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Stephan's journal for accountability
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Stephan's journal for accountability

  #1 (permalink)
Elite Member
Austin, Texas
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Interactive Brokers
Favorite Futures: ES
 
Posts: 28 since Feb 2012
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Stephan's journal for accountability

I consider myself a beginner but I've been trading part time since 2009. I've kept a trading journal using Microsoft OneNote and I review it on a regular basis. However, I don't find it all that helpful and it didn't really improve my trading IMO. Recently I came across the idea of "accountability" and decided that I should put my trading journal on futures.io (formerly BMT). I am hoping that it will help me improve as a trader. Perhaps if I have to explain why I take a trade to someone, I will be more responsible and hold myself accountable for the results.

Method: I'm a student of FT71 so I am in the process of learning volume profile. I do my homework at night and draw my areas of interest on the chart. I don't have any special indicators but I do look at relative volume and the NYSE TICK. I fade the market on balance days and trade breakout on trend days.

Instrument: ES
Platform: Investor/RT
Data: DTN IQFeed


Last edited by Stephan; May 17th, 2013 at 06:18 PM.
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  #3 (permalink)
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Homework for 05/16/13


We broke out from 1632 area and ES moved 17.25 points on Tuesday and 15.50 today. Expecting the market to consolidate and move sideways tomorrow. Overall, if price is above 1632 area I'm bullish and slightly less bullish if we trade below 1626. Short term, I am watching 1645-1647 area to determine if I want to focus more on the long side or the short side.

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Last edited by Stephan; May 16th, 2013 at 02:09 AM.
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  #4 (permalink)
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Trade #1 - Noticed the selling was pretty strong after econ news @ 9:00AM central. Waited for a pull back and took a short @ 1655. I use bracket orders so I was waiting for 1652.50 to hit to get my 1st scale but I couldn't pay close attention to the screen at the time. 52.50 is the open swing low and the ONVPOC. I should have taken 52.75 instead. Since we rotated 3 points back to OSL and couldn't break it, I moved my stop to breakeven.

Trade #2 - Waited several hours for YHI to hit to take a short but we never got there. @ 2:20pm central, we had a balanced profile so I was expecting buyers to step in near yesterday's LVN. My 1st scale target was 1525.25 but we couldn't get above IBL. Got stopped out.

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Last edited by Stephan; May 17th, 2013 at 03:02 PM.
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Didn't update my homework because the picture is about the same.

Trade #1 - Long @ 1656. The open felt really strong, we opened above ONVPOC and pushed above yesterday's VPOC & ONHI. The idea is that we will test YHI. Got stopped out pretty quickly after and realized that I was being too aggressive.

Trade #2 - We tested yesterday's VAL, pushed back into the OS area and then hit YHI. I got long on a pull back to OSH. I couldn't get a scale when we hit 59 again because I needed price to trade 1 more tick above. I think I made the same mistake yesterday but since Wednesday's high was 59.75, I thought we may push just a couple more ticks higher. It didn't and I got stopped out again.

Normally i would give it 1 more shot but didn't see another setup and I try not to trade on Friday afternoon so that's it for today.

I've been on a losing streak for awhile so I'm running low on emotional capital. It seems like the harder I try the worse I get. Going to stop watching webinars for a while.

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Last edited by Stephan; May 18th, 2013 at 12:04 PM.
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Homework for 5/20/13

I believe buyers are still in control. Short term I'm watching 1656 CHVN area. Above 56, I will focus on the long side, if we break below1641, I'd expect us to test 1631 area. Bigger picture, I am watching 1625 CHVN and will remain bullish as long as we stay above that area.

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Last edited by Stephan; May 18th, 2013 at 01:06 PM.
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Trade #1 - Wanted to get long when we got above yesterday's high and shoot for my area of interest @ 71.25 - 72.75. I waited because I didn't want to be too aggressive like last week. When we got a pull back and seeing how 64-66 acted as support earlier for an hour, I took the trade and went long. However, it just didn't "feel" right to me so I got out @ breakeven. Not sure if I am developing a bad habit here or if I did the right thing. On one hand, I saved myself some $ because I would have gotten stopped out. But on the other hand, I think for a beginner, it's better to just take the trade and let it play out.


I was hoping that we will get to my area of interest below 59-60.50 but we only made it to 61. I was also waiting for 59.75 because of the overnight low and the high on 5/15/13.

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Homework for tomorrow
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I changed the 59-60.50 area to 59-61 to cover the low of today. Perhaps I should have made that zone wider yesterday? Also moved 64-65 area up to include the VPOC from today and the LVN/VAH. I'm will focus on the long side if we stay above 54-56 area. Short term if we get above 66.75, I'd expect us to re-test 70.75. If we can't get above the CHVN area, then i'd expect us to retest the 56 area.


Last edited by Stephan; May 20th, 2013 at 11:00 PM.
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Missed opportunity - I didn't get long when we broke above the LVN from yesterday. One of my hypothesis from yesterday was that if we can get above the LVN, we might auction higher and re-test yesterday's high. I didn't really have a spot that I feel comfortable getting in.


Trade #1 - Thought about shorting when we were approaching yesterday's high but we've been so bullish on Tuesdays I hesitated. Then after we got a really decent push below yesterday's LVN, I took a short @ 63.75 when it couldn't get more than 1 tick above yesterday's close. I know I chased this move but did not realize that until after I took the trade. I saw that we broke into OS and it couldn't get above the LVN from yesterday but I should have taken the trade sooner perhaps near open swing high and put my stop somewhere above the LVN from yesterday. My target was ONLO and YLO because I got in late. We already got a 9 and a half point move from top to bottom at the time and we've been so bullish on Tuesdays. We also tested this area yesterday and got a decent bounce.

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Homework for tomorrow

I'm watching the LVN from today's profile near 65 area. Depending on where we open, short term, I am still bullish if we stay about 65. Longer term, 56 area should still act as as decent support. Market is still in an uptrend as long as we stay above 26 area. Tomorrow we have FOMC minutes at 1:00pm central so expecting market to chop around before the news and then get a push one way or another.


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I went short this morning near yesterday's VAH. I got stubborn and held it through existing home sales and got stopped out. Normally getting stopped out on a trade is not a big deal and I have it in my plan to take 3 losing trades before I stop trading for the day. However, I have written in my notes that I should get out of a position before economic news. I could have gotten out at breakeven but instead I held on knowing I wasn't following my plan. I was pretty mad at myself because of that. Not because I loss $ but because I didn't follow my plan. Based on past experience, after making a mistake like that, I tend to revenge trade and lose even more money. Because I recognized that, I decided to just turn off my computer and walk away. I didn't even bother to save my Trade Analyzer screen (I can't pull historical data so no Trade Analyzer screenshot today). I spent a lot of time today thinking what I could have done differently.

Homework for tomorrow

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We broke the 56 support area but we're still above 25 area so the uptrend is still intact overall. Tomorrow one possibility is that we may get responsive buying at the open to re-test 64. If buyers don't step in then we may test 1625. Since we closed right @ a CHVN, we might get 2 sided trading and just chop around.


Last edited by Stephan; May 23rd, 2013 at 10:11 AM.
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