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A Cowboy's Trading Journal
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A Cowboy's Trading Journal

  #91 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
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Still not trading, I feel there is no edge here in swing trading except for scalping...I need a big move up or down (Previously big move or up would be considered as 10 point swing but these days it became common so need more than what we have right now)...This contract rollover and FOMC is making it more tough, I feel like I have to close my September contract but not able to pull the trigger...

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  #92 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
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I closed my Sep long position (maybe early maybe not) at 1969.

Reasons to exit

1. Little struggle at last weeks VAH
2. USDJPY divergence
3. CTICK divergence

I see price made new highs immediately I exited (always happens)

so now left with

Short ESZ5 @ Avg 1936

Plan is to add to short at 1982 area or price closes below 1960 area on 2 hr chart but with tight stop...

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Edit: At hindsight I should have waited for extreme TICK reading before entering short


Last edited by bmtrading9; September 15th, 2015 at 02:59 PM.
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  #93 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
Forum Reputation: Legendary


Planning to add at 1974 area may be now also at 1969 are but stop should be very tight...

Edit: Added to short at 1969 now have two contracts with avg of 1952

Edit: Overall I feel crappy and made mistakes....

1. Didn't wait for TICK exhaustion in the first one

2. Didn't waited till 1976 on the second trade, just jumped in...

Maybe hedge with a long is another option and wait for 1992 to exit the long...


Last edited by bmtrading9; September 15th, 2015 at 04:13 PM.
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  #94 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
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Posts: 1,789 since Mar 2013
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Yup I gave up and added a September long at 1980...Still net short though

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  #95 (permalink)
Site Administrator
Manta, Ecuador
 
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Posts: 46,238 since Jun 2009
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I honestly don't know what you are trying to do, but I would say it's a safe bet it isn't working (based on this thread).

Hedging ES with a front month is not hedging ES. You are spinning your wheels and compounding your mistakes, like closing the winning trade early and letting the losing trade continue.

You'd be better off sticking with the basics until you master them.

If you want to hedge, take a look at this for a global tactical asset allocation system:

https://futures.io/elite-circle/21967-developing-gtaa-system.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
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  #96 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
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Big Mike View Post
I honestly don't know what you are trying to do, but I would say it's a safe bet it isn't working (based on this thread).

Hedging ES with a front month is not hedging ES. You are spinning your wheels and compounding your mistakes, like closing the winning trade early and letting the losing trade continue.

You'd be better off sticking with the basics until you master them.

If you want to hedge, take a look at this for a global tactical asset allocation system:

https://futures.io/elite-circle/21967-developing-gtaa-system.html

Mike

Thanks for taking time to comment on this journal...I will explain later what I am trying to do or my mindset it ...Your are right it might not working but that hedging is making me comfortable in this highly volatile market..

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  #97 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
Forum Reputation: Legendary

Not a good day to short but I didn't loose much on this short...I did few trades this morning currently I have 2 lot ESZ5 short average at 1966 (Seems very far and I don't know when this rip will end but expecting a turn down before FOMC..

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Edit: Now I am feeling itchy and not comfortable at all...


Last edited by bmtrading9; September 16th, 2015 at 01:58 PM.
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  #98 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
Forum Reputation: Legendary


bmtrading9 View Post
Short ESU5 at 1970.25 so average is now 1953

Still have long ESZ5 at 1945...that makes this spread a net short, Plan is to get out of short at vwap at 1960 or long if we stretch this move to 1986 to 1990.

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Edit: Stalled at VPOC at 1966

Edit: Closed short at 1964 it might reach vwap at 1962 but will be looking to re-enter on the way up

As per this post, I should have sticked to the idea of getting out of long at 1990 on ESU5, why did I change it because market whipped me with volatality and thought I will be good if I get out at 1970 areaa....hindsight is always right

STICK TO YOUR FREAKING PLAN STUPID!!!

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  #99 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
Forum Reputation: Legendary

Obviously my plan backfired spectacularly, still holding two contracts of December with avg price of 1966, tried to get long at the end but didn't/couldn't so with FOMC coming tomorrow only chance is drop overnight or take the max pain and go hiding few days or leave that swing so that margin kick me out or go flat by adding two front month contracts and managing it as we go....

positions

2 ESZ5 at 1966 (this is by far a stretch to me, I am generally a one contract guy)
2 contracts of SPY NOV monthly puts at 4.80

What to do now?

1. Take a bite on ES
2. Wait for pullback before FOMC and go flat by adding two front month contracts and manage after dust settled (I know I will do this but need atleast a 10 point pullback before FOMC).
3. just go plain flat
4. Worst case scenario is hold into FOMC and to next week...

Why I am in this position?

1. I expected a range day/pullback before FOMC but didn't get it

2. If I look back my entries they are not that bad considering I entered one at 1969 and another at 1979 with around 20 points cushion from selling of my long.

Hey this is swing trading unlike other for me swing is swing not a day trading...

Edit: I am also looking at bear flag forming on weekly chart.

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  #100 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received


Is this cash or sim?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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