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I got infected with trading about 6 years ago, experienced a lot and this July contest seems a good opportunity to distill and improve my method, since I can make usually nice trades but loosing days sometimes too big. And its really the time to get consistently profitable and make a living - a very nice one
So let me declare my basic trade & risk settings. (in preparation for the 150k Topsteptrader Combine, if im not too late from the party - once got funded with them but f..ked up the account)
Account parameters:
Since I want to be far from those extremes, and a light loosing day is much easier to compensate, I set my daily loss limit to 4 loosing trades in a row.
Account 150000 USD
Risk / trade: 0.2% ($300)
Maximum loss / day is $1200
Daily target will be the same or more, if I can get nice position the job is to let the market work for us
From experience, I learnt that most important is my state of being, and how I feel: can trade smart or tired and much better to leave the table.
No need to trade every day.
Can be some loosing days.
Following my concepts I can expect every week to be a winner - this already take away the daily target's pressure.
Trading primarily CL & ZB as follow:
Later want to trade ES & QM too, for now these 2 enough.
I'm an intraday trader, using SierraChart, main timeframe is 5 minutes.
My trading method based on MAX trading system, but a little adjusted to reach small stop loss on Crude & ZB.
What is missing the position building, scale in/out system, but later I'm gonna implement those too.
For now operating the basic system is enough.
Watching important levels: Yesterday High/Low, Open, Close, POC, HVAs
Really like the DVP tool on high volume bars, to get the exact price point of control.
And very important, must improve on this too: daily preparation.
Check daily, hourly charts & mark levels.
Mark the news on the chart, watching real time news too.
Specify market state: risk on/off, how value charts correlate etc.
My goal to get positioned with low risk + high probability trades, and take risk off as soon as possible.
Playing from strength gives relaxed mind and better trade management
Trading can be simple: if you know what are you doing, and joined the puzzle pieces to know WHY you are doing. Its a never ending learning curve, I really love this thing and want to become a supertrader
using M1 chart to see better.
I was expecting a continuation down move, altough missed the pit open long (usually you can catch and take risk out fast, this time was focusing to get a sell price) original sell limit was 44.35
I moved somehow the wrong +10 take profits away, price reaches 44.19 and im not taking 10 ticks profit but SL set to BE (automatically on the .28 order)
SL hit 2c at 44.29
and i added sell 2c back at 44.33, which stops out on the very same M1 bar:
SL 2c @ 44.37
SL 2c 44.39
Trade 1 is a LOSS, -28 ticks total.
Trade 2
Still thinking by the main trend it will go down, after missing the 44.50 sell I entered market order
Sell 44.38 @ 4c SL 7
MX +10 partial close, SL to BE (moved above the EMA21 to 44.40)
SL 1c @ 44.39
SL 2c 44.40
Trade 2 is BE +5 ticks total.
Trade 3
Okay 44.30 resistance became support, theres 2 strong pinbars up, let me realise the sell side not in play at the moment
LONG 44.43, SL 10 and just 2 contracts (have to reset Sierra settings to have 3 contracts ehh...)
MX1 +10 @ 44.53
XXX +30 @ 44.73
Trade 3 is WINNER +40 ticks total.
and my router is freezing have to restart everything, skipped the next long 44.67
Trade 4
44.91 was the daily high, so worth a try to sell just above it
SELL 44.88 2c SL 7 - lowered risk trade
MX1 +10
XXX +7 as price breaks above pullback line (was thinking to keep BE and ride)
Trade 3 is WINNER +17 ticks total.
Trade 5
on M5 chart this was one of my favorite entry, on M1 pins supported too but as not real support here, just 2 contracts
BUY 44.60 17:31
MX1 +10
SL + 53 18:06
Trade 5 is WINNER +63 ticks total.
Trade 6
ZB short trade, on orderbook 152.6 was 1600+ contracts, so I put a sell limit
Filled 17:30
MX1 +4 tick at 17:38
XXX +4 at 17:58 (was not going in my favor and focused on crude instead, even target was set to 151.31 +7 ticks due technicals/50% pullback level)
Trade 6 is WINNER +8 ticks total.
So its a good day, some technical issues have to solve and lets trade. As writing this Crude Inventories coming in 1 hour, had a loss and must wait what happens. ZB skyrocketed due Yellen's speak, so interesting day ahead.
a bit late with uploading, so lets begin yesterday's trades
Crude inventories day, be cautious
Trade 1
15:01 Sell 45.97 3c, right after Pit open
added 1 more 45.99
SL 46.05 @ 3c
SL 46.03 1c
Trade 1 is a LOSS, -28 ticks total.
Trade 2
SELL 45.95 2c - very very late entry, I was thinking to sell it 8 ticks higher, that would get +10 and set risk free
On the long bar's 50% fills, added +2 contract at 45.98 and showed once positive PnL, after that pin I should scratch it.
I was too sure about the drop
Trade 2 is a LOSS, -36 ticks total. A technical error here, cancelling the scale in, but as filled only the stops cancelled! Lame error, flattened manually extra 8 tick loss.
Tried an inventory trade, better not to do it, its the big boy's game:
Inventory trade
Buy limits on 46.30, slippage filled 46.15 and profit levels hit instantly:
MX1 46.38
MX2 46.44
manual XXX 46.36
Trade 3 is WINNER +84 ticks total. Ultra high risk, will not do it again. Maybe if you are positioned before the release, and have a very solid playbook can play it.
After the huge drop, tried to sell on pullback & resume Trade 3
17:08 Sell 45.25 2c SL 9
stopped out, too wild moves
Trade 3 is a LOSS -16 ticks total.
Trade 4
Try LONG 45.42, very late entry and totally counter trend
instant stoploss, 2 contract SL10
Trade 4 is a LOSS -20 ticks total.
Trade 5
Long 45.25, want to add 45.20 - still not set the ATM, and 1 unit stopped out -5
Than really buy 45.20, only 2 contracts, and its a bottom edge. low risk trade - underpositioned
MX1 +10
XXX + 30
Trade 5 is WINNER +35 ticks total.
Trade 6
As still thinking the sell side is the new movement direction, .50 level is wholesale so sell it
17:45 Sell 45.50 2c
Added 45.55 2c, average price 45.53 SL @ 45.60
Price got bid, stop hit
