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GruttePier's trading journal to getting profitable
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GruttePier's trading journal to getting profitable

  #111 (permalink)
Market Wizard
Amsterdam, The Netherlands
 
Futures Experience: Intermediate
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Jan 19th

Signficant price levels today:
- 1920.00 R3 + Friday's high
- 1874.00 Pivot point, just above a zone of several price levels of yesterday high/low/VAH/VAL coming together in a 3 point range
- 1859.00 S1 + yesterday low
- 1813.00 Low of 2015

Trade 1: -3 points
- Pullback to trendline + VAL + 2day balance point
- Short, 1 contract, risk 3 points, profit target 1878 or 1874 (depending on my price conviction)
- Stopped out
- I resisted the urge to close the trade when price went above the 3day balance point and both (inversed) VIX and (inversed) TRIN were making higher highs. In hindsight, I should have closed it

Trade 2: -4 points
- Pullback to VAL, just above yesterday high
- Long 1 contract, risk 4 points (just below VPOC), profit target 1995 (just below 1st hour high)
- Stopped out

My daily loss limit has been reached, will stop trading for today.
I'm not able to trade tomorrow.

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  #112 (permalink)
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Following along as I am also interested in Brooks' methodologies. I do believe you are onto something tryng to more than 1.5 pts , especially in these markets right now. You definitely have to use context to not jump into previously set obvious levels, so I think you have made a good move by paying more attention to these as well.

I don't know if you have ever listened in to Brooks' "trading room" , but it is a great way to better understand the thought process behind his methods. The books make it difficult to get an understanding of what is to come, as they are only historical and you always see the answer before the question. In the room he comments live throughout the day making the case for both sides which helps bring an understanding of market dynamics. I use the quotes because he does not show any trades, and will only talk about trades he took after the fact. Do not go there thinking that you will get signals, it is strictly commentary. This can be frustrating to be sure, but I found even the couple days free trial helped me a lot to understand all the intricacies better.

I also don't want to encourage changing your plan, so take it as you would like, but you should consider MTR as well for part of your plan. Perhaps these don't show as much on the chart you have chosen to use if so simply ignore this suggestion.

Looking at what you posted today, I would have done pretty much the opposite of what you did based on my understanding of these methods, but it is possible that I didn,t read close enough and you are no longer using Brooks type setups.

Best of luck, and thanks for sharing this journal. It takes courage to put yourself out there!

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  #113 (permalink)
Market Wizard
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Jan 20th


Made some changes in my agenda so I could trade today instead of tomorrow.

Important price levels for today:
- 1830.0 VAL + low of the day
- 1813.00 Low of 2015


Trade 1: +1.75 points
- Breakthrough S2 price level
- Had a sell order resting at this level that got hit to my surprise by a sudden 1312 lot order moving the market 12 ticks
- Short 1 contract, risk 3 points, profit target 1814 (if I can be this patient)
- Moved stop to breakeven when 5 points in profit
- Closed when price pulled back and I didn't want to get stopped out. Thought it's better to get a small profit and reenter at a potential better price

Trade 2: + 2.75 points
- Pullback from S2 price level
- VIX, TRIN and TICK lined up
- Short 1 contract, risk 3 points, profit target 1814 (2nd test today of my patience)
- Stop to braekeven when price touched the LOD
- Stop to +2 points when price seemed to break the trendline
- Very difficult to not close the trade while watching the (potential) profit vaporize from near 9 points to 3 points
- Closed it because I wanted to end this with a small profit. Good decision in hindsight.

Trade 3: +7.75 points
- Pullback from VAL + previous swingpoint
- VIX, TRIN and TICK lined up
- Short 1 contract, risk 3 points, profit target +6 points (no SR in sight)
- Stop to breakeven when 4 points in profit
- Fixed profit target of 7 points because SR were missing and I did not want to miss a nice run again

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  #114 (permalink)
Market Wizard
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mess7777 View Post
Following along as I am also interested in Brooks' methodologies. I do believe you are onto something tryng to more than 1.5 pts , especially in these markets right now. You definitely have to use context to not jump into previously set obvious levels, so I think you have made a good move by paying more attention to these as well.

Thanks. I do my best on getting the market's context. I notice that the signficant price levels identified during my pre-trading play a (significant) role during the session and I understand (to a limited extend) what the impact of the economics is on the sentiment for the session. I also avoid counter trend trading as much as possible and keep a close eye on the market internals. I'm not sure if all this enough, but sofar it seems to help me.


mess7777 View Post
I don't know if you have ever listened in to Brooks' "trading room" , but it is a great way to better understand the thought process behind his methods. The books make it difficult to get an understanding of what is to come, as they are only historical and you always see the answer before the question. In the room he comments live throughout the day making the case for both sides which helps bring an understanding of market dynamics. I use the quotes because he does not show any trades, and will only talk about trades he took after the fact. Do not go there thinking that you will get signals, it is strictly commentary. This can be frustrating to be sure, but I found even the couple days free trial helped me a lot to understand all the intricacies better.

Thanks for the advice. I know he has a trading room but never joined it. At the moment, I'm still learning to trade with my new method. I might try it in the future, but rightnow I'm still learning something new every day with my new method. Also, I don't want to make too many changes now.


mess7777 View Post
I also don't want to encourage changing your plan, so take it as you would like, but you should consider MTR as well for part of your plan. Perhaps these don't show as much on the chart you have chosen to use if so simply ignore this suggestion.

What is MTR? I googled and searched the forum but cannot find anything related.


mess7777 View Post
Looking at what you posted today, I would have done pretty much the opposite of what you did based on my understanding of these methods, but it is possible that I didn,t read close enough and you are no longer using Brooks type setups.

Would you mind sharing why you would have done the opposite? I don't intend to start a debate on what's right or wrong, but we both might learn something from this. Really looking forward to it.

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  #115 (permalink)
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GruttePier View Post
What is MTR? I googled and searched the forum but cannot find anything related.


Would you mind sharing why you would have done the opposite? I don't intend to start a debate on what's right or wrong, but we both might learn something from this. Really looking forward to it.

MTR - major trend reversal, apologies for using acronyms!

Trade 1 for example, you have 3 strong bullish candles, and contextually I don't see why you would think this was a level to short from. Maybe if that 3rd candle tried to get higher and then closed on a low it could be an indication that sellers are starting to step back in.

Trade 2 long , again I don,t see anything for me to indicate the move down is over, there is indecision at that moment on direction as evidenced by the doji. I probably would not have done the opposite here, instead I would have waited for more info.

No matter what, there are surely many people who disagree, and that is why the market moves.

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  #116 (permalink)
Market Wizard
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mess7777 View Post
Trade 1 for example, you have 3 strong bullish candles, and contextually I don't see why you would think this was a level to short from. Maybe if that 3rd candle tried to get higher and then closed on a low it could be an indication that sellers are starting to step back in.

Reasons for me to short was that price was trending down in a channel and pulled back to (1) a significant price level (two day balance point), and (2) the uppertrend line. With this pattern, most of the time price continues trending down but sometimes it breaks out. I didn't log the internals, but I've probably seen something there confirming price moving down (as it did with the 4th candle).
On the other hand, the 3 bullish candles could indeed indicate a breakout...hmmmm...will look into this.


mess7777 View Post
Trade 2 long , again I don,t see anything for me to indicate the move down is over, there is indecision at that moment on direction as evidenced by the doji. I probably would not have done the opposite here, instead I would have waited for more info.

Reasons for me to go long were that price was trending up in a channel and pulled back to the VAH. Price was also hesitating as you can see by the candle with long wigs and some open/close.
Evaluating this trade now, I indeed should not have taken this. A better entry would have been (2 candles further) the pullback to the price level where the R1, the VPOC and the lower trendline come together. I cannot see from the chart if this would have been a winner, but it would qualify as legitimate entry for me.


mess7777 View Post
No matter what, there are surely many people who disagree, and that is why the market moves.

There is no right or wrong in the market, it's a game of probabilities: The trade either works or it doesn't. If looking at individual candles gives you an edge you should use it for your benefit and milk it.
Thanks for sharing your thought process!

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  #117 (permalink)
Market Wizard
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Jan 21st

Important price levels today:
- 1876.00. Overnight high + Tuesday's high
- 1856.00. Significant SR level past week + 3d balance point
- 1836.00 LOD + Yesterday's VPOC
- 1804.25. Yesterday's low, low since October '14

Trade 1: -4 points
- Pullback to significant price level (1st hour high + VAH)
- Internals (VIX, TRIN, TICK) all alligned
- Long 1 contract, risk 4 points (high volatility), profit target 1874 (+5 points)
- Stopped out. Hestitated too long to close it myself

Trade 2: +1.5 points
- Pullback to significant price level (1st hour high + VAH)
- Internals (VIX, TRIN, TICK) all alligned
- Long 1 contract, risk 3 points, profit target 1874.75 just below significant price level (+5 points)
- Breakeven at 4 points in profit
- Price touched my profit target, did not get filled, then price pulled back. It happens... :-(
- Did not want to end this trade with a loss, closed at +1.5 points. Good decision in hindsight

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  #118 (permalink)
Market Wizard
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Jan 22nd

Significant price levels for today:
- 1914.50 HVN since ATH + naked VPOC
- 1883.25 Yesterday's high + R1
- 1859.00 Globex open + pivot point

Trade 1: +3.5 points
- Breakthrough signficant price level
- Internals indicating downward move and divergence with price
- Short 1 contract, risk 3 points, profit target 1892.00 (VAL + just above US open)
- Breakeven at 2.5 points in profit
- Since the market did not look weak, I dediced to stick to my inital profit target and not stay in the trade longer

I quit for today. There are many overlapping candles, not my ideal trading environment.
Have a nice weekend all!

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  #119 (permalink)
Market Wizard
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Jan 25th

Important price levels for today:
- 1914.50. HVN since ATH + naked VPOC
- 1875.00 LVN since ATH + several swingpoints
- 1804.25. Low since October 2014

Trade 1: 0 points
- Breaktrough of LOD/IBL. Entered on a small pullback to VAL
- Internals are all supporting a move down
- Short 1 contract, risk 3 points, profit target 1880 (just above the 2 day balance point)
- Moved stop to breakeven at 4 points in profit
- Stopped out at breakeven
- When profit was oscillating around to 2 points I knew/felt/sensed I would be stopped out at breakeven because market was strong. I decided to stay in the trade to give it a chance. Hindsight: I should have acted upon my feeling

Quit trading a little earlier today so I can install the new xbox for the kids (and myself ofcourse)
Besides, market is dull and there is no action in the spoo thread.

I'm able to trade the afternoon session tomorrow only.

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  #120 (permalink)
Market Wizard
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Posts: 901 since Dec 2013
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Jan 26th


Meeting at work took longer than expected, could not trade today :-(

Yesterdays breakeven trade kept me thinking.
Hindsight is easy: I should have taken profit at around 2 points.
But how could I have known this at the time of the trade? Should I accept a breakeven trade in return for a potential runner at the cost of 2 points? Or should I exchange the possibility of a runner for just 2 points profit?

My answer after having thought about this today is that the tight initial balance of less than 10 points was an indication of a small possibility for a runner and that I therefore should have closed it at 2 points.

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