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JB SPI daytrading and FX fuller method
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JB SPI daytrading and FX fuller method

  #1 (permalink)
Trading Apprentice
Perth Western Australia Australia
 
Futures Experience: Intermediate
Platform: Metatrader
Favorite Futures: CFD
 
Posts: 19 since Nov 2014
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JB SPI daytrading and FX fuller method

Goals for tomorrow.

Be prepared well. Be at the desk for New York close and generate ideas.

Set the four SPI levels. Trade the signals only. Give the "going in blind" a rest. Take the signals.

Persevere and do your best to take a chunk out of the morning session.

Watch the Brett Steenbarger video (1 hr+).

See about the neck problem.

Visit the fruit shop girl.

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  #3 (permalink)
Trading Apprentice
Perth Western Australia Australia
 
Futures Experience: Intermediate
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Posts: 19 since Nov 2014
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8pm Wednesday Daily wrap


I didn't kick any goals today because I didn't get a trade on. It seems going in blind makes initiating trades a lot easier. The idea was to take the signals. That didn't happen. Two or three good set-ups played out while I waited for a great set-up. Still had the mind set to wait for things retrace to my targets. Wrong.

The go with momentum trades are the best there is. Will I change how I'm doing things? Yes and no. Go into tomorrow with the same game plan but tweak the mind-set slightly. I'm on the right track.

I got most of the other stuff sorted. Got to get to a chiro or ostiopath. The Margs guys didn't answer calls today.

Saw the fruit shop girl. Coffee 10am Sunday


Last edited by JohnnyBadger; November 5th, 2014 at 09:20 PM.
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  #4 (permalink)
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Perth Western Australia Australia
 
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Wednesday 8pm

Goals for tomorrow.

Be prepared well. Be at the desk well before New York close and generate ideas.

Set the four SPI levels. Trade the signals only. Give the "going in blind" a rest. Take the signals.

Persevere and do your best to take a chunk out of the morning session.

See about the neck problem.

Go swimming.

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  #5 (permalink)
Trading Apprentice
Perth Western Australia Australia
 
Futures Experience: Intermediate
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Opening session wrap Thursday 6th Nov.

Two trades for a small profit of 7.5pts. This doesn't sound like much but it's only day two and things are looking good. Got to the desk late due to a radical night sleep. Vivid dreams of war and a mass of people running, guns firing and heaps of cool shit. I never felt threatened. All OK really but the problem was waking myself up.

I missed the major move to the R42 resistance and the radical move back to the lower one. The support buy early was ''trade of the day'' but as I'm not entering trades blind that was off limits. Must review that rule (possibly put smaller size on, na)

Both trades were only scalps and could of collected more points but overall they were managed well. I was overly bullish on the market even though there was three confluent levels of resistance (which eventually got me out).

Trade 1. With trend, Buy support off the averages late stage into the 42 resistance. Sold 1/2 quickly and held the other through the target. Selling at target was a better idea. I sold on the retrace.

Trade 2. With trend (weak at that point), Buy 61.8 retrace of the 15 min candle. Prices were indicating that it would be a real struggle to get to the target zone. Sold early. Good move as it spiraled down.

In summary even though there was plenty more that could of been done a profit is a profit. The fact is that winning trades that net between 5 and 20 points per day can make a great living.

Both trades were planned set-ups and with the trend. Well done and keep up the good work.


Last edited by JohnnyBadger; November 5th, 2014 at 09:59 PM.
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  #6 (permalink)
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Perth Western Australia Australia
 
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Opening session wrap Friday Nov 7th

Prices opened at the middle ground and dead on the last 42 range completion. I had no set-ups until prices made a floor and moved back above the R42 where I went long a very small position with the trend. In hindsight allowing the breakout to come back to support would of given me a far better Risk-Reward and I could of got a bigger position on. Even if this position gets to my target it will only pay equal to 3.24pt of my normal size. The trade is still on and I won't be watching it from here because it should take all day to get to target (if at all). It's not worth bringing the stop up above the trigger line. Stop is left at 5.6pts below entry.

This trade is a Dilernia method trade although I haven't managed it that way. Frank would of had half his position off by now.

The positive is that this is another position entered with the trend and using a valid documented setup.

Possibly no payday today.

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  #7 (permalink)
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Hilarious position closed.

My one trade today has been at times hilarious. At worst amusing. It was the type of position that if you were emotionally connected to, it would either force you to exit early for a loss or worse still it would mentally and physically tax you so goddamn hard that you would question your whole method.

I let it survive because it was a very small position and I have found proving my position is right is OK.

20 percent of the normal size. Sure, I wish that a full size position was at work but in reality the large exposure may of messed the exit up. Am I ready? We are always questioning our thought process. I've done all those mess ups plus a whole lot more in times gone bye. I've closed out positions to see them go to target. I've doubled up and got stopped out, I've sat through days of live price action and not put a position on.

Right now at this moment the feeling is good. When a position goes through the wars for you and goes to within 1 tick of target, not once but twice then gaps back to entry and then validates the whole process by hitting your target after market , shit, you've got good reason to feel your method is validated.

Lets not get carried away. Today the position only made enough money to purchase a couple of Surf and Turfs.

Work on position size. The positives and the negatives.

Think of the most simple algorithms. This is what is moving the market.

Todays trade,

Primary trade set-up, 1 -Thrust above last range completion to new completion. A plus. Well done.


Last edited by JohnnyBadger; November 7th, 2014 at 09:39 AM.
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  #8 (permalink)
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Perth Western Australia Australia
 
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Posts: 19 since Nov 2014
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Standardize record keeping, routine and entries.

Print out the simple trade record sheet each week.

Print out the weekly, daily and 4 hour report each morning after New York close.

Day trade the morning session a nine day fortnight.

After fifty trades review the trade position size.

Trade the two primary and five secondary entries/structures as per the front page of my SPI book.

Follow the four Currencies, Oil and Gold.

Document the weekly, daily and as many of the four hour candles as possible. I know that 10pm candle can be a drag but at the end of the week....you know the rest.

When a strong directional opinion is realized (a light goes off) on any of my six find a way to enter using the Fuller method or one of my five secondary SPI set-ups.


Last edited by JohnnyBadger; November 9th, 2014 at 09:28 AM.
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Opening session wrap Monday Nov 10th

No trades.

Today my effort gets a 0 out of 100. Three of my set-ups played out with no entry here. Why? I've been committed to not put lines in the sand and simply enter by fading the prices. The reason is that in the past that has got me in trouble. Two of the set-ups needed to be entered this way and played out fine. The third one (which is a simple candlestick pattern) played out also. The major move is close to completing the range target now and I won't be chasing it.

Back to the drawing board. My gut feel is to go back to these fade entries early on in the day. They have worked well (most of the time) in the past. The trick will be to not create any disastrous situations.

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  #10 (permalink)
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JohnnyBadger View Post
Three of my set-ups played out with no entry here.

hey Badger - what are these setups? want to attach a chart with them identified? just because the trade worked doesnt mean you should have taken it

fading can be a bad habit to develop if not already profitable trading with-trend.

I trade the SPI, although no trades today as had long calls on WPL from Friday and a fade (shock horror) on AMP at $5.90.
Since closed the WPL and AMP has moved my way, so will look for any setups in SPI now

attach a chart and I make comment

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