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Bean's ES Journal Deluxe


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Bean's ES Journal Deluxe

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  #1 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

When I was 10 I had a journal I kept hidden under my bed, which I used to plot against my enemies. My mom found my journal by "accident", which meant a sit down with my father, a stern serous man. He asked me why as a 10 year old did I keep an enemy list? I told him it was something I saw in a movie. This was not true. I as a 10 year old had enemies, lots of them. Over time my enemies have escaped my attention do to the fact I stopped writing in a journal then.

Now my primary enemy (when trading) now is myself. So I will keep this journal to be keep track of myself, and to plot and scheme when/if necessary.

I have been attempting to trade for about 2 years. I like most lack consistency. I follow the fad's. I often don't eat breakfast so I become hungry and grumpy while trading.

On the up side when I focus, I mean really focus, I can trade with something close to competency. I use price action to do my setups and watch the order book for confirmation. With this journal I will attempt to do a daily video of my live trades (sim trades). With an explanation of each trade. When I have achieved consistency (IF I DO), I will then try to do another combine. I will trade only the ES. I will use a CTS T4 demo to trade because I like the platform.

the meanest bean of all,
MeanBean
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  #3 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received


My rules
1. Don't trade news. Check 2013 Economic Calendar for news schedule, works great for me.
2. Max 3 trades per day.
3. Trade only with trend unless confirmation of direction change.
4. Don't trade first 30 minutes.
5. Trade only set ups.
6. Always use stops.
7. Eat breakfast.

the meanest bean of all,
MeanBean
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  #4 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

first trade of the day.

reasons I took trade
1. Strong trend channel was broken and retested.
2. Good volume
3. higher highs/higher lows

Method
1. used stop order above previous high
2. trailed my stop manually after giving some "breathing room" I think it was about 6 or 7 ticks to start, then about 5 to 4 ticks.
3. closed order early because I was hungry
4. I prefer to scale out of trades but decided not to do with this one because I knew I would not hold long enough to develop fully.

Video notes
First video so I didn't edit or do audio. Will aim to edit later video's. feedback is welcome.


the meanest bean of all,
MeanBean
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  #5 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

Trade number 2

why I entered
1. trading range by low sell high
2. looking for pull back to ma

why I existed
1. entered trade then hated it soon as I was in, small range means waiting long time for small profit so took loss and moved on with my day

the meanest bean of all,
MeanBean
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  #6 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

Computer restarted and lost my video. So going old school with screen shot.

trade 1
1. entered on limit order on up trend/with momentum.
2. simple scalp with 4 tick stop and 8 tick target
3. took 6 tick profit on signs of weakness from order book, which looked like probable rejection



the meanest bean of all,
MeanBean
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  #7 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

Thoughts on trading.
When I started trading I would average around 20 trades a day. It was exciting and a rush to trade GC/CL. Now I see that this was gambling and not trading. Trading done right should be boring. By making so many trades each day I was exposing myself to risk an unnecessarily large amount.

Now I focus on just making 1 trade, or none at all. By making one trade I find I am able to do much better trade management. With one trade I am able to do a stop of around 4 ticks and an initial profit target of around 8 ticks with a runner.

My hold time also has changed from an average of about a minute for winners and 5 minutes for eventual losers to an average of 2 minutes for losers and 30 minutes for winners.

Random thoughts of the Bean

the meanest bean of all,
MeanBean
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  #8 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

No trades today.
I have found that Mondays are not easy to trade for me. I think direction tends to not be found, if it is, until later in the day when volume starts to drop off.

No reason to go fishing if the fish ain't biting.

the meanest bean of all,
MeanBean
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  #9 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

My favorite trade is shown in this video. This is a great trade because it requires a very small stop (4 ticks) and will have a target of 6 ticks or greater.


Setup
1. Look for rejection in order book.
2. Look for trade that on chart looks like continuation
3. Most important is to see trap setup, which is ticks down 1 or 2 but meets rejection/resistance each time. But on chart still looks like good trade for late comers who don't want to miss on next leg down/up
4. Take the trade. Buy/sell off of support with tight stop. This is essentially a stop run so close trade once exhaustion is shown.
5. placed order with 4 tick stop and default 12 tick profit

results
closed for 10 tick profit


the meanest bean of all,
MeanBean
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  #10 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received


Another stop run. Didn't make a video so posting screen shot.

Trade method.
1. Consolidation on downward pressure, looking for stops building up below.
2. Used my standard 4 tick stop with 12 tick target.
3. Entered trade on limit order
4. Existed trade with 7 ticks profit, assuming their might be pull back on such an aggressive move down.
5. Using T4 so no runners.


the meanest bean of all,
MeanBean
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  #11 (permalink)
 MeanBean 
portland/oregon
 
Experience: Intermediate
Platform: my fist
Broker: DDT
Trading: cement
 
Posts: 62 since Sep 2012
Thanks: 39 given, 56 received

Today I had 2 failed trades. No video.

First trade
I entered on wrong side of market and then close out.

Second trade
I entered on side of market I originally wanted but chased price up.

Reasoning.
1. Price tested major support and found resistance gave bias for upside
2. Taught their would be stop cluster on upside.

Execution
1. Entered market on wrong side, then chased price up to immediate high.
2. Price came back and hit stop, where I should have had my order instead.

I usually don't trade FOCM days because price in my experience will stick in tight range until minutes come out. Should have sat today out.


the meanest bean of all,
MeanBean
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  #12 (permalink)
Eric B
Fort Worth, Texas
 
 
Posts: 49 since Jun 2013
Thanks: 2 given, 15 received

Bean, I assume you're with TST?

Anyway, don't be tough on yourself on the 11/20 trade - I have a love/hate relationship with fed days myself.
I almost engaged (from the short side) that range you got chopped up in, but 1) didn't trust that the upper ledge would hold, as the market didn't peek outside balance & fail in D, E, or F periods, at which point I looked at the clock and saw that 2) FOMC minutes were going to be released (as a matter of risk management I never hold positions into FOMC).

So actually, I didn't have a single trade yesterday. I saw only one good opportunity close to the end of the day when price bounced off of 74.50, which we know from Peter Davies's prep that day was the end of a buying tail. But alas, I chickened out, as I hate to initiate new positions so near to the close (also as a matter of risk management).

Once you get your stop whammied enough, you'll stop chasing - I know I did. Glad to see that mistake was made on sim, not live! And your observation re: how the market typically behaves on FOMC days is spot-on. Hang in there...

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