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The Pandawarrior Chronicles II


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The Pandawarrior Chronicles II

  #21 (permalink)
SF, CA/USA
 
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  #22 (permalink)
In the heat
 
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Total mismanagement day. But still profitable.

Last night I was pretty sure we would revisit yesterday's 50% level. Which we did eventually today. So I put on a full size trade, 5 lots which is my current max based on delta and in the overnight, my first scale was hit. Price continued to slow grind up but it was an ugly back and forth. Eventually I trailed out of the overnight position, (bad move) and started trying to get in again.

This resulted in a couple of poor decisions about entry and stop locations as I wasn't really sure. Then just prior to inventory, a sort of head fake short signal. I was in that with a MFE of around 18 ticks and held it through inventory which just nailed the stop. However I reversed right there and recovered most of the loss on the first scale out.

This traded trailed out at BE again.....and I found another spot to get in with full size, first scale out and subsequently trailed the second position out at BE after another add on actually was stopped out.

Net for the day is $1100, another $1400 to go before another add to the initial size.

However if I had left the original trade alone, that portion of the trade was worth $2400 by itself and if I had still been in the trade just before inventory, I would have avoided the two stupid trades.....this would have given me a bit more confidence to hold the next trade a bit longer instead of a trail out at BE.

All in all, a profitable day but not executed according to plan in anyway. Also, the last add on was done without benefit of the purple line drawn across the chart, in fact, that level was not even visible on my chart as I had it spread out a bit more than I do for this picture.....so it was taken more or less in the dark with the signal of a close above the bear flag the only real reason to take the add on trade.

If you like this journal and find it valuable to you, please click here and hit the thanks button. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.




Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 1st, 2014 at 12:02 PM.
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  #23 (permalink)
In the heat
 
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Update.


I thought I was done....but I got a short signal after another failure at the top and went short. Target was 50% level of the day. It went there much fast than it went fro there to the HOD.....hmmmmm

Anyway, this trade netted $1600 so tomorrow I increase my initial risk by one lot. Trading six tomorrow.




Oops...in the time it took me to write the post, it dropped another 50 ticks...lol

a friend has been telling me to stay in until the chart says to get out....this is one of those times. However, the trade did work according to plan....I just planned wrong....oh and I added the markers since the last one didn't have them on it.



If you like this journal and find it valuable to you, please click here and hit the thanks button. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 1st, 2014 at 01:28 PM. Reason: add journal contest link
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  #24 (permalink)
In the heat
 
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Daily Chart

Should be interesting to see what comes in the next few days.....either we consolidate here and break back up.....or we continue the trend downward.....and in view of today's price action, I favor the latter.....but we will see...




If you like this journal and find it valuable to you, please click here and hit the thanks button. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #25 (permalink)
In the heat
 
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I had an NG trade as well today. I entered small last night and held it.....then added to it in the morning session.

Here is it...This trade made north of $2000....



If you like this journal and find it valuable to you, please click here and hit the thanks button. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #26 (permalink)
In the heat
 
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Platform: Tradeovate
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PandaWarrior's Avatar
 
Posts: 3,162 since Mar 2010
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Huge overnight move down....pullback long today???

Yes....but I took a counter trend short and closed at BE once the momentum started picking up.....and reversed to long and held that until price got close to my target zone and started trailing up....The charts gave no reason to get out but that is where I wanted to look to exit anyway so I let the trail take me out.

Here is the 240M with the target area marked.



And the trade chart:



And one with the trade open just in case....



$3000 today. And since this was $500 per contract, I will add another one tomorrow to my initial risk.

I have an NG trade in progress and will update that one after the number comes out.....

Cheers

If you like this journal and find it valuable, please click the link below and hit the thanks button on that thread. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 2nd, 2014 at 10:13 AM.
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  #27 (permalink)
In the heat
 
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NG trade is over....

This thing is beautiful if you are on the right side of the trade. Inventory moves price like lightening....I like that...

Had an open trade before inventory with light size, and just before inventory added to it with a sell stop IF price went in my favor.....took profit in three stages, with the last one trailed out if price stalled out.



While this trade added $3700 to my total for the day, I'm not going to increase size on the CL trades because of it. I am trying to let each one stand on it's own. At least for now. And to be fair, I've only really had success with NG on inventory days, so I might not trade it again until next week even though yesterday was good, I've not normally had good success on NG trading it every day.

If you like this journal and find it valuable, please click the link below and hit the thanks button on that thread. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 2nd, 2014 at 11:43 AM. Reason: spelling and detail
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  #28 (permalink)
In the heat
 
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Sheesh....



Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #29 (permalink)
In the heat
 
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Some revisions

Looks like the project I was about to start is not gonna happen anytime soon...so back to normal trading...more or less...

Today marks 7 days since I started this journal. I've had no losing days, and those days have been some of the biggest winning days I've ever had.

Just in case you are wondering, all trades start with two positions, one off at +20 and this is always the larger of the two positions. I will then add back if I get a good place to do so.....and to be fair, I haven't always done that this week. Old habits die hard.....but I am getting much better at finding places to add on and it makes a huge difference in the net.

The +20 scalps sure do make the equity curve smoother. And today, I made money even though the market was ranging for a while. Those +20 made money while the runner was a dud....until the end. I knew it would break eventually and if it didn't, I could simply lean on the profit I'd make on the +20's in case I had a loser or two.

One thing I'm still working on, getting out when the chart says to get out......instead of a profit target. I'm choosing targets based on structure and to a lessor degree, some fib type targets.....still, getting out on the runners when the chart says to is hard to do....those profit targets are nice to see....its purely emotional at this point. That being said, my stops have widened considerably and I am exiting losing trades when the trade is over, not because of a fixed stop....so on one side of the trade, getting out based on chart structure is getting much better while on the profit side, its still emotional....say about 50% at the moment.

Today's targets were based on structure....and watching order flow when it got there.....I did stretch my original target out to the third level I have marked on the chart and trailed out at the second one when price didn't confirm enough to the last one.

EDIT: Price almost made it to the last target but had I held I would have been trailed out at the exact same place as I my actual exit.

There is a trade where I got impatient with the long and did a reverse position....while in hindsight, that would have been the ideal place to do that, my short signal or reason to exit the long didn't come until the next bar....and so I recognized that and exited at BE on the short...because it was impatience and because it was not time....and I went short on the next bar like I was supposed to.

I made a bit over $5000 today and that's enough to add to the initial risk....it wasn't enough to add two more lots so only one for next week....

Have a great weekend everyone...and it looks like I exited prematurely again today....




And one with the trade open.....just in case.




If you like this journal and find it valuable, please click the link below and hit the thanks button on that thread. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 3rd, 2014 at 03:02 PM. Reason: Add bit about exit...and grammer
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  #30 (permalink)
In the heat
 
Experience: None
Platform: Tradeovate
Trading: Energy
 
PandaWarrior's Avatar
 
Posts: 3,162 since Mar 2010
Thanks: 6,324 given, 13,367 received


A typical conundrum we traders face.....

Its a darned if you do, darned if you don't.....but I think in the end, you need to more or less pick which way you are going to trade and stick with it.....



If you like this journal and find it valuable, please click the link below and hit the thanks button on that thread. Unfortunately you can only thank me once in the voting thread but you can thank me all you like here....take care and hopefully this is helpful.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 3rd, 2014 at 03:36 PM.
The following 14 users say Thank You to PandaWarrior for this post:

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