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TradeTheBar Daily Journal

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  #1 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received

I day trade Stocks and Futures, specifically the mini/micro indices, and Forex. I trade part-time with the goal of transitioning into a full time trader. I aim for $200 per day with low risk. I do also swing trade on occasions using the micros. I use squawk news, trend lines, channels and VSA for my trading decisions. I have studied and few teachers for both VSA and market structure. I trade with IB and Oanda. I trade small so I can lose small


Recently, I have moved into trading day charts due to changes at work. All is still the same expect the size of bar, stops and targets.

So, I am now back to intra-day trading but using the 60M bars. The hourly bars seem to show clearer picture and reduce my urge to overtrade. I trade full time to make $300 per day, on average. I only use Support/Resistance, which are based on an indicator and statistical calculations using Excel. My levels are set at the weekly open ( Sunday night/Monday morning) and do not change until the close of Friday.
K

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  #3 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received




I tried a trade on the micro Russell today. It was very small ( 5 lots) and for few ticks. I just wanted to see how it moves. It seems to have a good range and may try it again next week. The trade above was an upthrust set up.



Here are my ES trades. I did not take any MES since I was not planning on holding anything over the weekend. Again, it was not easy trading today and there few very good set up the I missed since I was very cautious.





I am still holding my Forex trades and did add one additional pair, CADJPY-Long.

It was an okay day but I am looking forward to putting the tariff news out of the way in order to focus on the charts. No news trading today, since there was not much to trade off. I was up $102 total for the day and very small on Forex ( FX trades are very small lots).


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  #4 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received



Here are my FX trades. I got stopped out of CHFJPY with -60 PIPs and holding the other three with mixed results. The CHFJPY was up nicely at the Sunday open, but it did not reach target ( 2/1 RR). I am very small on FX and trying it on the VSA 60 minute charts.



I had missed the first set up ( on top). It was right at the open and I hesitated for few seconds, which all it takes during the open. That set up had a re-test and established trend line, which could have easily gave me 2 points. I also canceled a sell at 80.75. I did take a long few bars after that on an OS Channel/Vol, on a bullish day ( at that time). That trade was good for +2.75 points.



The second trade was easy to take as well. A wide Spread, closing at the lows, easily breaking major weekly support on volume. The market was moving fast and I was in/out at market for +1.25. Also, daily support was right below me.



I also tried small size spread trade; (buy) MNQ (sell) MYM as the pair gets "out of norm." These trades tend to take a while, but risk is lower than an outright. The trade started to go my way toward the end of the day and I bailed for small profit since it was EOD and goal ( of $200/day) was made.




Over all good and low stress day with very low draw. No mistakes today.

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  #5 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received

I think it maybe easier to keep a separate FX log. Here is what is going on with my Forex trades so far.



Trend line for CADJPY seems to be holding so far. There is nothing to do but wait on this long.



There seems to be long term support for EURJPY here that might hold. I also noticed a cluster of closes, which is bullish here. Any close below and the stop (dash line below) will be hit for sure.



I have not idea what to think of AUDNZD, buyers seem weak, but nothing very clear. No change to stop, for now.


No new positions for now.
K

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  #6 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received





I am stopped out two FX trades EURJPY and AUDNZD. Both with about 40 PIP stop. Again, very small lots of $1000. Total loss is around $9. I usually trade (scalp) FX of non-event news, with better results. I am still holding CADJPY at -20 PIPs. I will not add anymore FX positions this week due to upcoming holidays. Also, may go back to FX news trading only.

K

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  #7 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received

Here are my daily trades:



This was an Overbought (OB) channel, test of Prior close, as well as an upthrust of the pre-market. Plus it had decent resistance at 69-70 close by. It was good for two points +$96 ( $100-commissions).







The second was a Pair ( NQ/YM) trade that yielded $50.



I could not take anything else after that as price action was hard ( for me) to read/trade. Plus I had other work obligations that needed my attention. I Ended up the day with +$145, which is very good for a day like today. It looks like the rest of the week maybe be the same.

K

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  #8 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received

I did not trade the ES today and if I did I would been short biased and would have gotten killed. But in hindsight ( if I may add I have been very profitable in hindsight; not a losing day yet! ) and if I had traded the bars with NO bias, here few possibilities.




Setup # 1: A close above two resistance, the bottom channel and the other green trend line. Bar closing at the highs with okay volume. Risk would been a bit high, but could been tighten quickly.



Setup #2: A retest of support and channel again. This trade would been take at the wide spread bar, closing at the highs with high volume.



Again two trades that I watched move nicely without me. The good news is that I did manage to take one YM/NQ spread trade for +$50. I may start increasing size on these trades, or move up to the mini contract. Here is the trade ( capture of the open and close of the spread) below:







Happy 4th to all my US friends .

K

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  #9 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received

I am still holding my long CADJPY at around 30+ PIPs. It was very close to a stop last week, but did make it back up. The channel seems to be holding well so far, but sellers are also clearly present. I will move my stop later ( as we break into new highs) to lock in some profits.

No new FX trades until next week.





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  #10 (permalink)
 kareem40 
Market Wizard
Dallas, TX
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 662 since May 2010
Thanks: 1,873 given, 878 received


Here are my day trades today.



Three trades, first was the ES on the break of the employment report. Even though it make a one point, it was an impulsive and stupid trade. I do trade off the news, but usually it is breaking news/unannounced, never major planned events. I just got lucky! After that trade, I become very cautious and decided more ES trades for today. If I were trading the ES, there was on great set up below, with risk close by at 2969. My guess is that it will test the long term TL ( there as I post this) before dropping again.



The other two trades were spread trades. Below is the chart for both set ups. The blue vertical line is the initial entry ( 3 Micro lots) and purple is when I ( not always) add one additional lot. Yellow line is the exit ( usually at $50-80). Each trade made about $50 and very little risk.

I am up $154 for the day, which is very good since I did break my rules and made a mistake.



Have a great weekend,
K

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