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Nice journal.
How long have you been using Sierra Chart? What do you like or find better in Sierra chart than NT?
I am looking for a second platform and considering Sierra or Market Delta.
How are you deciding your profit targets? I watched one of your videos on the footprint and tried to figure it out.
Can you help answer these questions from other members on NexusFi?
I was sick the whole week, so my concentration was not really good. On Wednesday I felt very bad so I didn't trade at all and I remained in the bed. I managed to reduce the number of trades a littlebit but I still took too many trades (21). My win% was just over 60% which is something I am not really happy about. I somehow manage to keep my weekly earnings per contract constantly between 200 and 250 USD.
I am using SC for over a year now. Well, I have to say that in almost every aspect SC is much better than NT. It is much much faster. When you switch from NT to SC the speed is almost unbelievable. It is also extremely configurable and you can configure the graphs much easier. On the other hand it takes some time to learn to work with Sierra.
The reason why I switched from NT - even while I have the lifetime license and I have to pay monthly fee for SC - is the native support of volume profile and footprints in Sierra. Also the support is much better.
I am not saying that NT is bad. Specially if you don't work with orderflow and volume profile. It is probably more user friendly.
Regarding the profit targets. I use the orderflow for timing of my entries as well as managing the whole trade (closing position, planning profit targets etc.).
I use the highest package (lvl 5) and I pay 29 USD per month (I always pay for the whole year in advance and get better price). Besides the SC package I also pay for SC data 35 USD per month + 3.25 USD to CME.
I was doing lot of changes in my chart settings so I spent some time from the beginning by adjusting to the new look.
I was waiting patiently from the beginning for a good setup.
T1 I saw the first opportunity almost one hour after the opening. I entered long, but the market hit my stop loss dead on. -9 T2 This was mistake. Too aggressive. -7 T3 I didn´t want to take the bottom because all the other markets were falling, so I waited for retest and jumped in. The market was strong and I knew that it will test the high with high probability, so I left the market little room for play. +42
It was clear after my premarket preparation that the markets will try to continue in uptrend. So, right from the beginning I was looking for some opportunity for long entry.
T1 I tried the first long, but failed to take 16 ticks of profit. I was too greedy, which didn´t pay off as usual. This was not a strong position so I didn´t want to risk more than necessary. I placed the SL at BE+1 where I was hit. +1
T2 Too aggressive. I tought the market is already climbing. Didn´t work so I took small loss. -5
T3 This is controversial trade. I was greedy again and didn´t take the first momentum profit (15ticks). Then I saw how the market is trying very hard to push down without any luck which was for me a signal I am on the right sight. I had to withstand 10 ticks heat. But even when the TICK was at -640 the market couldn’t fall. After 36 min. of pain, I took my $160 gain. No pain, no gain. Arnold would be proud +32
Today was very tough day for me. It doesn’t matter what type of trader are you, we all need moves in order to make some profits. No moves = no profit. Low volume means low volatility (moves). And that is what happened today. Lack of opportunity is not the only drawback of low volume. The lower the volume, the easier for market makers and quants to move the market. The easier it gets, the more of unexpected moves we can expect (what a sentence).
T1 I saw the willingness to rise in the markets, so I decided to try quick long. Market decided to test lower levels however. I decided the risk is too much to bear so I opted for quick +3 ticks. T2 Nice entry but I pulled my stop loss to close and got hit. -6 T3 Again, littlebit more aggressive and it payed off this time. +12 T4 This was again quite ok trade but taken too early. I had to cancel in according to my trade management rules. +1 T5 This was the best entry today. Very nice setup, the market trapped a lot of bears inside and I managed to jump in opposite direction at nice price level. I saw the profit potential to POC but decided to take sure +12.
I saw big improvement in trading during this week. I traded much calmer, took less trades and this all resulted in very nice statistics for the whole week. I had the highest weekly profit since the beginning of this year. 75% win ratio and just 16 trades.
