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Safin's Trading Journal


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Safin's Trading Journal

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  #101 (permalink)
 Big Mike 
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safin View Post

Pretty good week. I am satisfied with my trades. I had 9 winners, 1 loser and 1 with zero profit.

Have a good weekend everyone! Charts will be posted soon.

Great job, safin! Have a good weekend

Mike

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  #102 (permalink)
 safin 
London, Ontario
 
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Jeff Castille View Post
FOMC DAY IS A KILLER......always is.

You're right Jeff. I couldn't understand what was going on that day. So most trades went wrong. Now I am very cautious with all of my trades. , very few selective trades only.

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  #103 (permalink)
 Jeff Castille 
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safin View Post
You're right Jeff. I couldn't understand what was going on that day. So most trades went wrong. Now I am very cautious with all of my trades. , very few selective trades only.

My experience with trading on FOMC day is.........you MIGHT get off one or two trades in the morning........then the market sort of hovers until the FED announcement........then it goes crazy............if you are trading CL....the announcement is at 11:15 and the RTH closes at 11:30 am pst, so I don't trade CL on FOMC days.......day off. I have better things to do than to risk my money on bizarre trading days.

If you are trading indexes you can usually get off a trade at the end of the day following the FED announcement.

Just my 2 cents.

Safin......excellent work this week! Great discipline.

Jeff

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  #104 (permalink)
 safin 
London, Ontario
 
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30-Aug
----------

Total Profit : -70 (3 trades)

First Trade : 80$ (three setup)
Nice inside bar at 9am. Short at 74.65. Got 8 ticks easily.

Second Trade : 10$ (three setup)
Outside bar at 9.45am. Long at 74.63. CL took my order and kept going down. Came up again for 5 ticks, went down. It was clearly confused. After 15 minutes, I decided to exit with 1 tick as soon as I could.

Ok, at this stage I knew market is not going in any direction. It was either accumulating or in range. Plus FOMC member was speaking at 1.30pm. So I decided to stay away. But I could not control myself when I saw third setup.

Third Trade : -160$ (my setup)
I saw CL touched 75.84 price almost three times in morning before 9AM. Around 11am, it started moving up, so I entered long at 75.85. It took my order, went 5 ticks and then came back to him my both stops of 8 ticks.

That was it, I stayed away from trading after that. I did not want more disasters.

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  #105 (permalink)
 safin 
London, Ontario
 
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31-Aug
----------

Total Profit : 480$ (3 trades)

Pretty good day almost after a month now.

First Trade : 50$ (my setup)
I drew support line at 74.04 after CL touched it 3 times. Entered short at 73.99 because 74 is major price mark. Got first 7 ticks easily. Second target was 12 ticks, but I had to exit it with -2 ticks because CL came back.

Second Trade : 260$ (my setup)
After 12.15pm, CL suddenly started moving downwards. That was a huge move. Sudden Jump from 74 to 73. So I decided to use small pullbacks as entry point. Shorted at 72.83. Got first 7 ticks easily. Second trailing stop exited with 19 ticks.

Third Trade : 170$ (my setup)
Continued from second trade, I got another pullback at 72.62. Entered short at 72.59. First 7 ticks easy. This time I kept second target to 10 ticks. Got it easily as well. I should have kept second target as runner. I may have got more ticks. Anyways party time.

There were couple of inside bars today, but all with unaffordable stops for me. So skipped those trades.

Charts coming soon...

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  #106 (permalink)
 Big Mike 
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safin,

Do you have a plan for graduating from sim to cash?

I think you've done very well on sim so far, but could benefit from starting to trade cash as it is a whole new set of challenges to overcome.

Do you feel you have enough evidence established that your method has an edge? You will need to believe in the method when you go cash, as you'll quickly start to doubt it when/if things go bad. You need something to fall back on at that point, and resist the temptation to change your method and charts because of what is usually caused by poor execution (psychology related).

Mike

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  #107 (permalink)
 safin 
London, Ontario
 
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Big Mike View Post
safin,

Do you have a plan for graduating from sim to cash?

I think you've done very well on sim so far, but could benefit from starting to trade cash as it is a whole new set of challenges to overcome.

Do you feel you have enough evidence established that your method has an edge? You will need to believe in the method when you go cash, as you'll quickly start to doubt it when/if things go bad. You need something to fall back on at that point, and resist the temptation to change your method and charts because of what is usually caused by poor execution (psychology related).

Mike

Hi mike
yes, I do have plans to start live trading. But I want to practice some more time with my own method to get more confidence. I might start real trading with three setup because it's proven and I am feeling more comfortable with it.

I do know that there will be lot more difficulties doing real trades. I have almost blown my stock account in the past. So I am looking for a fresh start. I hope it all goes well.

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  #108 (permalink)
 shodson 
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Jeff Castille View Post
My experience with trading on FOMC day is.........

In ES, FOMC days historically close above the previous day's high (an up day) so it's usually a good day to buy weakness, usually after the announcement. Also, the day before fed day is historically a down day. Rob Hanna has done a lot of research on this.

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  #109 (permalink)
 safin 
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Sep-1
-------

Total profit : 80$ (1 trade - my setup)

After news at 10am about ISM Manufacturing PMI and construction spending, CL moved up suddenly. I waited for a small pullback. Long at 73.61. First target of 7 ticks filled easily. Second target exited at be+1.

After that I stayed away from trading CL. Crude Oil inventory report at 10.30am and FOMC member speech at 10.45. Enough reasons to stay away. No inside bar trades today.

PS: I have added Market profile indicator in my chart. I don't have any fix plan about using it right now, but just want to monitor if for few days.

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  #110 (permalink)
 Big Mike 
Site Administrator
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Posts: 50,182 since Jun 2009
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safin, it seems you have a good system in place based on your journal. I would be weary of adding more stuff right now. The next challenge is trading cash the same way you trade sim, in my opinion, so I would stay focused on the ball

But that's just me.

Mike

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