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CW's ES Price action trading Journal
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CW's ES Price action trading Journal

  #1 (permalink)
Elite Member
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CW's ES Price action trading Journal

After months of paper trading and now I decided to put my log online too (I have been logging my trades since beginning testing). This log will end when ESU0 expired, which I will start trading with real money.

The method I use is price action. The original trading plan was base on eyeballing years of ES intraday charts. It has been modified base on my feedback with live trading. This is now finalized and I am putting it in the real world test.

The plan:
Method: Price Action
Indicator: 20EMA, but ignore most of the time.
Instrument: ES
Trading Hours: 9:30 to 11:00 AM EST, sometimes 11:30 AM
Risk: 2 Pts
Target: 3 to 4 PTs, will increase if there is a high probability of a measure move
Auto Breakeven: still debating whether to use trialing last 1/2 bars or breakeven after 6 ticks profit.
Scaling: Will only scale in
Backtest: Eyeball setups for 3 to 4 years of ES intraday charts. Then live trading in SIMS for 2 to 3 months.
Trade Setup: Price action. General price pullback and breakout.
Entry order: stop market to entry 99% of the time.
Commission: $4/RT
Chart Setup: 5 Min chart for entry, 30 min and daily chart to see the bigger trend

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  #2 (permalink)
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  #3 (permalink)
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8/23/2010 Result


Trade 1: It was a mistake. This was a channel overshoot follow by a bull climax. I should be looking for shorting instead of buying. The 2nd attempt short did come right after my entry bar, which happened to be another climax bar. The trade did went up 2 points, but I didn't put my stop to breakeven.

Trade 2: L1, first pullback on very strong bear. Must sell. I was thinking to aim for a measure move, but cannot determine where the measure will end. Therefore, I leave target at 3 points


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  #4 (permalink)
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Nice job so far with the details and the charts. Looking forward to more!



Mike

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  #5 (permalink)
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Since you are using Ninja Trader you can set up commish for the sim account too. Go to Control Center>Tools>Options>Commision look for Futures-Simulator

Good job on the log

You might want to checkout the Brooks Price Action thread and webinars if you haven't already.

Laserdan
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  #6 (permalink)
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8/24/2010

I still need a lot of work on my stop. Like I said on my plan, I am still debating whether to use auto breakeven or trailing by 1 or 2 bars. Most like will use trailing by 1 or 2 bars. Feed back are welcome.

==========
Trade 1: It was a mistake. I was telling myself that the low could have been in and should go long. However, there was no sign of bull have any strength yet. Worst, all charts are pointing lower. It could be a spike and channel setup. Shortly after my entry, the price pullback and it convinced me to exit. The price did took off and I would have my 3 points if I didn't exist. The low did got in too

Trade 2: Strong follow through on breakout. My research tell me that there is a high probability of a measure move. I enter on breakout of the high of previous bar (the followthrough bar). However, my entry bar formed the second tails which triggered my exit rule. I exit 2 ticks below the high of the second tail.

Trade 3: H1, HL. Adjusted stopped to breakeven + 1 after 6 ticks profit and got stopped out. Look like there will be more up room.

* I was thinking to go short on breakout of bar 4 low, but price has been trading really tight. I was also thinking to go short on bar 5, strong breakout, however, news is releasing in 5 minutes.



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  #7 (permalink)
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8/25/2010

Trade 1: L2 after gap down. 1st attempt going down was from previous bar. It was also a failed breakout

Trade 2: I see this as a H1 buy, however, after closer look (after I got stopped out), the bear inside bar is really big, almost the side of the strong bull bar. The H1 setup should have small bear bar, not big one. This could be the lower high

Trade 3: I see this as a HL, and a failed breakout to the downside (outside bar) so I entered on breakout. But it does look like a trading range now. 3 overlapping bars, 4th included my entry bar.


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  #8 (permalink)
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cw30000 View Post
After months of paper trading and now I decided to put my log online too (I have been logging my trades since beginning testing). This log will end when ESU0 expired, which I will start trading with real money.

The method I use is price action. The original trading plan was base on eyeballing years of ES intraday charts. It has been modified base on my feedback with live trading. This is now finalized and I am putting it in the real world test.

The plan:
Method: Price Action
Indicator: 20EMA, but ignore most of the time.
Instrument: ES
Trading Hours: 9:30 to 11:00 AM EST, sometimes 11:30 AM
Risk: 2 Pts
Target: 3 to 4 PTs, will increase if there is a high probability of a measure move
Auto Breakeven: still debating whether to use trialing last 1/2 bars or breakeven after 6 ticks profit.
Scaling: Will only scale in
Backtest: Eyeball setups for 3 to 4 years of ES intraday charts. Then live trading in SIMS for 2 to 3 months.
Trade Setup: Price action. General price pullback and breakout.
Entry order: stop market to entry 99% of the time.
Commission: $4/RT
Chart Setup: 5 Min chart for entry, 30 min and daily chart to see the bigger trend

Good luck / good trading

Andrew

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  #9 (permalink)
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8/26/2010

I was at BJ this morning with my mom and didn't get back until 10. If I was home during the opening, I would short the close of bar 1. It is a strong bear bar and it's on top of the channel.

Trade 1: 2nd attempt to go down. This is also a 2nd failed breakout. I exited after 2 tails (my exit rule, need to adjust this). However, price collapsed after I exited. Maybe I should scale in on breakout instead, but the bar is a doji


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  #10 (permalink)
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8/26/2010


Trade 1: T1B, top of the steep bull channel. Very strong bear bar

# 2: I was thinking to short this because it is a L1. However, consumer sentiment just released and I know there will be big swing. In additional, uncle Ben is going to speak in the next few minutes so expecting more big swing. I know I am not ready for this so I stay away from the market. Even if I did short, I probably got stopped out at B/E + 1.

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