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Zimmer's Journal: Naked Chart Reading


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Zimmer's Journal: Naked Chart Reading

  #131 (permalink)
 
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 kareem40 
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Nice trading Zimmer. Good work.

K

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  #132 (permalink)
 
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 mtzimmer1 
Upstate NY
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One and done today!
There were a couple of setups this morning that happened fast and also the stops were way too big.
This is the one trade I got today: a nice counter-trend setup. Didn't play out but that is part of the business.

Trade 1:
Counter-Trend
-Key levels marked on YM.
-Break previous swing high without even coming close to the short area of interest on the bigger swing.
-Entered long with first target of the area of interest. Risk:reward was 4:1. Only need to win >20% of these trades to come out ahead.





Results:
1 loss
-.71R (Stop was only 20 points. Too big for 2 contracts, but not a full 1R with 1 contract.)

Self-Eval:
100%

Thoughts:
Despite capturing nothing on this tremendous downtrend day, I feel that I executed today as a professional. I followed my plan and that was all. If I had been trading discretionally I would have gotten short near the open and maybe had a couple winning shorts but most of the time when I trade without rules I lose badly and feel worse. I feel great about today's session.

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  #133 (permalink)
 
Palais Brongniart's Avatar
 Palais Brongniart 
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mtzimmer1 View Post
One and done today!
There were a couple of setups this morning that happened fast and also the stops were way too big.
This is the one trade I got today: a nice counter-trend setup. Didn't play out but that is part of the business.

Trade 1:
Counter-Trend
-Key levels marked on YM.
-Break previous swing high without even coming close to the short area of interest on the bigger swing.
-Entered long with first target of the area of interest. Risk:reward was 4:1. Only need to win >20% of these trades to come out ahead.

Attachment 271298
Attachment 271301
Attachment 271304

Results:
1 loss
-.71R (Stop was only 20 points. Too big for 2 contracts, but not a full 1R with 1 contract.)

Self-Eval:
100%

Thoughts:
Despite capturing nothing on this tremendous downtrend day, I feel that I executed today as a professional. I followed my plan and that was all. If I had been trading discretionally I would have gotten short near the open and maybe had a couple winning shorts but most of the time when I trade without rules I lose badly and feel worse. I feel great about today's session.

Hello buddy,
I see a tendency in your setups of trading in the middle of the range sometimes. In this chart here resistance is clearly above, so risk is to the downside. Or am I wrong?
I like the way you look at the price action, no oscillators etc and all the crap. Still, sometimes you get the probabilities not right because of the spot you enter the trade. IMHO. Happy trading!

I don't explain my charts. If you like to follow my trades, look for these lines.
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  #134 (permalink)
 
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 bobwest 
Western Florida
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mtzimmer1 View Post
Today's session was excellent for many reasons.
-Most importantly, I adhered to my rules 100%
-Also the results were positive
-It was my second largest day in $ amount


mtzimmer1 View Post
One and done today!
...
Thoughts:
Despite capturing nothing on this tremendous downtrend day, I feel that I executed today as a professional. I followed my plan and that was all. If I had been trading discretionally I would have gotten short near the open and maybe had a couple winning shorts but most of the time when I trade without rules I lose badly and feel worse. I feel great about today's session.

Great work both days. Same secret method for both: trade your rules.

A hard damn secret to learn, no matter that we all know it is essential. Something always seems to make doing something else more attractive right at the moment we decide to act. What rules a person has is important, but we can see a hundred different sets of rules being traded, and only the traders who actually follow the rules they have chosen ever do well, no matter what their rules are.

Nice trading. Executing as a professional is pretty cool.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #135 (permalink)
 
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 mtzimmer1 
Upstate NY
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Palais Brongniart View Post
Hello buddy,
I see a tendency in your setups of trading in the middle of the range sometimes. In this chart here resistance is clearly above, so risk is to the downside. Or am I wrong?
I like the way you look at the price action, no oscillators etc and all the crap. Still, sometimes you get the probabilities not right because of the spot you enter the trade. IMHO. Happy trading!

Yea I agree resistance was above but when I entered the trade, price hadn't even come close to the area of resistance I expected it to test. My counter-trend trades are based off of longer term levels. Not pictured on this chart is where those white lines originated. They were untouched swing lows on the longer-term chart: in a sense, support of a larger degree than the resistance noted. When I get my levels and execution right, these counter-trend trades have a 65-70% chance of hitting target because I am aligning myself with the longer term orderflow. Today price stopped me out, traded slightly lower than I expected it to and then made the move higher that I was anticipating.

I appreciate your opinion and welcome further discussion! Your journal is one I am looking forward to reading when I upgrade to Elite!

Thanks!

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  #136 (permalink)
 
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 mtzimmer1 
Upstate NY
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bobwest View Post
Great work both days. Same secret method for both: trade your rules.

A hard damn secret to learn, no matter that we all know it is essential. Something always seems to make doing something else more attractive right at the moment we decide to act. What rules a person has is important, but we can see a hundred different sets of rules being traded, and only the traders who actually follow the rules they have chosen ever do well, no matter what their rules are.

Nice trading. Executing as a professional is pretty cool.

Bob.

I always look forward to your comments Bob.

What you say about a hundred different sets of rules being visible at any moment could not be any closer to the truth. I observe my emotions creeping into my trading when I begin to justify a trade that does not satisfy the constraints of my written trade plan. As an exercise, I am now logging each one of these would-be impulse trades, and recording the results.

Thanks again for contributing!

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  #137 (permalink)
 
mtzimmer1's Avatar
 mtzimmer1 
Upstate NY
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Executed quite well today. Missed one trade due to not being fast enough. Nothing to sweat. I identified the setup in advance but price just moved too fast in my area of interest to allow me to execute and enter the trade.

Trade 1:
Trend Continuation
-Nothing was gonna stop this thing today. Panic selling is the ultimate manifestation of herd mentality in the stock market.
-Target level was a healthy distance away.
-I took two contracts off with aggressive trailing at the target. I kept one on as a "just in case" we bust through and keep on going.

100% execution.
I have no rules regarding additional entries because I am currently trading just 1 contract. I pretty much used the same strategy for each of the three entries today. Identify the area of interest and enter on a break in the area. I think this is what I will do when I am trading multiple contracts of the E-Mini's.




Trade 2: (missed trade)
Trend Continuation




Results:
1 win
+1.2R

Self-Eval:
100%
The YM missed trade happened so freaking fast that I can't even fault myself for missing it!

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  #138 (permalink)
 
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 mtzimmer1 
Upstate NY
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So far so good. Here is the first trade of the day. I have a feeling there won't be a second today but if there is I will update this post.

Trade 1:
Trend Continuation with a Counter-Trend Entry
-Trend this morning was up.
-We broke ONH weakly and then failed to the downside.
-As far as I am concerned at this point, the trend is still up but a deeper retracement is likely before realizing more bullish action.
-So I trade the downswings as if it was a down trend and then wait for a break in my AOI as I would with a counter-trend trade as opposed to just entering at my AOI.
-I trade one micro contract because price action looked kinda ugly and I didn't have complete confidence in this trade.
-First screenshot is what I saw before I entered the trade.



Results:
-Gas money for the month.
1.31 reward:risk

Self-Eval:
-I am not including this trade in my month results because I identified that it did not fit either of my setups explicitly BEFORE I entered the trade. My management was pretty close to perfect. I got slightly greedy towards the end and was hoping the floor would fall away. I trailed my stop loosely in the area I should have trailed aggressively. Overall pretty good execution today. I would say my best decision today was scaling down my risk, after determining the trade didn't explicitly fit within my plan.

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  #139 (permalink)
 
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 bobwest 
Western Florida
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mtzimmer1 View Post
-So I trade the downswings as if it was a down trend and then wait for a break in my AOI as I would with a counter-trend trade as opposed to just entering at my AOI.

AOI?

Everyone has their abbreviations, I just don't know this one.

Good trade today, good risk assessment.

Bob.

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  #140 (permalink)
 
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 mtzimmer1 
Upstate NY
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bobwest View Post
AOI?

Everyone has their abbreviations, I just don't know this one.

Good trade today, good risk assessment.

Bob.

Area
Of
Interest

I always forget that AOI isn't a common abbreviation. It's used regularly in the group of traders I converse with.

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