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Papa's Trading Journal

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  #51 (permalink)
 ikew 
ny
 
 
Posts: 39 since Oct 2009

Papa,

Advising you to read cunparis post # 746 before you stat the sprint.... "In fact in just 2 days it almost wiped out an entire month of gains"



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  #52 (permalink)
 Jeff Castille 
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ikew View Post
Papa,

Advising you to read cunparis post # 746 before you stat the sprint.... "In fact in just 2 days it almost wiped out an entire month of gains"


It would be good to read all of Cunparis' posts in the "Three Set Ups" thread. The fact that Cunparis nearly wiped out a month of his CL gains was attributable to his personal approach to the inside bar trade. An approach that obviously did not work and one that I don't approve of. I believe his failure was in his money management........but to each his own.

I am surprised that Ikew failed to acknowledge Cunparis when he said in post #746 and I quote Cunparis " So I want to say it's more about ME than the set up or method." Cunparis also admitted that he was distracted when trading two markets (ES and CL) and decided to stick to his ES trading.

If anyone is interested in reading the applicable posts in the "Three Set Ups" thread they are as follows: #746, #750,#787,#790.

Once again, Ikew, you have misrepresented the truth.......it is sad to watch you in action.

What I'd like to see is Ikew start a thread and show us all how he profits in the market on a daily basis. How about it Ikew? Will you step up to the plate?

Jeff

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  #53 (permalink)
 ikew 
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Posts: 39 since Oct 2009


Again, Will not go personal. have a great day.

 
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 sam028 
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  #55 (permalink)
 papa15 
Wake Forest, NC
 
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Jeff
I have read your entire Three Setups thread; it is one of my favorites. I understand how you can wipe out a lot of gains quickly, I had a big losing trade last Monday, but it was not a Three Setups trade. It was a gap fill trade. I found I was getting away from IB trades and focusing to much on gap fills. I resolved to concentrate this week only on IB trades using a 15 min CL chart. I have only one goal; take every IB trade between the hours of 9 am and 11:45 (except Tuesday when I must leave about 11am). I want to take what the market will give using only that technique.

My son helped me code a simple IB and outside bar in thinkscript. I have not tried the reversal bar yet. I did find a website that has some of the candle pattern indicators. I found and modified another indicator for the no lunch hour trade zone. I am not very good at originating code, but given something to work with, I will tinker until I get something to work.

I like ToS, but it has limitations. I would like a better ATM and would really love a daily loss limit function; the only platforms I know that has those are OEC and TransAct. What I really like about ToS is it is Java based and thus runs on any operating system and I can have multiple copies of it open.

I will look at the 30 and 60 min charts a bit more. I do have a 60 min one already setup, just don't look at it very often.

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  #56 (permalink)
 papa15 
Wake Forest, NC
 
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Big drop in market overnight....love how the pundits create reasons after the fact for what happens.....had an inside bar form again between 8:45 and 9 am, but it closed almost at its low and I was not able to put in my orders before it had dropped below the low of the IB....so just watched. Market drop from 79.95 open to 79.55 low before closing at 79.77. With such a large range, I expected the next bar to be an inside bar and it was. I caught the upside breakout and took a profit. I then looked to see if it would go below the low of the IB (making this an outside bar) and it did. I took a smaller target trade on this since I had been seeing lots of long tails at the low levels, but the market dropped all the way to 79.20. I watched for a while longer, saw an IB form on the 30 min chart at 10:30 and took the trade (note to self: your plan called for only doing 15 min charts, stick with your plan). Market moved my way for a few ticks and then dropped rapidly. Stop was 1 tick below the 30 min IB bar.....I took lots of heat (more than I am comfortable with) so when prices came back my way, I got out with a profit when I could. Was in the trade for nearly 18 minutes, most of which was heat....this reaffirms my note to self to stick with 15 min charts.

Overall though, 3 successful trades.....

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 PandaWarrior 
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papa15 View Post
Big drop in market overnight....love how the pundits create reasons after the fact for what happens.....had an inside bar form again between 8:45 and 9 am, but it closed almost at its low and I was not able to put in my orders before it had dropped below the low of the IB....so just watched. Market drop from 79.95 open to 79.55 low before closing at 79.77. With such a large range, I expected the next bar to be an inside bar and it was. I caught the upside breakout and took a profit. I then looked to see if it would go below the low of the IB (making this an outside bar) and it did. I took a smaller target trade on this since I had been seeing lots of long tails at the low levels, but the market dropped all the way to 79.20. I watched for a while longer, saw an IB form on the 30 min chart at 10:30 and took the trade (note to self: your plan called for only doing 15 min charts, stick with your plan). Market moved my way for a few ticks and then dropped rapidly. Stop was 1 tick below the 30 min IB bar.....I took lots of heat (more than I am comfortable with) so when prices came back my way, I got out with a profit when I could. Was in the trade for nearly 18 minutes, most of which was heat....this reaffirms my note to self to stick with 15 min charts.

Overall though, 3 successful trades.....

Good Job, sounds like a thinking man's trading day. Methodical. Thats the way it should be. Congratulations.

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  #58 (permalink)
 papa15 
Wake Forest, NC
 
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Woke up to find a big sell off in futures....guess the world did not like the FOMC actions, state of our economy, or whatever....

this being the oil inventory report day, wanted to be extra careful before 10:30. Jeff recommends not even trading until at least 15 min after the report. With the large sell off, I expected something of a pullback attempt, but the weight of the market falling to win out at least tin the short term. Had an inside bar form between 9:45 and 10. I put a buy stop above the high, was stopped in at 10:01 and out a minute or so later. Did not go for a big target because of the inventory report.

After the report the market fell hard. Had an inside bar form between 10:45 and 11:00. It was not only an inside bar but a doji as well. The previous 2 bars had large lower wicks, indicating some buying pressure, but the market was overall in a downtrend (from 60 min bars). To be honest, I was nervous about going short in this market, so I only put in a buy stop above the inside bar. The market went down to the low of the inside bar and came back up about 10 ticks, then rolled over and plunged. I missed the trade of the day.

Do I feel bad about missing the trade....no. Using discretion to stay on the sidelines, waiting for a better setup is ok in my book. I know I wanted to take every inside bar setup this week, and in one respect I did....I was just biased to the upside and I let the market go when it did not go in my direction. Not trying to call a bottom or a top and not trying to catch a falling knife are safe things to do....waiting for the next trade is the name of the game.

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  #59 (permalink)
 papa15 
Wake Forest, NC
 
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No trades today. Market again down big overnight, took big dip at 0830 unemployment claims and then started moving back up. Sure looks to me like an overdone selloff. But no inside bars, either before or after the natural gas inventory report.

The old me would have sat here and conjured up a reason to trade.....1/2 gap fill, oversold so catch a retracement, etc, etc. But I stuck to the plan...wait for a 15 min inside bar to trade. I did give the natural gas inventory report consideration (gave at least 15 min prior to and after the report for a no trade window). No inside bars, no trades.

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  #60 (permalink)
 papa15 
Wake Forest, NC
 
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We have lunch guests coming over in less than an hour so I have to cut today a bit short. One trade set up this morning and it was successful. (the first yellow bar that formed at 10:45, it was a short) .

Market has had a sell off this week, with oil down nearly $6/barrel since Monday. At least today did not have the major sell off overnight we have seen other days this week. This being a Friday in August, volume appears a bit lighter, so calling an early day makes sense to me.

To recap the week, had 6 inside bar trades and all were profitable. One was off a 30 min bar and I took a lot of heat on it, so I will leave those alone for now. My goal for next week is the same as this week....do 15 min chart inside bar trades on CL between 9am and 11:45 Eastern. I have started watching the 60 min chart and I added the 20 min (in lieu of the 30 min) but I am not trading those.

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