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Scalpingtrader's Earn2Trade Gauntlet Journal
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Scalpingtrader's Earn2Trade Gauntlet Journal

  #11 (permalink)
Market Wizard
Amsterdam area
 
Trading Experience: Advanced
Platform: NinjaTrader, IB TWS
Broker/Data: InteractiveBrokers, Kinetick
Favorite Futures: ES, CL, FGBL, CAC40
 
Pa Dax's Avatar
 
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Scalpingtrader View Post
5 trades in 6E today, 3 of which I would classify as "good", one I would classify as "premature", one I am uncertain how to classify, but leaning towards "premature".

ES volatility is still crazy, so I couldn't take the first trade I saw. Second great setup I just missed... oh well.


edit: realized that I took some of those trades in my own account, as I had some hickups setting up the strategy this morning. So only 4 trades went into the Gauntlet account, being the last 4 that are marked on the chart.

Overall happy with the day, some operational flaws in setting everything up etc plus 1 1/2 "premature" trades, but nobody's perfect I guess.


@Pa Dax - I know you're not trading 6E, but still curious what you make of the 6E entry signals I took today...?

I think you did very well mate - I have to say I'm a sucker in Forex - I miss a clear open of the day, failed breakouts above/below yesterday, all that stuff.

I hope you can agree with me that today was a trading range day on the 6E. Yes, it trended down for hours, but it was in a trading range type fashion. So that means that bulls are buying low and take 1R trades and bears are selling high (around the MA) taking either 1R or 2R trades.

On your first entry at 9.35 CET - Yes that one is too eager. Although - if you had put your stop in the correct place above the lower high, you would not have been stopped out. I think however that there were bulls that had bought the 8:40 close and scaled in lower. Also these 4 bars were very strong and bulls bought the closes waiting to exit as soon as they got disappointment. They got disappointed at the inside bar after the double top and quickly exited. At the same time, those 8:40 bulls exited break-even on their first and with a profit on their 2nd entry.
There were gaps below, bears still holding a position, nice looking bear bar, bears also knowing that bulls would exit and the market went down to a new low in two legs.
In fact, this whole day is just a bull/bear party of two-legged moves up to the moving average and down to a new low.

These types of days might require a second position to scale in at a new signal lower or higher if you are entering a little prematurely.
I'm not sure what went wrong there on your second loss - it's kind a hard to see without trade and stop info here. But it seemed like a good short setting a new low and yielding 1R. You would exit as soon as you saw the little bear doji being weakness at a new low. With bulls buying new lows for scalps to the Moving Average and bears exiting the market was due to quickly move up again.

If you look at the move from 8:30 to 9:00 as a spike and then the move from 10:00 to 14:00 as the channel you would have noticed maybe the measured move down. The best trade of the day was probably the reversal back up after the failed breakout below the channel at 14:00. With so much trading range price action, gaps above and scale-in positions this had a high chance of moving back to the start of the channel. A 2R target on that trade went to 1.1438 where the first big bar appeared indicating bulls taking profits there (also a failed breakout at HOD).

Also, and this might be important is that I don't recognize your trend line drawn. If you kept drawing your trend line across new lows you would have gotten some more information maybe on the exhaustive bear bar at a measured move. Your trend line can also not start at that 23.00 mark you have on your chart, cause the move started much later.

I'm not sure if I would be able to trade this at all @Scalpingtrader - I guess the only trade I would have taken is that 14:00 trade - the rest is just to small to even take. But I'm an even better hindsight trader than realtime trader so I'm happy to comment here - LOL.

Your best trade today IMO is the trade on the ES you didn't take! First off because it was the best trade of the day and you spotted it. And second, because you realized that the risk was too large and you let it pass. That's the correct decision to make and very wise.

So I think you did extremely well. That first trade was too eager but with the right stop would have been a winner. And the other one you said was a loser as winner as well factually or at least should have been so extremely good result - only leaves me puzzled about the outcome of that second L.

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  #12 (permalink)
Daytradr
Hanover, Germany
 
Trading Experience: Beginner
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Posts: 1,678 since Apr 2014
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THANKS @Pa Dax for that detailed feedback!
As Iím a sucker for trade management, I am on detox right now.
Meaning Iíve come up with a reasonable compromise in terms of trade management, plugged that into a strategy and canít meddle with it after a trade is on.

As a result, the target for the second loss was about two to three ticks lower than the market went (1.5x ATR) and the stop was above the lower high (always the high of the last three bars +1 tick).

This setup is not set in stone, but for the duration of the Gauntlet, I donít want to fiddle with it - which is, above all, an exercise in discipline and detachment.

P.S.: I am sure you would be just fine trading 6E, itís more a question of if it would be worth your time, as liquidity is limited compared to ES and Bund & Range isnít that impressive. Avg trade today was 12 ticks or 75$ per contract. Maybe comparable to a low volatility month on ES, but much less volume.

Thanks again for taking the time - your analysis helps me tremendously to get out of my own head & observing someone elseís train of thought that is built on similar concepts / ideas. I appreciate and track all journals here, but your style is the only one where I see actual knowledge transfer to my own trading.

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  #13 (permalink)
Market Wizard
west palm beach florida usa
 
Trading Experience: Advanced
Platform: ninja trader
Broker/Data: Optimus Futures/ Rithmic
Favorite Futures: Cl, TF
 
Posts: 892 since Oct 2011
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Hope you do well with this. I like the parameters of this company much more that what I have seen from the others. It's almost like they actually want to enlist some good traders...as opposed to finding reasons to fail them.

Failure is not an option
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  #14 (permalink)
Daytradr
Hanover, Germany
 
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lancelottrader View Post
Hope you do well with this. I like the parameters of this company much more that what I have seen from the others. It's almost like they actually want to enlist some good traders...as opposed to finding reasons to fail them.

Thanks, I hope so too

I have the same feeling about them, compared to the others. Time will tell, as their base grows larger and more people share their experiences.

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  #15 (permalink)
Daytradr
Hanover, Germany
 
Trading Experience: Beginner
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Posts: 1,678 since Apr 2014
Thanks: 2,625 given, 4,218 received

Last couple days were ridiculous trading from my side, resulting in hitting the max DD on the Gauntlet.
Posting individual trades makes no sense, as I was pretty much all over the place.

As the Gauntlet was scheduled to run until January 1st, I will take that time to educate myself, study the markets and try to fiiiinally settle on an approach to trading that is sustainable in the longterm.

I will share the educational journey of the next couple of weeks here & eventually get into a new Gauntlet.

Below the cumulated statistics for this pathetic attempt.
I guess thats what you get for always just trying to "wing it" and trade while not being able to keep something the same for 5 days in a row...


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Today I started the education part with the following webinar by Al Brooks, kindly hosted by FIO.
https://www.youtube.com/watch?v=FsxiXxei6cE

Personally I am actively ignoring the parts where he talks about how scaling into positions is a great thing (I'll leave that to the experienced, profitable traders that have the necessary skill and bankroll), but there are plenty other useful bits in there.

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  #16 (permalink)
Elite Member
whitestone, new york
 
Trading Experience: Intermediate
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Sorry to hear about this week.Ive been there too many times!Im not familiar with earnto trade, but i will assume they back traders who pass their gauntlet.Try to think in terms of what they would expect from you, to fund you.I believe the first thing they would say, is , what is in your playbook?Your 1st play, would be the highest % win rate.Something that is scalable.Also, the risk would be defined.You get so good at this one play, that you would execute it every time,without hesitation.Thats the discipline.Then , after so many days/trades,you can realistically say ,whether the trade has an edge.You have the statistic part of it down.So much of the the day is noise, but if you have the 1 play that you see clearly, exploit that 1 play.When the edge is clear, raise the size.Over time, traders tend to develop their playbook, to accomodate different scenarios.I hope this helps.I am in the same boat.You may be alot closer than you think
Bob

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  #17 (permalink)
Elite Member
Moscow
 
Trading Experience: Advanced
Platform: NinjaTrader
Favorite Futures: Emini ES, Crude CL, Gold GC, Currency Futures
 
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Posts: 89 since Feb 2016
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You have good thinking, reasonable, but not dry - you deserve a good system. I would not spend time on AB - it will take me a long time, but will bring little benefit.
Your system, which you have described, makes little use of the psychology of weak money, although it is this money you want to receive. Think about it, not relying on books and courses - you have studied them enough
sorry for my 0.02

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  #18 (permalink)
Daytradr
Hanover, Germany
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Scalpingtrader's Avatar
 
Posts: 1,678 since Apr 2014
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remarka View Post
You have good thinking, reasonable, but not dry - you deserve a good system. I would not spend time on AB - it will take me a long time, but will bring little benefit.
Your system, which you have described, makes little use of the psychology of weak money, although it is this money you want to receive. Think about it, not relying on books and courses - you have studied them enough
sorry for my 0.02

Thanks for you 2 cents, thatís what makes this forum a good place - exchange of opinion without the usual bashing!
If you can spare a word or two more on what you mean by ďweak moneyĒ itíll be much appreciated,

ST.

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  #19 (permalink)
Elite Member
Moscow
 
Trading Experience: Advanced
Platform: NinjaTrader
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Posts: 89 since Feb 2016
Thanks: 46 given, 69 received

I can ask questions only:
- There are situations in the market when the price action is chaotic?
- Of course, then we are on the sidelines.
- If the price action is at times chaotic, does this mean that at times the price movement is unpredictable?
- Yes.
- If this is indeed the case, can the price action to go in one direction for a long time, remaining in chaos?
- Yes.
- And while doing higher highes and higher lows?
- Yes.
- Then how do you distinguish a trend from chaos?

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  #20 (permalink)
Market Wizard
Amsterdam area
 
Trading Experience: Advanced
Platform: NinjaTrader, IB TWS
Broker/Data: InteractiveBrokers, Kinetick
Favorite Futures: ES, CL, FGBL, CAC40
 
Pa Dax's Avatar
 
Posts: 548 since Oct 2017
Thanks: 586 given, 2,587 received
Forum Reputation: Legendary



remarka View Post
You have good thinking, reasonable, but not dry - you deserve a good system. I would not spend time on AB - it will take me a long time, but will bring little benefit.
Your system, which you have described, makes little use of the psychology of weak money, although it is this money you want to receive. Think about it, not relying on books and courses - you have studied them enough
sorry for my 0.02

I dont believe there is such a thing in life has having studied enough.
If you're into price action trading, mastering Al Brooks is the holy grail imo.

I do agree with your other post to some degree but it might be better to summarize as: learn a few high probability set ups first and trade those exclusively. If they don't show during a day then you have a day without trades. If they show 10 times in a single day, you have 10 trades.

As you proceed learning price action and get more and more screen time looking for those few set ups you start to recognize more and more patterns and set ups that you can start to evaluate to add to your portfolio.

Sent using the futures.io mobile app

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