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ES intraday 'swing' trader


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ES intraday 'swing' trader

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  #1 (permalink)
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received

Hello

I am intraday swing trader in ES (and some CL). As theres not many ideal places to post my trades where better than in my own journal?

Plus I need to do this journal...I am making some silly mistakes (fool me once/insanity etc), and need to wake up. I have made money before but using a very structured method trading HTFs, I've also made money before trading the DOM, and lost money and blown accounts this way when the particular trade changed its flow characteristics for good and I was slow adapting/moving on (plus overconfidence etc). I have also picked up some bad habits and this is one aim of the journal - to log, then fix these issues. Additional aims are accountability, and as Big Mike & others have mentioned, being honest with oneself. The aim is that in time this new structure/routine will become the new intuitive/instinct.

I have journalled before and benefitted enormously - mainly from realising basic mistakes in TA. One downfall I noticed though has been extreme subjectivity when reviewing my trades (this could be my own issue), especially in immediate aftermath (even hours after the trade). I will probably review the following day.

These are the classic rookie mistakes I have committed:
-overtrading including FOMO
-diverting from plan, reverting to DOM/intuitive trading. I will attempt to trade without DOM for now. Eg taking a poor RR setup in middle of range.
-exiting good positions, staying in poor
-tight stops - 1st hand experience in ES & other markets. ES intraday is generally low volatility. I concur with sticking to your plan/thesis/view whilst its still valid (and with controlled MM), however to maintain tight MM I need to get better at contextualising whats going on, and entering at better prices, then stops wont matter!

These dont happen often, but enough to impact adversely on pnl. This journal will hopefully tighten my discipline.

Trade Plan:
The plan is fairly new to me but incorporates some old PA/TA stuff, and i will endeavour to explain more as the journal progresses.

I am happy with the setup and plan for now, and will not adjust unless decent sample size of analysis says otherwise. My charts are still a WIP, but as with plan, I dont think this is the issue.

Similarly to quite a few traders on here - thanks to everyone who shares, I will look to build a thesis. I will withold too much bias pre open unless something is screaming out on HTFs (eg strong trends etc on Daily). I will also trade ETH as I am GMT hours and have seen some very good setups ETH.

For levels:
OHLC - current and prior
Vwaps
support /resistance
OR/IB
ADR
Day pivots

These will hopefully help provide main S&R points. Additionally will use:
-ACD - loosely though. Its for reference.
-HH/HLs and similar basic PA references

Internals:
NYSE tick (very loosely atm)
Relative Volume - mine looks different to others, but makes sense so will keep as is

Other markets (keep eye on but rarely will hold much weight):
USD / Oil / Bonds

ES Rules:
~Log every trade on daily sheet
~Trade entries must tick at least 2 of the 'Trade Setup' boxes
~Swing trade targets 5 pts/contract (approx)
~Targets 10+ points per day - R:R is not fixed but ~1:2, ideally risking <=2.5 points per contract.
~Size 1-3 lots. Cannot average down to 3 lots, can only scale in. I have hit target x 2 in last week trading 1s & 2s in range markets, so am adverse to even allow 3 lots, but at same time have given profits back by not being able to scalp scale, or bank some.
~Losses - ideally less than half targets, and obviously few and far between.
(agree with what Rory said that being too structured can inhibit the mind so hoping these rules will be 2nd nature soon)

CL rules - similar but trying different charts inc renko/P&F which are new to me but they seem to work well with more volatile instruments.


Apart form the obvious (platform related / technical focused / MM related) these are some other posts/posters which have helped:
~a unique checklist - slightly more holistic than normal, but i like it & have incorporated a version into my daily sheet thanks @wldman


~build context...


~believe this is still valid, and is why this forum is good, it only takes an interjection....


Have a good day.

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  #3 (permalink)
Legendary Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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for the mention @DaxyMcDaxFace.

Correct to notice the holistic nature of the checklist. The intention there, learned from a wise mentor , is that ES swing trading is not what you "do"..endeavor such that ES swing trader is who you are. All the best man. Do well, be well. Dan

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  #4 (permalink)
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received

I will be trading CL on HTFs, I am getting spooked out too much on lower - and the charts make much more sense HTFs, and often miss the +20 'scalps' which would add up to a nice average.

Its basic support/resistance trade looking for levels 44.40. I only have 1 lot on so its going to be hard to 'scalp' to improve (if i get the chance), but will keep an eye open every hour or so. 45.50 area maybe where see demand.

Entry short @45.98 SL 46.55 so ~1:3 rr trade. Its already taken heat, & I did consider averaging higher but was cautious about risk ETH.

Its a 12t renko chart.


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  #5 (permalink)
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received


DaxyMcDaxFace View Post
I will be trading CL on HTFs, I am getting spooked out too much on lower - and the charts make much more sense HTFs, and often miss the +20 'scalps' which would add up to a nice average.

Its basic support/resistance trade looking for levels 44.40. I only have 1 lot on so its going to be hard to 'scalp' to improve (if i get the chance), but will keep an eye open every hour or so. 45.50 area maybe where see demand.

Entry short @45.98 SL 46.55 so ~1:3 rr trade. Its already taken heat, & I did consider averaging higher but was cautious about risk ETH.

Its a 12t renko chart.

ES: took 2 lot long at open hoping for push higher and bailed for -6pts. Intuitive trade - and not a good one. This needs to stop.

I am going to review my weeks ES trades before I take another trade today. Poor judgement for last few days.

CL: nice double top....see how it reacts to the 44.50s area, may take it off if see some buying. If it gets there.

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  #6 (permalink)
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received


DaxyMcDaxFace View Post
ES: took 2 lot long at open hoping for push higher and bailed for -6pts.

I am going to review my weeks ES trades before I take another trade today. Poor judgement for last few days.

CL: nice double top....see how it reacts to the 44.50s area, may take it off if see some buying. If it gets there.

CL: got out @ .60 (-1SD) perhaps was too soon as it then gave it one more push down into .50. Problem with having one contract on. Looking to reload at 46.00 level (again), but hopefully a good entry this time (will look for low rr).





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  #7 (permalink)
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received

At the gym. I got back in CL on first RT at .80 @ vwap et al and decent s/r then bottled it and puked to then see it drop to .60s but am stayin out for rest of day dont want to reshort and hold over w/e.
+25 on CL.


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  #8 (permalink)
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received

I rent office space in a start up/flexi space office and the owner decided that building a bar in the basement was a wise decision.....obviously that will incubate entrepreneurial spirit.

Residents get permanent discount, what could go wrong? And it was the opening of the bar tonight so I havent had a look at the screens til now. I will try again in the morning!

Have a good weekend.


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  #9 (permalink)
Leeds UK
 
Experience: Intermediate
Platform: TradingView
Broker: LCG, Oanda
Trading: ES, 6E, Cable
 
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DaxyMcDaxFace View Post
I rent office space in a start up/flexi space office and the owner decided that building a bar in the basement was a wise decision.....obviously that will incubate entrepreneurial spirit.


It sounds a pretty congenial location.

Good luck for the coming week.

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London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
 
Posts: 578 since May 2016
Thanks: 1,065 given, 444 received



Tymbeline View Post
It sounds a pretty congenial location.

Good luck for the coming week.

Thanks @Tymbeline for dropping by.

You too!

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