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Trading Journal - Day Trading Crude Oil with Fibs & S/R


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Trading Journal - Day Trading Crude Oil with Fibs & S/R

  #51 (permalink)
SLC, UT
 
Experience: Intermediate
Platform: Sierra
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gsl8r View Post
Not so great of a morning. I kept missing longs with my limit orders trying to get the market just a little bit lower. That led to short trades at highs which didn't end up working out so well. I had a good overnight trade on crude which put my p/l in the positive for my start. Overall here is the chart.

Per my rules I should have only been looking for longs since A-up was confirmed. Instead I was taking shorts. Not so great of an idea......

Wash day

What is really funny is my brain is completely wired to do the wrong thing every day. I don't know what it is but when a strong uptrend presents itself all I see is short entries. When the markets gets hammered downward all I can see is long entries.

For some reason I find it really hard to take a long when the market is moving up. I always feel like its at its high and is just going to drop from there. Battling this has been my battle with consistency.

I trade with my father and he is a better trader than I am. He will take a long at highs and make a profit while i'm taking a short at highs and getting stopped out. I am going to really focus on trades with the trend. I know if I can conquer that I could get consistently profitable!

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  #52 (permalink)
SLC, UT
 
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Final short position for the day. I will probably hold this through the close.

Looking for a move down and for people to cover into the close.

Looking for another up day tomorrow.

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  #53 (permalink)
SLC, UT
 
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Got my copy of Markets in Profile. Going to give it a read over the next few weeks.

A copy can be found here: Markets in Profile: Profiting from the Auction Process (Wiley Trading): James F. Dalton, Robert B. Dalton, Eric T. Jones: 9780470039090: Amazon.com: Books


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  #54 (permalink)
Bogota
 
 
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so you are kind of bearish for tomorrow, during this volatile break outs is hard to do the timing for getting right entry, do you like any oscillator?


Last edited by Nikopol; July 31st, 2013 at 10:01 PM.
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  #55 (permalink)
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Nikopol View Post
so you are kind of bearish for tomorrow, during this volatile break outs is hard to do the timing for getting right entry, do you like any oscillator?

I usually don't end my night being bullish/bearish for the next day. I might hold a position overnight to see if I get an end of day move. Today's didn't pan out so well but some days work out great.

Getting the right entry is key. The volatility is great for day trading. I am usually flat at the end of every night so overall direction isn't a huge thing for me nor do I spend alot of time trying to guess it, and that is about the best most people can do.

In terms of oscillators I'm not a huge fan of using oscillators and haven't used them in the past and have only recently started using them again after hours and hours of having a clear screen to understand price action. Getting a good foundation of understanding price action and then going back to oscillators seems to be the best way to do it. The one I chose is the macd histogram with very tight settings just to show momentum. I don't use it for entries but more for exits. My entries are based on ACD, fib pullbacks and other support/resistance. I find that those do so much more than moving average/oscillator/lagging indicator generated entries.

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  #56 (permalink)
Bogota
 
 
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thanks for that answer pretty descriptive, which is that ACD you mentioned?

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  #57 (permalink)
SLC, UT
 
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Nikopol View Post
thanks for that answer pretty descriptive, which is that ACD you mentioned?

There is a full futures.io (formerly BMT) thread devoted to ACD:


Also this is a good brief explanation of it: Spotting Breakouts As Easy As ACD

And of course Mark Fisher's book: The Logical Trader: Mark B. Fisher: 9780471215516: Amazon.com: Books

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  #58 (permalink)
SLC, UT
 
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I went into this morning with an overnight loss which was nice to get into the positive for the day. Its nice to start a clean slate when possible but there are overnight trades that I like to take every now and again.

Well here are the moves:

1. My first entry was pretty stupid and was regretting it the minute I put it on. I was hoping for a bounce on the upper range of the OR. The market fell apart from there and had to wait to get out.

2. Great sell point here and had a nice move down.

3. This entry could have been better. I'm focusing on waiting for the high/low to get put in and then get my entry. This one I jumped in as it was going up.

4. With the /dx strong moves upward I was looking for a break downward in the forming wedge. Didn't happen, should have know it was going to break upward with the trend.

5. Got a good entry and exit on the upward momentum.

Overall today was good. I took my lunch right after my last sell and was regretting it. Could have booked a few more ticks.

Done for the day.

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  #59 (permalink)
SLC, UT
 
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As said by Hubert Senters, here is how he progressed as a trader and where he said he found success.

Most people want to be sold where exactly to buy and where to sell. Those traders just won't make it.....

He said this was his progression to becoming a successful trader

1. Holy Grail seeker
2. Its all about the setups
3. Its about money management, controlling risk
4. Trading psychology

I find myself honing all 4 parts to my personal trading. I never seem to be happy with where I am at with any one of the 4 peices. I find that when I can make trading much more simple and remove the complexity out of decision making I find more success.

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  #60 (permalink)
SLC, UT
 
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Tough day for me today. Some Friday days are fantastic and some aren't so much, today ended up being not my best performance.

I couldn't quite keep my head above water today and found that the market just kept going against me. I had a few good entries which showed immediate profits but then didn't take them and ended up with losses. You can see those entries on the chart.

I need to focus more on getting entries on the longer term trend but staying with the shorter term trend and exiting when it shows time to get out.

At what point to I decide to hold a good trade for a longer target or take my profit when given it? Still trying to figure that one out. Some trades I take my profit too early, some don't hit my limit order? I need a better method of deciding that.

There were bigger trades based on my rules that I didn't take. I feel like I was focusing more on the micro moves rather than the macro.

Next week will be better

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