Initial Balance: 1033.25 - 1042.50 (9.25 points) Value Area as at 10:50 am: 1041.50 - 1038.00 - 1036.00 (5.50 points)
Price opened @1034.00
Today's High and Low as at 10:50 am: 1042.50 and 1033.25 (matching IB)
VPOCs: Top 1062.00 (1041.50 was touched) and Bottom VPOC ?? (I'll use today's VPOC 1038 as reference + today's Low 1033.25 until it rotates further down.) Overnight High and Low: 1044.50 and 1032.75
Consider a huge bear day yesterday, will Mr Market give us a break and not fluctuate too much? Let's trade with the Trend!
Chop chop chop. I was really tempted to short it around 10:00 am when it broke Major S/R 1039.00 and should have enough room 1.5 points from the Bottom of Trading Range (1037.00). Then I noticed the green COTs on the volume chart that told me a Short might not be a good idea.
2. TF (Semi-auto)
I chose not to follow the strategy though it ran up to 23 ticks before stopping out -20 ticks. Why not enter?
i. It's not been performing well when it's a trending market.
ii. The signal did not align with my confirmation indicators such as SMA crossover and MACDBB.
There're 2 Inside Bar trades before the 10:30 am oil inventory report. The first one was a smooth sail (sim-trade strategy). I couldn't resist taking a real trade when a second trade was triggered though I got in minutes later + better rate. It meant to be a very quick trade and it lasted longer than expected. Well, I did get out before the report and it's a baby green trade almost $55 after commission.
Emotion: My petite heart did not race anymore when I was in my first CL real trade. Instead, my fingers were really numb + I was quite light-headed .. almost felt like I was going to crash. Please bear in mind that I had a pair of bracket orders attached to the trade, ie I was quite protected with a predetermined risk cushion.
I can only comfort myself that it's been a while since my last real trade. I am going to get better when I dip my fingers more into the pool.
In case you wonder why I chose to do a real CL trade. Reasons being:
No ES and TF real trades so far this week. I feel very sad that I have nothing to report to Nelson. He's been working 12+ hours since starting a new job. Direct sales does not generate a dime until making a deal. He's helping the new employer designing a new program so that it will generate qualified leads. Instead of his driving all the way to a town (4 hours round trip) for nothing, he is patient enough to do all that.
I am hoping that I will soon generate something .. I feel very very sad indeed plus I'm mad at my incompetence ..
Well, I have to lick my broken heart a little. Sorry!
The following user says Thank You to wgreenie for this post:
I forgot to mention my watching out for Reversal trade set-ups for some days now (incl evening practice). At the beginning, it's quite overwhelming when I have to remember the sequence of events incl evaluation criteria. This week, things seemed clearer and I enjoy seeing them in action. Quite profitable I must add.
I just did my first sim trade based on my understanding of Reversal trade set-up, ie
1. Close to the Top or Bottom which maybe indicated by HH/LL + high volume
4. Sign of responsive sellers/buyers (I considered the green bar after the LL red bar to give an idea of responsive buyers for the enclosed trade)
5. Then entry based on the Close of the green bar
I am not sure if I've got it 100% right. However, I am going to sim trade this set-up whenever I come across it. Practice + making mistakes = improved learning and successful trading down the road! Appreciate any tips and sharing. Thank you.
When I look at the chart, it's very clean and neat .. smile ..
It's the first time I have all the MurreyMath lines squeezed together! 2 points between 2 levels - is it normal??
I hope some of you caught the smooth Short ride .. smile ..
I was a good girl and closed my real trade accounts hours ago, ie upon completion of my real CL trade. I did spend some time "think think think". Sometimes thinking too much is not good. Why?
First, one may get headache. Luckily, not yet.
Second, one will get a big "eye" shadow on his/her palm. Not healthy in the eyes of a fortune-teller. Did I mention before that I learned a little bit fortune-telling. Oh, mainly facial reading .. haha .. When one stops thinking too much, the "eye" shadow will disappear. No worries.
Back to some good news (just in case you are not aware of them)! Remember I participated in 3 Anniversary Gift threads? I won two of them as of this moment, ie
- 3 months Free DTN IQFeed Data Service
- Lifetime MultiCharts Licence (Need to schedule a few months to learn this new tool)
Hey, July is my birthday month. I really get lucky this year!!
I bet you must have sent your best wishes over too! Thank you!
I finally learn when to enter. Even my sim reversal trade was profitable, the correct method/entry rules are per enclosed. You will notice my replacing MACDBB with SMI5 (I believe it's a better indicator for OB/OS).
Sorry for any confusion that may have caused. Please pardon newbie me!
Price currently trades around 1020.00 (4+ points gap down from yesterday's Close @1024.50). It resumes falling after the 8:30 news. Bear in mind that we have 2 more important news at 10:00 am (ISM Manufacturing PMI and Pending Home Sales). It's going to be an interesting day.
2 Beautiful reversal trades for ES and TF respectively. Triggered at the same time LOL! Now I believe they're twins though I learned from my trading peers that TF is more disciplined!??
I had a semi-auto TF trade opportunity minutes before the 10:00 am news! Even all indicators aligned with the Short triggered by my strategy, I chose not to trade it. Why? I MUST follow SOH rule when we have important news. I'm a good girl and deserve an A+ .. smile .. No regret or IF even its $600 PT was hit.
Today is a heavy-duty news morning. Nelson is taking me out for brunch (Canada Day here and he's off) and I will see if I may grasp a high probability trade in the afternoon.