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Jagui's journal to freedom
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Jagui's journal to freedom

  #1 (permalink)
Elite Member
Italy - Roma
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: IB
Favorite Futures: Index futures
 
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Posts: 195 since Jul 2010
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Jagui's journal to freedom

Hi readers, this is the start of my trading journal.
I'm doing this to help me become a better trader and to win over my weaknesses.
I'll share my trading setups, hoping they will be useful for someone else.

A little bit about me:

  • born in 1972
  • university degree in statistics
  • started working as a software developer in 1997
  • started trading the stock market in 1998, during the internet IPOs period
  • started my market research small business in 2001
  • started day trading futures in 2003
  • spent all my money to buy a house in Rome in 2005
  • then traded forex spot with penny money
  • now I can afford to trade futures again

My goals are:

  • identify my trading weaknesses with the help of this journal
  • share and discuss my setups
  • become a profitable part time trader
  • close my business and become a full time trader

Then I'll be free, without customers to please, without strict working hours and holidays and the rest.
I hope I'll be a better person too, with some time to help others in other fields than trading.

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  #2 (permalink)
Quick Summary
Quick Summary Post

This post will always contain un updated list of the most relevant posts of this journal.

Posts explaining my trading style:

My template
Slingshot setup
MOF setup
First pullback setup
Doh! setup
A note on price action and indicators
My rules

Posts explaining my progress into successful trading:

The premise
My weaknesses
Discipline?
A bad day
A good day


Last edited by jagui; September 23rd, 2010 at 05:14 PM.
 
  #3 (permalink)
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In the heat
 
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Good luck on the journey. I will be looking forward to seeing your progress as well as how you overcome the struggles we all face.

Cheers....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #4 (permalink)
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Posts: 195 since Jul 2010
Thanks: 248 given, 278 received

As I said before, after spending all the money to buy a house, now I can afford to trade futures again.

I'm trading an account at Velocity in my spare time, without much organization and planning, just to get my hands back on futures.
I've been trading forex spot during the last three years, using very little money, just to improve my setups and to keep me trading something. I managed to do an average monthly gain between 5% and 10% during the last three years, this was my target.

I believe to have an edge as a discretionary trader. I have a few setups developed during many years of trading.
My main weakness is lack of discipline, meaning that I often take trades without a clear setup, because I'm bored or for other reasons.

I'll trade only real money, no demo account.

In the next posts I'll put together my trading plan and then I'll following it day in and day out, at first on a part time basis, then, when I'll feel confident enough and the numbers will support this, I'll become a full time trader.

I know I will do it. I've got no doubt about it. I'm young and strong and I'm going where I belong ;-)

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  #5 (permalink)
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Posts: 195 since Jul 2010
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Let's start by talking about my setups. But first a clarification: I believe setups are not the most important thing in trading, mental skills and toughness are.

By mental skills I mean being able to read my state of mind in realtime, and being able to change it to quickly get in the zone as needed, to reset after every trade, to shield my mind from negative and/or excessive thinking. Thinking too much is an easy mistake to make when trading, the boundaries of thinking should be clearly defined prior to start trading... a bla-bla-bla in my mind is a sign of weakness, and I must be tough, cause I'm here to take other people's money.

Two excellent books on mental skills are:

  • Trading in the zone, by Mark Douglas
  • The new Psycho-Cybernetics, by Maxwell Maltz and Dan S. Kennedy

The attached chart is my main trading template, with explanations on it.

I also use other templates when trading, but they don't need explanation:

  • a basic chart with VWAP and his bands, developing POC and value area
  • a chart with my main template and other S/R levels, such as Murray Math, and previous day POC and value area

Attached Thumbnails
Jagui's journal to freedom-template.png  
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  #6 (permalink)
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Posts: 195 since Jul 2010
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Setups

In the following posts I'm going to show my setups.

They are:

  • MOF (Money on floor): first retracement after the beginning of a new trend
  • Slingshot: further retracements after the beginning of a new trend
  • First pullback: variation of MOF

I also trade double and triple tops/bottoms and a discretionary trade based on VMAs (which I'm yet to find a name for).

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  #7 (permalink)
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Slingshot

A slingshot is a retracement after a trend is first established. Price should bounce at the VMA and resume the trend.

When the trend is strong, price will bounce almost exactly at the VMA and resume the trend, see chart 1. The BLINE (Stoch 35,10,1) should be over the 80/20 level (or very near) and the faster Stochs and/or the %R should go briefly in the opposite direction and come back up (or down).

When the trend is weak, the price will break the VMA in the retracement and bouncing from the WMA, EMA or another level of S/R. The setup is confirmed when the VMA is penetraded again in the opposite direction, see chart 2. In this case the BLINE should be above 50 (for uptrends) and the faster Stochs should reach the 20 level (for uptrend) and reverse quickly.

Attached Thumbnails
Jagui's journal to freedom-sling1.png   Jagui's journal to freedom-sling2.png  
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  #8 (permalink)
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MOF

MOF stands for Money On Floor, it represents the first pullback that could start a new trend.
It is rare and difficult to spot, but it is usually very rewarding because it catches the start of a new trend.

For a long MOF, the current trend should fail by making a higher low (in a downtrend) instead of a lower low. Then price should go up and cross the VMA, starting a new trend, see attached charts.

The BLINE should change direction and go up fast, while the faster Stochs should make a brief pullback and turn up.

The opposite is true for a short MOF.

Attached Thumbnails
Jagui's journal to freedom-mof1.png   Jagui's journal to freedom-mof2.png  
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Thanks: 248 given, 278 received

First pullback

Since a good MOF is rare, but new trends start often, one method to trade the possible start of a new trend (up) is to simply buy the first pullback on the VMA or the WMA after price has crossed the VMA from the downside.

In the attached chart you can see:

  1. price is in a trading range (or downtrend), below the VMA
  2. price crosses above the VMA
  3. price pullbacks to the VMA/WMA
=> buy this pullback and expect a move up.

Attached Thumbnails
Jagui's journal to freedom-fp.png  

Last edited by jagui; September 2nd, 2010 at 08:14 PM.
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Just found this thread, I wish you luck I will follow with interest.

BTW are you Italian by birth? Although I am Australian, my granparents were from the north around Torino

Grego

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