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MMichael top step trader combine Journey
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MMichael top step trader combine Journey

  #11 (permalink)
Elite Member
Montreal
 
Futures Experience: Beginner
Platform: Ninja
Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

08-27-2013 DAY 7 COMBINE REPORT

I had an earlier grab of the up trend on Crude with an excellent entry which made me green for the day. As well on ES I had earlier catch of profit. My first mistakes here were to have targets too far away. I took profit , however left 2/3 of my profit on the table which was bad.
I am not going to comment on entries today because after doing good in the earlier morning, I messed based on a problem that I was carrying for a long time without getting any real answer as well as noticing that my targets were always done from the 60 min while entering from a lower time frame, which in fact is good when there is a trending market and multiple position on the trade, however not good for a single position. This was my biggest struggle for few months and today was not less despite having good entries and set ups especially on CL from my classes. I messed up as well on ES by personal bias on the down move. After more than 20 points move down, I was not convinced of a trend continuation to the down side and took 2 losers on a set up that was good, however it was against the higher time frame direction. That was a mistake.
In fact my biggest problem today was not relative to how I traded today Bad or Good. An issue was there with the way I set my targets. I did not change any entry rules because no strategy was bad. From all the trades taken except 2 misreading from my personal bias on ES and 1 on CL. I as well added 1 contract on 3 trades after price move 15 ticks in my direction. It just did not work out and it just returned to stop me out increasing my maximum consecutive losers on CL. On all my entries, price will always move few ticks into the advanced space from my entry chart and return to hit my stop because I was aiming for too much and ended losing on 60% of trades that could have been winners if I was just respecting the targets on my entry chart. I ended up losing my day because of that management STYLE which was a misunderstanding on how far I could go to take my profit. I was extremely fortunate today at the same time that during CTD office hours at TST the Dean and Vice Dean of CTD addressed that confusion and made it clear to me and the others students. I finally understood that for target projection it is unrealistic to expect an immediate move to a 60 or 240 min targets while entering on a lower time frame. One could still trail or take one profit on a lower time first target and the second could be the higher time. That misconception made me over trade looking for big move based on the 60 min targets which was unrealistic. The session of Office hours today was a light in a complete darkness.
I was even planning to stop for a few days and finally got my answers today.
I was, happy with Gold as I was able to set the combine parameters correctly on that market even if I made the same mistake by targeting the 60 min target. My focus is to recuperate on ES and CL slowly until I get to break even on my combine.
I for sure put my combine in difficult situation , however the most important is not the amount of money you have in your account..the most important is how well you trade and understand what you are doing wrong or good. since the problem created was not the strategies I am using, my first focus for this week is to trade less and try to bring my combine to break and I will advise based on the number of day left. I did learn today a huge lesson from my office hours and cannot only take responsibility for myself.

Attached Thumbnails
MMichael top step trader combine Journey-cl_08-27-2013.png   MMichael top step trader combine Journey-es_08-27-2013.png   MMichael top step trader combine Journey-gold_08-27-2013.png  

Last edited by MMichael; August 27th, 2013 at 11:07 PM.
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  #12 (permalink)
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Futures Experience: Beginner
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COMBINE DAY 8TH..Small win day after 2 big losing day

Good market analysis from daily, 240 min, 60 min. Entry charts from 15 min which ended with an excellent trading Day on CL. Medium on ES.
I had a right analysis on ES; I had few losses on ES as well as winners, however traded 2 times against the 60 min trends and took at the end of the day a short at the VAH to test the LVA. My stops were too tight and I got stopped out before price took that direction. It was already the end of day. I let it go to not risk anymore my small profit for the day.
Best was to have learn from my last 2 days mistakes and decide to go slow until the end of my combine which is almost 1.5 months away. So there is no rush except working on developing consistency and working on keeping my targets build from the Lower time frame entry chart until I move to 2 contracts after cushion is built where I will be able to have 2 targets
Despite having a losing day on ES, my strategies worked well with the adjusted targets.
I need to work on keeping losses small. Had a small green day and a winning day is winning day.
No trade on Gold today

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MMichael top step trader combine Journey-cl_combine_08-28-2013.png   MMichael top step trader combine Journey-es_combine_08-28-2013.png  
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  #13 (permalink)
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Futures Experience: Beginner
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Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

Day 9 Getting Tricky


Daily Goal: 08-29-2013
1- Correctly define Market Structure and be EXTREMELY Patient…I did not do well on that level in crude
2. Reward/ Risk of 1 to 1 or better on first target and trail remaining position BASED ON ENTRY CHART TARGET NOT THE HIGHER TIME FRAME TARGET My Checklist has not changed as well. Did it well TODAY on all my winnings trades either ES or CL
3. Apply correct position sizing. Not applicable because I am trading up to now 1 contract
4. Avoid over trading and stick to PLAN AND set ups AND MY CHECKLIST. Respected, however poor market definition on CL .

I correctly established the range day on the 60 min, however got biased by the daily chart on CL where price closed above the trend line and the horizontal channel for the last 2 days. After an attempt to test the trend line today it got rejected for most of trading day tick for tick which for me was putting my bias to the upside with a possible retest of yesterday high as well as going to the 75% Gann horizontal channel breakout first target from the daily. The move came late in the day giving me small wins from my entries on 15 min. Price did as well closed above the trend line on the 60 min at 2pm and I went long. It strongly got rejected to the downside because of lack of clean space to trade into on the 60 min. However on the 240 min, there was a rotation at 110.09. In fact I have not been well disciplined today on my crude oil trades and let myself overwhelmed by my daily bias and had to manage conflictual information. I most take full responsibility on this because I was warned Yesterday by the Vice Dean and Dean to stay away from Crude until we have a clean space to trade into. I did not respect it and entered set ups despite the lack of space. Well, I must say that I am Glad that I had a red day because I would have been rewarded for Bad behavior on CL.
On ES I had an excellent day: 3 trades, one loser and 2 winners with appropriate entries completely respected from a trend line break on the 60 min chart. So it was a well deserved winning day and I got rewarded on good behavior in that market.
NEXT STEPS:
- Stop following my own bias that leads to conflictual decision. Keep Staying Honest to myself, the forum and my journal no matter the outcome of this combine in the next few days.
- Stop being aggressive by decreasing the number of my trades and follow correctly my steps that were successfully back tested with success proof. My combine is now in Intensive Care and I need a correct focus and do the right things for its survival.
My favorite personal Motivational Video:
Best Motivation Video - Never Give Up! [HD] - YouTube

Attached Thumbnails
MMichael top step trader combine Journey-cl_daily_08-29-2013.png   MMichael top step trader combine Journey-cl_report_08-29-2013.png   MMichael top step trader combine Journey-es_report_08-29-2013.png  
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  #14 (permalink)
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Combine Still alive after 10 days

After listening to my motivational Video and enjoying some relaxation Yesterday. I started my preparation earlier in the evening before posting my yesterday trading. I was ready in my mind to tackle CL because I was thinking already that the down move on CL could happen any time during overnight the 6 PM opening. So as indicated it happened and I was able to catch all the down move to my target recovering a bit from my downside and keeping my combine alive after 10 days, despite a loss on Gold today

This has been a difficult trading week where I came closed to blow my combine. Calm , Relaxation and recognizing with honesty what I have done wrong helped me today. Next week is a new week.
I am happy with my day

Attached Thumbnails
MMichael top step trader combine Journey-cl_trades_on_08-30-2013.png   MMichael top step trader combine Journey-cl_report_08-30-2013.png   MMichael top step trader combine Journey-gold_report_08-30-2013.png  
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  #15 (permalink)
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Calgary, AB
 
Futures Experience: Intermediate
Platform: NT, IB, TOS, MC
Broker/Data: IB, Rithmic
Favorite Futures: CL, ES, GC, ZS, ZB
 
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Posts: 116 since Mar 2010
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too many instruments a day?

Michael from Montreal this is atata from Calgary,

Very good job of keeping up your trading journal. I'll give you my feedback and hope it will help you in some way. It seems you get chopped up a few times therefore I'd focus to find every morning a trending instrument - if you still desire to trade multiple instruments - buy or sell on pull backs to go with the recent trend. Trade the equity indexes only if there is a very strong trending day otherwise avoid them. Strong trending day would be confirmed by market internals and shadowtrader.net /I am not related in any way to them and all their services free anyway/ has a lots of free info what to watch for how set things up etc... setups are based on TOS so if you have a TOS account that would be most helpful. What I've learned if I am on the right side of the initial trend I can be wrong or just too early yet I can get out with a scratch or a small loss as a worst case scenario. You had a couple of good days on the CL than you gave back your profits and more with "over trading" on probably choppier days. Try to find patterns on CL such as after a sharp decline or run up 120-140 ticks /however you'll never know if reversal will start at 108 or 148 ticks or so you need to find a reversal signal /cl likes to retrace part of the move, like a half way back or use any of the fib numbers to pick a target/. "Memorize" the market profile for trade locations, resistance levels, possible reversals and use that additional info before you enter a trade. What I mean here if you want to buy at VH or sell VL without a good price action than that most likely won't work out...
You may have all of above under your trading belt than just ignore my comments.

Hope regardless you find my comments helpful and good luck.

atata

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  #16 (permalink)
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Posts: 39 since Jun 2010
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Thank you atata from Calgary

Hi atata,
Thank you for your support and king message.
I am flattered that my journal is finding some interest.
I will look into your suggestion and make my final sandwich for my own trading in the future.
At this time, I am just using the teaching I am getting from CTD and testing myself the strategies. The combine is extremely helpful and especially the public journal accounting I imposed to myself by posting publicly my journal.
If people like you could write openly their observations, they are welcome and I am sure there will always something to get from it. So feel free to continue if you have anything or suggestion to do either here or privately.
For the last 2 years, I started trading, I was not even able to understand clearly what I was doing until now.
I remembered sending a private message one day to Big Mike less than a year ago looking for educational price action class. As this was not part of Big Mike trading process, I got advised to look around and talk to people. I did not know than how to address it clearly.
I am happy that today, I can write a journal clearly for myself and see what I did wrong during the day and not blame the market or anyone else nor any strategy.
I have been using the concept of HVA or LVA, However it will be part of the program very soon with Sir Hoag, the Director of Scouting himself. That will be excellent for us to move forward. As soon as that is done and clearly defined and tested. I will certainly use it in my trading to increase trades probability.
Meanwhile, I will look into the website you sent, to see how it is.
I am reviewing my lectures to avoid getting crashed in choppy condition and indeed you are right, this is where I got killed the most this week.
Next week is a new one and I will get myself ready and prepare to survive and get to break even and I will take it from there.
I am thankful to you and will go slow and steady and avoid over trading ( My biggest weakness). I will just try next week to trade well and AVOID COMBINE OR MONEY ATTACHMENT. If I do so, I am convinced that Money will take care of itself.

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  #17 (permalink)
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Futures Experience: Beginner
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Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

Directional checklist pdf

As requested by private message , I am attaching the pdf form of the checklist. Good Luck

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MMichael top step trader combine Journey-directional-go-stress-free-checklist_08.04.2013.pdf  
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  #18 (permalink)
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Futures Experience: Beginner
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Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

Day 11: Catching back by going slow step by step

Daily Goal: 09-03-2013
1- Correctly define Market Structure and be EXTREMELY Patient…
2- Reward/ Risk of 1 to 1 or better on first target and trail remaining position BASED ON
ENTRY CHART TARGET NOT THE HIGHER TIME FRAME TARGET
3- Respect Checklist.
4- Apply correct position sizing. ( I traded only one contract)
5- Avoid over trading and stick to PLAN AND set ups

Despite being a day following a Monday holiday, we had good price movements. The bias was long on both CL and Gold. My main focus for the day was to not over-trade. I was planning to take a maximum of 2 trades per Market. I managed to have 3 trades on CL (One loss and 2 winners). I managed well my entries on Crude based on a pull back with a 8MVA pushing price, one of my entry strategy on a Pull Back. My loss was on the same pattern, I had a correct stop placement. Price came to stop me out and when it returned, I took the same trade that made my win. In Gold I had one Long based on a wedge breakout and try to hold the trade, however I did not like the price because despite the correct set up, there was too much price static rotation zone from last Friday and Tuesday that could have stop price at any level and decided to keep my target based only on the 15 min. Price did unfold later, however I followed my plan and decided to stop trading after 4 trades. I did not trade ES today. My Goal is to trade less and Go slow and steady. Good trading day. I need to continue to just go slow and steady. Looking first to be above my initial balance and will adjust

Attached Thumbnails
MMichael top step trader combine Journey-gc_report_09-03-2013.png   MMichael top step trader combine Journey-cl_report_09-03-2013.png   MMichael top step trader combine Journey-gold_chart_09-03-2013.png  
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  #19 (permalink)
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Futures Experience: Beginner
Platform: Ninja
Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

DAY 12: Lesson is stick to plan

I had good analysis on all markets that I trade with clear direction and well defined strategy. On Gold, I had a short, however since I am not yet comfortable trading news and the early opening on Gold or CL, I took 23 ticks profit on the sole trade to see price moving after the opening to my first established target at the end of the space. In ES, I did not get any retest of the opening range that I was waiting for and could not get any pull back from the 5 min chart with good Reward to risk. There was as well too much static rotation zones on the left side of the chart which could have stopped price at anytime, so my focus was on finding an entry from the 15 min and could not get any that could be acceptable for my reward to risk. The 2 trades taken on ES were a pull back long that could not reach the targets as it was already the end of the day.stopped out in the first with an entry at 1653.50 and stop at 1650.25 and took one small profit in the second with an entry at 1652.25. The difficult time was on CL, where I had early loss because of bad filled with market order that made my stop to wide and needed to exit the trade on a loss. That was a big mistake. I got completely disturbed and tried to scalp to recover and could not: (This was not a good attitude because it was a change in targets). I should have avoided entering on a market order and stay calm when that loss happened and stop after my second trade, instead,: I ended over-trading in this market because of my mistake that led me to make 3 bad decisions reported and analyze in my note book where I do a hand writing of all my trades as well as my personal emotions. Well deserved Losing day. I will refocus and try as hard as I can to not take more trades than planned.

Attached Thumbnails
MMichael top step trader combine Journey-gold_report_09-04-2013.png   MMichael top step trader combine Journey-es_report_09-04-2013.png   MMichael top step trader combine Journey-es_chart_09-04-2013.png   MMichael top step trader combine Journey-cl_report_09-04-2013.png  

Last edited by MMichael; September 4th, 2013 at 06:44 PM. Reason: corrections and details on ES trades
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  #20 (permalink)
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Futures Experience: Beginner
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Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

Day 13: still Alive


Good analysis on all the markets that I traded today with well defined strategy.
On Gold, I had a long with correct set up and entry at 1359.8, price moved up to 25% Gann Reverse Extension and reverted during the news with another immediate short set up that I avoided to take because of the news going on and on. I came after discussion with CTD Dean and Vice Dean, I had a money attachment and scare to lose despite the excellent set up. I need to work on this.
In ES, I had the same entry set ups, however miscalculated my entry and stop which was aggressive by not placing it below the most recent price action swing. I limited myself below the significant level and price did move almost few ticks in my direction without reaching my target from my 5 min entry chart, It came back to stop me out.
On CL, I did not developed a lot of patience, reviewing calmly my trades after the losses I had, I realized that only the long trade made complete sense. That long was not the one I won, it was developed after I was done for the day and took it in practice account. Indeed after price broke above the 60 min long and reentering on a pullback long from the 15 min was the only high percentage trade. I just messed up by taking best fit lines set ups from my lowest time frame on 5 min.
Combine back to Intensive Care unit for the second time. The difference is that I started to trade less and respected my daily loss limit as well as plan and set ups on almost all my trades. So i am still confident. We will see tomorrow or Monday. If failed, I will be back again with a new combine knowing what went wrong.
Conclusion:
1- The most important is not knowing what is wrong or going wrong, the most important is knowing what is wrong and doing something about it.
2- Winners never Quit and Quitters never win:
Talk to you tomorrow. We will see how it goes.
MM

Attached Thumbnails
MMichael top step trader combine Journey-gold_report_chart_09-05-2013.png   MMichael top step trader combine Journey-gold_report_09-05-2013.png   MMichael top step trader combine Journey-es_chart_09-05-2013_001.png   MMichael top step trader combine Journey-es_report_09-05-2013.png   MMichael top step trader combine Journey-cl_report_09-05-2013.png  

Last edited by MMichael; September 5th, 2013 at 06:52 PM.
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