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TheTradeSlinger's Journey

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  #101 (permalink)
Huntington WV
 
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Back to back sessions where I didn't worry about the pnl, just let the charts do there thing.


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  #102 (permalink)
Huntington WV
 
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Getting more and more comfortable.

(Super late start to the day, got to the charts and hour or so ago)


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  #103 (permalink)
Huntington WV
 
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I'm excited for tomorrow, can't wait to see what happens with the interest news.

Yesterday and today, both small winners, really not trading, just wanted to get something on.

Tomorrow I'll be trading and hopefully making a video.

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  #104 (permalink)
Huntington WV
 
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No trades today, just decided to watch today after the announcement.

I've been thinking lately about goals and consistency and have decided to treat this trading journal as a real development tool instead of simply posting my pnl each day. I'm going to post charts of my trades and analyze each in an effort to understand my trading and find areas I need to improve in (mainly winning trade duration). Let's find out if the old adage "what doesn't get measured, doesn't get improved" is true or not. Going to do a trial of TraderVue too soon, lots of metrics to measure and improve upon with that tracking software.

Goals

Increase winning trade duration.

Track and analzye my trading thoroughly.

$4,000 net profit monthly. Can be broken down to $1,000 a week, or $200 each session.
$200 each session is roughly 2 times what I'm doing now so that should give some encouragement to holding winning trades longer.
This doesn't mean stop after making my goal each day, just simply guidelines to achieving my monthly goal of $4000.
I'll keep track of progress towards the monthly goal with each session analysis post.



Looking forward to beginning this new direction in the journey tomorrow!

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  #105 (permalink)
Huntington WV
 
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How to sell support and buy resistance all in one journal entry.. Wow.

Eye-opening to review my trading this way, I had the idea right, execution absolutely poor. Really poor.

Started to place price in the context of a move much lower, possibly gapfill scenario early on in the session.

Instead of using my context bias and executing shorts at resistance on the way down, I kept repeatedly anticipating breakouts lower and they never came (or as in the case of the 4th trade I closed the trade right when it was going to go in my favor, that exit was simply a 'pain avoidance' exit which I will work to avoid at all costs).

The only positive thing I take away from today's trading was that I actually put on the trades in a mindset of letting the winners run, actively thinking of letting each trade run. Today's mindset is nearly polar opposite to my approaches from previous days (essentially every other day except today lol). I will seek to cultivate that mindset of letting my trades run and using market feedback to tell me what to do instead of me simply closing out of fear or worry or any other reason under the sun instead of support/resistance.

Looking forward to doing more daily reviews.

PnL:



Extremely basic tracking excel spreadsheet I am working on (will be getting TraderVue soon for real statistics):



Chart of today's trades #1:



Chart of today's trades #2



Context picture for today's trades (ha the drop I was looking for took place moments after calling it a wrap for the day!):


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  #106 (permalink)
Huntington WV
 
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Done early for the day, going to devote some time to some automated strategies I'm working on.

Had the context down today, but again, execution leaves a lot to be desired.

Took 2 breakout trades at support, instead of waiting for a test of resistance (sell at resistance!). This shorting at support and buying at resistance and 'anticipating' breakouts is something I am going to keep working on reducing in my trading while working to increase the buying at support and shorting at resistance.

I am proud of the second trade, I actually got fed up with my one or two tick winners and held for a full point. My issues with holding winners will be overcome with time and experience, mark that second trade as step 1 in the journey.

Really going to dig deep this weekend and think about analysis vs execution and be back ready to go next week. Hopefully it will be a good week of trading, who knows though with the holiday period next week.


Pnl:



Tracking (soon to be TraderVue):



Today's trades:



Context for today's trades:


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  #107 (permalink)
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Hi TradeSlinger! nice to read your thread. I have been trading for 8+ years (going full time next month taking advantage of a relocation) and followed a similar path of yours I discovered Kewltech few weeks ago and find it really refreshing.
Actually I have few questions for you:

- which platform do you use to trade futures?
- have you ever considered the 1st touches to low volume nodes from volume profiles?
- I am still slightly unsure about the subjectivity of the support and resistences drawn on a chart.. what do you think, are you sure about the lines you design?
- finally, my understanding from Kewltech is that we are going to test always the last support of the leg up before the drop or the last resistance of the leg down before the pop - to be traded in combination with the momo and keeping an eye on the acc/distr identified by the MACD divergences... is this a good summary?

All the best!
David

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  #108 (permalink)
Huntington WV
 
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Martingale View Post
Hi TradeSlinger! nice to read your thread. I have been trading for 8+ years (going full time next month taking advantage of a relocation) and followed a similar path of yours I discovered Kewltech few weeks ago and find it really refreshing.
Actually I have few questions for you:

- which platform do you use to trade futures?
- have you ever considered the 1st touches to low volume nodes from volume profiles?
- I am still slightly unsure about the subjectivity of the support and resistences drawn on a chart.. what do you think, are you sure about the lines you design?
- finally, my understanding from Kewltech is that we are going to test always the last support of the leg up before the drop or the last resistance of the leg down before the pop - to be traded in combination with the momo and keeping an eye on the acc/distr identified by the MACD divergences... is this a good summary?

All the best!
David

Hi @Martingale,

1. I use TradeStation as my broker/platform.

2. I've never looked at volume profile or volume nodes so I have no idea.

3. The S/R lines that I use in my trading every single day are quite meaningful to my trading, there is no magic though, it's simply how the market operates: moving from level to level all day long on all timeframes.

4.
Quoting 
my understanding from Kewltech is that we are going to test always the last support of the leg up before the drop or the last resistance of the leg down before the pop - to be traded in combination with the momo and keeping an eye on the acc/distr identified by the MACD divergences... is this a good summary?

Can you provide a chart example of what you mean here? Here's a crudely drawn example of what I think you may be referring to?

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  #109 (permalink)
Barcelona, Spain
 
 
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Thanks. That's exactly what I refer to i am now on the mobile but tomorrow I ll post a chart of what I am referring to.

Would love to share my analysis with you on Kewltech as I recently found his blog and yet can't find much reference on his technique online. My main doubt so far is...(in brief).. ok, we have now a bunch of untested levels... which ones will be tested first? I guess if we have the answer to that we would be millioners

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  #110 (permalink)
Huntington WV
 
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Late start to the day, didn't get to the charts until around 15 minutes before this trade.

Debated last night whether I should trade or not this week due to the holidays and decided to go for it, why waste opportunities to make money?

This trade was essentially an order flow pop, watched as ES approached the resistance level and tested it a few times, decided to go long, targeting the open.

Holding my winning trades is getting easier and easier, held this one for a full point and then as it created that wick I thought maybe this was a failed level breakout so I exited. Not too happy about the exit, but I experienced no worry or anxiety over holding the trade open... I'm making progress.

I'm making an average of $125 a day since starting the detailed log, a little over half of my goal of $200 daily, but much better than what I was doing prior to the detailed log.

Looking forward to the rest of this week.

PnL:



Log:



Chart:


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  #111 (permalink)
Huntington WV
 
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Not really trading today (or probably the rest of this week to be honest, getting up late is just so good), just wanted to get something on and see where the markets were at.

Got to the charts a few minutes before this trade, looked for the resistance to be broken and possibly test 31/32 area, took the trade and immediately thought I was being too cute with this trade (and even trading at all today) so I closed it out for a one tick profit.

Ignore the goal stats at the bottom, not really going after the goal today.

Can't wait to get started on TraderVue in the new year!






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  #112 (permalink)
Huntington WV
 
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No trades today or tomorrow, won't be trading until Monday.

Can't wait for the holiday period to be over with and to get back to a regular trading schedule (that sounds horrible, but I mean it in a strictly trading sense lol).


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  #113 (permalink)
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TheTradeSlinger View Post
No trades today or tomorrow, won't be trading until Monday.

Can't wait for the holiday period to be over with and to get back to a regular trading schedule (that sounds horrible, but I mean it in a strictly trading sense lol).


Maybe you should remove that cumulative goal line? I don't know if that line is motivating or demotivating you, but I can only assume it will add anxiety if it gets too far away.

I found charting this way to be less painful:

Average daily profit of the last 30 days vs your flat daily goal (200).

That way you can chart how well you are doing in the last 30 days in terms of hitting goals and your past performance doesn't kick you every day you look at it.

Alternatively you can set a goal that is more realistic based on the data, for example, a 90 day average of your daily return and your goal is to beat yourself in the past 3 months. Very satisfying when you manage to do it.

Hope that helps!

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  #114 (permalink)
Huntington WV
 
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PeakGrowth View Post
I found charting this way to be less painful:

Average daily profit of the last 30 days vs your flat daily goal (200).

That way you can chart how well you are doing in the last 30 days in terms of hitting goals and your past performance doesn't kick you every day you look at it.

Alternatively you can set a goal that is more realistic based on the data, for example, a 90 day average of your daily return and your goal is to beat yourself in the past 3 months. Very satisfying when you manage to do it.

@PeakGrowth, thank you for sharing these ideas with me!

I will work on creating an excel sheet for both of those ideas. Maybe a weekly vs flat along with monthly vs flat?

I'm down for looking at my trading data every which way to try and learn from what I am doing, if you have any more ideas please share.

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  #115 (permalink)
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TheTradeSlinger View Post
@PeakGrowth, thank you for sharing these ideas with me!

I will work on creating an excel sheet for both of those ideas. Maybe a weekly vs flat along with monthly vs flat?

I'm down for looking at my trading data every which way to try and learn from what I am doing, if you have any more ideas please share.

I also used an execution spreadsheet, which graded myself on how well i followed my rules in and out.

so if i followed 7/7 i would get 100%, or 80% for 4/5



Then you can filter out your trades based on execution score, for example if you find a higher execution score is correlated with a better expectancy, then you know your rules are working and your goal is to improve your execution score and profits will follow. This should shift your focus to having good execution day after day, rather than trying to hit goals (which just can't be hit sometimes due to markets being the way they are). This is a good way to quantify your execution performance.

The sheet also helps you keep track of how many trades you've done a day so you don't overtrade. You can get it to go red if you've done more then x amount of trades a day and you have a flag telling you to stop.

Hope that helps.

Cheers

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  #116 (permalink)
Huntington WV
 
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PeakGrowth View Post
I also used an execution spreadsheet, which graded myself on how well i followed my rules in and out.

so if i followed 7/7 i would get 100%, or 80% for 4/5



Then you can filter out your trades based on execution score, for example if you find a higher execution score is correlated with a better expectancy, then you know your rules are working and your goal is to improve your execution score and profits will follow. This should shift your focus to having good execution day after day, rather than trying to hit goals (which just can't be hit sometimes due to markets being the way they are). This is a good way to quantify your execution performance.

The sheet also helps you keep track of how many trades you've done a day so you don't overtrade. You can get it to go red if you've done more then x amount of trades a day and you have a flag telling you to stop.

Hope that helps.

Cheers

Lots to think about and work on.

Thanks again @PeakGrowth, I should have something by Sunday night.

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  #117 (permalink)
Huntington WV
 
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Couldn't resist.

Quick little order flow pop targeting one tick just to have something on today.

Looking forward to some real trading next week and into the new year.






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  #118 (permalink)
Huntington WV
 
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I'm getting more and more consistent with the PnL, and a touch better with the entries and exits.

The context for today was gap fill either 49 or 36 and I was receptive to both.

The first and second trade were both order flow trades looking for the gaps to be potentially filled, but I realized on both that I was selling/buying at support and resistance AGAIN lol so I closed those out.

The third trade is the one I am most proud of, not for holding the trade obviously, but for not taking it short at support again. I was looking for the lows to be taken out and I put on the short a few points above looking for that target. Closed it out way too early, but I am gaining confidence in what I am doing and my reads and will keep on inching up the hold times.

Fourth trade was the "looking for the gap fill" order flow short, but wow did I short at support again! 41ish was the proper short location (previous support turned resistance).

Thinking over the weekend about my trading, it seems that I have been "trained" to cut winners early due to taking the majority of my trades at poor locations (shorting support and buying resistance) as these trades most of the time pop or drop only a few ticks and then reverse on me. I need to start executing at better locations to allow my trades to run.

Going to keep working on better entries and exits this week.








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  #119 (permalink)
Huntington WV
 
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No trading today, got to the charts late and didn't want to push anything too late in the day on a tight range day.

Almost bought the breakout at 72ish, but decided against it (not buying R again), the real entry long was at the first test of support (pink line).

Traders at their charts earlier in the day may have played the ascending triangle, probably the best set up of RTH today.

Let's see what tomorrow brings.






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  #120 (permalink)
Huntington WV
 
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No trades so far today, surprised we didn't test lower on the 2nd touch at 61s.

COME ON NEW YEAR!!!!! Let's get back to trading.




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  #121 (permalink)
Huntington WV
 
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Why not..

Order flow long scalp.

(ok actually done now for the day)




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  #122 (permalink)
Huntington WV
 
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Well, if they're going to offer it, might as well!

(ignore the results picture, doesn't count this week)

Ha that descending triangle!






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  #123 (permalink)
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No trades for today (31st).

Looked like a pretty volatile session, hopefully the new year will bring some fun trading.

2016 is going to be AWESOME.

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  #124 (permalink)
Huntington WV
 
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What a start to 2016! If this is the markets' way of saying "Happy New Year" I'd hate to see her when she's mad!

Pretty major selloff in ES so far today.

First trade (first chart) was shorting at support, literally sold the bottom there. Plus, took a trade outside of the day session where my best trading occurs.

Day session trades were better, managed to dig myself out of the hole from the first trade, but still ended down on the day.

I let the first few trades run better than usual, but got timid with the last two trades.

If we disregard the first trade, I feel pretty good about my entries today, not shorting support and buying resistance all day long like other days.

Looking forward to the rest of this week.










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  #125 (permalink)
Huntington WV
 
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After the down day on Monday I decided I need to go "to the woodshed" and figure out how to do 2 things:

1. Better entries.

and more importanly

2. Hold my winning trades.

Well, I think I may have made some progress.

Review and what I figured out coming later.


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  #126 (permalink)
Tucson
 
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I like your icon. Gunslinger got me through third tour in Iraq.

This whole week has been a sneak attack by nightly bear traders.
I had some trouble yesterday too and had to make some adjustments.

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  #127 (permalink)
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I'm glad there are readers of Kewltech. That stuff is my Bible. Always look left!

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  #128 (permalink)
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GEFLEDIsecHINFOpT View Post
I'm glad there are readers of Kewltech. That stuff is my Bible. Always look left!

I invite you to post your thoughts and charts regarding price action here.

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  #129 (permalink)
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good journal keep it up you are doing great.

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  #130 (permalink)
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Should be able to trade tomorrow's session until around lunch time, then the rest of this week full sessions.

Couldn't trade today, too much to take care of starting early this morning.

Full detail journal and session reviews coming tomorrow.

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  #131 (permalink)
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Just getting started and I already have to leave! Rest of the sessions this week will be full sessions.

Put on a small trade and took it right off realizing I shouldn't be trading with other things going on today.

Trying out OHLC bars, I've always found them much easier to see and read, not sure why I haven't tried trading with them yet.

NQ broke pre-market range, traded higher and formed a new range around the 37/38 midpoint. I shorted the failure at that midpoint (too late of an entry though).

Level to level all day long, that's what the markets do.

Over the weekend and past few sessions I've put a lot of thought into combining kewltech ideas with SLA/AMT ideas and my own ideas of price action and I believe I've really made some progress in how I view and trade the markets.

I feel like I used to "guess" with my trading, though the guesses were based on sound price action principles. With my new mental framework and market framework I feel like I am taking objective trades, really taking the guesswork out of it.

More to come the rest of this week when I'll be able to trade full sessions.




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Hey thetradeslinger, just started reading through your thread which seems pretty interesting so far, good job keeping up with posting all the trades! I know that's usually a pain to always be doing ontop of analysis and trading itself. I keep seeing references to kewltech in the beginning of your thread and while I haven't ever personally read through the blog I'm always up for reading other's views on the markets.

A couple pages back I seen a long post talking about legs up/down and retracing into them while focusing on key S/R levels, is that basically what's described in the kewltech blog? If so then that definitely seems like a sound approach to view trading from

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Hey thetradeslinger, just started reading through your thread which seems pretty interesting so far, good job keeping up with posting all the trades! I know that's usually a pain to always be doing ontop of analysis and trading itself. I keep seeing references to kewltech in the beginning of your thread and while I haven't ever personally read through the blog I'm always up for reading other's views on the markets.

A couple pages back I seen a long post talking about legs up/down and retracing into them while focusing on key S/R levels, is that basically what's described in the kewltech blog? If so then that definitely seems like a sound approach to view trading from

"A couple pages back I seen a long post talking about legs up/down and retracing into them while focusing on key S/R levels, is that basically what's described in the kewltech blog?"

That's spot on @Six3six. The best way to approach Kewltech is to read it with an eye towards levels, momentum, legs. The MACD stuff is ok, but everything is contained within price itself, once you understand levels/momo/legs everything else becomes secondary.

Check out the kewltech blog if you have some time, it's fantastic. Start with issue #1 and work your way forward, each issue builds on the previous one.

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My trades and notes from today.

Stopped early when I was down and watched rest of session and tried to track price and levels.

NQandESJan13thAlbum

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Jan 14th Update:

This sounds silly as I type it out, but I talked with Lak last night and realized what I was doing wrong.

I spent the whole session waiting for 1 set up, made like 2 ticks on NQ, but the key was taking that set up.

I have to start entering at support and resistance, and that's exactly what I did.

Charts and Notes below:

NQNotesChartsJan14

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Jan 15th update:

Today is an example of why forcing myself to buy at support was so important to me.

Today I waited for price to approach my level and took the entry with no fear or hesitation.

The exit left a bit to be desired, but I feel so good for taking this trade the way I did, I followed my plan.

Charts and Notes:




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Travelling a good portion of the day on Tuesday, probably no trades until a full session on Wednesday.

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Welcome to TheTradeSlinger's journey.

Background and purpose:

The purpose of this journal is to work on finding and eliminating psychological issues holding me back from successful trading and document my development as a trader.

My foremost problem is that I have been exiting winning trades far too soon (Ha! Have you ever heard that one before?).

Throughout this journal I will seek to increase the duration and magnitude of winning trades and develop my trading psychology into a winning mindset.

Inspirations

The main inspirations and influencing forces in my trading have come from three main sources:

1. TradeItDontDateIt
Lak's performance has been a great inspiration for me for many years. I model my ideal trading after his work.

2. @DbPhoenix and his work with the SLA/AMT
I've read and followed his work on futures.io (formerly BMT) and other sites for years now. Discovering AMT has helped my trading tremendously.

3. YTC Trading Series of books and weekly emails
When starting out in trading I found the YTC series to be fantastic in putting price action trading into an understandable framework along with discussions of psychological issues relating to trading.

The Journal
I will be fully transparent in this journal and open to any discussions/questions/comments. I believe that participation by other traders can only help to advance everyone's development. I look forward to kicking this journal off!

Long days and pleasant nights to you

Hey man. took a quick look at your thread. nice trading, you really organized your journal well, very good way to learn yourself. But I dont see any loser in your journal, would like to see how you manage your risk and exit. Keep up the work bro.

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Hey man. took a quick look at your thread. nice trading, you really organized your journal well, very good way to learn yourself. But I dont see any loser in your journal, would like to see how you manage your risk and exit. Keep up the work bro.

I lost money on January 13th! Click that album link and it'll bring up pictures/notes from that day.

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Jan21st Notes/Charts

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Jan22nd Notes/Charts

Just realized imgur doesn't save the name of each image.

When I see something interesting and screenshot it, I save it like "TriangleBreakoutLevel" or "60mChartContext" so I can review them later.

I'll try and think of something to add to the charts or fix that naming problem so it doesn't look like a blank chart with no indication of why I screenshot the chart at that moment in time.

Going to be making more Lak style videos soon too!

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I lost money on January 13th! Click that album link and it'll bring up pictures/notes from that day.

thanks bud

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Jan25th Charts and Notes

Apologies again for the charts being out of order and without names, anyone have an idea on how to save the names and have imgur display them?

If there is a screenshot, there is a reason I took it (without the names on imgur it's hard for a viewer to tell why). Just ask if you have a question about any of them.

Range bound day so far, took a couple entries early on and then worked on analysis the rest of the session up to this point. AMT theory really helped today.

Still working on videos!

One day I hope to have people wonder if I am an "Inspiration or hoax?!"

Making $70 sure wont make that happen though lol!

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Jan 26th Charts and Notes

Very little sleep last night, shouldn't have even attempted to trade today.

Followed along intently, worked on analysis, and managed to put on two trades which were quickly closed because I just wasn't feeling it.

Green, but a light shade of green. Great day though mainly for my reads of context and price action.

(Just hit me how to possibly get imgur to keep the right order of screenshots, I can order the images in the folder on my computer by date/time, and then upload to imgur, will try that tomorrow)

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(Just hit me how to possibly get imgur to keep the right order of screenshots, I can order the images in the folder on my computer by date/time, and then upload to imgur, will try that tomorrow)

I don't know imgur but you could also maybe try putting an ordered alphanum prefix in front of your image filenames (i.e. a partial rename)

Travel Well
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Going to start back making videos tomorrow.

Might not be posted until late tomorrow night though.

Should be fun!

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Hey TradeSlinger, your thread has been very interesting. I am a beginner and also read through kewltech couple time but still confused in a lot of the topics. When you approach each trading day, do you also look at chart patterns? If so, do you identify chart patterns in all your time frames or only in certain time frames?

Keep up the good work!

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Embarrassing trading today so far, missed the opening long on NQ and then a bias towards testing back down before a move higher kept me from joining the long.

Recorded a video, will try and make it interesting/educational the best I can.

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When you approach each trading day, do you also look at chart patterns? If so, do you identify chart patterns in all your time frames or only in certain time frames?

Yes, constantly looking for patterns and price action set ups throughout the session and pre-market.

Pre-market for me mainly consists of finding the overnight range and identifying any key levels before the open.



Quoting 
do you identify chart patterns in all your time frames or only in certain time frames?

This gets tricky because price is price, no matter the bar interval you look at it on. Have you ever looked at a 60m and thought long, but then looked at a 5m and thought short? There is only one price, but two different "looks" depending on bar interval.

The best way to describe what I try and do regarding patterns on various timeframes is the following:

1. Longer term pattern/level is the most important.

2. Longer term for the levels, shorter term for the execution against those levels.

3. Change starts on the smaller timeframes, if confused by all the conflicting signals, stay out or lean on the smaller timeframe.

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E-mini NASDAQ Futures Trading - The Problem With Biases - Jan. 29th 2016

Bullish context for the session, biased towards testing RTH breakout levels that never occurs.

Have to learn to manage/eliminate biases and not let them get in the way of analyzing the market.

Getting back into recording each session, will be uploading more videos soon!


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A lesson in opportunity cost.

Bias/opinion got the best of me today as I didn't take into consideration the overall context of the market, what couldashouldawoulda been a few nice chances to short I managed to turn into a few long scalps right at the resistance level. After the long scalps, I stopped trading and examined the context for what I had missed.

Going forward, I am really going to narrow down and focus on executing trades at levels (long at support, short at resistance).

I feel like I can let winners run now (SLA, level to level), next step is to stop taking poor context trades, to enter only at levels.



(First trade 2:50 in)

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A lesson in opportunity cost.

Bias/opinion got the best of me today as I didn't take into consideration the overall context of the market, what couldashouldawoulda been a few nice chances to short I managed to turn into a few long scalps right at the resistance level. After the long scalps, I stopped trading and examined the context for what I had missed.

Going forward, I am really going to narrow down and focus on executing trades at levels (long at support, short at resistance).

I feel like I can let winners run now (SLA, level to level), next step is to stop taking poor context trades, to enter only at levels.



(First trade 2:50 in)

Just my opinion, watched your video, your profit Stop is so close to your entry, Pretty hard to scalp for ticks like that. Unless you have 90%+win rate. 1 loss can wipe away all your winning.

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Crazy 30 point swings up and down in NQ, at least 6 so far.


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Just my opinion, watched your video, your profit Stop is so close to your entry, Pretty hard to scalp for ticks like that. Unless you have 90%+win rate. 1 loss can wipe away all your winning.

Thanks for watching @JoeMich!

I try and trade right at my level, get in as close to the level as possible.

Once in a trade, I usually don't want to take much heat at all because that means my entry was not correct.

Any thoughts on the video regarding editing/music/etc? Trying to keep them interesting/educational/fun.

Again, thanks for watching Joe.

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Magic voodoo lines...


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Yes, constantly looking for patterns and price action set ups throughout the session and pre-market.

Pre-market for me mainly consists of finding the overnight range and identifying any key levels before the open.




This gets tricky because price is price, no matter the bar interval you look at it on. Have you ever looked at a 60m and thought long, but then looked at a 5m and thought short? There is only one price, but two different "looks" depending on bar interval.

The best way to describe what I try and do regarding patterns on various timeframes is the following:

1. Longer term pattern/level is the most important.

2. Longer term for the levels, shorter term for the execution against those levels.

3. Change starts on the smaller timeframes, if confused by all the conflicting signals, stay out or lean on the smaller timeframe.


Hey TradeSlinger,

I have been trying to draw chart patterns to see the trend/momentum but the problem I am experiencing is the trend I drew is very subjective and not the direction of the price action. I don't know which two points should be connected nor finding a chart pattern like head and shoulder/cup handle. I know chart pattern we see live is not text book chart patterns so I wondering if you give me some advice on how to draw chart patterns to during your daily sessions to see the trend.

Thank a bunch!

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TradeSlinger i was out for sometime so didnt get a chance to visit your journal. Gonna get back on this one and follow you

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Hey TradeSlinger,

I have been trying to draw chart patterns to see the trend/momentum but the problem I am experiencing is the trend I drew is very subjective and not the direction of the price action. I don't know which two points should be connected nor finding a chart pattern like head and shoulder/cup handle. I know chart pattern we see live is not text book chart patterns so I wondering if you give me some advice on how to draw chart patterns to during your daily sessions to see the trend.

Thank a bunch!

This is one of the best posts I've read in a long time.

You are starting out in your trading journey ALREADY looking into price action and trying to understand charts and how the markets move. I am jealous of your position, not kidding or flattering you, I wish I had found price action when I first started out trading.

"I have been trying to draw chart patterns to see the trend/momentum but the problem I am experiencing is the trend I drew is very subjective and not the direction of the price action. I don't know which two points should be connected nor finding a chart pattern like head and shoulder/cup handle"

Everyone starts here @TraderRich, everyone starts at "not being able to connect the dots".

Here's the thing, it's there, the answers and the trades and patterns are there, you just simply don't see them yet.

Is there a book or course or website that can help you see what you are looking for?

No.

It all comes from experience and simply grinding it day in and day out until the answers start to reveal themselves to you, until all the squiggles and lines and bars start to form a personal, cohesive narrative to you.

The absolute best advice (if my 2 cents is worth anything!) I can give to you is to just keep at it, each day find your levels, mark them down, and see how price reacts at your levels/patterns. Disregard processes and thoughts that lead you to marking 'bad' levels and keep doing more of what leads you to drawing 'good' levels. It will come with time and experience.

Start a journal (personal or on futures.io) and keep logs of what you are doing each day, review review review and learn from what does and doesn't work.

Tomorrow (Tuesday) I want you to post your levels/patterns here or in your own journal and lets look at them together.

You can do this @TraderRich.

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Thank you very much for the advice and the help! For tomorrow, I will post a chart with levels/pattern after market ends with forecast of its near term price targets.
Thank you!!!

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Have to be more decisive and enter when the opportunity presents itself.

I thought long after the test of the high of the open but didn't enter and now close to 100 points later here we are.




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Have to be more decisive and enter when the opportunity presents itself.

I thought long after the test of the high of the open but didn't enter and now close to 100 points later here we are.




market just go right at the open. did you made any trade after that?

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Thanks for watching @JoeMich!

I try and trade right at my level, get in as close to the level as possible.

Once in a trade, I usually don't want to take much heat at all because that means my entry was not correct.

Any thoughts on the video regarding editing/music/etc? Trying to keep them interesting/educational/fun.

Again, thanks for watching Joe.

Thanks for sharing the video. I think it would be if you can make note in the video on why you take that entry, and slow down the video a bit, maybe just record the part where you about to make a entry and after you exit. the video was little too fast, other than that good work. keep it up.

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I have been playing gold for while so my watch has been DUST and NUGT.
I uploaded my analysis on DUST.

In 1-day, 4hr and 2 hr charts start to show some fade in bearish momentum for a trend turnaround. In 15min and 5min, it shows bullish volume starting to set in. With the fading bearish momentum from long term, it may create a side way action which can cause a first touch of support level at $6.97 which was a prior resistance and rebound away towards $7.50.

Please take a look and point out anythings I should know or did wrong.

Thanks!

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market just go right at the open. did you made any trade after that?

One long in a bad spot for +4 ticks.

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I have been playing gold for while so my watch has been DUST and NUGT.
I uploaded my analysis on DUST.

In 1-day, 4hr and 2 hr charts start to show some fade in bearish momentum for a trend turnaround. In 15min and 5min, it shows bullish volume starting to set in. With the fading bearish momentum from long term, it may create a side way action which can cause a first touch of support level at $6.97 which was a prior resistance and rebound away towards $7.50.

Please take a look and point out anythings I should know or did wrong.

Thanks!

Looks good to me in terms of Kewltech based analysis.

One thing I would want to see is a longer term chart though, always be able to look left and see if the current prices have ever been visited before, there could be a level here and we can't see it if we can't look far enough left.

I can't seem to spot the inverse HnS you pointed out in two of your charts (the red and blue arrows pointing at it? or do you mean the overall picture?)

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Potential levels for Wednesday (and rest of this week)

I expect chop or upside, but a potential level for the downside might be 3790ish.


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Looks good to me in terms of Kewltech based analysis.

One thing I would want to see is a longer term chart though, always be able to look left and see if the current prices have ever been visited before, there could be a level here and we can't see it if we can't look far enough left.

I can't seem to spot the inverse HnS you pointed out in two of your charts (the red and blue arrows pointing at it? or do you mean the overall picture?)


It recently broke $11.28, so it is at its all time low right now. The 5 min chart basically showed all its recent levels. I am trying to see if I read the momentum change.

For the inverse head and shoulder, I am not sure if I am reading the chart correctly. The top dotted line and the left most solid line seem to form a shoulder. The left solid line and the bottom solid line form the head.And the right solid red line is starting to form the other shoulder.

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TheTradeSlinger View Post
Potential levels for Wednesday (and rest of this week)

I expect chop or upside, but a potential level for the downside might be 3790ish.

Well we got the chop today (Wednesday) with a touch of downside.

No trades for Wednesday, looking forward to Thursday's session.

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TraderRich View Post
For the inverse head and shoulder, I am not sure if I am reading the chart correctly. The top dotted line and the left most solid line seem to form a shoulder. The left solid line and the bottom solid line form the head.And the right solid red line is starting to form the other shoulder.

I would say there is no HnS in those charts.

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TheTradeSlinger View Post
I would say there is no HnS in those charts.

Can you give me some advice? If you look at a chart like that, how would you approach it to see its trend/trend change, momentum change or what are some key things you would look at to assist your judgement?

Thank you!!!

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Very helpful link, thanks

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Absolutely no reason to close this trade. Still working on holding trades.






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Ranges and levels.










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Level to level. Midpoint test.


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Levels? What are those?




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I did my one/two tick dumb trading for my first sequence, made the decision to not accept that for the second.

Still a horrible exit on that last trade, when the bar you close a trade on (especially such a short timeframe as the 1m) closes higher than your exit you know something is wrong with the exits! Still working on exits, but getting more and more comfortable with trusting myself and taking trades without worry or nerves.

Now to just get comfortable with exits.

Seems like NQ/ES are coiling up, interested to see what happens.




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Still in the woodshed figuring out what I can do to achieve the mindset I want, but getting better each day.




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good journals, your win rate is so high. How many losing day do you have in a month. Do you ever have a losing strike?

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JoeMich View Post
good journals, your win rate is so high. How many losing day do you have in a month. Do you ever have a losing strike?

Losing days are unavoidable! Had an incredible run while updating this journal, that's all.

Last week for example, I had 4 winning days and 1 losing day.

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  #180 (permalink)
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Started a personal blog for my trading at PriceBasedTrading.com!

No ads, no selling anything, just daily detailed reviews of my trading, posts on price action strategy, trading videos, and more.



I am using that site as my daily journal now.



Will still be posting here and following other's journals!

Lately, I've really enjoyed the following journals/threads:

1. The Scalper's Journey

2. The Crude Dude Oil Trading System

3. Elite ES SP500 Spoo-nalysis

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Have you tried the ZigZag indicator? It seems to find the price legs accurately


Sent using the futures.io mobile app

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