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Ooooooh dear. The sea was angry today. -63tick/day ES. I got thrashed around pretty good trying to figure out some kind of trade that would work for a tight range day like today. It was pretty futile. I stopped trading at about 1130 PT to clear my head, play some golf and reflect. My stops were pretty tight because I'm experimenting with a scalping style for intraday. If I continue scalping I think I am going to have adopt a range day strategy of going to play golf. Yikes!
Golf went well though! I shot 2 strokes under my handicap and enjoyed a nice day So Cal winter day...sunny, clear and around 60 degrees. We've been getting a lot of rain lately so it was good to get out. Now what to do about these range days!?
Can you help answer these questions from other members on NexusFi?
So I bought the NinjaTrader lifetime license. Seems pretty fancy when comparing with TOS. I'm still not sure which one I will use when I go live. Before I make THAT decision I need to do more research on NT's brokers.
Speaking of decisions...today was another not-so-good day. I experimented with very short term scalping and trading NQ.
The NQ experience did not go well. Price was moving pretty fast and so I freaked out a couple times and made some really bad entries/exits. I don't think I'll be back to trading NQ anytime soon.
As for the short term scalping...I was very OK with the short holding time. I need to get my win rate up though to do it profitably.
I also traded ES and CL and I did OK with these. Another day, no profit though.
Moving forward I've decided to stop tweaking my system and I plan to just trade it. It's time to hold feet to fire.
BUT I've enjoyed learning these instruments. Here are my results from today with a bulk of the loss coming from NQ, where I gotta admit made me looked pretty foolish:
It is becoming very obvious that I'm not very good at this. Haha! I've been trying to scalp with no success. I was doing a little better with a slightly longer holding period. But I want to be able to scalp because when I go live, it will be with an account of ~15000 and I want to minimize risk. I guess it doesn't get any more risky than trading a system that showers cash on the lucky fellow on the other end of the trade. Haha! Well here are the results from today. I traded ES and CL...
Did some President's Day trading today. +15 ticks on CL. It was just too early in the morning here on the West coast to look at that ES chart today...which was going nowhere...and SLOWLY.
I went long on a third push up and exited after I got a pretty nice bull bar. At this point, Bulls took a look up over the overnight high and then got run over a little bit by sellers. My second trade trade: I got a little excited about a potential false breakout and longed in...about 4 bars early in hindsight. The trade didn't go my way immediately BUT I didn't feel like I was wrong so I put on another long. I took them both off for +1 tick after that doji (at 830 I think).
I decided to stop taking SIM trades for a bit just to analyze and watch the market, to tally the frequency and success rate of my set-up over the course of a couple of weeks (probably will do this much longer). I actually commented on the same area that you entered, and took some screenshots.
I wrote: "The market was very boring today. There were multiple brief moments where I thought price was going to take off as a trend. The sections of price that I highlighted in blue were those brief moments. I found myself wanting to get in short at the last blue oval, before the red area. The ES had little to no follow through today- in the daily chart, price was in a range."
Thanks for sharing your charts zachary. I call those areas with little bodies and long tails 'blender' areas with all those tails being analogous to blades in a blender. Every time I try and enter a blender area I get thoroughly chopped and thrashed. It's like the financial version of sticking your hand in a blender and hitting the ON button.
Today was a win ugly type day. +15t while getting chopped up in some narrow ranges. At this point I have a hard time identifying those things before I lose fake money in them. My goal is to not be so dense...in trading as in life...haha!
