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Took a few trades today. Had a short bias which didn't turn out. I need to develop more scenarios and play off of them as the day plays off rather than have 1 solid bias like ft71. On trend days like this it kills to be wrong! Will have a better writeup tonight.
Been very busy. Was able to get in front of the computer a little today. Noticed a few things:
Breakout of ES lagged behind the initial breakout of CL by 4 minutes
Think I have decided on using RTH for ES and ETH for CL for vwaps and pivots but still looking for advice on this. Should I look at both on the same screen or would that be too cluttered? Does it ultimately even matter which I am looking at?
Also interested in doing a backtest on how price reacts during the opening 15 min on ES. Seems to Always reverse at round 9:35-37
Took a trade while leaving the room on ES. Short at 58.75 on tick divergence and probability of a reversal to close the day close to monthly pp Covered @ 53.5. +5.25, 21 ticks
Been awhile! Crazy busy, and will continue to be until the end of next week! Quick reflection:
It's crazy and awesome to see the progression of my trading just over the past few months thanks to you guys and the guys back at the firm I interned for. I started off just using novice indicators like RSI and Stoch, and thought I had hit the jackpot! It must be that easy, right? Learned quickly that it is not. Then I progressed for about a year into pattern reading and spotting certain candles. I thought this would for sure be the way, and while it was a good step and info that I still kind of use today, it was not what I thought it was. Then I learned about this site and quickly saw that many of the things I had learned before were mostly unreliable and veteran traders actually use the fact that novice traders look at patterns and take advantage of them! That was eye opening, so I started reading through any thread I could find and have gotten to the point where I am. I am finally getting confident in my trading and that my positions will mostly be correct, even if price goes against me. Anyway, long story short, this shows that there never is a real end to this process. There are always things to learn. Now, once you reach a certain point of profitability there aren't nearly as many things, but the point still applies.
Been dabbling a little in my live account this week and just have trouble following my plan when the bullets are actually flying. Had a great tick divergence set up, took a little heat on it but held on. Had an original target of 2 points, ended up taking it off at +3 ticks to see it drop all the way to 5 points and counting! Have to learn to trust myself more with live trading.
Edit: looks like I sold the top of the day and missed the whole move. Trust the plan!
