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you may also find the thread "Elite ES SP500 Spoo-nalysis" a valuable resource. There are many things to be learnt of it...also there is always some good traders in that thread you can bounce ideas off.
depending on yr style of trading...there are some excellent scalping threads also on CL n other instruments in the forum which maybe a good resource as well.
DAY 6…08-14-2017
Trade #1 Long 1 ES @ 2458.50 (09:37) Stop at 2456.50 ($-100.00) Later dropped to (-$50.00)
Why: Continuation of strong up trend.
Results: Covered @ 2459.50 (+$47.60)
Why: looked like Double-top was forming…
Aftermath: My entry was very late… waited to make sure trend was up. Got out with small gain. Market made very small pull-back then went on to make new high (2466.50 for +$500.00 move) Strong steady moves, Up or Down, tend to give me fits…
Trade #2 Long 1 ES @ 2461.50 (10:19) Stop @ 2459.50 (-$100.00)
Why: Moved out of small pull-back.
Results: Exited @ 2462.50 (10:19) (+$47.60)
Why: Probably should’ve entered trade… I had to leave by 11:00 and I was feeling emotionally tired
Aftermath: Market continued massive move up to 2466.50 (+$200)… As I mentioned earlier, the long slow trends usually eat me up… In the ES market, I’m more apt to see constant reversals throughout the day… My mind is constantly screaming… this is the high, reverse! Some days, missing the long trends, and big money, are just as damaging emotionally as losing trades… Go figure… However, very happy with +$95.20
DAY 7, 08-15-2017
Trade #1 Short 1 ES @2467.50 (08:49) Stop @ 2468.75 (-$75.00)
Why: Break of trend line…
Stopped out @ 2468.75 for loss of -$64.90…
Results: A very late entry on my part…possibly 2468.25… would’ve needed 3 point stop for this position to work… On open, market broke down and this position would’ve made2462.75 (+6 points)…
Trade #2 Long 1 @ 2466.75 (9:34) Stop @ 2468.75 (-$100.00)
Why: Double Bottom…
Results: Stopped out for loss of $102.40… This was just a small pull back then market continued down…
Loss for day - $167.30…
Still having difficulties with knowing if this is a true move or just the market taking a breath?
Thoughts: First trade... this break turned out to be a correct move... Second trade... This turned out to be a false move...
Hard for me, at this stage, to tell the difference...
I agree and have been there and am still there very much so. It is hard to know for sure if a move is really a move or just a fake out. The biggest keys for me have been experience (doing it over and over) and learning to read order flow in the order book. The experience part might not seem hard "ok I'll just trade over and over to get experience" but you have to keep losses small during this time especially so that you have time to gain that comprehensive experience and build your skill or "reading" the market. The orderflow part is really beneficial for me because some of the things I see in there help me to see what's coming before any chart based study has even been calculated. The hints that can be seen in there seem to be slightly ahead of the information curve in that they start to show what the participants in the market are maybe about to do a little better than by just looking at the chart. Those two things have been the most useful for me.
Anyway, just my two cents. Thanks for taking the time to journal and share your journey. Tomorrow is a brand new day
You may have to incorporate few more parameters like market internals etc to read the short term context better. Here is the order flow for the 1000 TICK chart and you may notice that there was no buyers stepping in at those levels ( time is in PST). Please note I dont trade using such methods as my timeframe is slightly higher.
DAY 8, 08-16-2017… Today, after trading, I really have to question my ability to trade. (I’ve asked myself too many times, what am I doing?)
Trade #1 Short 1 ES @ 2467.00 (09:40) Stop at 2469.00
Why: Break out of Trend & Flag Pattern
Results: Covered with market order for -$77.40 loss…
Aftermath: Entry was actually @ 2468.25… in essence, I sold at the bottom. Not sure if this was poor execution or I just missed the first signal… This was just a bad trade…
Trade #2 (The killer!) Long 1 @ 2468.25 (09:45) Stop @ 2466.25 -$100.00…
Why: Break thru of trend line…
Results: Covered with market order for -$57.40 loss
Aftermath: PANICKED, didn’t want this small loss to turn into a big loss…….. (Got out at the bottom)
Market had a small draw down $62.50, then market went up 2473.00 for a 5 point move… Stopped trading…
Not sure of how to correct this… a ton of self-doubt and questions….
