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So been travelling and now in PST timezone so it's a rather uncivilised 06:30 trade start.
However woke up and went for it. Have started using bracket orders to enforce stops.
Original startegy does need to evolve, think original time frames were too tight.
08:45 Updated S/R lines
08:49 OCO BUY @ 2,112.25, Target - Inside next R, Stop outside of next S
09:29 SELL @ 2,115.50
08:48 woke up, made a cup of tea, updated S/R gap up open then returned to S
08:55 impulse says buy so i'm shorting
08:58 SELL @ 2,099 - STOP above R, Target just inside next S
09:23 TARGET HIT @ 2,095
P/L: +4.00
So strategy feels like it's evolving, moving away from placing trades super early, also trying to be a bit more relaxed. Have moved away from arbitrary targets and using my S/R lines to guide values and use bracket to enforce Stop.
So it went badly today, no excuse really should have been an easy one.
08:46 Massive Gap Down -20 Points
08:51 Rising, touching S/R, probably a good time for a quick short
09:11 Moving back down - (should have made the short earlier)
09:18 BUY @ 2,078
09:19 Regretting it already, not sure why I bought, nothing to hold back gravity here, maybe itching to get into market. Heading out
10:01 So yeah STOP hit P/L: -4.0 lol
Should have been an easy short ride, missed my perceived entry time then lost my way.
08:43 woke up, made a cup of tea, added S/R, gap up opening ~15 points.
Greece not good but slimmer of hope now.
09:19 Sell @ 2,056, Target: 2,050.25 - Stop: 2,063
...Not much going on...
11:23 Target Hit, P/L: +5.75
nexusfi.com (formerly BMT) CHALLENGE 2015 - STARTED
09:00 Woke up, existing S/R looks good in charts.
Opening gap up from greek news, later greek news not as great.
09:11 Feel there is more short to be had, going in at SELL @2,073, Target previous day high, Stop just outside next S/R
09:33 BUY @2,066.25
09:00 Small gap market open to the upside. Added some additional minor S/R lines from previous day.
09:07 SHORT @ 2,072.50
-- Target just below next SR Line. 2,068.25
-- Stop just above next SR line. 2,077.50
10:01 Target Hit: +4.25
Today P/L: +4.25
July Total: 11.0
Anyway to show orders after they have been executed on the chart? (ThinkorSwim)
Please, whatever you do, don't ever trade without a stop. It is the single most important thing that can protect you from certain disater if your internet goes down, you have some kind of medical emergency or some other catastrophic event.
I am also from the UK and have an internet dongle from Three for emergencies. It is a pay as you go and I have it sitting near my computer with a top up voucher, so if you lose your internet for any reason, you can plug the dongle in, apply the top up and get back online. This is particulalry useful if you are in a trade and you want to make sure that everything is OK. If you have roaming on your mobile (which I haven't) you could also use this.
I also have a battery backup for my PC in case the electric fails.
Although I only trade very small positions, just one contract for a scalp, I think that it is good to have these sensible precautiosn in place.
I will look forward to following your journal - don't forget to check mine out!
I would agree with Chris on this, Ninja Trader is very good and it is free whilst you are in SIM. If you use ninja Trader, there is a very good third party site for downloading replay data. it can be a bit 'clunky' to do in Ninja, but this website makes it really easy Ninjatrader Market Replay - Home
Once you are ready to trade live, as you are also in the UK (and in Manchester - the best part!) I would recommend Kinetick for data (I pay $56 per month for the CME Globex Level 1 and Kinetick basic service). I use Interactive Brokers for brokerage with commission at $4.04 per round turn - they have offices in London and you are protected under UK legislation.
