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

  #661 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary


DRock306 View Post
Another journal im happy to have come across and excited to fully read.

Sent from my SGH-I337M using Tapatalk

Thanks for stopping by, I am trying to trade based on OR and VWAP....I am mainly a swing trader but underfunded, every single time my entry would prove right but I won't be there...I am trying to focus solely on day trading CL these days.

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  #662 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary

I was going trhu @jcdawsey's journal and found this nugget from @tigertrader

I think after few profitable years every trader will realize this fact.


"Once again, it sounds like you are trying to maximize the chance of profit, and not maximize the profit.

are you trading for statistics, or to make money?

personally, my goal is to make as much money as i can on any given day given the restraints of range, volatility, & liquidity. in other words, i want to get the maximum geometric growth of my capital given the characteristics of the return stream, and my tolerance for draw-down. so, if crude were to have a $3 dollar trend day down on good volume, i would expect to take a sizable chunk of that range out on whatever size i traded vs a day where there was 0.75 cent range day on poor volume. what would you rather have, 5 winning days in a row where you made $1500.00, or 2- 3 winning days out five where you made $10,000.00?"

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  #663 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary


Today's recap

Overnight I placed a short on QM 46.60 but never got fill on my limit order so canceled it in the morning.

Morning Trade

After yesterday's debacle I want to be very careful and cut-down to trading ONE contract.

Trade - 1

Short below OR and got at OR X2 before report- maybe got 25 ticks on CL

OR is very low compared to last few day, maybe because of impending contract roll-over and report day. Because of this mindset I wanted to get out before report and never intended to trade after report.

I will analyze my long term chart and try to post it here....

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  #664 (permalink)
Market Wizard
Duluth MN
 
Futures Experience: Intermediate
Platform: NinjaTrader/Sierra Chart
Broker/Data: AMP
Favorite Futures: ES
 
rocksolid68's Avatar
 
Posts: 1,019 since Jan 2015
Thanks: 1,316 given, 2,651 received
Forum Reputation: Legendary


bmtrading9 View Post
I was going trhu @jcdawsey's journal and found this nugget from @tigertrader

I think after few profitable years every trader will realize this fact.


"Once again, it sounds like you are trying to maximize the chance of profit, and not maximize the profit.

are you trading for statistics, or to make money?

personally, my goal is to make as much money as i can on any given day given the restraints of range, volatility, & liquidity. in other words, i want to get the maximum geometric growth of my capital given the characteristics of the return stream, and my tolerance for draw-down. so, if crude were to have a $3 dollar trend day down on good volume, i would expect to take a sizable chunk of that range out on whatever size i traded vs a day where there was 0.75 cent range day on poor volume. what would you rather have, 5 winning days in a row where you made $1500.00, or 2- 3 winning days out five where you made $10,000.00?"

Absolutely loving the @tigertrader quotes. Keep it up!

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  #665 (permalink)
Elite Member
Saskatchewan
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: TST / Rithmic
Favorite Futures: CL
 
Posts: 954 since Apr 2014
Thanks: 2,609 given, 1,675 received


bmtrading9 View Post
Thanks for stopping by, I am trying to trade based on OR and VWAP....I am mainly a swing trader but underfunded, every single time my entry would prove right but I won't be there...I am trying to focus solely on day trading CL these days.

Well thanks for the intro buddy im sorry i didnt get to urs sooner i felt bad knowing ive got some "likes" from you already but took this long to get to urs. Hey better late to the party then never! Lol

Sent from my SGH-I337M using Tapatalk

Thank you to everyone who helped me in my journal contest it all ment alot.
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  #666 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary

Weekly

Looks super bullish but maybe a re-trace in the cards?

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Daily also bullish expecting to touch 47. 30 before revert but with I am not sure with contract roll-over how this P&F chart will look like

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  #667 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary

My thoughts for today

Long term bullish based on weekly and daily charts

short term looking for reversal

Price reached my level of so shorted one contract QM at 48, I am taking heat on it but that's for multiday swing.

On day trading side I have this executed beautifully but without me in it. Just someone please tie my hands....

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  #668 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary

ES daily

My context

ES has been consolidating and I am not able get rid of my cyclic and mean reversion mentality but much better these days yet I don't have an account that supports these kind of trades so putting this trade on sim.

This might be multi day or multi week trade with 3 times ATR stop i.e current ATR is at 14.15 so my stop would be 43 handles and max ATR in recent times was 40


Trade#1 = Short 1 contract of ES@2173.5

Trade#2 = Short 1 contract of ES@2213.5 (my puke point on this trade)

Stop = 20 handles on each from my average 2194 i.e 2215


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Disclouse: This NOT for faint heart like me and this is in SIM not real account

Edit: Ha ha Typical ES

Edit: WTF! Yellen, can't even move it 20 handles?, let's see if I jinxed it?

Edit: Now I wish I would have added to my short, I am also thinking of a scalp in real account based on Volume spread and CTICK


Last edited by bmtrading9; August 26th, 2016 at 11:56 AM.
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  #669 (permalink)
Elite Member
Idaho Falls, ID
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL
 
Posts: 340 since Jun 2012
Thanks: 702 given, 636 received


bmtrading9 View Post
I was going trhu @jcdawsey's journal and found this nugget from @tigertrader

I think after few profitable years every trader will realize this fact.


"Once again, it sounds like you are trying to maximize the chance of profit, and not maximize the profit.

are you trading for statistics, or to make money?

personally, my goal is to make as much money as i can on any given day given the restraints of range, volatility, & liquidity. in other words, i want to get the maximum geometric growth of my capital given the characteristics of the return stream, and my tolerance for draw-down. so, if crude were to have a $3 dollar trend day down on good volume, i would expect to take a sizable chunk of that range out on whatever size i traded vs a day where there was 0.75 cent range day on poor volume. what would you rather have, 5 winning days in a row where you made $1500.00, or 2- 3 winning days out five where you made $10,000.00?"


This is Beautiful and Simple Truth of the Market. Many of us come to trading with the background of working for some amount of money for the day and doing the same the next day. Hence we are easily caught in a trap of thinking we can take a "daily goal" from the Market. I'm learning some days it's better to take it all and others better to wait

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The following 6 users say Thank You to FreddieKeys for this post:
 
  #670 (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: 1,743 since Mar 2013
Thanks: 2,823 given, 1,959 received
Forum Reputation: Legendary



bmtrading9 View Post
My context

ES has been consolidating and I am not able get rid of my cyclic and mean reversion mentality but much better these days yet I don't have an account that supports these kind of trades so putting this trade on sim.

This might be multi day or multi week trade with 3 times ATR stop i.e current ATR is at 14.15 so my stop would be 43 handles and max ATR in recent times was 40


Trade#1 = Short 1 contract of ES@2173.5

Trade#2 = Short 1 contract of ES@2213.5 (my puke point on this trade)

Stop = 20 handles on each from my average 2194 i.e 2215



Disclouse: This NOT for faint heart like me and this is in SIM not real account

Edit: Ha ha Typical ES

Edit: WTF! Yellen, can't even move it 20 handles?, let's see if I jinxed it?

Edit: Now I wish I would have added to my short, I am also thinking of a scalp in real account based on Volume spread and CTICK

No trades today, still holding this short on ES. I have to look at charts again this evening or tomorrow. Did I mention shorting ES is a losers game? Always always always BTFD.

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