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GruttePier's trading journal to getting profitable
Started:October 11th, 2015 (12:20 PM) by GruttePier Views / Replies:39,274 / 758
Last Reply:9 Hours Ago (03:33 PM) Attachments:296

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GruttePier's trading journal to getting profitable

Old April 22nd, 2016, 11:23 AM   #311 (permalink)
Market Wizard
Amsterdam, The Netherlands
 
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bobwest View Post
For some reason, it suddenly occurred to me that "GruttePier" might be an important historical figure, at least in the Netherlands.

Sure enough: https://en.wikipedia.org/wiki/Pier_Gerlofs_Donia



Is there a story there, or do you just like him?

Bob.

Ha ha...

Grutte Pier was a Frisian freedom fighter.
You have to know that Frisian people are very proud of being a Frisian.

When Grutte Pier lived, there was war all across Europe of different groups of people fighting to own (steal) more land.

Grutte Pier was leading a famous group of Frisian freedom fighters.
But how do you know if you're fighting against a Frisian of someone else?
Grutte Pier had a specific Frisian sentence that he would ask his captives to repeat. If they could, they were freed.
If not, he would hit them with a large impressive sword. I'll save you the details

The link is that I have Frisian roots

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Old April 22nd, 2016, 03:46 PM   #312 (permalink)
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April 22nd

Context log
- Overnight made a small lower low. Price is ranging since between yesterday's IB low and ETH LOD
- Upon the open, price made a higher high and a lower low right in the upper half of the OR. Price is now testing the PP. It fails to break through. I have limit long order resting at the OR high / VWAP. Price looks strong, breadth is above 3.3, no down ticks today and -except for NQ- other US markets are positive. BTW, we have a rather large opening range of 5 points
- Price broke through the PP and missed my profit target by 1 tick before pulling back. I put my stop to breakeven and closed the trade. Good decision, since price pulled back to LOD. Completely in line with my bias sofar
- Price makes a pullback to nearly the VWAP. I hestitate to go short and don't do it because the entry level is not signficant enough. Price falls through the OR low and is chopping around the S1 for some time now
- Price pulls back to OR. I have a limit order short resting just below the VWAP which does not get triggered (by 2 ticks). Price then pulls back to S1. I'm not going to chase this trade
- Dinner
- Price nearly touched OR high and is now chopping sideways
- Quit for today

Trade 1: 0 points
- VWAP trade right of the OR high
- Breadth is strong (>3), no down ticks sofar
- Long, risk 3 points, profit target 2089.25 (just below yesterday's VWAP)
- Profit target missed by 1 tick, closed at break even
- Hindsight: Just plain bad luck missing the profit target

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Old April 24th, 2016, 12:46 PM   #313 (permalink)
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I realized that I need more practice trading on range days before going live.
So I'll switch to "training mode" for range days and remain in "cashing mode" for trend days.

Looking forward to many more low volume and low volatile range days.
Bring it on!

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Old April 24th, 2016, 09:25 PM   #314 (permalink)
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Your journal is doing very well in the contest as I expected it would. I have chosen to only vote for 1 journal and I chose yours as the efforts you have put forth consistently ( even before the contest) have given others an incredible amount of information. You have clearly documented your context, thoughts, execution, emotions, and trade management every single day... You have displayed all trades, good and bad clearly marked on very easy to read charts (if only we were in the same darn time zone ) and have even kept statistics for all to see. You have not flip flopped styles or markets and have demonstrated that one can incorporate new ideas into thier style and you make an attempt to see the markets as dynamic (I.e. Adjusting for volatility) and are willing to document these changes. For that, you won my vote.



Last edited by Inletcap; April 24th, 2016 at 09:32 PM.
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Old April 24th, 2016, 11:29 PM   #315 (permalink)
 R.I.P. 1969-2016 
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Futures Edge on FIO

Are you a NinjaTrader user?

 
First of all let me say that I like your journal and the way you explain your trades.

If I may make you a suggestion I have often notice that even if you are right about the market your trading results are not as great as they could be and most of the time the reason behind that (from what I read) is because you are using limit orders.

What a single ticks could make at the end of the day when you are aiming for several points? Why don't you use market order (ES is very liquid and the spread is never more than 1T).

My feeling (and don't take that as a negative criticism) is like you are afraid of entering in a trade and to follow your ideas. The limit order for doing a "2 cents psycho" is a kind "punishing yourself attitude" or a kind of "avoiding the decision" attitude.

Based on your market comments and when I see how often they are right you should be able to make a lot of points per days, instead of often missing the good trades (and saying I am not going to "chase this order" - don't chase just push the button). And that is perfectly logical when you want to buy in a good (dynamic) up trend if you are served on a limit order it means that the trend is not so dynamic (so maybe it was not worth going long at this level) and vice versa for a down trend?

R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
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Old April 25th, 2016, 06:52 AM   #316 (permalink)
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Okina View Post
First of all let me say that I like your journal and the way you explain your trades.

If I may make you a suggestion I have often notice that even if you are right about the market your trading results are not as great as they could be and most of the time the reason behind that (from what I read) is because you are using limit orders.

What a single ticks could make at the end of the day when you are aiming for several points? Why don't you use market order (ES is very liquid and the spread is never more than 1T).

My feeling (and don't take that as a negative criticism) is like you are afraid of entering in a trade and to follow your ideas. The limit order for doing a "2 cents psycho" is a kind "punishing yourself attitude" or a kind of "avoiding the decision" attitude.

Based on your market comments and when I see how often they are right you should be able to make a lot of points per days, instead of often missing the good trades (and saying I am not going to "chase this order" - don't chase just push the button). And that is perfectly logical when you want to buy in a good (dynamic) up trend if you are served on a limit order it means that the trend is not so dynamic (so maybe it was not worth going long at this level) and vice versa for a down trend?

Thanks for your feedback!
Don't worry about me taking it as negative criticism, I'm here to learn and get better.
I should not post on a public forum otherwise.

I don't keep any stats on the quality of my market prep / bias, but the day turns out as expected in something like 3 out of 4 occasions with regards to type of day (range or trend) and significant price levels. I feel this is pretty good, atleast at this point I'm satisfied with that.

However, you are right that somehow I don't feel fully confident to trade my bias blindly (specifically on range days).
For example, I find it hard to short an expected upper extreme even when my bias says it's a range day and price is at the upper extreme. Internals are mostly not confirming the reversal at that point either. Instead, I feel more comfortable with VWAP trades in the direction of the range extremes.

The VWAP trades have a lower profit potential than trades taken of the extremes.
So yes, now I think about it while typing t his I am indeed cutting myself short....
Considering the "planning-execution-management model" of @Inletcap, this problem is in the execution part. Specifically not trusting and trading my bias.

I get your comment on limit versus market orders.
There'se no excuse for a missing an anticipated move: "Don't be a dick for a tick" .

Stuff to think about, I'll get back on this. Thanks again, appreciate it.

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Old April 25th, 2016, 06:58 AM   #317 (permalink)
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Inletcap View Post
Your journal is doing very well in the contest as I expected it would. I have chosen to only vote for 1 journal and I chose yours as the efforts you have put forth consistently ( even before the contest) have given others an incredible amount of information. You have clearly documented your context, thoughts, execution, emotions, and trade management every single day... You have displayed all trades, good and bad clearly marked on very easy to read charts (if only we were in the same darn time zone ) and have even kept statistics for all to see. You have not flip flopped styles or markets and have demonstrated that one can incorporate new ideas into thier style and you make an attempt to see the markets as dynamic (I.e. Adjusting for volatility) and are willing to document these changes. For that, you won my vote.


I totally concur about the excellence of this journal, and, although I have voted for more than one, I gave this one my vote enthusiastically.

Well done.

Bob.

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Old April 25th, 2016, 11:57 AM   #318 (permalink)
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April 25th

Job obligations, I will not be trading today.

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Old April 26th, 2016, 11:21 AM   #319 (permalink)
Market Wizard
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April 26 prep

Market overview
- Japan, down 0.5%
- China, up 0.5%
- Europe, mixed -0.2% - 0.4%
- Oil, up 1.8%
- Gold, slightly up
- Bonds, neutral

Overall sentiment is neutral to slightly positive.
Several news this morning, nothing spectacular.

Important price levels
- 2094.00. Week and month HVN
- 2091.75. R2
- 2083.50. Yesterday close, yesterday high

Overnight made a higher high

I'm expecting another low volume, low volatility day with price ranging between 2083.50 and 2091/2094. If breaks breaks out on the upper side, I expect 2096 (R1) / 2100 as a target. On the downside, we have 2075 (S1 near ADR low) as a target.

My goal for today is executing my bias. As such, I'll be trading the above mentioned price levels in the direction of the VPOC. In addition, I'll be taking VWAP to SD trades.

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Old April 26th, 2016, 12:40 PM   #320 (permalink)
Market Wizard
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Next phase


Sometimes you need a little feedback of others to get you in the right direction again or make the next step in your development.

@Okina reminded me of not executing on my bias and made me think about why I was not following up on opportunities. I then remembered @Inletcap talking about planning-executing-managing in another thread when I realized that my problem is the execution of my bias.
I have the feeling for a couple of weeks already that something is blocking me and preventing me to do good on range days. I now feel that I have found it. Time will tell and ofcourse it will all be documented in this journal.

I'm back on sim (at least for range days) to learn myself this new behaviour of following-up on my bias.


Last edited by GruttePier; April 26th, 2016 at 12:48 PM.
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