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Trading PATs - ES + Currency Futures


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Trading PATs - ES + Currency Futures

  #1 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Hi Everyone,

I'm creating a trading journal for myself to track my performance on the Currency Futures (6E, 6C, 6J, and 6B for now) and ES. The strategy is PATs - focused on 2nd entries on trend days, and fading extremes and breakout pullbacks on range days. I like the currency futures because of their relatively cleaner charts and setups, with less noise than the ES or other larger futures markets, and the ES has good volume for multiple small scalps and occasional runners for me!

Entry: After finding a 2e, extreme of range, or breakout pullback, I look for a good, small signal bar, and entering with a limit order after it goes one tick above my signal. The price usually pulls back at least a tick so I can get a slightly better entry than using a stop order.

Exit: 2 contracts: 4 tick scalp + runner, managed by trailing the low/high of the last bar.

I am still working on trade discipline in regards to when to stop trading for the day. The system now is after 4 points or $200, I close out and switch to SIM, and if I end up losing on two trades for a 2 x $100 loss + commission I’ll switch to SIM for the day too.

Today’s trades were 2-1, with an overall profit of x points. However, the day was a loser because I over traded and made some risky and dumb trades on GC and ES. (Hence moving away from those larger markets for a while).

Trade 1: 6C 1st entry short

Winner - 1 point scalp and 3 point runner
Entered with a limit sell after prices broke one tick below the signal.

I didn’t manage the runner perfectly. I was trailing the top of each last bar, but seeing the small low I hesitated to move my stop. Then prices moved past it upwards and I was stuck. Manually closed out.

Trade 2: 6J 2nd entry short

Winner - 1 point scalp and 2.75 point runner
Standard limit entry as

above. I managed the runner well and got out nearly at the bottom of the move.

Trade 3: 6E 2nd entry short

Loss - 1.5 point stop loss
I entered with a limit after prices broke a tick below the signal bar, but the prices moved fast and when I got in, they had already moved to 1.25 points below and back up. I shouldn’t have entered based on this and the fact that the signal bar was a doji.
It was also a terrible second entry - I started the count a while back and used the congestion as the midpoint between the first and second leg. Not a convincing setup.

Overall p/l: 7.75/1.5 points = 6.25 pt day (Minus some losers on other market setups. Ditching them for now...)

Some last reflections: I’ll work on having a checklist of entry conditions that I have to mentally go through before taking trades. Many of my losers could have been prevented if I just sit on my hands and wait for a better setup. Focusing on the 6X + ES markets will help me narrow it down to only looking at a few charts throughout the day. Hope tomorrow the diligence stays put.

See you later!
-pullback

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  #2 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Looks like the images got messed up. Will work on that for next time lol. The order arrows still make it clear which trade is which.

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  #3 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14


Friday, November 7th 2020 update:

Hello everyone! Traded the MES through the ES chart on SIM today, for a total of 3.25 points. 5 contract size, with 3 scalps and 2 runners. Only took two quick trades in the morning, about 10 minutes apart.

The first trade was a 2nd entry long after a nice uptrend broke and went into a small congestion range. I figured the 2el would come back to test the uptrend. 3x 1pt scalp and took out the second contract at 2x 1pt as well.

The second trade was a breakout pullback long after prices broke out on the downside of a range. Nice signal bar. Got 3x 1pt on the scalp and stopped out at breakeven + 1 on the 2x runners.

Stats:
2 trades, 2-0
P/L - 3.25/0 pts

Image attached below.

See you on Monday!

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  #4 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Monday, November 30th 2020 update:

Took three trades today. Ended +$160!

Trade #1:
RTY - Took a 2el for 1 pt scalp and got stopped out at breakeven + 1 on the runner.

Trade #2:
ES - Took another 2el, but right after some congestion. I got lucky for the point and stopped out at BE + 1 again.

Trade #3:
RTY - 2es on a downtrend, with a 1 pt scalp and runner after trailing at the last bar close.

Stats:
3 trades, 3-0
P/L - ~4.4/0 pts

Images attached below.

See you on Tuesday!

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  #5 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Tuesday, December 1st, 2020 update:

Took four trades today with a rough start - 2pt loss

Trade #1:
6E - Took a 2es right after a long uptrend full of 2els, and I had a thought that it might stall finally. Still went in too enthusiastically. -2 pt loss.

Trade #2:
ES - Took a 2el which wasn't a perfectly defined one, but had two clear legs down and a double test of the bottom channel. Got 1 pt scalp, and BE + 1 on the runner.

Trade #3:
RTY - Prices went back to almost the top of a downtrend range, so I took a 2es and got the 10 tick/ 1 pt scalp and BE + 1 on the runner. The price moves so much, its been stopping my runners out a lot. I will experiment with having the runner move to BE - a few ticks, or .5 pts to give it more room but still lock in a breakeven.

Trade #4:
6E - As I expected, 6E went into a little congestive range with a slight downtrend, so I took a 2es with a very bearish signal bar. I entered, and my ATM strategy wasn't selected! So I was in the trade naked - closed out manually at market, which locked in .75 pts (slippage) x 2 contracts = 1.5 pts.

Stats:
4 trades, 3-1
P/L - ~4/2 pts - comms etc made today only +$15. Beats a losing day!

Images attached below.

SIM time. See you on Wednesday!

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  #6 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Wednesday, December 2nd, 2020 update:

Took three trades today for a losing day. 4.5 pt loss

Trade #1:
RTY - RTY was on a downtrend, and prices broke the ranging downtrend channel. I took a 2es with a large, neutral (still, red) signal bar. Stopped out for -2.5 pts. Ouch. Could've been avoided because a. shorting above EMA b. neutral signal bar c. break of channel therefore channel may act as resistance.

Trade #2:
RTY - This was definitely a revenge trade. A new signal bar with a clearer 2es not more than 10 minutes after trade #1 - still, above EMA and without any sign that the prices were going back to the channel. Should have actually gone long - prices bounced off the EMA hard to the upside. Stopped out for -2 pts.

Trade #3:
ES - Accidentally used my real account on a 2es above EMA - another break of my rule. Exited quickly for +0 and +.25pts, so really a scratch trade. Included it because I need to learn to double check which account I'm on. The trade could have easily broke my max daily loss limit.

Stats:
3 trades, 1-2
P/L - .25/4.5 pts - big loss day. Ate up the last two days of gains.

Image attached below.

I'm rereading my trading plan - noting my rules on trading on the right side of the EMA, good signal bars only, and clear trend/ranges ONLY. RTY's ATM strat may have to change to 1:1 based on signal bar. That might work better. We'll see.

See you on Thursday!

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  #7 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Thursday, December 3nd, 2020 update:

Took 3? trades today - all losers - terrible trading from start to finish. Lots to work on. All three markets were in a range congestion this morning, and I was attempting to fade the highs as they pulled back. Lots of noise and bad picking of tops stopped me out. I think ranges are extremely hard to play for me right now in terms of knowing when the extremes or breakouts start to fail. Not going to list the trades but I'm coming back with a clearer head and looking to play my strengths in trend days next time.

See you on Friday!

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  #8 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Took one more trade today. It was a good one. ES - after a double top on the all time high and congestion at the area, prices broke below the EMA and set up a 2es, where I went short for 2 contracts and got my 1pt scalp, and a nice 2.75pt runner for a total of ~3.75 points, $212!

See you on Friday - no more today.

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  #9 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14

Friday, December 4th, 2020 update:

Took seven(!) trades today for a breakeven day.

6E Trades: All 2e's. 3 1 pt scalps and 3 BE + 1's.

ES Trades: ES went into the all time high (ATH) area, so I was looking for shorts. Had two bearish signals, both for 1pt scalp and BE + 1 (wrong marking on chart of 1pt runner, I believe both were just BE+1 trades)

RTY Trades: Got a textbook 2el off ema with a beautiful signal bar. Took my 1pt scalp but stopped at BE + 1 as usual. Then my big loss for today - saw an ATH on RTY with a bearish signal - but it was too large and an inverse signal (blue/green when looking for a short, despite being bearish in shape), so I shouldn't have taken it. Additionally, looking back at past ATHs, I should have noted that it was not rejecting the ATH's like ES was. Got stopped out. - 2 pts

Stats:
7 trades, 6-1
P/L - 7.5/2 pts

I should note I overtraded in the morning on micros prior to switching to the real markets - and got chopped up. Gonna stop trading from 9:30-9:50, and either just watch or SIM.

Images attached below.

See you on Monday!

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  #10 (permalink)
pullback
New York, NY
 
Posts: 40 since Nov 2020
Thanks Given: 2
Thanks Received: 14


Images!

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