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tradernikki - ES Trading Journal
Started:November 6th, 2016 (11:53 AM) by tradernikki Views / Replies:512 / 12
Last Reply:December 1st, 2016 (04:34 AM) Attachments:3

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tradernikki - ES Trading Journal

Old November 6th, 2016, 11:53 AM   #1 (permalink)
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tradernikki - ES Trading Journal

Hello guys!

Yeap, I know I already have a thread in the elite section, which is kind of inactive.
I'm reorganizing stuff and I'm creating this journal to specifically focus on ES and so I can share the thread easily with my mom.

This journal is strictly about my journey of being a trader and creating my main source of income.
My rough draft is to build good trading mindset and habit -> join the TST program -> eventually trade my own capital.
However, the realistic step by step to do list is this journal and trade execution day by day.

I keep most of my journal in Onenote and I'm copying them to this thread here.

That's it for now

Cheers,
Nikki

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Old November 6th, 2016, 11:53 AM   #2 (permalink)
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Old November 6th, 2016, 11:59 AM   #3 (permalink)
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Nov Week 2 Prep


Goals:
• Prep Daily, Journal Daily
• Profit Target: 20 points / 80 ticks
• 0 FOMO trades
• 0 Emotional Trades

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We have pushed down below 2109 CLVN and is now in price discovery mode. Last week was negative with Tuesday having the biggest down day that started it all. We are now back to the big CHVN area where price had consolidated a lot this year. We are in price discovery mode where the likely HVN is around 2072.75 and 2035.50

Considering it is election week, we are likely to start Monday and Tuesday with low volatility and might pick it up after Tuesday AMC towards end of week.

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Cheers,
Nikki


Last edited by tradernikki; November 6th, 2016 at 01:32 PM.
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Old November 7th, 2016, 06:24 AM   #4 (permalink)
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11/7/2016 Prep

Friday Review:
Charts
Double IBL at the close.
Open in range, test down and then test up to yday's HVN. Sellers come in and brought it down and 1 ticked yday LO. Buyers then took control and brought it up steadily (grinding) nearing yday's VPOC. 3tick away from VPOC, sellers came in and quickly pushed thru and consolidated right above IBL, shifting VPOC to 81.25

Closing Swing
Swing down from MID and consolidate right above IBL, shifting VPOC to 2081.25

Daily VPOC Movement
Value pushed higher early till afternoon. However during PM session sellers came in and shifted VPOC to 81.25 at the last minute.
Overnight
ES opened gapping up +26pts and consolidating afterwards. Starting to make a range extention up during the EU session. Current momentum is quite bullish as market seems to be favoring that Clinton is clear.

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Cheers,
Nikki

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Old November 7th, 2016, 01:48 PM   #5 (permalink)
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11/7/2016 Review

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Wow.... Theme of the day
"Don't step in front of a running trend"
"Don't fade a clear trend"
"Follow the winning side of the market"

I did Four Trades today

1. Short the upper consolidation area and look to target MID.

2. Short as there were divergence in the cumulative delta. Scratched the trade as the bid was holding firm

3. Reversed the #2 short and long to trade with the trend with target at 2119. Added 1 more contract at 15.5

4. Short scalp after there were collisions in the 19-20 area. Scratched as buyers held and 2000 prints lifted the offer.

Today's execution weren't very good. The contextual trade was only trade #3 as the rest were FOMO and impatient trades.

I attached my thought process during the trading day:

Quoting 
9:35 PM OAOR 2108-2111
9:36 PM Still in balance, looking for a push
9:37 PM TICK is positive. ADD is +489
9:44 PM Strong rotation up. Waiting for a pullback test of MID and looking to go long here. Have been quite impatient of FOMO and wanting to enter long right away. Don't have an edge here. Need to wait to at least OSH or MID
9:45 PM New high and VPOC has shifted to 12.50. Even more FOMO but I need to be patient. My edge is to wait for a pullback. 5.75 rotation up
9:49 PM Confluence at MID, VWAP, OSH 2010.5. However, hypo 1 is for sellers to shut off buying here near ONHI and continue selling towards yday range. Need to see signs of buyers holding at MID to execute.
10:00 PM It's pushing higher, leaving me behind. Lowest print in the pullback was 11.5. Buy setup for continuation is likely done.
10:01 PM Reading chat room and looking to template the 11/1 day
10:03 PM Seeing a potential supply zone on 11/1 at 2115.5. looking closely at BM for opportunity to short for hypo 1
10:15 PM Delta is showing a divergence. Price made a new high at 9:00 but delta didn't. Looking for potential short for hypo 1
10:25 PM Entered short at 13.75 @1. Fading the move since there's starting to be a divergence in delta. Cautious. Price may still move upwards
10:32 PM another push up. IBH is in 14.25. Looking to get out. Short's in trouble
10:34 PM Stopped out. Market push up +4 rotation up
10:34 PM Shorts done. I’m now continuing to look for longs. Area is zipper at 14.25 and IBH
10:41 PM Entered another short for a trade back to value and IBH. If it doesn't work within the next 10 minutes, will need to scratch
10:49 PM Got a scratch and it was a very lengthy trade. The longest 10 minutes of my life. I'm going with trend and looking for long
10:53 PM Went long at 16.25 and add a 2nd lot at 15.5 LVN. Scale oat 17.5 and 18.5
11:00 PM Flat. Both TP1 and TP2 reached. We are pushing higher towards 21 HVN. Rotation up has been around +3pts, rotation down is around -2pts. I hesitated a lot in this trade. I put a lot of bid to get out of the previous short and eventually get a scratch than immediately reverse to go long.
11:18 PM We have tagged the 21 HVN. There were collisions in the 19-20 area. Looking to scalp short enter at 19.75
11:30 PM Scratched after pushing to 19 and 2000 buyers lifted the offer
11:32 PM I've faded the trend a lot today (3 times) with the excuse of it being a scalp. I should've looked for longs after the initial push. Even more after the second push.

Goals Review:
• Prep Daily, Journal Daily - Passed
• 0 FOMO trades - Failed - 3 trades
• 0 Emotional Trades
• Engage deliberate thinking in all trades - Passed? or was it too deliberate? I do think I think too much

Cheers,
Nikki

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Old November 7th, 2016, 02:28 PM   #6 (permalink)
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tradernikki View Post
Goals Review:

• Engage deliberate thinking in all trades - Passed? or was it too deliberate? I do think I think too much

Hey I noticed you are tracking deliberate thinking and found that you are struggling a bit on deciding whether you passed or failed. I had some issues with this when I started tracking as well.

I think what would help you is to define what a deliberate trade looks like, and what an intuitive trade looks like. After doing that, you can then compare each trade vs your definition and see whether or not you passed / failed.

If you’re looking for a reference, personally I define it as follows:
  • Deliberate trade – A trade where I made a conscious decision on my entry point, likely target, and I looked at the market for confirmation that the trade is ‘good’
  • Intuitive trade – Mostly an emotional trade, where I got into the trade before I could think about my entry point, target, stop, fundamentals, etc. I then get into the trade and start looking at those things. It always leaves me scratching my head and saying “why did I enter this trade?”. Win or lose
I know this is a bit vague, but it works for me at the time. In the future, I will expand on this to make it clearer, it's just not a priority at the moment.

Look at it like driving, and making an intuitive or deliberate decision on what route to take.
  • An intuitive decision would be a decision to take a certain route not because you took traffic into account, time, construction, etc. It would be a decision that you didn’t even think of as you making decision as it was automatic – eg, you took the same route you always take.
  • Whereas a deliberate decision would be you taking into account traffic, time, construction, etc. and making a decision on that information.

Both decisions could lead to the same outcome, but the way you get the outcome is different. The thinking also needs to be related to the decision. You don't want to put yourself in "analysis paralysis" mode where you can't make a decision because you are thinking too much.

If you want to add this to your process properly, I would suggest the following process:
  1. Focus on what is relevant
  2. Add it to your trading process by defining it
  3. Execute on what you've stated
  4. Review to see how effective this is for your trading
  5. Make any changes as required, and then rinse and repeat

You'll be tempted to focus on effectiveness and efficiency at the same time, but I would caution against that. Focus on the process becoming effective first, and then work on making it efficient. You will miss out on some trades at first, but it will help you understand what is important and what isn't for making a sound trading decision.

If you want to read the psychology behind this, I summarize this a bit in the following post of my journal:
https://futures.io/trading-journals/40312-softsoap-s-nq-nasdaq-100-futures-contr...ftgold-8.html#post596657

If you want the psychology experts to help you, just google "System 1 and System 2 thinking".

Hope this helps!

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Old November 8th, 2016, 02:14 PM   #7 (permalink)
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Hey I noticed you are tracking deliberate thinking and found that you are struggling a bit on deciding whether you passed or failed. I had some issues with this when I started tracking as well.

I think what would help you is to define what a deliberate trade looks like, and what an intuitive trade looks like. After doing that, you can then compare each trade vs your definition and see whether or not you passed / failed.

If you’re looking for a reference, personally I define it as follows:
  • Deliberate trade – A trade where I made a conscious decision on my entry point, likely target, and I looked at the market for confirmation that the trade is ‘good’
  • Intuitive trade – Mostly an emotional trade, where I got into the trade before I could think about my entry point, target, stop, fundamentals, etc. I then get into the trade and start looking at those things. It always leaves me scratching my head and saying “why did I enter this trade?”. Win or lose
I know this is a bit vague, but it works for me at the time. In the future, I will expand on this to make it clearer, it's just not a priority at the moment.

Look at it like driving, and making an intuitive or deliberate decision on what route to take.
  • An intuitive decision would be a decision to take a certain route not because you took traffic into account, time, construction, etc. It would be a decision that you didn’t even think of as you making decision as it was automatic – eg, you took the same route you always take.
  • Whereas a deliberate decision would be you taking into account traffic, time, construction, etc. and making a decision on that information.

Both decisions could lead to the same outcome, but the way you get the outcome is different. The thinking also needs to be related to the decision. You don't want to put yourself in "analysis paralysis" mode where you can't make a decision because you are thinking too much.

If you want to add this to your process properly, I would suggest the following process:
  1. Focus on what is relevant
  2. Add it to your trading process by defining it
  3. Execute on what you've stated
  4. Review to see how effective this is for your trading
  5. Make any changes as required, and then rinse and repeat

You'll be tempted to focus on effectiveness and efficiency at the same time, but I would caution against that. Focus on the process becoming effective first, and then work on making it efficient. You will miss out on some trades at first, but it will help you understand what is important and what isn't for making a sound trading decision.

If you want to read the psychology behind this, I summarize this a bit in the following post of my journal:
https://futures.io/trading-journals/40312-softsoap-s-nq-nasdaq-100-futures-contr...ftgold-8.html#post596657

If you want the psychology experts to help you, just google "System 1 and System 2 thinking".

Hope this helps!

I'm really thankful for your advice. Your journal played a big role in creating my journal. Although I haven't been able to describe things as neat and detailed as you are.

Thank you for the input. It really puts a light in differentiating the two. Will read more on System 1 and System 2. I do have the Kahneman book on it.

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Old November 8th, 2016, 02:25 PM   #8 (permalink)
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11/08/2016 No Trade

I got home at 12 PM tonight (11AM Chicago time) as my student asked for an extended session for her test prep tomorrow.

It seems I miss a big up move today. Seems like Mrs C won the election.

Volume seems to be building up at 36-43. VPOC might shift here.

I'll continue tomorrow.

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Old November 27th, 2016, 12:36 PM   #9 (permalink)
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Weekly Prep

All time high is here and we are kept pushing up. There is no sign of slowing down yet. Last Friday was thanksgiving but we pushed up even higher.

Overall move is still looking to be initiative up and would lean more towards the bull side unless bears start to show up.
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Monthly profile, we are in a very big range and had a move up, now creating a new area of small balance above 2180 after getting out of the 2173 CHVN
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Weekly Profile, we had a tight range last week since it was thanksgiving, but the one timeframing continue and value kept moving higher.
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Overall bias is still up, however, always be aware of signs of sellers appearing.

"If I trade only setups I will continue to struggle, but if I trade my thesis I be successful" - Inletcap
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Old November 28th, 2016, 06:28 AM   #10 (permalink)
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ES Prep


ON is testing down and immediately shot up, showing buyers still active around 2200.
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Overall bias is still up and we are likely to open either above the VAH or the range. my chart is showing 11/23 Wednesday as the last trading day last week. I scrubbed the holiday and half-day.

"If I trade only setups I will continue to struggle, but if I trade my thesis I be successful" - Inletcap
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