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Jakobe's Nikkei Evening Trading Journal


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Jakobe's Nikkei Evening Trading Journal

  #1 (permalink)
 
jakobe's Avatar
 jakobe 
Atlanta, Georgia
 
Experience: Beginner
Platform: Sierra Chart
Trading: MES
Posts: 112 since Sep 2016
Thanks Given: 69
Thanks Received: 91

Alright, so here we go! I'm starting a journal here at FIO. I've read and seen some of benefits of doing this so I am here to share my journey. Currently, all I am trading is the Mini-Nikkei 225 during the US evenings. I live on the east coast and currently work a 9-5 job.

I am going to attempt to model this journal after @SoftSoap since he was the one that introduced me to this forum awhile back from another forum. By reading through a lot of his postings in his journal I've learned a bit on how to properly track things and record emotions, thoughts, processes, etc. I probably will not be anywhere nearly as detailed as him but hey.. at least it'll be a start.

I welcome ANY feedback from anyone about anything. So please feel free to share thoughts.

Just a little about me:
I live in Atlanta. I'm a banker for one of the larger banks here in the US. I've always wanted to trade fulltime for a living but after studying, paper trading, learning more I realized that I should never quit my job and "take a shot." I used to play poker for a living for roughly 5 years. I trade the Mini Nikkei because it provides me the learning opportunity to trade while having a fulltime 9-5 job as well as a lower risk instrument.

My trading thought process/style:
I've always enjoyed the idea of scalping out the big momentum moves when paper trading equities. My entires and exits are based off price action, order flow, volume profile, absorbtion and key areas of support/resistance. As of right now I enjoy learning from Peter's Jigsaw videos and material that he puts out there. I've been itching to take the plunge and purchase his software however I am currently trying my best to preserve my account size so I can go the distance. Maybe in the future.

While playing poker, I was always a person who could read into situations very well and followed my gut when it came to making decisions. That's how I have always approached the market. I like to get a "feel" for what is going on while watching the auction process and seeing how buyers/sellers are reacting to price movement. That is why the trading style of scalping, watching order flow, and capturing momentum-ish moves fits what I'm trying to do. I am still fine tuning my real trading strategy, however.

As of right now my target is about 7-8 ticks with a stop of about 6-7 ticks. I feel this is bad but I've still been having decent success with these targets so far. I'd like to eventually feel comfortable trading size (2-3 contracts) as I have always appreciated the luxury of scaling in and out of positions.

I'm only taking a max of two trades per session within the (japan) day trading session for the Mini Nikkei futures.

I will post a picture of my chart showing my entry and exit with a typed up summary of why I took the trade. Will include thoughts and my reasoning behind it.

Really looking forward to interacting within this great community while sharing and learning new ideas of trading. So let's get to it!

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  #3 (permalink)
 
jakobe's Avatar
 jakobe 
Atlanta, Georgia
 
Experience: Beginner
Platform: Sierra Chart
Trading: MES
Posts: 112 since Sep 2016
Thanks Given: 69
Thanks Received: 91


So while I was typing up the summary and first post of my journal I took a trade.

Market was down trending. After a bit of strong buying I noticed a ton of absorption at 19,200. It became the point of control in volume profile and price was not moving up through it. I was able to put in an order and get filled. Price chopped around a bit. Noticed a few very large market buy orders come through with size which kind of concerned me. But I felt if price continued down they would feel trapped. It hit my target, which was set at 7 ticks, and I am out for my targeted profit.



I personally feel I am really missing out on a lot of profits with my smaller target size. I feel the average ranges the past few days would allow me to widen up my targets a bit... but I do not know how to properly calculate stops, targets, based off range


Edit:

Most likely done as I don't like giving anything back. In about an hour we'll be in the lunch break for the TSE which I've been told is tough to trade. Kudos to @traderwerks for educating me on the lunch hour

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  #4 (permalink)
 yaseen 
Pembroke Pines
 
Experience: Intermediate
Platform: NinjaTrader
Trading: TF
Posts: 21 since Dec 2011
Thanks Given: 0
Thanks Received: 30

Jokobe. Congrats on starting your journal. I am also interested in the Mini Nikkei 225, is it a slow moving market like the ES or is similar to the NQ?

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  #5 (permalink)
 
jakobe's Avatar
 jakobe 
Atlanta, Georgia
 
Experience: Beginner
Platform: Sierra Chart
Trading: MES
Posts: 112 since Sep 2016
Thanks Given: 69
Thanks Received: 91


yaseen View Post
Jokobe. Congrats on starting your journal. I am also interested in the Mini Nikkei 225, is it a slow moving market like the ES or is similar to the NQ?

From my experience.. it has it's days. There are times, like recently, that it has been slower moving and lethargic. But just recently the past few weeks it has picked up and the daily range has gotten larger. The larger range days are obviously more optimal for my trading style.

To say the ES is slow moving is a bit of an incorrect assumption. To compare the Nikkei to the ES and say it's exactly similar would be a lie. But it has its similarities. I haven't really watched or traded the NQ so I am unable to compare anything to that.

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  #6 (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

Great to see you start a journal! It was one of the best decisions I made in my trading career and I'm sure you won't regret it.

Cheers!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #7 (permalink)
emptymind
San Diego California
 
Posts: 129 since Oct 2015
Thanks Given: 23
Thanks Received: 50

Awesome, I trade the mini pretty religiously as well. Looking forward to your journal!

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  #8 (permalink)
 
Zefi's Avatar
 Zefi 
Mount Martha, Victoria, Australia
 
Experience: None
Platform: Acme VP & MP, Jigsaw
Trading: FESX FGBL
Posts: 230 since Dec 2014
Thanks Given: 128
Thanks Received: 259

Nice one Jakobe. I'm trading Eurex products in my Aussie evening and getting consistent with it and want to eventually trade the mini Nikkei the same way.

Are you able to calculate the ADR for the Nikkei? Fat Tails has an ADR indicator that should give you a better idea in figuring out your target sizes. On a 1L I'd keep targets relatively small looking for swing high/lows or key levels that trades play off (yclose, open, high, low, yvwap or pivots) Then when you move to 2/3Ls you start to keep a runner on for a further away target but keeping in mind the ADR to make sure you're in check with how the market has been ranging recently.

I'd also like to see your ADR figures if you get round to looking at them if that's cool.

BTW see you have CQG trader - guessing you also have CQG data? Could you kindly let me know the costs and what packages you run - I'm on NT and still cannot believe they haven't made historical data available to their customers. It's ludicrous!

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  #9 (permalink)
 
jakobe's Avatar
 jakobe 
Atlanta, Georgia
 
Experience: Beginner
Platform: Sierra Chart
Trading: MES
Posts: 112 since Sep 2016
Thanks Given: 69
Thanks Received: 91

Didn't trade last night. With the fed decision it seemed there was some extra added volatility that I was unsure about how to approach it. There was a lot of price action last night while I watched it... I felt like I missed out on an opportunity but felt it to be wise to kinda just let it be and come back the next day.


Zefi View Post
Nice one Jakobe. I'm trading Eurex products in my Aussie evening and getting consistent with it and want to eventually trade the mini Nikkei the same way.

Are you able to calculate the ADR for the Nikkei? Fat Tails has an ADR indicator that should give you a better idea in figuring out your target sizes. On a 1L I'd keep targets relatively small looking for swing high/lows or key levels that trades play off (yclose, open, high, low, yvwap or pivots) Then when you move to 2/3Ls you start to keep a runner on for a further away target but keeping in mind the ADR to make sure you're in check with how the market has been ranging recently.

I'd also like to see your ADR figures if you get round to looking at them if that's cool.

BTW see you have CQG trader - guessing you also have CQG data? Could you kindly let me know the costs and what packages you run - I'm on NT and still cannot believe they haven't made historical data available to their customers. It's ludicrous!

I haven't put any indicators or calculated the ADR. I need to be doing this but I'm a bit lost on how I go about it. I'll search around for Fat Tails indicator. I'll be doing some research today as I am off from work and will be watching and paper trading the ES today.

For now, I'm trading 1L. But I feel my targets are still too small.. It's nice to hear your suggestion tho! For now keep targets small! I feel that is what I am doing.

I'm actually not on CQG trader. I'm running MultiCharts with CQG data through AMPfutures. I pay $29/month for the JPX data package. I dabbled a little with NT and using that for charting but ultimately I did not want to pay any license fee or anything for it. Multicharts is free and it suits my needs. I really want to purchase Jigsaw's products and use the DOM as it fits for my style. But that will have to come later.

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  #10 (permalink)
emptymind
San Diego California
 
Posts: 129 since Oct 2015
Thanks Given: 23
Thanks Received: 50


Do you use USD/JPY in addition for your analysis?
Volatility=Opportunities!!

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