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Safin's Trading Journal
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Safin's Trading Journal

  #21 (permalink)
Trading Apprentice
Montreal
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: CannonTrading /
Favorite Futures: Crude, TF
 
PiCoTrader's Avatar
 
Posts: 40 since Mar 2010
Thanks: 149 given, 47 received

Hi Safin,

from what I see from your first chart
it is classic newbie mistakes, mistake I used to do so much.

the mistake is simply LATE ENTRY.

Trade 1 had 2 inside bars and the entry was at the break. Late Entry
Trade 2 entry was around 77.20. Late Entry.
Trade 3 was forming a shooting star reversal bar and was the exhaustion of the second trade. Late Entry when you realize there was no long at this point.

Late Entry can be :

1. enter hi on a bar ' not using limit order'
2. enter on the wrong bar
3. enter at the wrong place according to price action.

A pattern may be good but at the wrong place or the wrong time.
Entering Late according to price action is a step to master.
Big Mike has some great videos on crude price action.


Keep up the great work Safin, we're all going to succeed here !


Last edited by PiCoTrader; July 15th, 2010 at 03:25 PM.
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  #22 (permalink)
Elite Member
London, Ontario
 
Futures Experience: Intermediate
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Favorite Futures: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

Thanks Pico for observing that. When I was trading, I didn't thought about inside bars. I was just looking at s/r breakouts. IB is definitely something I need to lookout for.

Third entry was not a good entry. As per my plan, I wait for a small pullback. 78.11 was not a pull back because it had no red bars. It happened to me again today, same mistake. And now I think I have a perfect idea of what should be considered as pullback.

Learning hard way....

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  #23 (permalink)
Elite Member
London, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received


15-July
=====

Back to normal today.

Total Profit: 370$ (3 orders)

First order : 200$ (2 targets)
I got support line at 77.12 from morning range. 77.09 was a good entry point for short, but I was hesitant because 77.00 was a key price. So I reduced my first target to 7 ticks instead of 10. And I am glad I did it. First target took 10 because of fast movement. Second trailing stop took 10 ticks.

I placed one more order to short at 76.92 because 76.93 was a support line on 5 min chart. But somehow it got canceled, not sure why. May be because of first order. Anyway, this may have been a winner as well. After that CL started moving in down direction in a wild manner.

Second order : Loss -300$ (2 targets)
This was a stupid mistake. After sharp run in down direction, CL slowed down at 76.46. I thought this is a nice pullback to short. But it wasn't. I should not have considered this as pullback, because there were no doji bars or smaller bars developed. Anyway, I shorted at 76.44 and soon I realized my mistake. So I tried to exit at 5 ticks. But I did mistake 2. Instead of buying back, I shorted again at 76.49. Damn! Finally my 4 stops got executed at 76.54. So instead of having -100$ loss, I ended up -300$. I need to pay more attention on entry/exits.

Third Order : 470$ (2 targets)

Ok, here comes my turn again. After second order stop loss, few small bars developed. And I got my perfect pullback. I drew a resistance line at 76.30 and shorted at 76.28. CL blasted through that resistance rapidly. First target 10 ticks easy. Second target 37 ticks. I wish I had both runners.

After that CL started drawing narrow range and I decided to stay away.

I am happy today after yesterday's disappointments. If I take out Second unnecessary trade, today was marvelous day. CL made very wild moves in morning and that is why I love CL.

Happy trading!

Somehow I am not able to attach charts with my post. I hope BigMike will fix it soon.

EDIT
====
Thanks mike, I am able to attach my charts now.

Attached Thumbnails
Safin's Trading Journal-5-mins.png   Safin's Trading Journal-60-mins.png  

Last edited by safin; July 16th, 2010 at 01:58 PM.
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  #24 (permalink)
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safin View Post
15-July
=====

Back to normal today.

Total Profit: 370$ (3 orders)

First order : 200$ (2 targets)
I got support line at 77.12 from morning range. 77.09 was a good entry point for short, but I was hesitant because 77.00 was a key price. So I reduced my first target to 7 ticks instead of 10. And I am glad I did it. First target took 10 because of fast movement. Second trailing stop took 10 ticks.

I placed one more order to short at 76.92 because 76.93 was a support line on 5 min chart. But somehow it got canceled, not sure why. May be because of first order. Anyway, this may have been a winner as well. After that CL started moving in down direction in a wild manner.

Second order : Loss -300$ (2 targets)
This was a stupid mistake. After sharp run in down direction, CL slowed down at 76.46. I thought this is a nice pullback to short. But it wasn't. I should not have considered this as pullback, because there were no doji bars or smaller bars developed. Anyway, I shorted at 76.44 and soon I realized my mistake. So I tried to exit at 5 ticks. But I did mistake 2. Instead of buying back, I shorted again at 76.49. Damn! Finally my 4 stops got executed at 76.54. So instead of having -100$ loss, I ended up -300$. I need to pay more attention on entry/exits.

Third Order : 470$ (2 targets)
Ok, here comes my turn again. After second order stop loss, few small bars developed. And I got my perfect pullback. I drew a resistance line at 76.30 and shorted at 76.28. CL blasted through that resistance rapidly. First target 10 ticks easy. Second target 37 ticks. I wish I had both runners.

After that CL started drawing narrow range and I decided to stay away.

I am happy today after yesterday's disappointments. If I take out Second unnecessary trade, today was marvelous day. CL made very wild moves in morning and that is why I love CL.

Happy trading!

What time did you enter your losing trade?

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  #25 (permalink)
Elite Member
London, Ontario
 
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Around 9.50AM.

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  #26 (permalink)
Site Administrator
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Big Mike's Avatar
 
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You can upload the charts now. Good job on the trades!

Mike

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  #27 (permalink)
Elite Member
London, Ontario
 
Futures Experience: Intermediate
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Favorite Futures: ES, CL Futures
 
Posts: 273 since Jun 2010
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Low volume and narrow range day.

Total Profit : 190$ (1 order)

I was waiting for some big moves from morning but didn't see lot of activity from CL. There was one opportunity to short at 9.45am, but I saw previous behavior of CL at 9am on support line and decided not to go for it.

After that CL started going in tight range and around 12pm, I got strong support line at 75.43. CL kept touching this line for some time and around 1.30, it broke that line. That's where I entered my first trade to short at 75.41. First 10 ticks easy. I exited second order with 9 ticks because CL started hesitating going further down.

This was a good week for me even though after one disaster day. I am getting comfortable with my methods and I want to stick to it.

Have a great weekend everyone!

I will post my chart soon.

Attached Thumbnails
Safin's Trading Journal-5-mins.png   Safin's Trading Journal-60-mins.png  

Last edited by safin; July 16th, 2010 at 05:57 PM. Reason: Faulty screenshot
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  #28 (permalink)
Elite Member
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Futures Experience: Intermediate
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Favorite Futures: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

July 19
=====

Not a very good day to start with, got faked out couple of times.

Total Loss : -100 (5 orders)


First Order: 120$ (2 targets)

76.80 was a major resistance by swing indicator. I wanted to do long at 76.83, but I had to go out, so didn't go for unattended trade. After passing 77.83, CL started moving up sharply. On 60 min chart, 77.40 was a major resistance, So I entered long at 77.43. First target 10 ticks easy. Second trailing stop hit at +2 ticks. If I had 20 ticks trailing stop, I may have got atleast 50 ticks with wild run of CL. But poor me, I can't afford that much big stop.

Starting from this tick I have modified my trailing stop to 15 ticks instead of 10 ticks. I came to this decision after analyzing my previous trades in weekend. It will give more room to my runner.

Second Order : -200$ (2 targets)
I got faked out with this. After moving sharply in upward direction, CL started to fall from 78.10 mark. I got resistance line at 77.15 around 11.30. So I entered short at 77.13. CL took my order and hit my both stops to tease me. I wish I shorted at 77.12.

Third Order : 180$ (2 targets)
After second order stop loss, I decided to re-enter at 77.12. I knew my entry was right. I got my break. First target 10 ticks. Second order I decided to exit at 8 ticks.

Fourth order : 0$ (2 targets)
I got another resistance line at 76.40 by swing indicator. I decided to short at 76.37. But I got faked out, it started moving upward, so I exited at the same 76.37 price.

I should have re-entered again at 76.34 because my entry was right, but I got scared and decided not to go for that entry. I could have made 20 ticks atleast.

Fifth Order : -200$ (2 targets)
Around 1.30, CL dropped to 76. I drew a resistance line here and decided to short at 75.97. But it was another fake out. My stops got executed.

After, fifth order I felt it was too much trading for the day and decided not to go for more trades.

It wasn't a best day, but atleast not a disaster day. That will keep my confidence going forward. See you guys tomorrow. Attached are my charts for today. I had to change my template because of buggy NinjaTrader.

Attached Thumbnails
Safin's Trading Journal-5-mins.png   Safin's Trading Journal-60-mins.png  
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  #29 (permalink)
Elite Member
London, Ontario
 
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Favorite Futures: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received

July-20
======

Total Profit : $360 (5 trades)

First Trade : -120$
Not a good trade to start with. I saw resistance line at 77 on 5 min chart. But then I looked at 60 min chart and saw another resistance line at 77.10 from yesterday. So to be safe I entered long at 77.12. It was a fake out just like yesterday. So I decided to ext with 6 ticks loss on each trade.

Second Trade : 60$
After first order CL touched 77.12 and went down. I thought entry at 77.14 would be a good entry on pull back so I did long at 77.14. But it started hesitating moving forward. I took out first target with 4 ticks and second with 2 ticks.

Third Trade : 0$
I should not have taken this because it was immediately after second trade. 3 trades in a row within 10 minutes is not a good idea. I got resistance line at 77.25, So I did long at 77.27. I thought CL will do a breakout. But instead it went down. I tried to play with stop from being getting hit. I should not have done it. Lucky me. After some time, I got a chance to get out and I saved my a** just in time.

Fourth Trade : 270$
After third trade, CL started testing low. I drew a resistance line at 77.30 and entered long at 77.31. This time I was much more confident because CL moved in down direction enough to do this breakout. First target 10 ticks. Second trailing stop got hit at 17 ticks.

Fifth Trade : 130$
CL went into narrow range and low volume during lunch hour. 77.77 was high before lunch. So I drew a resistance line there. After lunch it touched this price twice and went down. That was a perfect setup. I did long at 77.81. First 10 ticks easy, second trailing stop got hit at 3 ticks.

I need to control myself when placing trades. I did 2 unnecessary trades today on pullback. I think I need to do more study on it before I come to conclude that it's a perfect pullback.

I will post my charts soon.

Attached Thumbnails
Safin's Trading Journal-5-mins.png   Safin's Trading Journal-60-mins.png  

Last edited by safin; July 20th, 2010 at 06:19 PM.
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  #30 (permalink)
Elite Member
London, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES, CL Futures
 
Posts: 273 since Jun 2010
Thanks: 147 given, 340 received


July 21
=====
Total Profit : 220$ (5 trades)

First Trade : -200$
This was a big mistake. Crude oil inventory news was about to release at 10.30. At 10.15 I got nice support line at 77.63. I wanted to short at 77.61, but I didn't do it because of news. Right at the news release CL blasted through 77.63 support and went down. I was dissapointed for not taking that trade. What happened is I got excited and I tried to catch a running train. I swear I tried to resist myself for not taking this trade, but I couldn't. Result was 10 ticks stop loss on both trades.
God! I need to control myself, give me more courage.


Second Trade : 190$
I got another support line at 76.81 around 11am. So I shorted at 76.79. First 10 ticks easy, second order I exited at 9 ticks.

Third Trade : 130$
Around 11.50, I drew a resistance line at 77.25. Entered long at 77.27. First order 3 ticks with trailing stop, second order 9 ticks.

Fourth Trade : 100$
I drew support line at 76.68 around 2 pm and entered short at 76.66. Somehow CL started jumping around. So I decided to exit both targets with 5 ticks profit.

Fifth Trade : 0$
This was an experiment without much knowledge. I wanted to do an Inside Bar trade. I entered short at 76.59. But soon I realized I forgot to bracket it with profit target and stop loss. So immediately exited.

PS: I was enjoying BBQ party in evening so I am late in posting charts today.

Attached Thumbnails
Safin's Trading Journal-5-mins.png   Safin's Trading Journal-60-mins.png  
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