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Hi, this is Daniel. I'm from Brazil and it's been 2 years since i'm trading everyday. I had the first contact with stock in 1998 when everything you did in Brazil you earned money, stocks were making new highs everyday.
So i moved and stopped trading, had to work a lot.
About 1 and 1/2 years ago i quit my job and decided i'd like to live from trading. Back to technical analysis and traded the mini IBOV and USDBRL. Sometimes i earned but most of the time i lost. Development of setups, studies and all that stuff you know and nothing worked fine that i could earn everyday, every month, and start living from trades.
That's when i discovered the tape reading. It's been 6 month since i left graphics and trade only through tape reading methods, studying everyday and trying to do my best. Traded the USDBRL in Brazil but seems to me that for beginners it became a tough work and for month it was out of liquidity. So i decided to trade the ES. My brother in law living in US introduced me to the tools, ordered some courses from sucessfull traders in US and some books and here i'm.
Since i became a member of FIO i read emails from Big Mike telling about many things he does to help community and that this things in fact result in helping him improving his skills.
allied to this and to the fact that there is the february journal challenge, i decided it's a good time to start my journal mainly focusing on improving my skills and start being part of this community. I'm a beginner so please don't take me seriously, i'm trading through simulator yet till i get consistence.
Will try to post the trades i do everyday, when they worked and when don't. Feel free for any comments/suggestions/questionst.
Will talk here about what i did today. My intention is to get about $300.00 from the market so "the risk is not mine anymore" and i can trade more contracts. I was observing a market with buyers forcing it up, when it opened at 2281.50 people hit the opening price but it didn't become offer at 81.50. i decided to buy it and had 84.5 as a final target. I hit the price a little bit late and my intention was selling 1 with 3 ticks gain and another one close to 84.5, as you can see in the video.
i entered a few ticks above the opening and would have to take a little more risk. Anyway buyers were strong and price went up. price took some time to take my 3 ticks gain so i moved my first gain to 2 ticks. A mistake was to put my stop loss for the another contract 1 tick below my entry. The corrrect stop loss was 1 or 2 ticks below the opening or maybe 2 ticks below my entry, so it was no stoploss anymore, anyway, i didn't want to give market back my earnings.
market fought at 83.25 and i decided to leave.
After that it got 84.50 but sellers entered the market and the result you saw, they were stronger than buyers. I did nothing (only the video edition and this post )after that for the rest of the day but kept my earnings while searching for my goal.
The day opened inside yesterday's range and we had news at the openning, so i decided to be out of the openning. My internet conection went down at 09:45 EST and here starts the mistakes i did. I got nervous cause i could not trade. 15 minutes later it went up so i could trade and was anxious.
First trade: Shortl at 2274.75, yesterday's close. Came to the price 2 times i didn't hit, for the third time i new the risk was greater but i decided to go short. Took much time around this point and i saw buyers coming to the market. so i decided to scratch
After this i made my first mistake and had a stop loss: i saw buyers were strong and we would probably have a breakout as 74.75, anyway i didn't buy. i waited so the price got 77.75 that i had as a important point. Price stopped there so i went short at 77.25 and bail at 78.
Second mistake and the worst: Price continued up and i had nothing above 77.75, only 81.5. Price came to 77.75 and with no fundamentals since i bailed at 78 and went short again. Bail at 78.5.
Third trade: the market was fading, it came below its first maximum, 77.50, 77.25 became offer so i hit the 77.25 going short, price went down until 77.00, so it came back and i bail 3 ticks up.
Fourth trade: price went down again and 77 was offer, so i hit 76.75. my target was 75.25, where we had the breakout. it was taking so long and price went back and forth, so i decided to cover at 76.
the day is not over yet, if i trade again i edit this post. Anyway, i'll wait for a clear signal to enter.
lesson for today: wait for the nervous to calm down to trade or after a problem not to trade for the day and make no movements against the momentum.
sorry that i forgot to record my screen for today, in fact i started recording, but when my internect connection went down i stopped and forgot to record again.
Can't reply your PM because I don't have enough posts yet. I was sim trading WDOFUT for some time but my first trade will happen in the american market. Whats your Facebook contact? We could talk better there.
This is my first payroll's day operation at SP. Payroll's time was 1 hour before the opening and before the news the markets was looking for news highs. I waited for the news to come, price was 2279.25, made a new high, came back to price and i did nothing, as i said, it was my first time watching payroll's at SP so i waited. My first intention was to see the ES behavior.
I saw 4 new highs and had a strong poing at 2285.75, above this there was a last week gap til 2289.
The high winds seemed to me to have stopped so i decided to sell 2 contracts. This was my first operation. My intention was sell 2, buy 1 3 ticks below so i can have my risk management and the other 1 i expected the price to come back to the price it was on payroll news, 2279.25
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ES stopped at 2285.25 so i hit 2284.75. My first stop loss was above the maximum price we had, 2285.50. It didn't came to my first exit very fast, so i moved my first stop gain to 2 ticks so i could reduce the risk, the market went just 2 ticks above my entry. It took me out with the first contract, so i had 2 ticks on my pocket and would wait for the price to come back at 2279.25. There was no my money at risk anymore. Price went down about 5 ticks when it stopped and went up stopping my trade at 0 tô 0. Trade took much time so the video was 1GB, looking for a new free program so i can compress it so i edit and post here.
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Second trade
Seems to me that a person entered alone and took everything at 85.50, so the ES made a new high at 86.50. I could not see any strong buying after this, i decided if 85.50 became offered i would hit 85.25. so i did it! the stop here was at the maximum of the day, 4 ticks high, in my opinion there was no other point. For some seconds it remembered me Brazil's market. You are right at the move but there are only a few people trading, there is no much liquidity, that's i observed and i don't like to trade ES before the opening because of this. Price came to 85.50 bid, i waited, when it came 3 ticks below my entry price i took my profit and left. The same for the previous video, will try to make it smaller.
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Third trade:
Market opened at 2277.00, tried to make new highs, tried to make new lows, was undefinied. When it came below 86 i hit 85.75 with a 2 tick stop loss, ES would have to go down. Once i saw some indefinition at the open i took 2 ticks and left. The same as other for the video, will try to make all still today.
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That's what i did for today. Market had entered the GAP territory and it was clear it could close the GAP at 2289. Anyway today is friday and once i have some profit decided to stay out and spend the weekend with no worries and without thinking that i lost on friday :-)
I read your posts here and I see you have selected to be long ES today (good job) but what made you decide to get long this morning at the open? Were you reading momentum? It was hard to see what you were targeting in the video since its just watching the financial gain or loss.
