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New Beginnings Trade Journal


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New Beginnings Trade Journal

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  #1 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

I have had a nice break and am returning to start a new $100,000 Continuous Combine tomorrow. This journal is to track my trades, progress and provide accountability. Why the name "New Beginnings" because it is a fresh start to my journey in seeking to obtain a funded account with TopStep Trader and I have a renewed mindset. My problem was not my trade plan but my pride, lack of discipline and overall mindset.

During this Combine I will be trading the following setups:
  • Bolt Waves
  • Bolt Reversals
  • Bolt Breakouts and
  • Price Action Setups

I will be trading 3 contracts to begin with and using the following stop strategy:
  • Catastrophic stop of -17 ticks
  • Stop moves to -12 at +5 ticks
  • A trailing stop of -17 will move every +2 ticks
  • Stop will be moved to +1 at +16 ticks

Regardless of the setup being used the following two targets will be used for taking profit:
  • T1: +11 ticks
  • T2: +22 ticks

Whenever, I elect to use both targets, only 1 contract will be used for T2 regardless of how many contracts I may trade.

In addition, I have elected to use nothing but range bar charts with candlesticks during this Combine.

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  #3 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received


The following 3 trades were taken today in my simulation account:

Crude (CL)



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  #4 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

I passed earlier this morning on what turned out to be the best signal so far. Here I took a 2LF for only 1 target of +11 because of congestion and anticipation of one more push up before failing (if the sellers are going to regain control). Unfortunately, price did exactly what I was thinking but I missed the next trade because of typing this journal entry. I may think about showing my trades at the end of day only. However, for now here is my picture of my first trade:

Crude (CL)


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  #5 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

This is a picture of the missed trade that I mentioned in the last journal entry:

Crude (CL)


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  #6 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

Crude (CL)


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  #7 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

Here is my trade report for the day:

Trade Report


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  #8 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

I have decided to move T2 to +20 ticks instead of +22 on trades where I will be using a second target. In addition, I have slightly modified my stop strategy to the following:


17 Tick Stop Strategy



If T2 is filled I will net over $400 per trade with 3 contracts. Whereas, if price hits +20, doesn't fill, and stops me out I will net over $350 either way will work towards achieving my Combine goal and I am content with both.

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  #9 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received

I missed the first setup and got in late on my trade because I was away from the computer. The end result is that the trade worked out and would have been a success at +11 ticks with 3 contracts but because the open was in 1 minute and CL hadn't reached the target yet I moved the stop to +1 where I was stopped out at on all 3 contracts.

Crude (CL)


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  #10 (permalink)
Phoenix + AZ/USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ, YM, CL and GC
 
Posts: 505 since Jul 2014
Thanks: 2,471 given, 822 received


After doing so well this morning on NOT trading foolishly with all the markets I watch being so dead I got aggressive on the 6E with 2 contracts. I tried for a 2LF a few ticks early to get an edge on the stop run and basically got caught at the bottom of the range. Thankfully, I moved my stop to -12 vs. -17 when I realized that my gamble didn't pay off and semi-limited my losses. Trying to force a trade never pays off!

Euro FX (6E)


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May 29, 2015


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