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Mike Sullivan Trading Journal


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Mike Sullivan Trading Journal

  #1 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

Mike Sullivan Trading Journal

Greetings.
I want to share with you my trading trials and tribulations on moving forward being
a professional Day trader.
I've chosen to use Right Line Trading methodology to accomplish this task.
I want to make this a positive area to help others who might need an added edge
in their trading.
Heck, I'm in that boat but feel extremely positive / motivated that the RLT method can do it for me and
I'm willing to put myself out there to see it materialize.
I also will be trying to qualify for a funded account through TopStepTrader as well along the way
and will be sharing / posting the summary information as well.

Thank you

Mike Sullivan


Last edited by msull35706; December 2nd, 2013 at 09:37 PM.
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  #3 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

Trade Setup 1: ABC Continuation


Has an Elliott Wave element to it. It's a market structure setup based on Order Flow Asymmetry.

The 'A' is a sign of a beginning of a trend with starting off with 2 consecutive matching Green/Red candles.

The 'B' is always going to be colored purple. This is the turning point bar
where buyers/sellers try to turn the market/trend.

The 'C' is the engulfing candle that states the trend is still in tact.
The engulfment is based on candle body only, not wick.

This setup is best taken on first instance in an up/down trend. That's why you will see me pass on multiple ABC's in current
trend/cycle. Sometimes the 15MA will be on opposite side of the 50MA on setup. In these cases, as long as the 15MA
has matching colors and sloping in the direction of the trade [Green and sloping up for a long / Red and sloping down for a short]

I would / will look to re engage an ABC after a price stall or a trend change that fails and resumes the existing stronger trend.

3 Contract result:
This trade was from 11/27/2013 and went for a total of 14tix.
In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 4tix for a total of 20tix or $200 on 3contracts.

Attached Thumbnails
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Last edited by msull35706; December 1st, 2013 at 04:22 AM.
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  #4 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

Trade Setup 2: Power Entry

Noted as an Arrow symbol on chart.
In most cases, signifies a minor retracement in an existing trend, usually to the 15MA.
Sometimes a fast moving market will have a Power setup at the 50MA with a deeper retracement.
In both cases, never trade directly into the 15/50MA's. PB to 50MA take if there's enough space between
50/15MA to get your T1 6tix profit. I will post an example of this below.

Again classified as a continuation trade in an existing trend.
Want 15MA to stay color of trade. Green for long / Red for short.

On the 3LineIndicator below chart you have OrderFlow, Stochastic, Momentum from top to bottom.
Stochastic is ok to be off due to the retracement. As long as OrderFlow and Momentum are in direction of trade is all we need.

We look to take the first 2 instances for they are your best chances of profitability with trend.

3 Contract result:
15/50 combo Power Trade:
This trade was from 11/25/2013 and went for a total of 36tix. Classic Pull Back to the 50MA and was rejected.
Created a rejection wick 2 tix above the 50MA and closed below the 15MA. Caught this in beginning of move.

In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 26tix for a total of 42tix or $420 on 3contracts.

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Last edited by msull35706; December 1st, 2013 at 11:39 AM.
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  #5 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

Trade Setup 3: Momentum

Noted as an '+' symbol on chart. Mark calls it an 'X' as well.

We look for price to stall and/or go sideways towards / into the 15MA. Never chase price
for a trade, let it come back towards the 15MA. Sort of a mini sideways channel.
So always wait to engage a trade on a pullback candle. Don't chase trade with multi
Green / Red candles...

3 Contract result:
This trade was from 11/25/2013 and went for a total of 19tix. Price stalled into the 15MA.
The 15/50MA's stayed Green along with the Order Flow and Momentum on 3LineIndicator below.
In addition to the Momentum indicator, you also have an ABC structure as well. An added bonus!

In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 9tix for a total of 25tix or $250 on 3contracts.

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Last edited by msull35706; December 1st, 2013 at 11:52 AM.
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  #6 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received

Trade Setup 4: 3LineBreak

Trades are taken with a price move through the 50MA.
So you want at least a 2/3rds piercing or a full bar below of the 50MA to take trade.
The candle body is outlined, yellow for short + blue for long, to show
agreement on all 3 indicators on the 3LineIndicator. Beyond 1 full candle below 50MA that
is outlined is chasing and wait preferably for a Pullback to 15MA.

These usually occur on those fast price action transitions from long to short or
short to long cycles. I find this an easier way to engage a trade rather than
sitting on hands and waiting for a pull back / regression trade to the 15MA

This trade was from 11/26/2013 and went for a total of 19tix.
The 50MA was sloping down most of morning session. There was a brief price move above the 50MA
but didn't last long and came back down in the direction of the trend. This created a nice 3LB setup,
Order Flow, Stochastics and Momentum were in agreement and pulled the trigger!

3 Contract result:
The move went for 19tix.
In this case you would have achieved T1 of 6tix, T2 of 10tix, T3 9tix for a total of 25tix or $250 on 3contracts.

Attached Thumbnails
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Last edited by msull35706; December 1st, 2013 at 11:53 AM.
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  #7 (permalink)
Dallas, Texas
 
Experience: Intermediate
Platform: ninjatrader
Trading: crude oil
 
Posts: 88 since Dec 2011
Thanks: 70 given, 41 received

11/27/13 trade

Mike,
I just looked at your trade from 11/27/13, about 11:30 ( the other thread). Looks very good. I think this looked like a high probability trade setup. Making $200 before 11:30 is indeed nice.

Are you using NT's automated trading strategy to get you out / trailing stop loss ?

Thanks

amin

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  #8 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 807 received


avall38486 View Post
Mike,
I just looked at your trade from 11/27/13, about 11:30 ( the other thread). Looks very good. I think this looked like a high probability trade setup. Making $200 before 11:30 is indeed nice.

Are you using NT's automated trading strategy to get you out / trailing stop loss ?

Thanks

amin

Yes Amin.
Would/will use an ATM strategy in NT to manage the trade on multiple contracts.
Keep in mind for me now I'm only trading 1 CL or GC contract.
I was merely showing what one could/can make trading 3 contracts.
I intend to be at that area by mid 2014.
No need to go super fast on adding contracts. The goal is to continue taking
the high probability setups day after day building added confidence and trade without emotion,
especially with the money aspect of trading. Accept the results, repeat the trades and move on.
In time your account will be higher each week / month and that the transition to pro day trader is in place.
For me reaching that status is at least matching and/or exceeding my day job salary.
Ultimately have your major bills paid for like mortgage, car, etc.
Hopefully my journal will capture this transition and if it can help others along this along the way.... GREAT!!!

Mike S.


Last edited by msull35706; December 1st, 2013 at 03:34 AM.
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  #9 (permalink)
desert CA
 
Experience: Intermediate
Platform: NT7, TOS, CQG-trader
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,128 since Jul 2011
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Looks good. The setups have good reasoning behind them similar to other effective setups from other "schools" of thought.

I'm just wondering though. Is that volume indicator at the bottom the same as Cory's "volume stop"? Looks awfully similar.

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  #10 (permalink)
Atlanta GA USA
 
 
Posts: 253 since Aug 2013
Thanks: 64 given, 240 received


Mike,

Could you explain exactly how the combine process works? Is there any cost to the process?

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