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SoftSoap's NQ Journey - from SoftSoap to SoftGold


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SoftSoap's NQ Journey - from SoftSoap to SoftGold

  #361 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
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SoftSoap View Post
What is that? I downloaded it but didn't have any program to run the file

It is a NT7 indicator (its somewhere in the download section)

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


BoltTrader View Post
I look all the time. I would fail this every day - lol

Haha it's easier on some days than others. The only reason why this is part of my psychology goals is because in the past my P&L has an impact on my future trading. Right now I'm just not strong enough psychologically to be able to look at my P&L and not let it cloud my judgment.

One day though!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #363 (permalink)
 
SoftSoap's Avatar
 SoftSoap 
Canada
 
Experience: Beginner
Platform: NinjaTrader
Broker: InteractiveBrokers
Trading: NQ
Posts: 594 since Aug 2015
Thanks Given: 347
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aquarian1 View Post



It is a NT7 indicator (its somewhere in the download section)


Wow dude this is really cool, I'll have to check it out.

This got me thinking about whether or not I should track the success of my scenarios. I feel like my scenario planning is pretty good and I'll usually get at least 1 of the scenarios right, but that's just based on my intuition. Does the data back it up?

Maybe I'm over thinking it, but you've given me something to think about lol.

Cheers!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #364 (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

  • My swing trade got stopped ON with a 20 point profit. Not what I was expecting to be quite honest but I think I got in a bit too late on this trade to be able to withstand a potential pullback while still maintaining a profit.
  • Yesterday we saw some stronger than usual volume, and this was a bear side move so are we starting to see some people exit their long positions with the recent Trump administration news?
  • Weekly range 90 / 118 ATR
  • Volume was above average for the first time in 9 days yesterday
  • KHC up 5%
  • MDLZ down 4.5%
  • TSLA down 1.5%
  • No news today

Scenarios




Setups

There is a short setup I'd be willing to take and that is at the record highs. I don't see many scenarios where we break record highs and close at them today.



Psychology goals for the day
  • 0 FOMO trades
  • 0 Emotional trades
  • Engage deliberate thinking in all trades
  • Do not get greedy with any trade
  • Abide by your trade management rules
  • Do not break any golden or silver risk management rule
  • Set alarms and walka way during non-critical periods
  • Maximum of 3 trades today
  • All trades must be part of plan / scenarios. You will be tempted to short lots today, but be careful
  • Do not look at P&L
  • Do not trade while the market is flat

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #365 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593


SoftSoap View Post
Wow dude this is really cool, I'll have to check it out.

This got me thinking about whether or not I should track the success of my scenarios. I feel like my scenario planning is pretty good and I'll usually get at least 1 of the scenarios right, but that's just based on my intuition. Does the data back it up?

Maybe I'm over thinking it, but you've given me something to think about lol.

Cheers!

Glad you like it - however it might be a curse instead of a help.
I couldn't get it to scale correctly and it could be a real time waster!

anywho - caveat emptor! LOL

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  #366 (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

Overview of the week
Trump rally is still on and that didn't

Unfortunately I got stopped out of my swing trade by 3 ticks and if I had gone along with my plan to keep it until the end of the week I would've walked away with 45 more points than I did. Oh well, can't cry about spoiled milk.

Goals set for this week
  • Journal daily- Passed
  • Post goals on Wednesday- Failed
  • Start meditation routine- Passed

Gotta get those goals posted!!!

The Numbers
P&L: 0.10%
Trades taken: 5
Win%: 20%

4 losers and 1 winner seems bad, but when you are aiming for 40+ pt wins and 4.5 pt losses, then this is going to happen. I need to get better at knowing where to move my stops though in this environment.

Out of those trades:

Excellent trades: 0
Good trades: 4
Ok trades: 1
Bad trades: 0
Really bad trades: 0


Unfortunately 3 ticks made a big difference but I'm not taking bad or really bad trades, so it's a good trend. I adapted to this market better but I still have more room to go.

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #367 (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

  • Range has been going up steadily for the last 3 weeks, but still below ATR
  • Volume was still below the 1MM mark
  • 10 out of the last 11 days the market has gone up
  • The daily ranges are low and daily ATR is now at 33
  • Bull trend is showing no signs of slowing down
  • Strategy this week will be same as last week's - Look for a pullback, go long, hold for a couple of days if possible

News this week
  • President's day on Monday
  • TUesday - PMI Manufacturing Index Flash
  • Wednesday - Existing Home Sales, FOMC Minutes
  • Thursday, Jobless Claims
  • Friday- New home sales, Consumer sentiment

Goals for the week
  • Journal daily
  • Post goals by Wednesday
  • Meditate 3 times this week

Psychology goal addition
Going to continue with last week's goal of only taking long opportunities unless something changes drastically

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #368 (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

  • Low range ON session
  • Range 9/33 ATR
  • VPOC at ~ 5305
  • VA between 5320 and 5190
  • KHC down 5%
  • MDLZ up 4%
  • Nothing else noteworthy right now
  • PMI Manufacturing Index Flash at 945

Scenarios



Setups I'll take today




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
  • All trades must be part of plan / scenarios / setups
  • Maximum 3 trades today
  • 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
  • Do not look at P&L
  • Do not trade while the market is flat
  • Additional for this week - Do not take any short trades unless things change from a macroeconomic standpoint

Yesterday's excellence is today's standard and tomorrow's mediocrity
Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #369 (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

Only took one trade today, and it looked good at first but then became a loser after some jitters from the fed speaker.

Here's the trade







The setup itself was good. We reached new highs and my initial assessment was correct. My mistake was not reassessing the situation once we reached those new record highs.

Another question is whether the macroeconomic environment is changing?

Psychology goals
  • 0 FOMO trades- Passed
  • 0 Emotional trades- Passed
  • Engage deliberate thinking in all trades- Passed
  • Do not get greedy with any of your trades- Passed
  • All trades must be part of plan / scenarios / setups- Passed
  • Maximum 3 trades today- Passed
  • Abide by your trade management rules- Passed
  • Do not break any golden or silver risk management rules- Passed
  • Set alarms and walk away during non-critical periods- Passed
  • Do not look at P&L- Passed
  • Do not trade while the market is flat- Passed
  • Additional for this week - Do not take any short trades unless things change from a macroeconomic standpoint- Passed

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Thanked by:
  #370 (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


FOMC minutes are coming out today, will they raise or lower the expectation of a rate hike next month?


Scenarios




Looking back on this, the closest scenario was red, which was pretty spot on apart from closing at daily / record highs.

Setups




First trade taken

So it happened, I finally took a FOMO trade...
I had been doing so well this year on not taking a FOMO trade but I let so many opportunities pass me by and today I just didn't want to anymore.
I looked at the market and there were no strong bull signals, but I said screw it let's buy.






I lost this trade, and honestly I am glad that I did. Sometimes I need the market to slap me in the face for doing something I'm not doing.

Something to watch going forward - I need to keep my cool in the markets and not start to get impatient because of the type of market we are in. We will eventually get out of this creeping bull market and into something more volatile, so don't force trades!


Second trade taken


The market moved down and came down to the ON low area (2 in setups). I observed signs of entry and got in. Typical good trade.








I have left this as a swing trade with my stop just above the break even point. I'm debating whether to bring my stop down to the initial stop ~5334 but I think I'll leave it in case the EU market reacts negatively to the FOMC minutes.


Psychology goals
  • 0 FOMO trades- Failed
  • 0 Emotional trades- Passed
  • Engage deliberate thinking in all trades- Passed
  • Do not get greedy with any of your trades- Passed
  • All trades must be part of plan / scenarios / setups- Passed
  • Maximum 3 trades today- Passed
  • Abide by your trade management rules- Passed
  • Do not break any golden or silver risk management rules- Passed
  • Set alarms and walk away during non-critical periods- Passed
  • Do not look at P&L- Passed
  • Do not trade while the market is flat- Passed
  • Additional for this week - Do not take any short trades unless things change from a macroeconomic standpoint- Passed

Failed the FOMO goal today, ahh!!!!

See you tomorrow!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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Last Updated on September 4, 2017


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