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AJ's Journal

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  #181 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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This month, I plan on working on trades in choppier areas using pullback entries along with my
typical break of SR entries for more trendy situations.

Monday, 3-7-11 TF

Friday was a big selling day early and finished up with a bull rush at closing leaving price about the
same when I started trading at 8AM. Overnight was rangy.

The open started slowly as it tends to on most of the Mondays I have traded.

With the choppiness and consolidation happening, it was easy to implement my 5min wait rule and
Pull back entry strategy.

8:35 showed little movement and a volume of 3085 - Lowish volume.

Trade 1

I didn't see an opportunity until 9:11 when the bears were applying enough pressure to have me
take notice. I was waiting for a PB to the longer MA. I went in a bit early, it seems, and a quick additional
PB a little past the MA took out my fairly tight stop that I thought was far enough above the MA.

Stopped by 1 tick.... -11 ticks

The plan was perfect. I'm just not quite used to this trade yet. PA moved as expected for 2 points or so...

I was close on that one.


Trade 2


Ah, yes ... the old classic "chase" trade. Pure emotion I was channeling some serious live trading
demons on this one. The chase panic was followed quickly by greed, in that I had a 7 tick winner but
was stubborn when price stalled and I waited to fill the whole target

-2 ticks


Trade 3


My favorite "break of SR" trade, captured a full target. SR line to SR line... Beauty....

+17 ticks.


Up $ 40 for the day...

Poor execution on the new strategy and poor emotional control.
I'm glad I can still feel the emotions of live trading because this testing would not work without those
memories of chasing, losing... etc.


You must stay cool in this game, or you can't think... and that means you can't win....

1 trade at a time. When you lose, clear your mind and start with a fresh PA picture.

I'm close... I can feel it... just some timing stuff and emotions.

Good learning day.. ....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #182 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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After my "Normal" trades for my log, I tested out a little free form taking any and every trade I saw....

Keeping losses small and letting winners run... I just turned off my mind and hit the button....


hmmm....


Could it be also, that the morning chop was over with and PA finally started moving...


Perhaps the real lesson is - "Sit on your hands until Price moves"


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #183 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
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Broker: AMP / CQG
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I have removed some things from my charts / system...

Volume - I can find little correlation between volume and whether the day will be a big mover or not.

T&S - This just takes my eyes away from PA. What is represented in T&S is easily presented by PA.


...as you were


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #184 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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...huge sell off yesterday, with a rebound that started at noon which pulled back to about 50%.

Overnight was rangy and price was left 20 ticks lower than yesterday at 810.



I'm at a bit of an impasse with when to trade...

I like the idea of being done quickly (an hour or two), but when I review the previous days data
as I setup my SR lines, I notice I almost always miss the big moves in TF.

So I am going to try and be more patient and save at least one trade for later in the morning. I simply don't
have enough time to sit through an entire days worth of data searching for the big moves. I could run the
replay faster, but that will not help me when I go live again. I want it as close to reality as I can get. It is the
only way I can channel the emotional memories of live trading. The waiting is 75% of the game, it seems.
So I HAVE to feel the boredom, the anxiety of a pending setup and the short bursts of PA that move 20 ticks
instantly sometimes. Only real time gathers this info.


So... I'm stuck between wanting to stay in a trade longer ( waiting for a trend) or learning to scalp 10 tick
targets in more than ideal conditions...

I think the later will make me an overall better trader, but perhaps not a wealthy one

The key, I suppose, is being good at both. So, both I shall work on.


Trade 1

Price was compressing down just like yesterday, so It looked like the bears were winning.

I was torn between a pullback entry or a break out entry. Price was channeling a bit so I was
a bit wary of a PB entry. The first break of the day is almost always good for a few ticks, so after a
second failed break to the upside, I placed a sell stop just below the channel.

I was filled with good momentum, but price then stalled for a bit at 5 ticks. I hung in well
and waited for one more push down. Price stalled one more time at 10 ticks, about 10 ticks shy
of my SR target so I took profit. Something about the PA was making me feel uneasy.

+10 ticks.

Of course price went on to the target , but pulled back hard ,way past the MA. So my instincts on PA
was correct. Screen time, baby, screen time. The hours committed are paying off.

My daily goals are very conservative, so 10 tickers are good trades. I start out with at least 20 ticks
in mind, however, trying to keep my RR in the 1:2 ballpark.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #185 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,530 received

I changed up a few things prior to finishing this day's Replay.

I changed my EMA's to SMA's ... changed my 20 to a 15 and added a 5. I left the 50 alone.

Trying to see if I can set up some rules for better entries on Pull Back trades.

The scheme is the same.



Trade 2

Price failed short and started coming all the way back across the channel. It is always tempting
to jump in on these journey's, but I have been burned doing so. It is a good rule to have your
long term and your short term charts agree.

The MA was close enough to a SR line to wait for the breach of both (5min). The Range chart was
just hauling ass. The 5 minute chart placed me at the high probability zone, as it usually does.

+7 ticks

Can't seem to let them run today... of course price went on to the target SR line.
I don't know, when I close out quickly like this, If I'm being smart or chicken.

Maybe both... lol


Trade 3


I was really wanting to get into a pullback trade but i didn't see one I liked today.
Price broke free again, but I don't like taking BO trades out of sideways consolidation
so I waited. Price did pull back and surely would have stopped me out as it broke back
through small range channel and the MA. ( Thanks Mr. Screen Time)

I was tempted to take the second Pull Back move as it was leaving, but I don't like trading
out of a tight MA grouping either. (Jeez, I'm getting picky ... Thank you again Mr. Screen Time!)

I ended up waiting on my old faithful, break of the Prior high, for the last few remaining ticks
I needed to put me just over my Daily goal to cover commissions.

+5 ticks

Daily Goal Met

+ $220

I don't like the feeling of leaving money on the table, but the 7-10 tick range sure is easy.

The battle continues - whether to take profit at the first stall and be sure of cash or TRUST
that Price USUALLY proceeds to the next SR level and let it battle a bit...

hmmm

I've never felt this guilty about reaching my daily goal!! lol

Ohhh ... Let me soak in that good trading knowledge!! mmmmmm


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #186 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,530 received

I was finally able to get a pull back entry!!

3-9-11

Yesterday was a huge bull trend that was over by 11am. Price was ranging after that, even
through the overnight.

There was some steady selling starting from about 6am, but with some serious pullbacks
sometimes way past 50%.

Which brings me to a new entry rule.

I've been trying to figure out when to trade pullbacks and when to trade breaks.
This mornings PA seemed to spell it out for me.
If the pull backs are close to 50% or over, trade the pullback to the 50 SMA.
If under, trade the breaks. I like pull back trades alot, so this rule will get modified the
more I practice it, I'm sure.

Trade 1

Price was steadily moving down throughout the am. PA told me to trade the pullbacks.
Price at the open was not radical so I was in quickly with an entry that was closest to
the 50 SMA crossing an SR line.

I put in a quicker SMA to use as a filter for this bounce, but I was in a bit early for
this signal. When it bounced off the fast MA, I thought I was in too early, but it continued on.

I made myself take some serious heat on this one. Profit triggered my trailing
stop of 15 (triggered at 10 ticks), twice before I let it follow. I wanted to keep the
stop just above the swing high at my entry until I was sure Price had moved beyond it.

Price moved all the way to the target. It was a thing of beauty!! I was perfectly willing to let PA
come all the way back to my trailing stop, but I wasn't going to bail on this one. Price was moving
well and the support level looked strong.

+34 ticks

A record, by far, for me...

Profit target crushed.

One trade, out in 9 minutes.

I may never have another setup this perfect again, this early.

Except for the entry being a little risky, this is as close to perfect as I can be at this point.
I want more of these!!

I like pull back trades.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #187 (permalink)
 PandaWarrior 
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tderrick View Post
I was finally able to get a pull back entry!!

3-9-11

Yesterday was a huge bull trend that was over by 11am. Price was ranging after that, even
through the overnight.

There was some steady selling starting from about 6am, but with some serious pullbacks
sometimes way past 50%.

Which brings me to a new entry rule.

I've been trying to figure out when to trade pullbacks and when to trade breaks.
This mornings PA seemed to spell it out for me.
If the pull backs are close to 50% or over, trade the pullback to the 50 SMA.
If under, trade the breaks. I like pull back trades alot, so this rule will get modified the
more I practice it, I'm sure.

Trade 1

Price was steadily moving down throughout the am. PA told me to trade the pullbacks.
Price at the open was not radical so I was in quickly with an entry that was closest to
the 50 SMA crossing an SR line.

I put in a quicker SMA to use as a filter for this bounce, but I was in a bit early for
this signal. When it bounced off the fast MA, I thought I was in too early, but it continued on.

I made myself take some serious heat on this one. Profit triggered my trailing
stop of 15 (triggered at 10 ticks), twice before I let it follow. I wanted to keep the
stop just above the swing high at my entry until I was sure Price had moved beyond it.

Price moved all the way to the target. It was a thing of beauty!! I was perfectly willing to let PA
come all the way back to my trailing stop, but I wasn't going to bail on this one. Price was moving
well and the support level looked strong.

+34 ticks

A record, by far, for me...

Profit target crushed.

One trade, out in 9 minutes.

I may never have another setup this perfect again, this early.

Except for the entry being a little risky, this is as close to perfect as I can be at this point.
I want more of these!!

I like pull back trades.

That's my boy...good job....profit targets are bigger too!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #188 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,530 received

3-10-11 Thursday , TF @ 810

Prior day was fairly rangy with a nod to the bears.

Globex saw the bears still in control

Did I say that I may never see another setup as good as yesterday? The trading God's were
listening again.

After the success yesterday, I was eying the open very carefully. The TF is nothing like the YM at
the open. YM goes berserk! TF is almost always steady and focused.

There was steady selling pressure beginning at 6:45 cdt and didn't let off all the way to the open.
Pull backs were mostly less than 50% so I got ready for a breakout trade, for price never
reached the SMA 50 after 730am.

I waited for a few seconds after the open to make sure there was no trashing about and
then placed my sell stop just below support on the 5min chart.

Both Charts SR levels for entry and exit were dead on, a sign to me of strong levels.

Order was filled and never looked back. I was wary of placing my normal stop that would have
been just above the swing high at 811ish. I just left my stock 10 tick ATM stop in place, being
so close to the open. I had my finger on the close button and probably would have bailed on any
sign of a quick retrace.

Price Hauled ASS!! all the way to my initial target. It was moving so well, I moved my target down
to the next support level and pulled my trailing stop to just above the little PB at the first support
level

I exited when I saw the next pull back occurring near the next support.

+40 ticks.... are you kidding me. Another personal record.

I would like to say I was super tough and took all the heat Mr. Price could toss at me, but it was the
perfect break. It was all over in two minutes.

Profit target doubled

up $394 out of trading in 2 minutes.

When PA approaches an SR level near the open with steady pressure, I get very interested

So now i switch from "live" to SIM to test some entry / exits for a few hours...

Oh... I also changed my charts a bit to reflect my new outlook - "Bright , blue, clear skies"


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #189 (permalink)
 Big Mike 
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Nice way to start the weekend



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  #190 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,530 received


I think a serious light has gone off deep inside of my cerebral cortex!!

These are starting to become really clear.

Thank God for futures.io (formerly BMT)!! You saved my second career.... Trading!!!


Hey, that kind of rhymed... I should be in music!


Have a great weekend all!! I'm quiting before I learn something bad.

$5 bills in 15 minutes... a man could get used to that...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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