Market overview ( am / CET)
- Japan, up 0.2%
- China, up 0.8%
- Europe, up 0.2 – 0.8%
- Oil, down 1.5%
- Gold, down 0.1%
- Bonds, down 10/32
Overall sentiment is slightly positive
Several news events today. New released today is neutral to slightly positive
Important price levels
- 2084. SR level
- 2068. SR level, confluence with PP. Just above yesterday’s VWAP
Overnight made a new high.
Upon the opening, price tested the 68 price level and bounced up towards the weekly PP level.
Ofcourse volume and volatility will be low today again.
Past days, price has tested the downside and reversed during the day. I guess buyers are stepping at these low levels. RVOL is slightly higher than previous 14 days.
I have a long bias for now and will trade accordingly until market turnsout to be weak. A nice price levels to trade from are the 68 price level (confluencing with PP) or yesterday's low.
I"m able to trade the morning session only.
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Upon the opening, price tested the 68 price level and bounced up towards the weekly PP level. I’m starting 10 mins too late, price has already touched the 68 level and found support there. Taking a long (trade #1) at the OR high. Price goes down towards the 2068 level, adding at this level. Price gains momentum and breaks through the 68 level. Stopped out. Loss: -8.25 points.
I should not have added the second contract, since the momentum in my direction was not picked up yet (aka 1st contract in loss).
The 68 level broke with easy, my bias has changed to the negative. Taking a short (trade #2) when price returns to the 68 level. Add on sudden price movement. Stopped out with #1 (stop too tight). Looks like some news was just released? Price pullsback to VWAP, then finds momentum downwards. Add at S1. Profit: +9.25 points
The price reaction due to some news event caught me by surprise, I was too late with increasing the stop of #1 and got stopped by the tick. Other than that, I very nice trade that makes up the loss on the previous one
Price pulls back and finds resistance, taking a short (trade #3). Price moves towards my profit target at S2 / weekly S1, but misses it and pulls back. A $tick divergence at LOD is showing, out at breakeven. Good call.
Price tests yesterday’s low and I suddenly realize that I should have reversed the previous trade to long instead of just closing it. A $tick divergence at LOD is nice reversal signal. Better late than never, I take a long (trade #4). I must go now (wife is chasing me). Profit: +2.5 points
Price is likely to go further.
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I've been very busy with my other job and had no time to trade last week.
However, I did have time to think about my trading.
I experienced that trading directionally offers good opportunities. It's either getting stopped out quickly or making a profit easilly.
While reading about @Inletcap 's journey, a great discussion on scaling was going on in @Tap In 's journal.
This inspires me to practice more with directional trading and scalin in and out.
It does require me to attend the open and combine this with my job. Hopefully there will be a couple of opportunities next week.
Given Friday's action, looking forward to next week!
I have wondered if you would find a way to put both your job and the open together. It may be tough, but I am very interested to see what you can make of it. An excellent idea, I would say. It should yield some great results.
I'm also smiling to see that someone else likes @Inletcap's original journal. I think it was excellent, and I was very taken by it and read every post. I was a little sorry when he got respectability and moved to the spoos thread ().
Fortunately, he soon became less respectable again, and is still interesting -- in fact, more so....
Good work, and good luck with your new trading hours. I hope you find many opportunities there.
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Just spent the last 30 or so min reading my old journal. Funny, I was actually saying- no, no- don't do it- look out a couple of times and spotted a ton of over trading, not holding on to winners (of course with excuses), fear, and saw some definite ego trading closer to the end. I was most shocked when I looked at the dates and recognized that those posts were not too distant ( it truly feels like it was years ago). Also found it interesting that I had some oil posts and actually said I was always interested in trading oil. I was always afraid to trade CL until I "met" @michaelleemoore in TSJ. Most amazing to me was to look at my position size- I've always felt that I moved up slowly but seeing that I was trading 2 lots < 2 years ago was a shocker!! It's really cool to have that journal to look back on and see some major changes- wish I had continued posting there a bit as its too hard to read the spoos thread given the sheer size of it.. I really wish I had posted from the very beginning so we could all have some good laughs today
Gotta love starting off talking about Fibs and harmonic patterns I could see as I was reading that I was beginning to abandon them when I first started the journal (prior trading was all harmonics and fibs on 610 tick charts)- I could tell that I still was looking at the patterns but my trading was based off "other" things. Still funny to read Hartley and butterfly and pattern completion zone....
Thanks for bring this up.
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Everyone learns, and changes. It's good to realize eventually that you need to change, and to do so.
I liked, and like, the experimental nature of the old thread. Not everything works, so you find that out and you drop it. Eventually you moved on.
You're still experimental in the spoos thread, which is part of what I like about it.
No one can know the "right" method, just something that is right, at a particular time, for them.... But it's cool to see someone trying out new stuff and getting better and better at it, which is much of the spoos thread experience.
Totally agree with @GruttePier on the journey you undertook, and were willing to share.
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I've never thought about trading that way- experimental.. Thanks!
I think that's what I love about trading- everyday brings something different and just when you think you've seen it all before, you are suddenly standing there wondering what the hell you should be doing given the present circumstances.. I've made it pretty clear that I have a bad case of adult ADD and trading is one thing that is constantly in a state of change so it actually works out as a benefit as I can keep a chellenge going in my brain. I think another benefit of having lived with ADD (being older) is the ability to know when your ADD is kicking in and it's time to "check" yourself. Example-One would think that a guy who's brain is going Mach 1 could not sit through a 4 hour lull in the oil market and hold tight but since we have had to press ourselves to consciously practice patience so many times in life it actually becomes another fun challenge to see if it can be done; almost to the point that the outcome of the trade doesn't matter, seeing if you can get through the chop with conviction is the challenge.
I have noticed lately that my days have been a bit busier (trading 2 markets daily now, my business(summer winding down gets busy and we've taken on some new clients lately with more complex situations), 1 child now in school, soccer, karate and the other in ballet and just about everything under the moon to keep us on our toes, etc.) I have recently considered backing off on the posting of my trades since I feel as though I've demonstrated with numerous examples everything I could possibly share, then I go back and read my old journal and see how much change has taken place and realize that's it's really cool to see my journey and that I do use my posts to reconcile my thoughts. I may go to posting trade recaps in my new journal and analysis overviews in the spoos and TSJ- no perfect solution in mind yet but you've given me an idea. Thanks!
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