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PATrick's ES Price Action Scalping Journal
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Created: by chonga Attachments:8

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PATrick's ES Price Action Scalping Journal

  #11 (permalink)
Elite Member
Busan, South Korea
 
Futures Experience: Beginner
Platform: NT 7
Broker/Data: Ninja
Favorite Futures: ES
 
Posts: 22 since Aug 2016
Thanks: 5 given, 25 received

Had a busy weekend, so not much time to journal.

Not a bad day. I'm glad that I was able to recover after my first trade being an undisciplined crap poop experimenting entry.

1st trade: Instead of waiting for a second entry on a strong signal bar, I entered anticipating the 2nd entry short.
The day started off in a downtrend. It bounced off the lower channel and worked its way to the upper line as well as the EMA. After the first entry, I decided I would place my entry near the previous swing high, so that it would give me enough room (and hopefully a better entry). Bad idea. The price ended up breaking the channel and went into a trading range. I did want to exit early after I saw 4 overlapping bars, but decided that because it is sim, I will let the trade fly. -6 ticks

2nd trade: I saw after a double top and previous resistance earlier in the morning that this would be strong resistance. After I drew in my upper line, I waited to fade the next time it reached this level. I got filled perfectly at the top and went down quickly for a +6 tick

3rd trade: Repeat of the second trade except off the lower support. I had an order sitting out, but this time instead of right at the support, I had it 2 ticks under, only because there was previous price action at 10:50ish that was lower than the line I drew. Got filled, worked against me 2 ticks but didn't take anymore heat than that. +6 ticks


So that was it for Friday. Like I've previously mentioned, I only trade from 10:30AM - 12:30PM EST.

So didn't hit my target for the day, but I'll day +6 ticks.

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  #12 (permalink)
Elite Member
Busan, South Korea
 
Futures Experience: Beginner
Platform: NT 7
Broker/Data: Ninja
Favorite Futures: ES
 
Posts: 22 since Aug 2016
Thanks: 5 given, 25 received

Pretty straightforward day. Was only looking to go short (mostly touched of the EMA or upper trend channel).

The entries I took weren't the smoothest or at the best, but they all worked out. Days like this are few but definitely confidence boosting.

+4 +8 +6 = +18 ticks on the day (3 trades)

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Last edited by chonga; October 12th, 2016 at 09:53 PM.
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  #13 (permalink)
Elite Member
Busan, South Korea
 
Futures Experience: Beginner
Platform: NT 7
Broker/Data: Ninja
Favorite Futures: ES
 
Posts: 22 since Aug 2016
Thanks: 5 given, 25 received


Have not been sim trading as much. Spent the last week watching Al Brooks video lessons.

Abundance of knowledge but the only problem is I can only listen to about 30-40 minutes of his voice before I wander off to sleep. No matter how much coffee I have or what time of day it is, right at about 35 minutes I start to doze off.

Also, I do not have the license yet for NT so I have to keep requesting demo accounts. And since I get lazy I revert back to just market replay. I guess I should fork over the minimum deposit soon to avoid the hassle every 2 weeks.

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  #14 (permalink)
Trading Apprentice
Montréal, Canada
 
Futures Experience: Intermediate
Platform: TWS (IB), NinjaTrader 7
Broker/Data: Interactive Brokers
Favorite Futures: CL and GC. NOT YM, nor NQ, nor TS. And certainly not ES!
 
Posts: 23 since Jan 2014
Thanks: 9 given, 6 received


chonga View Post
Have not been sim trading as much. Spent the last week watching Al Brooks video lessons.

Hi Chonga.

I, too, subscribed to Mack's PAT$ web site.

Are you pursuing this or did you stop?

Thanks.

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  #15 (permalink)
Elite Member
Busan, South Korea
 
Futures Experience: Beginner
Platform: NT 7
Broker/Data: Ninja
Favorite Futures: ES
 
Posts: 22 since Aug 2016
Thanks: 5 given, 25 received


mluka View Post
Hi Chonga.

I, too, subscribed to Mack's PAT$ web site.

Are you pursuing this or did you stop?

Thanks.

Hi. I never went live trading futures because something about the style didn't click with my personality. The strategy and methods he employs are all good stuff and there is nothing wrong with it. Just wasn't for me - I couldn't stay disciplined enough to implement it that way it should be. It was mostly due to a few things:

1. My lack of being able to stay patient watching just 1 instrument for hours with the possibility that I wouldn't have a trade set up. I prefer to get my trading done before 11 AM EST and if volume is low and nothing is moving, I keep an itchy trigger finger.

2. As a result, I was boredom trading a lot if after an hour or two I didn't have a trade to take i.e. "oooh I'll just fade this high of range..... lemme enter on this triangle breakout..... that looks like a nice head and shoulders setting up...." and that is NOT what you should be doing.

3. My profit loss was very stagnant. Up a few bucks, down a few bucks..... and after all the time and effort was usually at BE at month's end.

I'm sure if I spent more time on it I could've developed something into my own but I ended up moving on after 3 months.

Taking those things into consideration I stepped back and tried to develop a method or strategy that suits my personality a bit better.

I have since gone to trading equities with relatively good success as I have turned a profit now for 3 months in a row (albeit not enough to quit my day job).

Basically, my new method is a hybrid day and swing trading breakout setups. I will take a look at the daily chart for stocks looking to breakout/breakdown but make the entry on the 1 or 5 min chart and take partial profits at the breakout point if it is stalling (false breakout) for a small profit or if it breaks out I will take partial (80%) off before the first pullback. I will leave the rest of my position on as a swing trade to see how it reacts in the next few days after the breakout with the stop at breakeven.

I made the change mainly because it kind of takes care of the deficiencies in my personality, mainly:

#1 - I have thousands of instruments to trade and finding the one that fits my strategy or method is much easier than sitting at the screen waiting and waiting for the ES to make a move.

#2 - My strategy has me in and out of a trade before noon and my stops take care of the rest. I will usually know within 30 minutes if something is setting up that I like. If not, I have other swing trades to manage from prior days trades. (keeps my from boredom trading, although I have to stop micromanaging so much).

#3 - Rather than dealing with contracts, I like the flexibility that shares offers me as sometimes 1 contract would exceed my risk tolerance for some of the longer swing trades I wanted to take and I like to take partial profits to keep me staying patient.

Hope that helps.

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  #16 (permalink)
Trading Apprentice
Montréal, Canada
 
Futures Experience: Intermediate
Platform: TWS (IB), NinjaTrader 7
Broker/Data: Interactive Brokers
Favorite Futures: CL and GC. NOT YM, nor NQ, nor TS. And certainly not ES!
 
Posts: 23 since Jan 2014
Thanks: 9 given, 6 received

Hi Chonga. Thanks for the response!


chonga View Post
2. As a result, I was boredom trading a lot if after an hour or two I didn't have a trade to take i.e. "oooh I'll just fade this high of range..... lemme enter on this triangle breakout..... that looks like a nice head and shoulders setting up...." and that is NOT what you should be doing.

For what it's worth, I watch four futures markets (CL and GC, my preferred markets and YM & NQ). I have set up an audible alert the warn me that we may be approaching one of my entry setups.

I am at the computer from about 8 (Eastern) to 11. I try not to take trades after 11 AM. But my alerts let me know if something interesting might be setting up.

I am usually able to NOT "boredom trade" by being pretty picky on my entries. But I've been there and I know what you mean.


chonga View Post
Basically, my new method is a hybrid day and swing trading breakout setups.

Are you familiar with Investor's Business Daily? They have a program called "IBD Swing Trader" which I use for the investment part of my portfolio. Not bad. They have a free trial period (four weeks).

For your trading ideas, the same organization has something called MarketSmith; very well rated screening and charting software (but I don't use it personally). As a matter of fact, just got an email offering "MarketSmith Free Access Week"; if interested, it's at this address: Special Offer - Investors.com.

Good luck with your journey!

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  #17 (permalink)
Trading for Fun
central florida
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: EUR/USD
 
Posts: 182 since Jul 2014
Thanks: 12 given, 228 received


mluka View Post
Hi Chonga. Thanks for the response!



For what it's worth, I watch four futures markets (CL and GC, my preferred markets and YM & NQ). I have set up an audible alert the warn me that we may be approaching one of my entry setups.

I am at the computer from about 8 (Eastern) to 11. I try not to take trades after 11 AM. But my alerts let me know if something interesting might be setting up.

I am usually able to NOT "boredom trade" by being pretty picky on my entries. But I've been there and I know what you mean.



Are you familiar with Investor's Business Daily? They have a program called "IBD Swing Trader" which I use for the investment part of my portfolio. Not bad. They have a free trial period (four weeks).

For your trading ideas, the same organization has something called MarketSmith; very well rated screening and charting software (but I don't use it personally). As a matter of fact, just got an email offering "MarketSmith Free Access Week"; if interested, it's at this address: Special Offer - Investors.com.

Good luck with your journey!


Hey Mluka I started with Mack's method and traded it for atleast a year. However when i began trading full time, the negative traders equation was too hard to overcome. Tick and volume charts can be difficult to trade because prices can quickly reach the number of shares in the bar which leaves you cherry picking the rotten cherries. This is similar to trading a 1 or 3 minute chart. Nothing against Mack, I believe he is a profitable trader. However a beginner should not try to recreate his method as it is too hard to do. Instead a beginner should focus on swing trading the best setups. Scalping is the hardest method of trading because it requires a high winning percentage. When the traders equation is negative as in Macks case, a trader must win atleast 70% of the time, just to break even. If you are going to scalp, you need to go for a reward equal to your risk. You should also focus on trading one chart and one market and work to better yourself as a trader. Not trying to tell you what to do or anything, but instead guide you down the right road. I know this from experience and wish someone would have told me before I spent a year attempting to do it. If you have questions about the traders equation I have posted information on it in my journal, or feel free to ask.

Good luck on your journey!
Josh

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