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AJ's Journal
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AJ's Journal

  #171 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
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Favorite Futures: NQ, YM and ES
 
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Big Mike View Post
What speed are you replaying at?

Mike


normal.... trying to keep everything as real as possible...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #172 (permalink)
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A little Practice

A little extra on 2-28-11 ....


Price started moving, so I thought I would try a few of my normal trades....

I was out of the hole quickly as soon as PA started moving....


This shows I simply need to wait for my game to come to me.....

Three for three, but I won't be entering them into my data base, As they would not normally have been
taken, in accordance to my plan of 3 trades only....

Just testing the ATM a bit more....

The plan is solid.... my mind is not...


as you were....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #173 (permalink)
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3-1-11


Replay of 3-1-11 TF

The previous days sell off ended with a buying rally that continued into the overnight. 3 am started another
sell off. 6am started some consolidation and that's were I picked it up...

Price started at 826 with a volume of 3275(a bit low)

Trade 1

My classic trade with a twist... I waited for a pullback this time after the break of support below the Prior
day close. exit at prior day open confluence with a support line. Price stalled just a bit before the break
which made me a little wary... the wait for the PB was a good call.

+11 ticks


Trade 2

A good trade down to the next support level, but I stayed in a hair too late and a strong PB stopped
me out at a BE +1 ATM stop... I was waiting for one more tick to hit my 10 tick target.
Maybe a little greedy on this one, but I do like the way a stayed in a positive trade a bit longer....

+1 tick



Trade 3

Entry on failed bullish bounce as it passed back through the prior day open and SR line confluence.
Locked in this time as it stalled just before the target.

+8 ticks


Up $ 172

Just below the daily target.... good with me.
25 minutes of good clean fun.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-3-1-11.png  
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  #174 (permalink)
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3-2-11

TF, Wednesday

Yesterday was a big sell off followed by overnight range bound PA.


Trade 1

Price was moving up steadily, pre- market. At the bell, the bulls seemed in complete control,
so I placed a buy stop above the range channel. Price broke through nicely and stalled at + 5 ticks.
The thought swept through to take the cash, but I've been trying to stay in trades a bit longer lately.

PA pulled back hard and hit my stop that I had below what was the nearest reasonable swing area.

-10 ticks

some good lessons on this one.

1. I think I will wait for the first 5 minute bar to finish before I trade. Things usually settle out within this
time and It will give me a good view of volume and PA.

2. Coming out of a longer range bound time I need to wait until after a pull back. I put this rule in
my TF rules list this time, because it has happened before.

3. I had a bit of bias because of the previous days selling. I PRESUMED the market was DUE for a rebound.


the loss was to be expected with all this in mind.


I may have to continue later ... have a session starting up soon...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-3-2-11_trade_1.png  

Last edited by tderrick; March 11th, 2011 at 09:45 AM. Reason: typo
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  #175 (permalink)
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3-2-11 Resumed

I didn't have time to post the rest of my trading the other day, so here goes...

Trade 2


At 9am it LOOKED (key word) like price was going to break out of the chop, so I entered just above the
prior entry high. Price stalled at 5 ticks or so and came back mildly. I had a well placed stop
below the swing low.

-20 ticks

I'm pleased with the way I let it battle... But I knew before I took the full stop that the trade was in trouble.

Lessons from these two trades... 1) When coming out of consolidation / chop, there must be proof of the
break out. This means not taking my normal entry just above the
channel, but wait until after the first PB.
2.) When the trade turns against me, I will bail more quickly. The signs
are there that price is not continuing up at that point. Re-Entry is
cheaper than a full stop.

Trades 3 and 4

The third attempt at the same break looked much more confident. I will remember this PA when trading out
of chop.

+5 ticks ( I was stopped out on a Trailing stop I was testing) I'm starting to think a manual move of the stop is
more wise. This way, I can move the stop to a more PA based area. I have had too many 10+
tick trades hit any type of BE +! or tighter trailing stop. I must let the trade Breath by at least
15 ticks or so.... Still working on this.

+11 on a re-entry of the same move.


Down $140


I must be very careful and Patient when Price is in Consolidation / chop mode.

Proof first, then entry... good lessons

I've been waiting for a week like this. Even though I have more winners than losers I am losing
money. Good experience...

Chart does not include the trades mentioned, only some trailing stop testing.
...premature closing of NT... the trades occurred at the top of the channel just after
the open.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-3-2-11_trades_2_-_3.png  

Last edited by tderrick; March 13th, 2011 at 03:40 PM. Reason: addition
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  #176 (permalink)
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The Sunday Reflection

I am going to start a weekly Sunday entry to document where my thoughts are in my trading.


1) I'm a bit torn on how long to stay in a trade.
Seeing as I only need 20 ticks a day to earn a living at this, I am beginning to second guess the
need of staying in through the first Pullback. I was more successful when I took profit the second
price turned. My Method almost always produces at least 5 ticks. This coming week, I will go back
to this method. I was three for three, many times with this pure scalping method.

2) From now on, I will avoid taking full stops at all costs. The strategy above should resolve this, as
I will be out of the trade at any sign of PB.

2.5) The above strategy will also remove trailing stops, which drive me nuts... I would much rather
be all in or all out to let PA breathe, but you take a chance the longer you stay in....


3) Re-entry is much cheaper than any full stop.

4) For now I will stick with the 3 trade rule. Eventually, however, I will need to expand this to
help dig out of a hole, if need be. It is great for learning patience, however.

5) I will start keeping some data on Pre-open trading to see if this is viable also.

6) I will focus on tick count and not how long to stay in a trade. Get the cash and get out.

All right, let's nail down a method so I can get back to live trading.
I think I'm close...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #177 (permalink)
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3-3-11

Thursday

Price at 816 with volume at 6030.


Prior day was big rangy with a steady bullish move overnight.

Trade1

PA was almost pure sideways consolidation. I've seen this before and Price typically
continues on when this happens.

I watched the 5 minute bars closely in the minutes leading up to the open. Bullish pressure was
steady following a pretty large failed selling bar.

The channel top was a confluence of a SR line, so I made up my mind to place a buy stop two ticks
above this area if PA warranted it.

Price moved up confidently at the open, but not jerky. I placed the Buy Stop.

Order hit and went to 10 ticks quickly, triggering my +1 BE strategy to help me if price
hammers down quickly. My finger was on the close button immediately, but price went sideways and
not down. I moved my stop right below this area for some certain profit, but willing to let the trade
work to fill the rest of the order up to the next resistance area. Bingo.

+19 ticks


Trade 2

Price pulled back a bit and I was content to wait but PA didn't let me rest long. There was a bounce off
my 50 EMA and I could hear Jinhar in my ear saying "look, a beautiful Golden A setup" but, I don't quite
trust that trade yet, so I waited for my trade. The break of the previous high.

Price started moving up well after a higher low on my 4 range chart (where all my entry / exits are Placed)
so I placed the Buy stop 2 ticks above the previous high. Price moved through wonderfully and quickly hit
the fairly tight target I had set at the next historical resistance.

+5 ticks

Price kept moving hard and there was more money to be made, but I don't need that money.
All I need is the $200 a day I need to live... so I call it a day.


Goal met with two trades and 15 minutes today...

I was well rested and highly focused.


What I don't like about today is the rules I just set for myself were bent.

The "5 minute wait rule" was left behind as soon as I saw the smooth PA.
The "take profit as soon as price stalls rule" was bent because I didn't "feel it" and I had my BE +1
strategy kicked in to insure no loss...


The rules Have been modified to reflect todays lesson. Both rules will apply to "Heavy Chop" days only.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-3-3-11.png   AJ's Journal-3-3-11_4_range.png  

Last edited by tderrick; March 13th, 2011 at 07:03 PM. Reason: content
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  #178 (permalink)
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Jinhar

This is the Jinhar "Golden A setup" I was speaking of previously... It seems to work most of
the time and when It doesn't the stops will be very tight. I'll add this to the arsenal when I get a little
cash built up.

Used along with the larger 5min time frame. Both charts must agree....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-jinhar.png   AJ's Journal-3-3-11.png  
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  #179 (permalink)
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

End of 4th Week of TF Test

3-4-11 TF

Prior Day had a nice 20 point move to the upside.

Overnight was consolidating and choppy as was to be expected.

PA found my 5 min wait rule and my wait for pullback rule come into play.

8:35 found a Luke warm Volume of 4000 at the price of 828.


Trade 1

Well executed... wait for the Pullback and enter on proof of continuation. Target filled just under SR line.

+10 ticks


Trade 2

Not clear thinking here.

It was a moment of chop that I mistook for sideways consolidation which usually lets price move on.

I entered on a break of the low and Price reversed quickly. I think when trading this type of PA, most trades
need to be pullback related.... more practice needed here.

-13 ticks


Trade 3

This is where I'm not very good yet.

The trade should have been the bounce off the upper SR line and enter at the cross of the MA's but
I haven't Had much practice at these so I waited until my normal break of the prior swing low.

I actually used to trade MA breaks, but got away from it. This PA may warrant another look.

This trade actually worked for 7 ticks, but I was so tired (Replay after a day in the studio), I
completely forgot to look at the 5min chart while I was in the trade. The 5min clearly showed a bounce
off an SR line. I always have my targets on these...

It's cool... I'm still learning to look at two charts... from now on, I will look at both as I am filled
and move my target to the closer SR line of the two charts.

A +7 tick winner turns into a -10 tick loser... Maybe due to fatigue... maybe cause I'm not very good yet.


Down $106 Not bad. I was tempted to trade on, but I really like the 3 trade rule for where I am
in my trading. I don't thing I could have achieved the monthly total a have without it.

I will trade some more, strictly as practice, in this type of PA after I enter all my "Real" trades into
my Data Base and Journal.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Attached Thumbnails
AJ's Journal-3-4-11.png   AJ's Journal-3-4-11_5_min.png  
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  #180 (permalink)
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Futures Experience: Intermediate
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

First Month Totals for TF Test


This is the end of the first month of testing the waters of the TF.

Here are a few numbers.

40 winners
15 losers

I like that...


AVG Win $76.75
AVG Loss $ 116.67

I don't like that...

Total Profit + $1,164


If I can repeat these results for another month, I should be ready to go live again.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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