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Safin's Trading Journal

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  #11 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

8-July
=====

Total Profit : 510$ (3 orders)

First Order : 200$ (2 targets)
I got a resistence line at 76.02. Overall market trend was up with a good volume, so entered long limit at 76.04. First target +9 ticks, lost 1 tick in slippage. Second target +11 ticks. I got nervous with my runner, so exited. I should have stayed longer, I may have got +22 ticks atleast. Lesson from this trade, do not cut lose your runners. Let it run.


Second Order : 360$ (2 targets)
Got a support line at 75.50 by swing indicator. Entered short at 75.47. First target +10 ticks. My runner ran pretty well in this trade. Second target trailing stop got hit at +26 ticks.

Third Order : Loss -60$ (2 targets)
I guess I was little excited. So I went against my rules and took this trade under low volume. I got resistance line at 75.96. 76 is key price, so I did long at 76.04. I saw low volume, but neglected it. Result? -3 ticks with 2 targets. Thanks to my trailing stop that kept me from having stop loss of -10 ticks. Lesson from this trade: never break your rules.

Attached are my charts for today : 5mins and 60 mins.

I am very satisfied today. Last 2 days trading has really boosted my confidence. I feel like I have found my edge. But I am not in rush to go live yet. I want to keep building my confidence for couple of more days. Let's see how it goes. Happy trading!

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  #12 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

9-July
=====

Total profit : $40 (1 order)

Happy Friday! After 2 great days I was in defensive mood today. I saw a great setup at 76.60 at 10.30am. 76.56 was a major resistance line from yesterday and today on 60 min chart. I thought about entering long at 76.60. But was nervous. I didn't wanted to spoil great week. So thought I should just stop trading today. And there you go, market was up like a rocket as soon as it crossed 76.56 line. It was an easy +30 ticks atleast.

Anyhow, I was little frustrated for not taking that trade. So I kept watching CL. I saw another setup to short at 76.47, but that would be a counter trend trade. So I didn't go for it.

Market was going down, and my ADXVMA changed to FALLING. So now was the time to short. I saw one more resistance line building at 75.90. So I entered a limit order at 75.84. I decided to take lunch leaving my trade unattended. When I came back, I saw volume was very low and my first target took +10 ticks. I thought about exiting second target, but there was no time left. My trailing stop got hit at -6. Lesson from this trade: Do not leave you trades unattended.

Attached are charts for today.

I am very satisfied this week. This jounal has definitely built my confidence. Thanks to BigMike for running this thread. It keeps me away from doing stupid trades.

Have a great weekend everyone!

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  #13 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received


12-July
=====

Happy Monday! Great start for this week.

Total Profit : 640$ (3 orders)

First Order : 320$ (2 targets)
I got a resistance line at 75.4. This was a double bottom. If price goes down below 75.4, it's going to blast. That's what happened. First target +10 filled easily. Second trailing stop got hit at +22 ticks. Bravo!


Second Order : 230$ (2 targets)
CL gave clear indication that it's going down. After first order completed, I waited for a small pullback. It happened around 75.08. 75 is a key price. So if market goes below 75, it will keep going down for some time. So I decided to short at 74.95. First target +10 ticks, second trailing stop got hit at +13. Bravo again

Third Order : 90$ (2 targets)
When you keep getting opportunity, why would you stop? I got another small pullback at 74.71. Shorted at 74.70. First target +10 ticks. Second target got out at breakeven -1.

Market stopped to take a breath. I waited to look for another down jump, but it didn't happen. It was lunch time already and I had some personal stuff to take care of. So I was done for the day.

As BigMike said, I have started seeing few patterns in my behavior with each type of trades after regularly maintaining this journal. If you are not maintaining this type of journals yet, start doing it now. It is going to change your lives.

I will post my charts soon.

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  #14 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

13-July
======

Narrow range market today. Not many bigger moves.

Total Profit : 320$ (4 orders)

First Order : 130$ (2 targets)
76.47 was yesterday's high. CL touched around this price many times yesterday. So it was a major resistance. I entered a long entry at 76.54 because 76.50 is key price. First target +10 easy. Second trailing stop got hit at +3. Second trailing should have moved atleast 30 ticks if trailing stop was 15 ticks instead of 10 ticks. If this happens again, I may consider changing my trailing stop to 15 ticks for high probability trades. For now 10 ticks is ok.

Second Order : Loss -80$ (2 targets)
I got resistance line at 76.92 by swing indicator. I was confused weather to take this entry or not because 77.00 would be a key price, so it may come back down from there. During this confusion, CL suddenly started moving sharply above 77.00. So I got nervous and tried to catch running train at 77.10. And there you go it started moving downwards. Soon I realized my mistake and got out with 4 tick loss on each order. Lesson : Never try to catch a running train. Give yourself enough time to think before entering any position.

Third Order : 150$ (2 targets)
I got a resistance line at 77.07 by swing indicator. 77.13 was high for the day. So I entered long at 77.15. First target 10 ticks. Second trailing stop got 5 ticks. Good come back.

Fourth Order : 120$ (2 targets)
Got resistance line at 77.25 by swing indicator, also high of the day. Long at 77.27. First target 10 ticks. Second trailing stop got 2 ticks.

I noticed that my last 2 orders filled almost at the high of the tail. I am not sure if those were good entries. I may be just lucky. I will keep observing this behavior tomorrow.

I will post my charts soon.

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  #15 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

Finally, a disaster day that I don't want to talk about, but I will do as this will keep me disciplined in future.

Total Loss : -$500 (yes, that's right) 3 Orders

First Order : -160$ (2 targets)
I got resistance line at 76.45 by swing indicator around 9AM. So decided to short at 76.43. It went few ticks as expected but did not hold there,my stops got hit at -8 ticks for both targets. What was wrong here? Nothing, It was per my plan. But one major thing I missed is news announcement for Oil around 9AM. I should not have traded during this time. I need to keep an eye on news events. I will start using EcoNews indicator from tomorrow to keep me updated for latest events.

Second Order : -200$ (2 targets)
After first order, market really went in a big choppy session for a while. My first loss was indicating that clearly. But I wanted to recover from that loss. Around 11.45am, I saw CL moving in upward direction. 77.37 was yesterday's high. It was a major resistance on 60 minute chart. So I went for long at 77.41. My stop loss got hit at 10 ticks. What was wrong? Nothing. I guess it was just a bad day. CL did come back and went in upward direction as I was expecting but it wanted to eat my stop.
It's always hard to decide stop. I was discussing this in CL chat, and I think there is no definite answer for this. 10 ticks has worked very well for me, so I am sticking to it. But I think, I should observer CL before placing a trade to see how much backward move it does before going in right direction. And then adjust my stop accordingly. For now I am sticking to 10 ticks stop.

Third Order: -140$ (2 targets)
This is called aftershock. After missing the train in second order, I was looking for a small pullback to re-enter. I got it around 78.10. So I entered long at 78.11. But CL was exhausted by that time. It took my order and went in opposite direction. Stop loss at 7 ticks with slippage. What did I do wrong here? Nothing wrong with the entry, But I should not have attempted this order at all. This is because I already had 2 losing trades. I should have understood that my today's price action readings are not working, so stay away from CL.

I will post my charts for today soon. If you guys have better understanding on what else may be wrong with my entries or stop loss, please let me know.

I am looking forward to a good comeback tomorrow. Atleast I am in green zone for this week even after this shocking day. That should keep my confidence up.

EDIT
====

Just realized that I attached wrong charts for today. Just mad correction.

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  #16 (permalink)
 LukeGeniol 
Italy (IT)
 
Experience: Advanced
Platform: ATAS, R|Trader, NT8
Broker: Rithmic
Trading: CL, Brent, GC, TF
 
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safin View Post
Finally, a disaster day that I don't want to talk about, but I will do as this will keep me disciplined in future.

..................................................................But one major thing I missed is news announcement for Oil around 9AM. I should not have traded during this time. I need to keep an eye on news events. I will start using EcoNews indicator from tomorrow to keep me updated for latest events.

This is a good idea!!!


safin View Post
.....................................................But I wanted to recover from that loss................................................ .

This is a big and common error, u shuold avoid the recover sentiment. After a loss u have to reset yourself like that was not happened, and if u would like to trade again in the same day your mind must be as this is the first trade of the day. If u can't do this stop trading and wait the next day.
It easy to make a wrong trade after a loss and the feeling of having to recover.

Luke.

Take your Pips, go out and Live.
Luke.
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  #17 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

Thanks Luke for pointing out those mistakes. I hope I will be better disciplined next time in similar scenario.

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  #18 (permalink)
 devdas 
Al,India
 
Experience: Advanced
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Broker: Z
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Hi Safin,

Nice trades and setup.

I have two points that may help more,

1) I used to quit the day if get 2 loosing trade.

2) I saw ur today's trade ( have not gone deeply with old days ), u seems good with ur style, but one another entry style is worth looking. In a trend ( as shown in ur chart ) there is always chance of Wide range bar have a upper( or lower) whick which might hit 10 tick stop easily , bigger the WRB more the chances of hitting stop. After WRB there comes a consolidation phase where ADXVMA prints consolidating white dots. Look at this on ur chart after second trade. A trade entry ( long or short depends on what type of trend is prevailing ) entry near these dots wil have lower stop and better risk reward ratio. (Similar consolidating dots appear on choppy phase if TSSuperTrend is emplyed, these also serve as S/R line and provide lower Stop entry )

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  #19 (permalink)
 safin 
London, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

Thanks Devdas. I think it's a good idea to stop trading after 2 consecutive losers. Consecutive losers indicates that there is something fundamentally wrong with my observation of price action. So I should just skip trading for the day.

I am still trying to understand what you said about ADXVMA. My style of trading look for breakouts on support and resistance. I am not using ADXVMA as my entry indicator. I just use it for identifying choppy periods. If I try to use ADXVMA white dots for entries, I may miss good trades.

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  #20 (permalink)
 Big Mike 
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It's ok.

Don't go radically change anything. For the most part, I like your chart and I think you have a good plan. Learn from your mistakes today, but don't make radical changes. Focus on just minimizing losses on bad days. Given your prior results, I think you are not far off as it stands, if you took out the news trade today your loss is about average with your winners. So long as your losing days are not bigger than your winning days, I think you will be fine since your posting winning days 3 out of 5 days or more.

Mike

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