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Papa's Trading Journal


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Papa's Trading Journal

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  #21 (permalink)
 Big Mike 
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papa,

Good job on the details and the journal. Keep it up!

Mike

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  #22 (permalink)
 papa15 
Wake Forest, NC
 
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After yesterday, I was determined to follow my rules more closely.

ES had about a 5 min gap around 0925 and the MAs showed momentum towards a gpa closure. I entered and then exited just after the opening bell. Yes, I could have stayed for more, but I was satisfied.

The second trade was on 6B just before 10am. It was a nearly picture perfect setup. A pullback on the 5 min chart that turned back in the direction of the trend on the 15 min. Able to get in and out quickly using a buy stop above the red candles of the pullback.

Added an indicator that shows today's open (blue line), yesterday's close (green line) and yesterday's high and low.

Papa14

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  #23 (permalink)
 papa15 
Wake Forest, NC
 
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I let the ES gap trade go today. The response to the news at 0830 actually filled the gap and then it reopened by the time the market opened. I just was not comfortable with it and left it alone. I then watched the market for 30 min or so, and just after 10 am, saw a pullback on the 6B. I put a buy stop in at 1.4830 and waited for the fill. It did not take long, and the market just jumped in my direction....for a whole 3 or 4 ticks before it rolled over and nose dived. Market just went down and stopped me out. At entry, 5 min and 15 min charts indicated up trends, with 5 min in a definite pullback. A good setup, just did not work.

With 20/20 hindsight, a better entry would have been above the previous high (1.4836). Had I put it there, I would not have entered the market and thus would have missed the loss. Second item to note, is there was a news release at 10am and the market had not settled down from that announcement. There should have been a no-trade window around 10am (I knew about but just ignored it in the moment). I am writing about it to confess my error and write it firmly in my mind for future use.

Did a couple of trades later to mitigate this one. Will trade very lightly, if at all, tomorrow in respect of Options Expiration day volatility. Who knows where the market makers will take us?

Papa14

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  #24 (permalink)
 papa15 
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I started reading AZTrader's journal Friday and that linked to his elite journal. I read that with keen interest. It surely made me stop and think and I realized how far I have drifted from the original intentions I stated in the beginning. My underlying motive for trading remains the same. I just have been adding to charts and techniques at a rather brisk pace, and then when things don't add up as I expect they should, what is the matter? Don't know. Could be anything or everything or nothing.

Anyway, I decided last night that this is not a good week to trade real money. Too many distractions (refinancing the house, traveling to CA for birth of #15 grandchild, gotta pack, etc) and too many techniques and instruments. I am going to papertrade when I can, and look at 6B as the primary instrument of choice. I want to develop the skill to trade multiple contracts and that is my preferred instrument to do that. May not be many charts/journal entries this week.

Papa14

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  #25 (permalink)
 LukeGeniol 
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Good choise Papa, may focus on one technique with u fell better, and only one instrumet at time.

Luke.

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 PandaWarrior 
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papa14 View Post
I started reading AZTrader's journal Friday and that linked to his elite journal. I read that with keen interest. It surely made me stop and think and I realized how far I have drifted from the original intentions I stated in the beginning. My underlying motive for trading remains the same. I just have been adding to charts and techniques at a rather brisk pace, and then when things don't add up as I expect they should, what is the matter? Don't know. Could be anything or everything or nothing.

Anyway, I decided last night that this is not a good week to trade real money. Too many distractions (refinancing the house, traveling to CA for birth of #15 grandchild, gotta pack, etc) and too many techniques and instruments. I am going to papertrade when I can, and look at 6B as the primary instrument of choice. I want to develop the skill to trade multiple contracts and that is my preferred instrument to do that. May not be many charts/journal entries this week.

Papa14


Excellent choice Papa15! I think you are on the right path, If the indicators are not helping, get rid of them. A naked or almost naked chart is best. 6B is good to trade, I think you will do well if you focus on it and really make it your own.

Congratulations on number 15!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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 Big Mike 
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Congrats on #15 Papa

Send me a PM if you want your nick changed.

Mike

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  #28 (permalink)
 papa15 
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In case you didn't notice, the name has changed to Papa15. (thanks BM for the name change) #15 was born Monday. He weighed 9lbs 6 oz and is 22 inches long. Mom (my daughter) and son are doing fine.

I have not been following the markets all day. We are visiting her family at Edwards Air Force Base in Ca. It is truly a sunny (and hot) place. I get up around 6am PST. i am focusing on looking for the CL inside bar trades Jeff discusses in the Three Setups thread. It has worked well for the last 2-3 weeks I have followed it. I love the simplicity of it. Straightforward guidance, very little subjective criteria. Add it as a tool to your toolbox if you have not looked at it.

Papa15

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 Big Mike 
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Congrats again papa15.

Feel free to share some pics

Mike

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 papa15 
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I didn't trade today. The market was in one of its funks and I am leery of these types of markets (sudden reversals followed by resumptions). Days like this are better left for those more experienced and capitalized.

Grandson #8 (grandchild #15) came home today. Here are a couple of photos of the family.....

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