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J - journal
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J - journal

  #1 (permalink)
Elite Member
temple city, ca
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: NQ,CL
 
Posts: 5 since Jul 2013
Thanks: 5 given, 3 received

J - journal

John P. - Price Action Journal

I wish to start a journal here. My trading is based mainly on PRICE ACTION. PA is king. Also I know trading is 90% psychology. I'm located in Los Angeles, CA and i've been studying the markets for awhile on and off. Never been full time, but now i wish to take it to the next level. I'm working for my family's business currently and havent had much time to get back to trading, but I wish to balance trading and my job. Therefore, i will trade only first 1-2 hours of the opening bell. I am more impulsive and risk seeking personality type which makes trading harder than it should be. Also cause of my ADD nature, i realize i have to trade shorter time frame charts with more volatility than some futures with more back fills such as the ES contract. So basically, I've been trading the CL and NQ indexes with 550 tick charts. I don't like the TF because the price action is too erratic and unreadable for me. My hope is to be as transparent and responsible about my trading as possible and hopefully it'll subconsciously have a positive effect of trading responsibly and self reflection. If it helps others as well, then great!

GOAL: Stay disciplined in the heat of trading. Trading is 90% psychology & money mgmt. Small losers, Small winners and Big winners are ok. Just cut out big losers, and you will be profitable.

WEAKNESS: impulsive - not waiting for setups, getting chopped cause of impatience to enter - need to learn how to "SIT ON HANDS"

So to begin:

CL - 550tick chart
NQ - 550tick chart

indicators: 5 / 15 / 50 EMA S/R (dynamic S/R), Intraday fixed S/R level daily pivots, Previous High/Low/Open/Close, Globex highs & lows, VWAP.

Strategy: I basically look for confluence setups with my fixed/dynamic S/R with Price Action.

Risk/Reward: i notice when the PA is good, the price should easily hit 1:1 r/r, even up to 2:1+.


Before Opening Bell:
1) Meditate 5-10min to clear my mind
2) Draw globex S/R points
3) Read my Trade Constitution
4) Get general market bias if over/under Daily pivot, gap fills, Price action overnight on 1500 tick chart.
(why do i get bias? so to give me likelyhood of holding longer to my winners with trend direction, yet stopping out just as quickly if against my direction momentum)

Scale: I never scale down, only up (if i do)
Stop: Set stop typically between 6-12 ticks away. (depending on technical pivot level +/-2 ticks away)
Entry: buy or sell stop market entry. (i like the market to move in my direction immediately)
Time: 6:00pst (CL market) to 8:15.


size: 1-2 contracts discretionary.

I will start posting my screenshots... stay tuned


Last edited by NEXUS851; December 2nd, 2014 at 11:03 PM.
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  #3 (permalink)
Elite Member
temple city, ca
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: NQ,CL
 
Posts: 5 since Jul 2013
Thanks: 5 given, 3 received

11/10/14 journal review


Made some impulsive mistakes, but none of the less still forgiving cause due to good money mgmt. Finished trading by 8:40 before leaving for work. Good thing, cause the rest of the day was crappy and low volatility.

Inserted daily trading chart with screenshot notes.

day result: +26.5 pts (up to 3 car sizes)

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Any input, advice or criticism is welcome. I'm open minded for anything that's why i created this blog in the first place. Thank you.


Last edited by NEXUS851; November 10th, 2014 at 06:35 PM.
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  #4 (permalink)
Elite Member
temple city, ca
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: NQ,CL
 
Posts: 5 since Jul 2013
Thanks: 5 given, 3 received

11/11/2014 journal

11/11

Finished the day earlier cause of Veteran's day and it was slow as heck. 5 trades today. 3W/1BE/1L

Chart posted
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with notes.

DAY RESULT: +10.75 pts (up to 2 car sizes)

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  #5 (permalink)
Elite Member
temple city, ca
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: NQ,CL
 
Posts: 5 since Jul 2013
Thanks: 5 given, 3 received

11/12/14

overslept till 9:30am pst, i ended up trading the rest of the day. At 11:30, i got alittle sloppy and added heavier than i should of. When i realized this, i immediately exited and took a b/e-1t loss. However, i took a light loss and got a check on myself...

cyan - entry
yellow - exits

5 trades,
3 profitable
1 loss
1 scratch

+21.75 pts (up to 3 cars, which shouldve been only 1-2 cause of the market momentum was very slow)

weakness: Got impulsive because i felt "i missed all morning's volatility moves"
Got too aggressive by adding 3 sizes when the market had low volume but luckily played out well because of pure price action expectancy.



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Last edited by NEXUS851; November 12th, 2014 at 07:55 PM.
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  #6 (permalink)
Elite Member
temple city, ca
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: NQ,CL
 
Posts: 5 since Jul 2013
Thanks: 5 given, 3 received

11/13

I decided last night after some pros and cons that I will take the TopStep trader Combine. My balance is currently less than their 50k-150k Combines and that money can be helpful in terms of leverage for my future trading. I will signup this week and adjust my entry and money mgmt system a bit before i get back on board. My next journal entries will be with a Combine account while i put my trading currently on hold.

Wish me luck and any advice or input would be greatly appreciated!

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