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Beginner's Journal/Playbook-6E and beyond

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Beginner's Journal/Playbook-6E and beyond

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  #1 (permalink)
Experience: Beginner
Platform: ninjatrader
Trading: es
Posts: 7 since Apr 2012
Thanks: 3 given, 5 received

'Sup Big Mike Team. Taking Cashish's advise i've decided to start a trading Journal on the forum. I think putting this up for everyone to see will force me to be more accountable and to take my Journaling and trade preparation more seriously. I've been following the markets since January 2012 when i first opened up a trading platform. Since then I have blown my first retail account ($9k) trading ES and then corn, soybean and wheat (took me 6 months to drawdown 7k). I lost 2k my first day and 4k my first week LOL, had absolutely no clue about risk and money management or what i was doing.

After a break, in February of 2013 i started trading Futures on the illiquid Ukranian Stock Exchange and Stocks on the Russian Stock Exchange. Over a period of 6 months i turned an account size of 150 rubles ($5) into 2000 rubles ($62.5) purely scalping. And that is where my stock trading account has stayed. This was a big achievement as this was my first ever period of consistent profitability even though the account size is laughable and non existent. Unfortunately my transition onto the Russian Futures Exchange saw me give back all my hard work on the stock market very quickly. I am current -2000 rubles trading futures on the Russian Futures Exchange FORTS over a period of 3months.

I have just entered a 50k combine with top step trader where i have decided i will trade 6E mostly but may look at ES, CL and 6A and have been accepted into a trader training program at prop firm Propex Derivative (Australia) which runs for 6 weeks online where i will be trading ZN and possibly Australian Treasuries on a sim. This blog will list my thought process for trades, my results, psychology, trading plan and setups playbook. Feel free to post critiques, ideas and suggestions or even abuse lol i don't mind. My goal is to get better every day and achieve my dream of being a consistently profitable trader and all round Big Baller, i would love to make it rain on them hoes. All the best guys and good trading))

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  #3 (permalink)
Houston, TX/USA
Experience: Beginner
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Good luck!

Make it rain!!!!

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  #4 (permalink)
Experience: Beginner
Platform: ninjatrader
Trading: es
Posts: 7 since Apr 2012
Thanks: 3 given, 5 received

I started my 50k, 20day combine today. I have a position size limit of 5 and a maximum drawdown of 2k before i am inneligible for a funded account. I have a max daily drawdown of 1k and a total combine profit target of $3,500.

My trading plan involves a daily stop of $250. This allows me to get stopped out 8 days straight before i am inneligible for a funded account. I will be trading a 1 lot with tight stop of 7-15 ticks and profit targets of 15-30 ticks or more. I will not average losing trades and will only add lots onto winners and increase lot size when i am green for the day. Here is my analysis and results for 29/10/13.

(Note Charts 1, 2 and3 are the last 3 charts below...look at the labeling to avoid confusion)
BIG Picture-chart 1

On the 1st weekly chart we see that 6E is in an upswing. Using fib extension of 1 for the last up move we see the next target is 1,43630 with the next resistance at 1,42250. 1,37680 is the 61.8 extension so we might see resistance here before then next up move. 151120 is a symmetrical up move from the swing low.

Daily-see chart 2

The next Support at 1,37120 and 136650. 1,37120 should be tested again.

60min Chart-chart 3

On the 60min chart we see a head and shoulders pattern that i missed to to only starting trading the 6E late today. The target down is 137050 or at the very least 75% of the move which is 0.75*58= 43.5. 137109-43.5=137065.5. Due to the Head and Shoulders we could see a test of 137,000. I am short biased today.

Monthly MP Chart-chart 4

Thanks to Gomi for the beautiful MP indicator. I looking for the market to fill the gap between the top peak and the middle peak on the monthly MP chart. That is looking for shorts from 1,3790 to 13700. I missed a nice move from 1,3785 to 1,3765 earlier in the day because i was too busy pulling my dick see chart 5. We see an inside bar on the volume ladder (bars 4 and 5). A good trade would have been Short at 1,3785 just below the Euro session pivot, with a stop at 1,3794 and target 1,3765 (S1). This was a nice 2:1 opportunity that i missed. It was also a nice downtrending opportuniity see chart 6 VWAP SD chart...Huge thanks to Fat tails for this indicator.

Todays trades

I shorted 1 lot at 8:13.15 central time at 1,3763 with stop at 1,3774. 6E made a double top off the opening range 30min (see chart 7). I was looking for a downside breakout with target of 1,3750 (100% move of the head to shoulders). 6E crept back up and printed 1,3773, 1 tick shy of my stop and i was able to get out with 2 ticks profit 1 minute before news hit at 9am central.

**Missed Trade**

After news hit 6E tested the bottom of the opening range and made a double/false breakout of 1 tick (see chart 8). There was also an inside bar-3bar pattern on the 5 min chart. This screamed buy 1,3763 with stop at 1,3754 with target 1,3789 (U.S session pivot and yesterday's VWAP) or at least 1,3774 which was daily high but i did not take this trade because of my short bias of the head and shoulders pattern and flag pattern at the time. Next time i will pull the trigger on this setup. This Move turned into an opening range breakout to the upside ended up hitting 1,3815. Missing this trade cost me the day!!!!

After the opening range breakout i tried to fade 6E at 9:38:58 with a short at 13804 and a stop at 13815, target of at least 13788 50% retracement of the up move. I got stopped out. I needed to be in again short at 1,3808 at 10:11 coz of the inside bar and failed test but was burnt from the previous trade and did not re-enter. I got stopped out at the session's HIGH and we sold off to 1,3740. I went to bed when it was at 1,3793 hoping i did not get stopped out on the day's high, alas it was not to be. I needed more patience initialy (maybe) but Definitely the courage to enter 1 more time on this trade.

Finished the day -$122.50 on the sim. It could have been so different. So close but yet so far. What are we going to do tomorrow night Brain? The same thing we do every night Pinky, try and take over the world.

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  #5 (permalink)
Experience: Beginner
Platform: ninjatrader
Trading: es
Posts: 7 since Apr 2012
Thanks: 3 given, 5 received

Thanks Evanbro)). Those GIF's are awesome!

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  #6 (permalink)
 Big Mike 
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  #7 (permalink)
Experience: Beginner
Platform: ninjatrader
Trading: es
Posts: 7 since Apr 2012
Thanks: 3 given, 5 received

I missed the down move from 1,3800 to 1,3500 last week (still can't believe i got stopped out at the HIGH of 1,3815.....LOL but i learnt a lot). I just scalped the rest of the week and finished Wednesday +$82, Thu +$27, Fri +$47 all on the 6E. This put my account size at $50,034 in the combine at the end of the week with 75% winning days,


I was looking at 6A today and made 2 trades. Scratched the first and ran the second for 11 ticks. I recognized the head and shoulders pattern on the 3 minute chart (see figure 1..sorry for posting pdf's before Big Mike, they will now be jpegs) and went short at 0.9504 with stop at 0.9516. I pussed out and hit out at 0.9492. I am not getting enough reward for my risk and although hitting out is ok, i should have been back in at 0.9490 with a stop at 0.9495 or 0.9496 to catch a downmove to minimum 0.9472 (its a head and shoulders for fucks sake). On the plus side my account size is $50,144 in the combine, so now i have a slight buffer and 80% winning days, which puts me in a better position to be able to hold my winning trades....losses must always be CUT quickly.

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  #8 (permalink)
Experience: Beginner
Platform: ninjatrader
Trading: es
Posts: 7 since Apr 2012
Thanks: 3 given, 5 received

08/11/13 Shorted 9375 at 8:09am CT on the 6A and got out at 9354 at 8:24 for 21 ticks. the hammer scared me, but once again i am not getting back into trending moves once i get out. My goal was 9323 but i pussed out. good that i took profit but should have been back in when i saw the two bearish engulfsion candles on the downlegs to 0.9329. On the plus side my account balance is $50,389 in the combine i,e 389 over 7 days trading a 1 lot. I need to enter more trades or hold my trades longer if i am to hit my target of $3,500. If i can build a buffer i will increase my lot size also,

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