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Starting my @CL trading journal.


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Starting my @CL trading journal.

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  #1 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received

Ok this will be good for me to start a journal. Reading other peoples experiences really helps me to understand we all at some point go through similar experiences. I enjoy very much seeing other people trade successfully just as much as my own successful trades. And maybe someone can get something out of my trading and throw in some well needed suggestions, I know once I describe what Iím doing there will indeed be some suggestions, but bear with me for at least a couple trades before cutting my head off. I trade oil (one contract) and the only system, if you even want to call it a system that is relying on each day retracing a % up or down the previous dayís movement. I know it sounds crazy, but if you can stomach the draw down has been working well for me. And rather than saying exactly what well means will try to do this in a public forum. So what Iím going to do is look at the previous dayís action and try to get 30 ticks out the next day. Usually if itís an up day I will sell short the follow and a down day buy the following looking for a small retracement, this isnít always the case depending on gaps on the 6pm open but the majority follow this. As well Iím not using stops and I have never been able to use them with any success, I always get stopped out even when I place it 100 ticks away. Something else I hope posting this it will force me to stick with my initial trade because I canít even count how many times that I set my initial 30 tick sell/buy to exit and then look at the action over night and sell when Iím up 200.00, and if I kept my initial target price it would have been reached.

Some of the rules which I feel silly even calling them rules because they are pretty open and dare I say goes by feel, but what I would like to stick to.

ē Place a set sell/buy 30 ticks away from entry point. The entry is not always on the 6pm open, if Iím planning on going short and the market if drifting up Iíll get in usually before 10pm and vise versa if Iím planning on going long. Or I may not enter at all if the previous open was close to the close. The exit may not be the following day.

ē Iíll try to update this when I enter real time and the exit in the evening if it was reached or not that day.


Just went long at 18:11 at 95.80 and set my sell at 96.10.

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  #3 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
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Hit my target made 300.00, was down 83 ticks at one point but didn't get jumpy thanks to this post. If I wasn't doing this I would of exited at a loss I know it.

Exited at 11:15 at 96:10 and it's still going up but whatever.

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  #4 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received

Maybe my 30 cents was a bit conservative, this chart depresses me. There is no way to know this would occur, but itís still irritating.

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  #5 (permalink)
 tgibbs 
Temecula, CA
 
Experience: Beginner
Platform: Ninja
Trading: CL
 
Posts: 146 since Sep 2012
Thanks: 91 given, 172 received

Question, since you run without stops, what is your plan to exit a position if your target is never reached? I realize the probabilities of it hitting your target but what does a loosing trade look like? Just curious and keep up the journal!

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  #6 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received


tgibbs View Post
Question, since you run without stops, what is your plan to exit a position if your target is never reached? I realize the probabilities of it hitting your target but what does a loosing trade look like? Just curious and keep up the journal!


That is indeed a great question and wish I had a set in stone answer. The longest a trade lasted for me trading this way was three days when I sold when I was up a small amount, but again it hit my initial target later in the day if I had held longer. But I was down 1700 at one point which was brutal. Most of the times the losses are small under 300, and it’s because I watch it throughout the night and get squirrely and sell too soon. I don’t mean to imply that all would have been winners, some I was happy to get out early. I really apologize for not have exact numbers and dates for these trades I could dig them up if someone wants to see them, because I have about 20 canceled trades and night moving my sell point around getting nervous "and not sleeping".

Not today’s trade however I stuck to my guns, right or wrong.

Today as an example if I used an 80 tick stop I would have been out with a loss. I don’t know how to really get around this. I have tried trailing stops with some success but get stopped out before the target; I would have been today for sure if I used a trailing stop. I have a couple simple strategies that buy when the previous day was down and sell when the previous was an up day, and the times I get in seems to have a big impact. I would love some suggestions on how I could take advantage of a daily retracement trade and be somewhat protected and not wipe out a weeks success with one bad trade. I know the first rule, or is it the second rule is to have a set trading plan and stick with it, that is something I'm failing at.

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  #7 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received

Just went short at 96.92 with a buy at 96.62

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  #8 (permalink)
 ju1234 
new york NY USA
 
Experience: Advanced
Platform: NT
Trading: CL
 
Posts: 56 since Jan 2013
Thanks: 102 given, 20 received

Hello Jeff, What criteria do you use to set your exit targets and how do you put them into action?

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  #9 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received


ju1234 View Post
Hello Jeff, What criteria do you use to set your exit targets and how do you put them into action?

I go off of the 6:00pm open, as long as the open isn't far into the body of the previous day’s movement and doesn’t gap up I will take the trade, and minus days the inventory reports are due. It seems to move irrationally enough without that to make it worse. For the exits I just picked what looks to be conservative, what I think the price will move. Yep I know sounds horrible .. hahahah

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  #10 (permalink)
 Hguru 
New York City New York USA
 
Experience: Intermediate
Platform: Think or Swim, Infinity Futures
Broker: Thinkor Swim for Charts an Infinity Futures for Trading Dom
Trading: Oil
 
Posts: 54 since Jul 2012
Thanks: 449 given, 47 received


I wish you luck with this system I really do but and this is a big but please be careful I would hate to see you lose your whole account and trading without stops or some max amount you can afford to lose is very dangerious at least put a stop in there some where. If war breaks out somewhere and this things takes off you could be in big trouble in a flash.

Hguru

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  #11 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received


Hguru View Post
I wish you luck with this system I really do but and this is a big but please be careful I would hate to see you lose your whole account and trading without stops or some max amount you can afford to lose is very dangerious at least put a stop in there some where. If war breaks out somewhere and this things takes off you could be in big trouble in a flash.

Hguru

I placed in a stop that I have a better chance at getting hit in the genitals by a meteorite then being hit, but for the case you suggested itís there, for some safty.

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  #12 (permalink)
 Hguru 
New York City New York USA
 
Experience: Intermediate
Platform: Think or Swim, Infinity Futures
Broker: Thinkor Swim for Charts an Infinity Futures for Trading Dom
Trading: Oil
 
Posts: 54 since Jul 2012
Thanks: 449 given, 47 received

Thanks all I can say if you do get hit you have Kahoona's of steel anyway

Hguru

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  #13 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received

Still in the trade at 96.92

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  #14 (permalink)
 philipp 
zŁrich/ switzerland
 
Experience: None
Platform: NT7, Sierra
Trading: CL
 
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Posts: 128 since Nov 2010
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jeffomski View Post
Just went short at 96.92 with a buy at 96.62

looking for 30 ticks when you already have been 87 ticks in the red?

i dont wanna sound like a smartass, but i see no logic behind this?

im curious, can you explain.

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  #15 (permalink)
 jeffomski 
uxbridge ma usa
 
Experience: Intermediate
Platform: tradestation
Trading: futures
 
Posts: 12 since Nov 2012
Thanks: 3 given, 2 received

Ok I made 380.00 but all because I made some rookie mistakes, and I shouldn’t ever trade with my phone app. As you'll soon see I didn’t stick with the original plan and got jumpy. I set a stop for safety at 97.97 but ready for this I placed a stop to sell 1 more contract, whoopsy. So I though I was out with a (1050.00) loss, then after the inventory numbers came out the price soon started to plummet so I hit trade thinking my positions were even but I was short 2 contract so when I went to buy them back I shorted 1 more contract (again in error) at 97.49 and then noticed I was short three contracts and bought all three at 97.20. And then made two losing trades shortly after. I’m going to take a couple days off and reassess. That didn’t take long. By the way the price came within one tick of my original buy point I set on the 11th.

Short 1 96.92 buy 97.20 (280)
Short 1 97.97 buy 97.20 770
Short 1 97.49 buy 97.20 290
Short 1 97.21 buy 97.46 (250)
Short 1 97.28 buy 97.43 (150)
Total 380

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