NexusFi: Find Your Edge


Home Menu

 





Salao's Journal--Skiff on the Gulf Stream


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Salao with 143 posts (260 thanks)
    2. looks_two snax with 12 posts (19 thanks)
    3. looks_3 bobwest with 11 posts (33 thanks)
    4. looks_4 mgcharl with 11 posts (22 thanks)
      Best Posters
    1. looks_one bobwest with 3 thanks per post
    2. looks_two Fluid Fox with 2.7 thanks per post
    3. looks_3 mgcharl with 2 thanks per post
    4. looks_4 Salao with 1.8 thanks per post
    1. trending_up 21,665 views
    2. thumb_up 372 thanks given
    3. group 11 followers
    1. forum 199 posts
    2. attach_file 112 attachments




 
Search this Thread

Salao's Journal--Skiff on the Gulf Stream

  #191 (permalink)
 
Salao's Avatar
 Salao 
Los Angeles CA
Market Wizard
 
Experience: Beginner
Platform: TradeStation
Broker: Tradestation
Trading: GC/MGC, MCL, MES
Posts: 1,250 since Jun 2017
Thanks Given: 10,571
Thanks Received: 5,870

One trade on MES today. 1 winner for +32t. Thanks to @Zachary Standley and @mgcharl for helping me through yesterday. It was a a tough day for me, a new personal best for losing days. My nerves were a little raw and I wasn't quite myself this morning, which is probably a good thing! .



The trade: I entered long on bar 18 with 1 contract, STOP placed below bar 1. I entered on a pull back. There were 2 breakout tests of the bar 4 high and the bar 4 BO gap was maintained. This encouraged me to scale-in higher with a 1 lot on the close of bar 21 which was a breakout bar from the bull flag. I moved my STOP to 1 tick below bar 19 to manage risk. I got 2R on the first lot. The second lot: I chirped out on bar 24, a bear bar, due to my trauma from yesterday. I could have bought back in on bar 25 but I was running out of time to trade (work). I felt like the trend was strongish here though. +32t.

Some notes:

*Intensified prep work starting last night and resumed this morning.

*I bought my first 1-lot on pullback. This is unusual for me. Usually I just jump right into the fracas, willing to gut out a pull back if need be. I wanted to try to avoid that today so I bought the pull back. It was an H2 buy, I believe, to use the Brooksian terminology.

*I miscalculated my tick loss from yesterday due to forgetting that I had a two lot on when I took the big loss. The loss from yesterday was -102t, previously edited from -61t. I edited the post, but wanted the extra disclosure. I think I prefer the sound of -1R!!!! .

Visit my NexusFi Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Online prop firm The Funded Trader (TFT) going under?
Traders Hideout
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Are there any eval firms that allow you to sink to your …
Traders Hideout
Better Renko Gaps
The Elite Circle
Exit Strategy
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
60 thanks
Funded Trader platforms
43 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #192 (permalink)
 
Fluid Fox's Avatar
 Fluid Fox 
Bangor, Maine
Legendary Retail Failure
 
Experience: Intermediate
Platform: NinjaTrader 8
Trading: MNQ
Posts: 677 since Sep 2018
Thanks Given: 2,968
Thanks Received: 2,711

You're welcome Salao, anytime. As for your trade today, I noticed that we took very similar positions. I got in the market earlier, but we closed within ~5-10 minutes of each other. It's cool to see when trades line up like that!

Anyways, keep the ball rollin'. Don't get too crazy tomorrow!!

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #193 (permalink)
 
Salao's Avatar
 Salao 
Los Angeles CA
Market Wizard
 
Experience: Beginner
Platform: TradeStation
Broker: Tradestation
Trading: GC/MGC, MCL, MES
Posts: 1,250 since Jun 2017
Thanks Given: 10,571
Thanks Received: 5,870


No trades today. I could only trade for a little over an hour before heading out the door to work. 0t.



Some notes:

*It's a bummer being on the sidelines on a trend from the open day. I don't recommend it.

*Bar 1 close was a tempting buy on a fade of the channel breakout.

*I watched a bar 8 limit order buy on a failed micro-channel breakout. It was also tempting. If I had more time, bar 11 (not shown) was a nice looking second entry.

*Still trading cautiously, looking for second signal entries (higher probability). I think it's OK to be a little more defensive when you have time limitations.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #194 (permalink)
 
Salao's Avatar
 Salao 
Los Angeles CA
Market Wizard
 
Experience: Beginner
Platform: TradeStation
Broker: Tradestation
Trading: GC/MGC, MCL, MES
Posts: 1,250 since Jun 2017
Thanks Given: 10,571
Thanks Received: 5,870

Today it was 2 trades on MES, 2 winners for +32t.



Trade 1: I entered long on the close of bar-11, STOP was put below bar-1. This was a second entry buy of a breakout from a small pullback. I scaled-in higher with another contract at the close of bar 21 and moved my STOP to 1 tick below bar-10. This was a third signal entry...the market had been micro-channeling up and I faded the BO lower. I took one lot off at 1R and held the second looking for a measured move up. I ended up taking the second lot off at bar-44 after the bears gapped bar-41 below the MA and were able to get 2R. +31t.

Trade 2: I entered short with one lot on a stop order placed 1 tick below bar-21, a previous low. The order got filled but the bulls weren't giving up like I expected them to. I flattened my trade on the close of bar-53 due to a lack of a give up bar, or any follow through for that matter. +1t.

Some notes:

*I was disappointed by the second-lot entry of trade 1. I expected the market to get up to a MM at ~2896.25 or at least fall into a trading range type of price action. But the bears just seemed to keep gaining strength and I had to exit the second lot with only a 2 tick gain.

*Disappointed again on trade 2. The bulls wouldn't capitulate and I ended up getting my trading range price action that I had anticipated during trade 1. What the hell man?

*I didn't enter on the opening BO. Also, I held positions for almost three hours today and overstayed my welcome. Pretty uncharacteristically high-patience. But, too much of a good thing?

*I have a really hard time getting a read of the market in the last 1/3 of the day. I don't get to trade it very often. I need to study up on price action during this part of the day.

*I won't be able to trade tomorrow because I will be tied up at work. Which is a bummer...

Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #195 (permalink)
 
snax's Avatar
 snax 
Chicago, IL
Legendary Price Action Student
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: MES
Posts: 2,170 since Feb 2019
Thanks Given: 9,613
Thanks Received: 9,622

Great trading this week, @Salao!

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #196 (permalink)
 
mgcharl's Avatar
 mgcharl 
London, UK
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES
Posts: 359 since Aug 2010
Thanks Given: 951
Thanks Received: 1,458


snax View Post
Great trading this week, @Salao!


I concur, good job! Maybe it’s time to move your journal to the Elite Journals section? I think that if you are an Elite member this just makes sense.


Sent using the NexusFi mobile app

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #197 (permalink)
 
Salao's Avatar
 Salao 
Los Angeles CA
Market Wizard
 
Experience: Beginner
Platform: TradeStation
Broker: Tradestation
Trading: GC/MGC, MCL, MES
Posts: 1,250 since Jun 2017
Thanks Given: 10,571
Thanks Received: 5,870


mgcharl View Post
I concur, good job! Maybe it’s time to move your journal to the Elite Journals section? I think that if you are an Elite member this just makes sense.

Thanks @mgcharl and @snax! I was thinking I would move my journal over to elite once I advance from the full blown beginner phase and into the realm of respectable upper-novice. Of course, I have no idea how to judge that. I didn't want to pollute the elite area with a crazy a$$ clown show journal...which mine largely has been! Haha! . But I admit, lately things have been getting better.

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #198 (permalink)
 
mgcharl's Avatar
 mgcharl 
London, UK
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES
Posts: 359 since Aug 2010
Thanks Given: 951
Thanks Received: 1,458


Salao View Post
Thanks @mgcharl and @snax! I was thinking I would move my journal over to elite once I advance from the full blown beginner phase and into the realm of respectable upper-novice. Of course, I have no idea how to judge that. I didn't want to pollute the elite area with a crazy a$$ clown show journal...which mine largely has been! Haha! . But I admit, lately things have been getting better.


I don’t think it’s about whether you are a good/profitable trader, if it was there wouldn’t be a lot of journals there! Rather, I think it’s about supporting the community.


Sent using the NexusFi mobile app

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #199 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,162 since Jan 2013
Thanks Given: 57,343
Thanks Received: 26,267


Salao View Post
Thanks @mgcharl and @snax! I was thinking I would move my journal over to elite once I advance from the full blown beginner phase and into the realm of respectable upper-novice. Of course, I have no idea how to judge that. I didn't want to pollute the elite area with a crazy a$$ clown show journal...which mine largely has been! Haha! . But I admit, lately things have been getting better.

Your journal is more than good enough.

We're all some sort of novice.

Bob.

Reply With Quote
Thanked by:
  #200 (permalink)
 
Salao's Avatar
 Salao 
Los Angeles CA
Market Wizard
 
Experience: Beginner
Platform: TradeStation
Broker: Tradestation
Trading: GC/MGC, MCL, MES
Posts: 1,250 since Jun 2017
Thanks Given: 10,571
Thanks Received: 5,870


I did a little market replay homework yesterday because I'm one sick puppy! I replayed the Feb. 5 ES. I took two trades, 2 winners for +29t.



Trade 1: BTC (1 lot) of bar-5. The market was in a bull micro-channel/flag after the BO open. I put my stop below yesterday's bar-81. I added another contract on the bar-9 test of the open/fade of the channel BO. I reduced risk by moving my stop to 1 tick below bar-1. My exits were a little hasty, +13t.

*Bar-12 was disappointing. I found that usually those little failed BO buys run a little right out of the gate. Price action seemed pretty two sided here, so I was thinking the market must be near resistance. I don't use HTF charts during REPLAY, only my 5 min chart, so sometimes it becomes difficult to determine S/R. But I was able to determine that a few different MM measurements put resistance in the 2734-2738 area. So I took my longs off and waited. I suspected there would be a good opportunity coming to get short...

Trade 2: STC of bar-28, a lower high and probably minor reversal. I put my stop above bar-20 and I set my profit target to 1 tick above yesterday's close (the red line on my chart), thinking we would get a good test here. The bulls never really gave up on the sell-off. Bar-44 was an exhaustion bar I guess. The bears couldn't get a trend day. This was followed by four bull bars. I overstayed my welcome a little here. +16t.

Some notes:

*Damn that was fun! Haha! I love trying to solve the puzzle!

*I'm still pretty stumped when trying to identify profit targets beyond 2R.

* I wish I would have went long after the failed test of yesterday's close. This is probably a really good long setup. It just didn't occur to me at the time!

*So this is my last trading entry in this journal. I'm going to start another journal in the elite section. After reading why an elite section? I figured it was best to put my journal over there. I enjoy journaling because it helps with self-reflection and it enhances the way I review each trading day. But one of the best parts of it is the conversations with other traders in the community. These have been incredibly helpful. They have been so valuable that these conversations should probably be behind the paywall. So, to support the community, I'll take my gig over to the elite journaling area!

Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:




Last Updated on May 19, 2019


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts