bit of a nail-biter. Actually wanted to scratch and book my profits. Decided to let the trade play out, which ended up being the right decision.

Pain of Regret > Pain of Discipline
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  #106 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Decided to call it a day mid-day...

Yesterday ended up in the red...

2/5
First trade I was wanting to scale in with a two lot (long). First lot got filled..however, price never went below my first fill, so only ended up with one contract for this trade. Price shot up to my first target. My entry ended up being the low of the day.

Next two trade were taken within the plan. Both were losers. OK with that considering I didn't stray far from my plan.

Pain of Regret > Pain of Discipline
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  #107 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Tried a scalp today premarket. Wasn't exactly taken according to my plan, but I saw some activity in the DOM that I thought was worth acting upon. Kept risk super small, leaning on the 13884 level. Entered with only 1 lot for this one. Target reached.

Second trade was also taken premarket. Ended up a loser. Took two lots at a level that I had predefined. Was tagged (to the tick) and then the market took off.

Third trade was taken at the same level as my second...only difference being that this was taken during market hours. Both PT's reached.

Last trade was somewhat of a clusterf*ck...I scaled in with two contracts. After some thought, i decided that one lot would be a better choice, risk wise as I would be able to preserve capital and the market wasn't really responding the way I thought it would in my area of business. I was able to scratch one of my positions. I left the other one open just in case the market decided to reverse. Was getting pretty tired staring at the computer. Got up and bought a coke at the convenience store downstairs. When I came back, it was still muddling around. I honestly just wanted to scratch the trade, which in hindsight now, would have saved me, but decided to do the right thing and follow my plan.

Overall ended up barely profitable for the day.

Pain of Regret > Pain of Discipline
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  #108 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

No screen shots for 2/7. But took three trades...all losers. Stopped there for the day, as I was getting close to my daily stop loss limit.

2/8 took two trades. One loser and one winner.

First Trade was taken at the open. Two lot @ 13911. Stopped out fairly quickly. The loss was within my risk parameters, so I was ok with the trade.

Second trade was taken based on the developing VP. I didn't have this trade in the plan, but as the VP was unfolding, I had already envisioned where my entry, stop and target would be. Kept this trade small...1 lot. Set a stop wide enough to allow the market to breath, and had it touched my stop, I would have felt comfortable puking as I felt it would go further against me had I set my stop wider. In anycase, the trade ended up a winner. Stopped there for the day.

Ended up barely profitable. Any day where you don't lose is a good day.

Pain of Regret > Pain of Discipline
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  #109 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

Made a couple of video recordings for a couple of trades that I took previously. The trades were taken during the live market, however, these videos were created using market replay.


Pain of Regret > Pain of Discipline
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  #110 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
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Posts: 123 since Jun 2012
Thanks: 50 given, 34 received



Pain of Regret > Pain of Discipline
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