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chungp2's Trading Journal


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chungp2's Trading Journal

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  #51 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
chungp2's Avatar
 
Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

By this point, I felt that just going for 5 ticks on all of my contracts would be better for me, emotionally and psychologically. I met my 5 tick PT relatively easy (went long), but saw that price continued to go up. Surprisingly I was not frustrated. Going for these small 5 tick scalps seems to be my bread and butter so far (knock on wood).

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  #52 (permalink)
Hartford, CT
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
chungp2's Avatar
 
Posts: 123 since Jun 2012
Thanks: 50 given, 34 received

I was feeling pretty invincible up to this point (in regards to reaching my first PT). Trade 4, got all the signals for entry (to go short). The direction was down during the day and I was looking to go with the trend. The only problem was that I was not at any significant reference level. I was halfway between the 1st SD low and 2nd SD low. So even though I had my divergences at that price, along with order flow confirmation, I completely disregarded that the 1st SD low was acting as resistance and that price still had more room to move up. Of course, I had a hard stop of 5 ticks (which I don't move until I reach my first PT), but it was not enough to take account the 1st SD low. So I got stopped out and price continued higher and bounced off the 1st SD low, like I expected. I actually had divergences there as well, but didn't enter in because order flow didn't confirm for me.

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


Given that I have two trade management plans within my journal that I am keeping track of, I have decided to incorporate my AI/AO plan into my overall goal of doubling my account. So basically it is like a race to the top, AI/SO vs AI/AO. Which ever reaches $25,000 first, wins. Or, which ever busts first, loses.

I'm not sure if this is considered cheating since I am not actually trading my AI/AO plan. I can just as easily only trade AI/AO, but then I won't be trading AI/SO (which I need obvious practice in). Since AI/SO already incorporates my AI/AO plan, I will continue to journal the way that I have been, only difference being that I now have a $25,000 sim account for AI/SO, and a $25,000 sim account for AI/AO.

Cheating? Maybe...but it's all in the name of learning.

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

Only one trade. I didn't get many setups with divergences, and when I did, I wasn't comfortable with what I was seeing in order flow, even though price kept on going in the direction that I thought it would. A little frustrating, but okay since I followed my plan.

Went long in my trade. Didn't take too long to get to my first target. AI/AO wins today.

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

I'm going to update my trade management a bit. It's still going to be AI/SO, but only two lots this time around. The first lot will hold 2 contracts, and will still have a 5 tick target. The second lot will have 1 contract and act as a runner to a market generated price level, or until I see divergence going in the other direction.

The reason I am doing this is to be able to lock in profits on my first target. Getting to the first target and then seeing price reverse is getting pretty old, especially since those trades end up in the red (when they could just as easily be in the green with my updated trade management plan.)

I predict that my AI/SO plan will slowly start creeping back into the green. We'll see....

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

Friday was a red day for both trade management plans. I should not have traded this day. My parents flew in in the middle of the night and I got maybe about 20 mins sleep. I wasn't feeling very sharp...but the thought of missing any good opportunities was too overpowering for me to take the day off.

The first trade of the day was a quick loser. I set 2 contracts at my first target, and my last as a runner. Got stopped out at my hard stop of 5 ticks.

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

Trade 2...ended up a winner, just barely. Took this trade not too long after my first trade. Got all signals and entered.

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

Last Trade

This one a loser. Honestly all I can say is that I was very tired and not focused enough to trade. I have to control myself next time I am feeling this way.

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

My first trade of the day was a trade that I should not have taken (short). I didn't have a divergence on my 10,000 volume chart. For some reason, it was something that I noticed after I had already entered the trade. A slip-up on my part. The trade ended up being a loser and getting stopped out. Thats what I get for being sloppy and not focused.

My second trade (short), I got all of my signals and entered mid bar on my entry footprint chart (something I normally don't so). Price continued to trade in that bar and as volume was building in the bar, the bid vs ask price @ 1430.50 was working against my position. I decided to let the trade play out. Luckily my first target was met, but the last contract was stopped out at -4 ticks.

On the third trade of the day, I was playing a bounce off of the PD high (short). Price just barely reached my stop of 5 ticks, which was frustrating because it didn't go higher, and because it reversed...which brings me to my fourth trade.

The fourth, I got all of my signals, and entered again (short). I got to my first target of 5 ticks, but decided to manage the last lot. It looked as if price was going to go up again due to, what seemed to be a bounce off a LVN. So I got out of my last contract for 3 ticks. All around winner for this trade.

The last trade of the day (long) was sort of a trend following trade. Price was reverting back to the mean, and there was a regular bullish divergence signal. I got confirmation from my footprint and entered. Seemed no one else in the market was thinking the same thing as me, and I got stopped out. Bummer. Another red day for both plans.

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


Footprint charts for all of my 5 trades.

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February 19, 2013


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