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SoftSoap's NQ Journey - from SoftSoap to SoftGold
Started:August 28th, 2016 (01:13 PM) by SoftSoap Views / Replies:11,996 / 271
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SoftSoap's NQ Journey - from SoftSoap to SoftGold

Old November 28th, 2016, 10:11 AM   #251 (permalink)
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2016-11-28 Prep

  • Decent range during the ON session
  • We saw quite of a strong bear move down ~EU open followed up by some strong buying, it has recovered most of the bear move so far, looks to be stabilizing
  • Range @ 24.75/60 ATR
  • 14 day RH VA between 4740 and 4840
  • 14 day RTH VPOC @ 4845
  • Last few days market looks to have stabilized between 4880 and 4830
  • All time NQ high @ 4819.50
  • All time NQ intraday high 4907.50
  • No key news today
  • Banks are currently down 0.5-2%
  • Vix is up 7% pre open
  • CL is up to 46.50
  • EUR.USD @ 1.05, crazy how much this has fallen in the last couple of years - how does a strong dollar correlate with the NQ? It's a question I haven't spent time discovering an answer
  • Draghi talking today? Just saw it on Bloomberg so that could shift markets


Scenarios
  1. Open up slightly bullish off the open, we make it to ON high and then drop to at least 4850, potentially 4840. Move bull after the 4840 area
  2. Open up slightly bullish off the open, we make it to ON high and then trend bear for the rest of the day. We see a bit of a pullback around the 4840 area, but it doesn't go higher than the 50-55 area
  3. Open up a bit uncertain right off the open, staying between 4855 and 4865. Then continue a creeping bull move until the 4880 area, trend down from there until either ~4840 or 4850, and range between those 2 points for the remaining of the day
  4. Open up slightly bearish until we find some strong support, either at the 4850 or 4840 area and trend bull until 4880. Range between those 2 points after that
  5. Open up bull and move past the ON area quite easily. Reach the 4880 area and find some chop or pullback, then once we find some support from the pullback continue to trend bull until ~4900, we could potentially establish a new intra day high (reference @ 4907.50)
  6. Open up stronly bearish and slice through the 50 area. We pullback ~ 4840 but volume profile shows traces of a potential bear trend day. We trend bear after the pullback and break the 4840 area on 2nd or potentially 3rd contact. 4830 shows a bit of a pullback but the trend continues until 4820 or ~ end of day

Setups I'll take today
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  1. ~4900
    • LF Short
    • If bull trend day, you want to see strong exhaustion and/or reversal signs
    • Stop behind 4808 is ideal but will be very difficult to get
    • Aim for 4814 is safe, 4874 is stretch, 4866 is 3rd
  2. ~4880
    • LF Short
    • You want to gauge the strength of the bull move and see whether or not we will break this on first contact
    • Stop behind 4885 is ideal
    • Target 4861 is safe, 4856 is stretch, 3rd stretch is 4851, 4th stretch is 4843. Secure 18 pts of profit if going for the 4843 target and only if the market looks to be trending nicely
  3. ~4880
    • LF Long
    • If things look like we are going to have a bull trend day, take this setup
    • Be careful of a potential pullback at ~4890 area
    • You might want be tempted to take this setup on a pullback and closer to the ~4875 area, be careful if you are looking for this. You want to make sure that the market looks like it has found strong support before continuing the bull trend
    • Safe target is 4984, stretch is 4898, 3rd stretch is 4904. Don't hold more than this even if things look promising
  4. ~4870 (ON High)
    • LF Short
    • Be careful about entering this preemptively
    • You are looking for some good reversal signs, exhaustion is not good enough to enter on this
    • Safe target is 4856, stretch is 4851, 3rd stretch is 4846 but guarantee 15 pts of profit before going for 3rd target
    • Be careful not to get greedy on this and watch the 60-50 area closely
  5. ~4870 (ON High)
    • LF Long
    • Be aware of a potential pullback at ~4880 or even ~4875
    • You must see some very strong bullish signs in order to take this
    • This is one of those setups that you are more than likely to avoid on first contact, but could be strong if we see a pullback after first touching the 4880 area
    • Safe target is 4883, stretch target is 4889, 3rd target is 4897 but guarantee 12 pts of profit before going for 3rd target
    • If we are seeing some bull trend day signs, then you may look to hold on to this for a bit longer, but be ready to exit at anytime ~4900 area
  6. ~4850
    • LF Long
    • PDL will be 4852 for RTH, so we might see some volume start to pick up around that area
    • Be careful of when and how this setup gets triggered. Do not blindly take it and it must be aligned to one of your scenarios above
    • This is one of those areas that showed some sup/res during the ON session but not enough to follow on its own
    • Safe target is 4864, stretch is 4869, 3rd stretch is 4874
    • Do not get too trigger happy with this
  7. ~4850
    • LF Short
    • Don't look for a breakdown setup here, only take this if we are pulling back from the 4840 area and there are some decent signs of a reversal
    • Market has to be looking to strongly break the 40 area if there's going to be enough profit for it to be worth the risk here
    • This could be a scale-in point if things look relatively bearish
    • Safe target is 4836, stretch target is 4831
  8. ~4840
    • LF Long
    • You are looking for strong signs of a reversal here
    • Can enter preemptively if the market type allows it
    • Stop behind the 4835 area is ideal
    • Safe target is 4854, stretch target is 4858, 3rd stretch is 4867, 4th stretch is 4874 but you must secure a 20 pt profit before aiming for the 4th stretch target
    • Expect a pullback ~ 4850 area, so don't move your stop too far up or it could get hit before continuing a bull move
    • Be careful about this on 2nd contact, make sure you take context into account and don't just hone in so hard on this that you miss signs we are in a bear trend day
  9. ~4840
    • LF Short
    • This is a tough setup to take as there might not be much room for a target and you'll have to take it on a pullback
    • Only take on a pullback and if the market is showing signs of a bear trend day
    • This is oen of those setups you are not likely to take, but it doesn't mean you can't prepare for it
  10. ~4830
    • LF Long
    • Exhaustion signs or strong reversal signs are good here
    • If a bear trend day has gotten us here, be hesitant about this
    • Stop behind 4824 is ideal
    • Safe target is 4844, stretch is 4848, 3rd stretch is 4857 but guarantee 15 pts of profit for this

Things to watch today
  • OTF, when are you stepping in?
  • Will we see some big moves today as people ready up some positions for key news this week and next?

Psychology goals today
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with your trades, any changes in targets must be because the market is signs of reaching there before taking out your modified stop, and not because you 'hope' the market will go there
  • Stick to your trade management rules
  • 4 RTH trades maximum, but only take a 4th if you will guarantee a 0.75% day even if you lose. Do not 'look' for setups after the 1st or 2nd setup please

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Old November 28th, 2016, 03:30 PM   #252 (permalink)
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2016-11-28 Summary

Very low volume but decent range day led to me not reading the market well and ending early. Thankfully I was able to keep my losses small so even though I lost all 3 trades I took today, I'm only down ~0.70% for the day.

First trade of the day

This was a FOMO trade

I honestly felt very nervous throughout this whole trade. The setup itself was good, but the entry point was not good at all

I know I had a bad entry point from the start and the market was balancing between 2 ticks from my stop and like a point below my entry, so that's never something I feel good with when I'm taking a trade with the trend.

One thing I haven't thought about much s the scale on the right hand side. The move off the open looked VERY strong as it was moving very fast, but this was just because my scale was a lot more zoomed in than usual as the last day was a very low range day. I need to keep this in mind so that I don't let something so silly cloud my judgment in the future.

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I lowered my stop once the market started to go my way, as if I'm wrong I could see us hitting the 4865-4868 mark easily and there's no sense in losing more money than I need to if I'm wrong
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Stop filled

Trade grade - Bad
  • Not in plan
  • Some signs were there, but it felt like a 51-49 gamble

Second trade of the day

So market moved up, then it started to balance near the top of 4870, we saw a decent amount of volume that was being sold at that time and it looked like a good entry

I got a good entry point, goods top, and the target was ~ safe.

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The market started moving my way and I figured that if we do break the 70 area, we would at least hit the 75 area so there's no sense in taking a bigger loss if I'm wrong.

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Good thing I lowered my stop, because all of a sudden the market moved all the way to 4880.


Trade grade - Excellent
  • It was in the plan
  • Observed signs of entry
  • Good target and stop
  • What made it excellent was that I lowered my stop to avoid a bigger loss if I was wrong. This saved me some $ today


Third trade taken
Ok so my shorts haven't been so good, and I'm still feeling bearish but I'm not seeing signs of a range day, I'm seeing signs of a bull day so what do you do? You look for a pullback, you aim for a good entry on that pullback, and go long.

This is exactly what I did with my 3rd trade, but it didn't work out.

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Trade grade - Good
  • It was in the plan
  • Observed signs of entry
  • Good target and stop

Psychology goals today
  • 0 FOMO trades- Failed
  • 0 Emotional trades- Passed
  • Engage deliberate thinking in all trades- Passed
  • Do not get greedy with your trades, any changes in targets must be because the market is signs of reaching there before taking out your modified stop, and not because you 'hope' the market will go there- Passed
  • Stick to your trade management rules- Passed
  • 4 RTH trades maximum, but only take a 4th if you will guarantee a 0.75% day even if you lose. Do not 'look' for setups after the 1st or 2nd setup please- Passed

End of day screenshot
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Overview
Overall my first trade wasn't good, it was a FOMO trade and not a good entry at all. I shouldn't have taken it but I was able to come back and take 2 good trades. I ended up losing those 2 other trades, but I'm ok with that because I feel I traded well on the last 2 trades, I'm not just not reading the market very well today.

Today is a very weird day, extremely low volumes but we see some big swings. I don't know if volume profile is useful at all on days like today. It didn't seem to help much at all to be honest.

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Old November 29th, 2016, 10:00 AM   #253 (permalink)
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2016-11-29 Prep


  • ON Session was slow
  • Range 15/56 ATR
  • Volume still decreasing, will it finally pick u p today?
  • Balance between 4830 and 4880 for last few days - will we break it today?
  • 14 day RTH VA between 4765 and 4880
  • 14 day RTH VPOC @ 4845
  • No sense in where the market is heading from previous days as they have been extremely low volume
  • Oil down to mid 45s again
  • GDP came in higher than expected, initial reaction from market was good news = bad news

News today
  • Home Price Index @ 9
  • Fed speak @ 915
  • Consumer Confidence @ 10

Setups I'll take today
  1. Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

    This will be very similar to yesterday as we are within same range so far.
  2. ~4900
    • LF Short
    • If bull trend day, you want to see strong exhaustion and/or reversal signs
    • Stop behind 4808 is ideal but will be very difficult to get
    • Aim for 4814 is safe, 4874 is stretch, 4866 is 3rd
  3. ~4880
    • LF Short
    • You want to gauge the strength of the bull move and see whether or not we will break this on first contact
    • Stop behind 4885 is ideal
    • Target 4861 is safe, 4856 is stretch, 3rd stretch is 4851, 4th stretch is 4843. Secure 18 pts of profit if going for the 4843 target and only if the market looks to be trending nicely
  4. ~4870 (ON High)
    • LF Short
    • Be careful about entering this preemptively
    • You are looking for some good reversal signs, exhaustion is not good enough to enter on this
    • Safe target is 4856, stretch is 4851, 3rd stretch is 4846 but guarantee 15 pts of profit before going for 3rd target
    • Be careful not to get greedy on this and watch the 60-50 area closely
  5. ~4870 (ON High)
    • LF Long
    • Be aware of a potential pullback at ~4880 or even ~4875
    • You must see some very strong bullish signs in order to take this
    • This is one of those setups that you are more than likely to avoid on first contact, but could be strong if we see a pullback after first touching the 4880 area
    • Safe target is 4883, stretch target is 4889, 3rd target is 4897 but guarantee 12 pts of profit before going for 3rd target
    • If we are seeing some bull trend day signs, then you may look to hold on to this for a bit longer, but be ready to exit at anytime ~4900 area
  6. ~4850
    • LF Long
    • PDL will be 4852 for RTH, so we might see some volume start to pick up around that area
    • Be careful of when and how this setup gets triggered. Do not blindly take it and it must be aligned to one of your scenarios above
    • This is one of those areas that showed some sup/res during the ON session but not enough to follow on its own
    • Safe target is 4864, stretch is 4869, 3rd stretch is 4874
    • Do not get too trigger happy with this
  7. ~4850
    • LF Short
    • Don't look for a breakdown setup here, only take this if we are pulling back from the 4840 area and there are some decent signs of a reversal
    • Market has to be looking to strongly break the 40 area if there's going to be enough profit for it to be worth the risk here
    • This could be a scale-in point if things look relatively bearish
    • Safe target is 4836, stretch target is 4831
  8. ~4840
    • LF Long
    • You are looking for strong signs of a reversal here
    • Can enter preemptively if the market type allows it
    • Stop behind the 4835 area is ideal
    • Safe target is 4854, stretch target is 4858, 3rd stretch is 4867, 4th stretch is 4874 but you must secure a 20 pt profit before aiming for the 4th stretch target
    • Expect a pullback ~ 4850 area, so don't move your stop too far up or it could get hit before continuing a bull move
    • Be careful about this on 2nd contact, make sure you take context into account and don't just hone in so hard on this that you miss signs we are in a bear trend day
  9. ~4830
    LF Long
    Exhaustion signs or strong reversal signs are good here
    If a bear trend day has gotten us here, be hesitant about this
    Stop behind 4824 is ideal
    Safe target is 4844, stretch is 4848, 3rd stretch is 4857 but guarantee 15 pts of profit for this
  10. ~4830
    • LF Short
    • Breakdown trade here
    • OTF would drive this if it's going to happen
    • Watch target closely, hold until close to end of day but watch at 4820, 4810 and get out before 4800

Not in here - GDP setup

Things to watch today
  • Will we finally see OTF? Let's hope so

Psychology goals
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with your trades, any changes in targets must be because the market is signs of reaching there before taking out your modified stop, and not because you 'hope' the market will go there
  • Stick to your trade management rules
  • 3 RTH trades maximum, but only take a 4th if you will guarantee a 0.75% day even if you lose. Do not 'look' for setups after the 1st or 2nd setup please
  • Show extra caution @ open as we could have another low range day if GDP doesn't move things much

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Old November 30th, 2016, 09:21 PM   #254 (permalink)
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Hey guys,

I was absent from journalling today and yesterday after my morning routine.

I had a really bad day yesterday and all of my trades were either bad or really bad. I was emotional, I suffered from FOMO, and I felt I needed a break. The losses were small but since Wednesday I've gone on a 10-trade losing streak. Yes my edge doesn't usually get a big win%, but 10 in a row means there's something wrong with my psychology lol.

I took a break from trading today unfortunately, and I wanted to trade as the market started to drop in the morning but I was still too emotionally unstable to do so.

I've been very bearish on the NQ lately, so it sucks that the one trade it's good to be a bear, I'm not in the market

But there will be many other days I can take advantage of. I can sense myself getting into 'drawdown mode' and I need to make sure that this doesn't happen.

I still don't know if I'll trade tomorrow or Friday, but it's not because of a lack of wanting to...

I am still planning to post my monthly stats this month though.

See you soon!

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Old December 4th, 2016, 03:29 PM   #255 (permalink)
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Week 48 Summary

Futures Edge on FIO
Overview of the week

Not a very good week for me. State of mind in trading is so important and I feel I ranked low on that. My trading showed it.

There are a number of things outside of trading that impact my trading, and I think I didn't prioritize them the way that I should, and just hoped they wouldn't hurt me in my trading. That wasn't the case.

Goals set for this week
Update your expectations around risk management rules, grading trades, and managing trades- Failed
Buy Jigsaw and start the learning process- Failed
Complete end of month review by Friday- Failed
Complete last Wednesday summary and End of week Summary on Monday- Passed

I'll be moving some of these goals to be completed by Monday!

The Numbers
P&L: -2.26%
Trades taken: 17
Win%: 11%
Expectancy: -29.89
Payoff Ratio: 4.82

11% win ratio is hard to achieve, yet I managed to do it
I hit my target once this week, and it was a big trade thankfully. But overall I took so many bad trades and it shows.

Out of those trades:
Excellent trades: 1
Good trades: 1
Ok trades: 1
Bad trades: 9
Really bad trades: 5

9 bad trades, and 5 really bad trades. Remember that these have nothing to do with whether they become winners or losers, but are based on whether I followed my plan, the signs were there, and followed by my trade management rules. Not the best way to end November and start December, so you'll need to make sure you are only taking Ok - Excellent trades from now on!


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Old December 4th, 2016, 10:33 PM   #256 (permalink)
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Week 49 Prep

The week before the fed announcement. Will we see some big moves?
  • We closed 130 points lower than last week, yet we almost hit the 4,900 area this week. Hmm...
  • Volume and range look to be back to normal
  • Still within balance area of 4550-4920 that we've had since August
  • We didn't quite hit the 4700 area, or at least not yet
  • Expect some resistance at ~ 4700, and stronger at ~ 4680
  • Last week we had some markets hitting all-time highs (including the Nasdaq Index), but the NQ didn't quite get there
  • OPEC deal started a big bull fever with the oil traders and we are now at ~ 52
  • We had even more NQ/ES divergence this week
  • 5 out of last 6 weeks have been above ATR, and last week we were about 50% higher than ATR
  • There are a LOT of news and big indicators coming out next week and the week after. Will we see some players taking bets preparing for next week? or will this week be slow?
  • Italian referendum just happened, I don't know enough about it to get an idea of how that will impact the market but it's going to be something to learn more about this week

Key news this week
  • Monday Some fed speakers
  • Tuesday - International trade, productivity and costs, factory orders
  • Wednesday - BoC announcement, Post Close - Japan GDP
  • Thursday - Post Close - China CPI
  • Friday - Nada

As for corporate news from the NQ components I follow:
  • Wednesday - Costco Earnings

Expect every day to be a slow range day, but be prepared for things to change at any moment's notice. Do not go in at any open expecting huge swings, as we have had low range on a daily basis

Goals for this week
  1. Update your expectations around risk management rules, grading trades, and managing trades by Monday
  2. Complete end of month review by Tuesday
  3. Journal every day

Daily psychology goals
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with your trades
  • Stick to your trade management rules
  • Aim for the 2 best trades of the day. Only take a 3rd and 4th if you would still be up 0.75% despite a loss
  • Do not look at your P&L until the end of the week
  • Re-read your psychology prep every hour while trading - set Outlook alarms

You have been lacking in the psychology goals aspect, you are aiming to get 100% on all of these by the end of the week. Do whatever it takes to accomplish this. Remember, your goal is long-term growth and not short-term profits.


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Old December 5th, 2016, 01:33 AM   #257 (permalink)
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SoftSoap View Post
Overview of the week



Not a very good week for me. State of mind in trading is so important and I feel I ranked low on that. My trading showed it.



There are a number of things outside of trading that impact my trading, and I think I didn't prioritize them the way that I should, and just hoped they wouldn't hurt me in my trading. That wasn't the case.



Goals set for this week

Update your expectations around risk management rules, grading trades, and managing trades- Failed

Buy Jigsaw and start the learning process- Failed

Complete end of month review by Friday- Failed

Complete last Wednesday summary and End of week Summary on Monday- Passed



I'll be moving some of these goals to be completed by Monday!



The Numbers

P&L: -2.26%

Trades taken: 17

Win%: 11%

Expectancy: -29.89

Payoff Ratio: 4.82



11% win ratio is hard to achieve, yet I managed to do it

I hit my target once this week, and it was a big trade thankfully. But overall I took so many bad trades and it shows.



Out of those trades:

Excellent trades: 1

Good trades: 1

Ok trades: 1

Bad trades: 9

Really bad trades: 5



9 bad trades, and 5 really bad trades. Remember that these have nothing to do with whether they become winners or losers, but are based on whether I followed my plan, the signs were there, and followed by my trade management rules. Not the best way to end November and start December, so you'll need to make sure you are only taking Ok - Excellent trades from now on!





Consider the bright side - you had a terrible week but only lost some 2% in the process. Even in the worst of cases that gives you another 50 weeks to figure things out

Seriously, applause your risk management. I remember one particular "terrible week" that burned onto my brain. And burned an 80% hole in my account at that time.

All the best going forward!


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Old December 5th, 2016, 11:14 AM   #258 (permalink)
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2016-12-05 Prep

  • Huge move up ON, it looks like this is due to the Italy referendum.
  • Lots of volume ON
  • 65/64 ATR
  • Big move up, despite opening about 15 pts lower than last week
  • 14day RTH VPOC at 47875
  • 14day RTH VA between 4800 and 4885
  • ES at 2,200
  • Major tech stocks are up but not more than 0.70% pre-open
  • Banks are in the green as well

News
  • 10- ISM Non Manufacturing Index
  • Listen closely for Italy and Trump/China news

Scenarios
  1. Open up with some uncertainty, eventually make way towards the 4780 area, we see a pullback there but break it on 2nd contact, we then trend until 4800 where we see the trend exhaust itself and a reversal play come in to drive the market down to 4780-4760 to close
  2. Market opens up bull and we slice through the 4780 on first contact, we see a pullback around 4800 but we continue until ~4815 before reversing
  3. Market opens up bear and moves down to the 4740 area, we find some support there and continue bull but we struggle ~4780 area, IF we do break it, we don't break the ~4800 area
  4. Market opens up bear until it finds a support zone above 4740 (could be the 50), we trend bull for the rest of the day or until we find a strong resistance area and we trend between those 2 points
  5. We open up strong bear and we see a bit of pullback ~4740 area, we continue the bear trend after a pullback to 4750-4750 and we trend bear until ~ 4725 area
  6. Continue bull move and trend bull for the rest of the day
  7. US market corrects ON session, trending bear for the day


Setups I'll take today

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  1. ~4820
    • LF Short
    • End of a big bull trend should be here
    • Strong signs of exhaustion should be there
    • Stop behind 4825 is a must
    • Target 4803
  2. ~4800
    • LF Long
    • You are looking for a continued break out
    • There is a very high chance of a pullback, so keep that in mind when entering as you might want to pass on first contact
    • Stop behind 4795 is ideal
    • If it looks like we might have a bull trend, hold this until afternoon or ~end of day
  3. ~4800
    • LF Short
    • You are looking for strong exhaustion signs or strong reversal signs
    • Stop behind 4806 is ideal
    • Safe target is 4784, stretch is 4776, 3rd stretch is 4763 but you must secure 15 pts of profit
    • If it looks like we might have a bull trend, hold this until afternoon or ~end of day
  4. ~4780 (ON High)
    • LF Short
    • You are looking for strong reversal signs
    • Stop behind 4785 is ideal
    • Safe target is 4763, Stretch is 4756, 3rd stretch is 4743 but you must secure 15 pts to aim for this and watch the 50 area closely
  5. ~4780 (ON High)
    • LF Long
    • You are looking for a break-out trade here
    • Do not take the pre break out trade on first contact, but on 2nd contact and with sufficient strength you can take it
    • Stop behind 4875 is ideal
    • Safe target is 4797, stretch is 4804, 3rd stretch is 4809 but you must guarantee 15 pts of profit
  6. ~4755
    • LF Breakdown on first contact, otherwise this becomes a pullback area
    • Pullback area
    • Zone is weak, only look for a entry to continue the longer trend
    • Signs must indicate a strong want to continue the longer trend, but that we are just in a pullback
    • Most likely not to take, but be ready for it
  7. ~4740
    • LF Long
    • This should align to any scenarios where this becomes a strong support area
    • You are looking for strong reversal signs
    • Ideal stop is behind the 4735 area
    • Safe target is 4754, Stretch is 4759, 3rd stretch is 4773 but guarantee 15 pts of profit
  8. ~4740
    • LF Short
    • You are looking for a break down trade here
    • Stop behind 4745 is ideal
    • Safe target is 4726, stretch is 4721, 3rd stretch is 4716
    • If bear trend day, hold until at least ~ 4710 or ~ end of day
  9. ~4720
    • LF Long
    • Reversal or exhaustion
  10. ~4720
    • LF Short
    • Continued bear trend, must be a bear trend day
  11. ~4710
    • LF Long
    • Strong exhaustion or reversal should be present
  12. ~4700
    • LF Long
    • Strong exhaustion or reversal should be present
  13. ~4680
    • LF Long
    • Strong exhaustion or reversal should be present

Psychology goals for the day
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with your trades
  • Stick to your trade management rules
  • Aim for the 2 best trades of the day. Only take a 3rd and 4th if you would still be up 0.75% despite a loss
  • Do not look at your P&L until the end of the week
  • Re-read your psychology prep every hour while trading - Set outlook alarms

Remember, you are going in assuming that things will be slow, don't go crazy on FOMO just because things are moving fast. You are however pretty prepared for things to go off on either side.

Cheers!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Old December 5th, 2016, 11:48 AM   #259 (permalink)
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Scalpingtrader View Post
Consider the bright side - you had a terrible week but only lost some 2% in the process. Even in the worst of cases that gives you another 50 weeks to figure things out

Seriously, applause your risk management. I remember one particular "terrible week" that burned onto my brain. And burned an 80% hole in my account at that time.

All the best going forward!


Sent from my iPhone using futures.io

Thank you so much for this. I tend to blow bad things out of proportion and sometimes I need a reality check. While a bad week psychologically speaking, 2% is 2% and with that kind of risk management on my bad weeks, I have a long time to change things around

This career is about all the individual and the perspective of the individual, so it's refreshing to hear an outsider's perspective that challenges my current outlook. Specially when my outlook is much darker than the current reality.

This comment was great to wake up to. Hope things are looking well for you!

Cheers.

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Old December 5th, 2016, 01:50 PM   #260 (permalink)
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Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: InteractiveBrokers
Favorite Futures: NQ
 
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Posts: 457 since Aug 2015
Thanks: 267 given, 822 received

2016-12-05 Summary


Decent day, a few ticks made a big difference today. I could've ended more positive than I did, but it is what it is. Sometimes these tick differences will be on my side.

First trade taken
Short off the open, expecting a break down at ~ 4760 area

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Unfortunately the target that I moved down to was missed by 3 ticks. Instead of walking away with a 17 pt trade I walked away with a 2.75 pt trade. Oh well, can't let that get to me though.

Trade grade - Ok
  • It may or may not have been part of the plan
  • Some signs were there
  • Decent (but not good) target and/or stop

Second trade taken
I got signs that the market could reverse or it could continue. We were either seeing a pullback on the 24hr and we will continue bull, or we were seeing a pullback on the RTH and we will continue bear. I decided to take the 2nd setup but to take smaller risk than usual. I got a good entry and I set my risk above the current RTH high. I was happy with this 'good' setup.
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It didn't work out, but I didn't lose much. R/R was ~5:1 so it was a great setup to take

Trade grade - Good
  • It was in the plan
  • Observed signs of entry
  • Good target and stop

Third trade taken
So I'm looking at my scenarios and Scenario #3 is on point. I choose to take the setup that aligns and I'm expecting the 4780 area to be broken, but maybe not on first contact. However, if I can get myself a good entry point before the pullback, I've got a good setup.

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Trade grade - Ok
  • It may or may not have been part of the plan
  • Some signs were there
  • Decent (but not good) target and/or stop

Despite being a good trade $-wise, my entry point was not good so this is qualified as 'Ok'

Fourth trade I wanted to take - Not filled
I wanted to take the continued bull trade on the pullback, but I juuuust missed the entry by a couple of ticks. It would've been a winner, but sometimes you miss it by a few inches

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Fourth trade taken
So on 24hr and on RTH it looks like we have hit the high. Scenario #3 is still looking really good as we couldn't break through the 4800. Unfortunately we didn't get high enough for me to want to enter into a short trade at ~4800 so I'm looking for a potential breakdown around the 4775 area

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The trade looks good, and I messed up on my entry point. Not a big deal but if I could've gotten a better entry this would've been a great trade.

Trade grade - Ok
  • It may or may not have been part of the plan
  • Some signs were there
  • Decent (but not good) target and/or stop

Psychology goals for the day
  • 0 FOMO trades- Passed
  • 0 Emotional trades- Passed
  • Engage deliberate thinking in all trades- Passed
  • Do not get greedy with your trades- Passed
  • Stick to your trade management rules- Passed
  • Aim for the 2 best trades of the day. Only take a 3rd and 4th if you would still be up 0.75% despite a loss- Failed, I need to tweak this a bit though as the only way I can take a 3rd trade is if I hit my target on one of my trades and it will restrict me too much
  • Do not look at your P&L until the end of the week- Failed, I wanted to see if I could take a 4th trade
  • Re-read your psychology prep every hour while trading - Set outlook alarms- Failed, I was busy clearing snow stuff this morning so I felt I could pass up on this, excuse or not, it is still a fail

Overall a positive day, and made some improvements psychologically.
I didn't trade as good as I could have, but I traded good enough that it's a better performance from last week.

See you tomorrow!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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