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SoftSoap's NQ Journey - from SoftSoap to SoftGold


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SoftSoap's NQ Journey - from SoftSoap to SoftGold

  #341 (permalink)
 WOW CO 
Toronto, Canada
 
Experience: Beginner
Platform: Ninjatrader
Trading: ES
Posts: 76 since Oct 2011
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Thanks Received: 125


SoftSoap View Post


What do you guys think about this change?


What exactly are you attempting to accomplish? Is it to have an open mind to any possible price action and consciously plan for it?

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  #342 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227

2 trades taken today, both shorts.


First trade - Short @ Open

Market open looked bearish so I looked for a good entry point.


This was a good entry point. Behind the 50 area to set a good stop, aligned with my scenarios / setups / plan, observed signs of entry, etc.






The market kept flip flopping and I saw some aggressive buying near the ~43 area, so it became a key area to watch.






I think my mistake here is leaving the decision to exit the trade preemptively to my judgment.

I should've lowered my stop so that if the market bounced up strongly again, I wouldn't have to make that decision.

This trade I suffered from enough hopium that I didn't make a speedy decision, despite laying out the things that would lead me to exit the market.

Overall though, it was a good trade to take so I should be happy. I had the potential to make this an 'excellent' trade had I listened to my analysis, but hey that's going to happen right? Learn and move on.

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


Second trade - Short @ ~60 area


I observed some resistance and it didn't appear that the market had the momentum to break through the 60 area










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


Overall we had a ~20 point range so there weren't many good opportunities. About broke even on profit, but took 2 good trades so I'm happy.

See you tomorrow!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #343 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227



WOW CO View Post
What exactly are you attempting to accomplish? Is it to have an open mind to any possible price action and consciously plan for it?

Thanks for the question!

I think I'm looking for a solution that is easy to put together but that still displays the thoughts in my head. I also want it to be flexible enough to let me take trades based around my scenarios and not my setups.

The scenarios are the foundation of my trading plan so it needs to be effective. Efficiency would be nice but not a priority at the moment.

Cheers.

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #344 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227

  • Market ON was pretty bullish
  • Hit new record highs pre open
  • 16 day VPOC @ 5155
  • Range 18 / 38.5 ATR
  • I set a sell order last night just above the record highs,
  • The trade looks ok but I wish the entry was ~ the 72 area instead of the ~69 area as I would prefer a stop behind 75. However, my trade management won't let me change it right now

Scenarios





Setups I'll take today




  1. ~5200
    LF Short, reversal trade
    Stop behind 5201 is a must
    Be careful if the market is strongly bullish about taking this
  2. ~5200
  3. ~5170
    • LF Long, Break out
    • You are looking for strength in the move
    • You want to see that the move will continue for at least 20 points and close to the 5200 area
    • Stop behind 68 is ideal
  4. ~5170
    LF Short
    Stop behind 75 is ideal
    You are looking for signs that we won't have a bull trend day or strong bull morning move
  5. ~Pullback but bull continuation
    • LF long
    • Look for initial pullback and hold for the rest of the day if we are in a bull trend day
  6. ~5155 (ON Low)
    • LF Long
    • Stop behind 49 is ideal
  7. ~5140 (PDL)
    • LF Long
    • Stop behind 39 is ideal
  8. ~5125
    • Stop behind 20 is ideal

Psychology goals for the day
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with your trades
  • Abide by your trade management standard
  • Do not break any golden or silver risk management rules
  • Set alarms and walk away during non-critical periods
  • Maximum of 3 trades today
  • All trades must be part of plan / scenarios / setups
  • Do not look at P&L
  • No trading while the market is flat

Yesterday's excellence is today's standard and tomorrow's mediocrity
Visit my NexusFi Trade Journal Started this thread Reply With Quote
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  #345 (permalink)
 Grantx 
Reading UK
Legendary no drama Llama
 
Experience: None
Posts: 1,787 since Oct 2016
Thanks Given: 2,826
Thanks Received: 5,058

Hi Softsoap. Your journal is awesome. I enjoy reading your posts, keep up the good work and best of luck!

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #346 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227


Grantx View Post
Hi Softsoap. Your journal is awesome. I enjoy reading your posts, keep up the good work and best of luck!

Thanks so much for the compliment! Glad you are enjoying my journey.

Cheers!

Yesterday's excellence is today's standard and tomorrow's mediocrity
Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #347 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227

Apart from the overnight trade which was stopped out as soon as the market opened, I didn't take any trades.

I thought about taking a long at the ~5175 area as the market looked strong but honestly I wasn't sure that we could make it high enough for it to be worth it so I passed. In retrospect that wasn't the right call.

One thing that I'm struggling with during this market as a new trader is being comfortable buying at record highs. My instinct is to want to sell when we hit record highs, specially when I feel that the market's price is too high and we are due for a correction.

This is something I need to work on because we are over 2 months into this "record breaking on a weekly basis rally" and we could be in it for months to come.

Psychology goals were all in the green

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Thanked by:
  #348 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227

  • ON session was balanced between ~5188 and ~5170
  • Last 6 RTH sessions have been within 30 points, will today continue the trend?
  • 16 day VPOC @ 5155
  • GILD down 7.3% after reporting earnings
  • CTSH up 5.4% after reporting earnings
  • MDLZ down 1.4%
  • No news worth highlighting

Scenarios




Setups I'll take today


Trying something new to make things a bit more efficient.
Green bubbles will signal Long positions, and Red bubbles will signal Short positions




Psychology goals for the day
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with your trades
  • Abide by your trade management standard
  • Do not break any golden or silver risk management rules
  • Set alarms and walk away during non-critical periods
  • Maximum of 3 trades today. Only take a 3rd if you would still be up 0.75% despite a loss
  • All trades must be part of plan / scenarios / setups
  • Do not look at P&L
  • No trading while the market is flat (on a 5 minute basis)

Yesterday's excellence is today's standard and tomorrow's mediocrity
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #349 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227

One trade taken today, and I was short 3 ticks of profiting from it. The trade was good and I was patient, but my stop was not big enough for the initial pullback.


Here's the trade






Immediately I wanted to get back into the trade, but I stopped myself. Not because the setup wasn't good because honestly I still felt that it was good, but because it would've been a revenge trade. The longer you go without getting a win, the more upset you get from each loss.

It's something I'll have to get used to though, because that's the trader life.

Trade grade - Good
  • It was in the plan
  • Observed signs of entry
  • Good target and 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
  • Abide by your trade management standard- Passed
  • Do not break any golden or silver risk management rules- Passed
  • Set alarms and walk away during non-critical periods- Passed
  • Maximum of 3 trades today. Only take a 3rd if you would still be up 0.75% despite a loss- Passed
  • All trades must be part of plan / scenarios / setups- Passed
  • Do not look at P&L- Passed
  • No trading while the market is flat (on a 5 minute basis)- Passed


See you tomorrow!

Yesterday's excellence is today's standard and tomorrow's mediocrity
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #350 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
Thanks Received: 1,227


  • ON session was slightly bullish and we established new record highs
  • New record high at 5201.75
  • Jobless claims came in better than expected
  • Range 12.5 / 37
  • Weekly range 61.5 / 118
  • Volume has been steady
  • Range has yet to reach its daily ATR this week
  • No news to highlight today
  • AMGN down 1.51%
  • GILD on a short restriction
  • PYPL down 1.5%
  • REGN down 1.2%
  • TSLA up 2%
Scenarios





Setups I'll take

Green indicates a long position, red indicates a sell position



Psychology goals for the day
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with any of your trades
  • Abide by your trade management rules
  • Do not break any golden or silver risk management rules
  • Set alarms and walk away during non-critical periods
  • Maximum of 3 trades today, you know the 3rd trade rule
  • All trades must be part of plan / scenarios / setups
  • Do not look at P&L
  • No trading while the market is flat

Yesterday's excellence is today's standard and tomorrow's mediocrity
Visit my NexusFi Trade Journal Started this thread Reply With Quote
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Last Updated on September 4, 2017


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