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chungp2's Trading Journal


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chungp2's Trading Journal

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

Hello all,

First I have to start off by thanking all the folks that took the time (and are still taking the time) to help others in their trading goals and endeavors. I realize no one is getting paid to help us and that it is purely through generosity and kindness that the fine folks of this forum are sharing their wisdom. It has been a tremendous help to me.

That being said, I don't really have much to offer (as I am still a beginner) other than this journal. So, hopefully someone down the line will find some usefulness in my entries.

My ongoing goal for this journal is to:
  • take public accountability for my decisions
  • share my thoughts on the market
  • document my reasons for taking trades
  • document my psychology during trades
  • celebrate successes and share my failures

THE DETAILS:

Account:
I will first start off with a sim account of $25,000USD (which is the amount I will use to create an account). I will continue to trade this until either I blow this account out, or double it. I'm in no particular rush in seeing profits. I'm actually more interested in sticking to my trading plan and managing risk. I will be using a $4.50USD commission for each contract.


Risk Plan / Trade Management:
  • Risk no more than 1% of total account per trade.
  • Maximum of 5 trades per day

The Charts:
  • Composite Daily MP and VP
  • 10000 Volume Chart w/ VWAP, Delta Momentum and Stochastic
  • 4 Range Trend Chart w/moving averages and Delta Momentum
  • 4 Range Footprint Chart

The Entry Signal:
  • Regular or hidden divergences at market generated levels (either above value for going short, or below value for going long)
  • Volume shift @ market generated levels using Footprint

The Exit:
  • Hitting my stop of 5 ticks
  • Using VP/MP generated levels as profit targets

That's the plan in a nutshell. Some of you who are familiar with L2ST may see a lot of similarities in my charts when you compare it theirs. I have never been in their trading room, however the videos that they have around youtube explaining their methodology make logical sense to me. I understand all of the indicators that I am using, I understand the signals that they generate and why they are generated. To me, that is all I need to understand why I enter into a trade.

Anyway, thats it for the intro...time to get down and dirty.

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


Here are some screenshots of my setup, so anyone following me can understand why I enter into a trade.:

Pic 1:
The left chart shows a 10,000 volume chart with:
  • VWAP with 1st and 2nd SD levels
  • previous day VP levels
  • developing VP
  • Average of Delta Momentum
  • Stochastics
If there is a divergence in price and the bottom three indicators, then I move onto the lower right-hand chart.


The lower right-hand chart shows a 4 range trend chart with:
  • some moving averages
  • Volume Profile
  • Delta Momentum
Those who know Perry's method will find this chart familiar. I have observed that when the bars diverge from the 8EMA at a more than normal distance, is will retrace back to either the 8EMA or 20EMA, and sometimes even further. So on this chart, I am looking for a divergence in the bar from the 8EMA, as well as a delta momentum divergence. Basically this serves the same purpose as the 10,000 volume chart, but is more granular and allows me to judge whether an entry is worth considering. For example, if the most current bar has not diverged enough away from the 8EMA, then I will usually pass on the signal and wait for a better one.

The upper right chart is my footprint entry chart. If I get divergences on the 10,000 volume chart, and divergences on the 4 range trend chart @ a market generate level, I then look at the footprint for validation and confirmation. Basically all I'm looking for is rejection at that price area. For example, in a range, if I am looking for a bounce off a support level, then I will look for the offer being lifted @ 3 difference prices in a row on the same bar. If I get that, then I enter into the trade with 3 contracts (all in/scale out).

My stop is based on my risk allowance being no more than 1% of my total account ($25,000USD). So a 5 tick stop on three contracts plus commission equals -$201.50. I can live with that.

The only profit target that I have set in stone is the first contract. I put that at 5 ticks. The other two I set at VP generated levels, or VWAP levels.


Pic 2:
Just shows the bigger picture. The chart on the left is the Market Profile TPO chart, and the one on the right is a daily volume composite. I just use those to know where we are in the market and to get an idea of important levels within a swing.

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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
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Posts: 49,067 since Jun 2009
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Congrats on starting a journal.

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

The RTH session was pretty much a mirror image of the 9/17 Monday session. VA and POC were just slightly higher, but overall the market seems to be in balance.

I saw two different opportunities for entries during the day, both at the 9/17 high. I had divergences on all of my charts, however, the footprints did not confirm what I was hypothesizing. The moves that I had envisioned in my mind did come to fruition, and had I entered, would have made all of my targets. But, whats done is done and I did not take any trades today.

A couple of charts to show what I was looking at today.

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

To anyone who uses footprint to enter in on trades, I would love to hear feedback in what they look for @ their areas to do business. While I didn't take the trades that I wanted to today based on what I was seeing in the footprint, perhaps someone with more experience would have.

Again, anyone with experience, I am all ears...

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

I expanded the foot print chart to a 5 range, just to experiment. In looking at the 5 range, both bars would have signaled an entry for me at the two areas where I was interested in entering in a trade.

I will continue to use the 4 range as my entry chart. But at the end of each RTH session, I will look back at my entry points with the 5 range to see if there are any discrepancies. If I continue to see contrasting signals on the 4 range and the 5 range footprints over the next month or so, I will consider changing my entry chart. Until then, I will stick to my plan.

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

Only took one trade today...unfortunately it was a loser. Probably could have been a winner with better profit targets. The pictures should tell the story.

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

I did reach my first PT of 5 ticks. At that point, I thought I was good, so I move my stop 1 tick in my favor, thinking that it should reach the developing POC, which was my 2nd PT. If price moved back to my stop, then my hypothesis was wrong and I would get out with a minimal loss.

Price did move back and I got stopped out on my two remaining contracts.

The remainder or the day I didn't see any more opportunities at any significant reference levels.

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


This is the 5R footprint chart with my entry being the last bar shown......bid v offer looks a little iffy @ 1451.25.

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February 19, 2013


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