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The Logical Trading Journal
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The Logical Trading Journal

  #171 (permalink)
Trading for Profit
Houston, TX
 
Futures Experience: Intermediate
Platform: TradeStation
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Favorite Futures: CL
 
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Mess up today

Old habits cropped up today. Went short on impulse at 96.52. There was no reason to. Very disappointing to not follow the plan after so many days and weeks of study and reinforcement.

If anything, this is a failed A down and I should have been long.

For whatever reasons, didnt exit the position and paid the price.

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  #172 (permalink)
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LogicalTrader View Post
Old habits cropped up today. Went short on impulse at 96.52. There was no reason to. Very disappointing to not follow the plan after so many days and weeks of study and reinforcement.

If anything, this is a failed A down and I should have been long.

For whatever reasons, didnt exit the position and paid the price.

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Take a deep breath and try not to beat yourself up over it too much. Promise yourself that you will stick to your rules and maintain discipline on the next opportunity. I have found that being patient with myself helped me overcome some discipline issues. Eventually, it clicks.

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  #173 (permalink)
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day trading oil futures without indicators



LogicalTrader View Post
Old habits cropped up today. Went short on impulse at 96.52. There was no reason to. Very disappointing to not follow the plan after so many days and weeks of study and reinforcement.

If anything, this is a failed A down and I should have been long.

For whatever reasons, didnt exit the position and paid the price.

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Context is short because you spent some serious time in writing codes for these red/green dots? I agree with Context and there were all the indication for CL going lower and if it does not goes down not a big deal, either scratch

or stop out.

You can use time filter to get out if no follow through.

If these are your signals and set ups- you have to take the trade. Otherwise it is difficult to believe in ones method

indicators etc.One have to take every set up. If CL had gone to 96- you will feel good.

My short from 96.97 ONLY looks good because i made 45 ticks. I could have easily gotten taken out. Since we never know, have to take every set up.

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  #174 (permalink)
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POA for remaining session

For the remainder of the session there are 2 possible trades per plan and I will wait for those to play out. If it just chops for the remainder of the session, then so be it - no more trades.
  • Failure of 96.80 would be a short looking for lower lows for the day
  • Failure of ORL would be a failed A down long looking for ORH or possibly higher

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  #175 (permalink)
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mfbreakout View Post
Context is short because you spent some serious time in writing codes for these red/green dots? I agree with Context and there were all the indication for CL going lower and if it does not goes down not a big deal, either scratch

or stop out.

You can use time filter to get out if no follow through.

If these are your signals and set ups- you have to take the trade. Otherwise it is difficult to believe in ones method

indicators etc.One have to take every set up. If CL had gone to 96- you will feel good.

My short from 96.97 ONLY looks good because i made 45 ticks. I could have easily gotten taken out. Since we never know, have to take every set up.

Thanks. As always, much appreciated.

The problem with the entry was that I just hit short at the market which is what I used to do before but I have tried very hard to get away from that habit and let the market first start moving in the direction of the trade and enter with a stop market a few ticks above/below. You are right, all indications were for at least 1 more push down but had I stuck to my execution plan, I would never have been filled. The purpose of this way of executing is to avoid such impulse trades when I just hit the market. There was no need to be in such a rush.

Thanks again.

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  #176 (permalink)
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This is part of our job Logical.

Do not worry, everyone makes mistakes.

It is only important to know WHY you made this trade?

I know you did not stick to your plan, but why?

Write down your feelings and reasons before you entered this trade (maybe you still know it).
I know some traders that trade due to boredom, they are good traders, but they sometimes have no patience.

Patience is one of the best attributes a trader needs to have.


Learn from your mistakes and you will be a better trader tomorrow.


Last edited by Balanar; December 13th, 2013 at 11:54 AM.
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  #177 (permalink)
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Staying true to the plan


LogicalTrader View Post
For the remainder of the session there are 2 possible trades per plan and I will wait for those to play out. If it just chops for the remainder of the session, then so be it - no more trades.
  • Failure of 96.80 would be a short looking for lower lows for the day
  • Failure of ORL would be a failed A down long looking for ORH or possibly higher

The 2nd scenario per plan did take place and I took the long from 96.37. Held it for over 2 hours for the failed A down to play out in its entirety. Logical target was the ORH at 97.05 and I front ran it a little bit to secure my trade. Just got out at 97 even. I still dont have an orderflow exit on my charts so this could very well run higher towards 97.50. But that would be day dreaming for me trading 1 contract so I had to get out at the planned target

I am going to call it a day with the hopes of funding still very much alive.

Chart at time of entry:
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  #178 (permalink)
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LTP Status

2 trades today as noted in previous posts. 1 loss, 1 win. Net result 48 ticks on the day. Net positive equity in the LTP account for the first time today after 8 days of trading. It is still achievable.

Will stick to the plan, no more modifications required.

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  #179 (permalink)
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Rotational Bias today

Having missed the early morning action, took 2 shorts today. Both failed. I was anticipating a rotation down towards WORH or DP but didnt happen. It still might but I took the risk that I could and it didnt work out and I am out of bullets now.

Trades were per plan so no issues there. Done for the day.

Trade 1: Short 97.12 on pullback to 97.20 level (which was previously support). On the way down, they defended 97 very well and I could see orderflow turn against me. I could have broken even on this trade but wanted to stay true to the plan so did not move my stop.
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Trade 2: Short failed A up. After my entry, they defended 97.20 extremely well and I could see it all happen which is good. In the future, I will exit such trades when i see order flow like I saw today during both trades.

This trade is still in progress and may still work out for someone else with different risk parameters. They havent been able to take it up and may still break 97.20, who knows. Unfortunately, my stop got taken out to the tick and I am done.
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  #180 (permalink)
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Posts: 294 since Aug 2013
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Missed trades today


Starting January, I will strictly adhere to being at my desk before 6 AM. Until then, I have been marking trades that I miss. Today's early morning action was good enough to fulfill the daily goal and not require any more trades during the day. Its easy to document all this in hindsight but these are trades that met the plan parameters very well and I would most likely have taken.

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