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After a few months off from my attempts at intra-day trading, I'm back. For some reason I honestly feel different this time, like I found prospective, coming to terms with my issues that have prevented me from being successful in trading. Time will tell. In short, I usually go in with a half baked plan, it works OK, then I start making changes, and eventually go on tilt. I hope this time is different, I hoping sharing and tracking every trade will help keep me accountable for my actions and help me learn from from my mistakes.
Trading -
As far as my method(s), I've attempted just about everything that's out there in the past many years. My plan now, is rotational based, with target based on standard deviations. Basically a method/idea I've tested with success. I've see profile traders look for builds then trade on breaks of the builds, I'm basically following the same logic without the profile. If this doesn't make sense, hopefully some images will help. Most of my trades will be scaled in and out, of 2-3 contracts max.
I'm on a NT demo until I'm consistent, then will be doing a TST combine.
The following user says Thank You to skiman721 for this post:
Started the day a bit late, came in with a build after the initial opening drop, got short on the pullback and was looking to add a second contract to the first trade but it moved quickly. +3.5, stop was set at -2.0pts
2nd Trade pulled back to VWAP and couldn't make a new high, able to step a tight stop. 2nd contract was added in a bad place, should have waiting to see if it tested the 2379.75 and failed. 2nd contract got stopped out for +1.5pts, TP was set at 72.50 and I since I moved my stop down to 77, I was doing some other (real) work and just let it ride.
1st Trade - Got long on the pullback after the opening break to a new HighD. Looking back on it, it was too early to start a position. Price poked a new high but only on the opening surge. It quickly came back into the range and stayed there.
2nd Trade - Got long again, was thinking they ran some short stops and would be off to the races. They came back and took more stops.
I was busy during the open and didn't look at charts until 8 (pacific). I liked the build that was being formed and the resulting triangle. Took a little pressure and some patience. I'm busy this afternoon so this will be my only trade today.
I missed the large run down and missed a good opportunity to sell the pull back. I got short as it started to break below the build I was watching. There were certainly better places to sell (52-54 area) but I managed to keep a tight stop that didn't get hit. As I noticed more selling, I added a second contract and kept the stop the same. These are wider (point) moves so I might have been able to catch more but at least I had a positive R:R planned out.
The opening was kind of obvious, test yesterdays low and go. It was maybe too quick for me, since I'm usually not trading the open and like to trade setups that build during the first hour. I got long anyway and basically closed out flat after we fail breaking out above the high with zero power. It was obvious after that fail that we were going to reverse. I closed my longs and went short 3 contracts.
I really hate reversing, usually for me it means weakness and large losses. Today felt different, I felt I had a plan and knew what needed to be done by buys and sellers.
Sat on my hands all morning, missed the run up because I was working. Focus moved to a build in the 53-56 area during mid session. I jumped in on the selling as it broke down, fill wasn't great but made it work.
Took another trade today, my timing was off as I didn't catch the break of the build. If I had better timing I probably would have let me last contract ride to take out the low. Oh well.
As a build I was watching tested a new high and quickly sold off I got short. My thinking was that the new high failed and we would move below 47. Looks like I was a bit early. Price probed hitting some stops then reversed.+