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Another OneUp Trader Journal Here!


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Another OneUp Trader Journal Here!

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  #1 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received

Ok so I think I have read enough journals and I am ready to start my own. I am currently in week two of the 150k OneUp Trader combine and I have ended the first week $3,265.00 in profit. I picked the 150k combine because I liked the daily drawdown and daily loss limit that is available to me after I get funded.

My trading during the combine is slightly different than what my trading will be once I am funded. As restrictive as the combine rules are they really fit my trading style because I am a conservative trader. I am playing the long game. I do not scalp or take more than a few trades per day. I have an ATM strategy set up in Ninja Trader that I use exclusively. I don't really use sell/buy signals other than my own visual verification.

1. I trade ES only and my summer targets are 16 ticks/4 points using 4 contracts only. That nets me about $800 per day before commissions. My stop loss is the same. I NEVER move my stop even though I may cut a trade before it gets to the stop.
2. Since I am intraday trading I only look at the US market overnight high and low and no more than 3 days prior for other highs and lows based on price action.
3. I don't really use buy/sell signals or RSI (I may add this later) or MACD trends. I do have volume and session volume profile bars just to see what price point has the most activity in general and if that price is a price where contracts were mostly sold or bought.
4. I mainly trade the US open from 9:30am - 11:am. If I don't see good price action and direction I will typically wait until 12-2 PM and look again or I call it a day.
5. I only look at 4 time frames. Daily, 10 minute, 20 minute, and 30 minute.
6. I enter all my trades on the 20 minute chart.
7. I am generally looking for timeframe continuum on all those charts. So if the 10, 20 and 30 minute charts are moving in the same direction and the bar is "pumping" I will enter the trade.
8. I rarely enter exactly at the open but usually I am in a trade within the first 5 minutes of the opening. But ONLY if all the timeframes are agreeing.
9. Again I am only looking to get 4 points on 4 contracts. If I am wrong and get stopped out I don't reverse right away. I will increase the contracts to 8 to try to get my money back and reach my daily goal.
10. If I am wrong AGAIN I stop trading for at least an hour or sometimes for the rest of the day.
11. Having a day job helps because if I haven't entered a trade by 11am I usually have to stop anyway and start working.
12. I will continue this way of trading for the OneUp combine then adjust it once I am funded due to the scaling target requirements.

I think that's it for now. If anyone is reading this let me know what information or screenshots you would like to see. My Ninja charts are extremely bare and not that interesting but I will still include a screen shot for my initial post.

I am not sure if I will posting daily or weekly but I will try my best to keep in consistent.

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  #2 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

Very cool, I will be looking forward to your posts. What made you think to increase your size after a losing trade? Do you just want to get back to even after a losing trade?

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  #3 (permalink)
 Bonem4nWalkin 
Phoenix Arizona United States
 
Experience: Beginner
Platform: TradeStation
Trading: Stocks, Crypto,
 
Posts: 9 since Feb 2021
Thanks: 9 given, 8 received


question for you, if you are shooting for such a tight Profit target and Stop Loss, why are you using such Chunky (for intraday trading) time frames?

if you are using a 20 minute chart to enter trades, you would have a really hard time seeing any shorter term volume structures; like where short term break outs may have happened or retests of certain areas.

It seems like your combine is going well, so I am sure there is something working with your strategy. I imagine your ability to be patient and not over trade is helping you out a lot there. I am curious to hear your explanation for trading on the 20 though.

I use a 233 minute candle chart for longer term context analysis, and a 10 minute for volume profile, candlestick analysis and vwap, but I enter my trades on a 987 tick chart so i can see where price is likely to bump against resistance or break out.

Alot of these combines have such strict daily loss limits so I have been trying to get filled in the direction of the trade idea with a stop limit. How do you go about entering on a 20 min?

Thanks for sharing your journey,

Cheers,

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  #4 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received


blackgrey45 View Post
Very cool, I will be looking forward to your posts. What made you think to increase your size after a losing trade? Do you just want to get back to even after a losing trade?

Yes exactly....this is mainly because of the combine profit target requirements. I want to get to $9000 in 20 days (before the next billing cycle) which came out to be about $450 per day. Now that I have a cushion I can probably go for 4-6 contracts after losing but doubling up has been working so far.

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  #5 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received


Bonem4nWalkin View Post
question for you, if you are shooting for such a tight Profit target and Stop Loss, why are you using such Chunky (for intraday trading) time frames?

if you are using a 20 minute chart to enter trades, you would have a really hard time seeing any shorter term volume structures; like where short term break outs may have happened or retests of certain areas.

It seems like your combine is going well, so I am sure there is something working with your strategy. I imagine your ability to be patient and not over trade is helping you out a lot there. I am curious to hear your explanation for trading on the 20 though.

I use a 233 minute candle chart for longer term context analysis, and a 10 minute for volume profile, candlestick analysis and vwap, but I enter my trades on a 987 tick chart so i can see where price is likely to bump against resistance or break out.

Alot of these combines have such strict daily loss limits so I have been trying to get filled in the direction of the trade idea with a stop limit. How do you go about entering on a 20 min?

Thanks for sharing your journey,

Cheers,

I don't necessarily look for breakouts because they're not always reliable as they can slide right back down. I am more so looking to trade within the range of the momentum. If you see from the screen shot...in the summer there aren't always a lot of points to get on the board. But I feel like I can *always* get 4. Now sometimes if I see it's really moving quickly I'll go for a longer target and move my stop up to where I would normally get out (16 ticks/4 points) and move the target to maybe 10 points. But ES in the summer is not forgiving so I don't do that often. You said that 4 points is a tight stop...4 points is $800 in the hole...I am not comfortable losing more money than that. I am not swing trading....I am day trading...and currently in the combine so I have a profit target to adhere to.

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  #6 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received

Today was a good day! Stuck to my trading plan and tried out adding on contracts while in a winning trade. Using the overnight high and low I could see that it was getting hung up around that orange line which also happened to be the POC line. So once it broke below the overnight low (the purple line) I sold. When it was almost at my 4 point target I started adding more contracts while in the trade. My thinking was this....if it reaches the target I'll increase my profit but if it doesn't and I need to cut it short I can do so at my daily profit goal ($800) that I set for myself.

Ended my day at 9:35 am EST with $925 in profit. I live to trade another day!

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  #7 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received

Also today the market kept falling once I exited my trade. But passing the combine is not about getting as many points and profits as possible but it's about staying CONSISTENT. If I would have went for more points then that would have thrown off my numbers based on the consistency rule. I would have possibly had to trade another large day and again that's not my goal because in reality this is still SIM. I don't need to get extra credit to pass the combine just need 100% on my test.

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  #8 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received

Today was an extremely choppy day. I lost my first trade, won the second one to break even then took too many revenge trades. I didn't hit my daily loss or drawdown but I don't like ending the day in red. My spouse had an ER visit last night, I slept for only 4 hours and I shouldn't have traded. Things I did wrong:

1. I woke up late, rushed to get my charts up and completely missed that "the move" happened at 3am EST (ES ran up about 30 points overnight)
2. It was choppy at open, and I wasn't patient enough. My target was off by about a tick then it slid all the way back down.
3. I should have stopped trading when I broke even. I could have made up for it later.
4. I noticed that if I get stopped out before 9:40 I am more likely to trade right away again...regardless of my signals. I guess I think that *I'm* too early for the move instead of the move maybe not being there at all.

Things I did right:
1. Always had my stop loss in place. Without that I probably would have let it go against me for too long.
2. Stopped trading before it got too bad. I wanted to jump back in many times but I am glad I didn't because I for sure would have lost my shorts.

I think I am going to just watch the market for the rest of the day.

I live to trade another day!

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  #9 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received

Lost the eval account today so I have to start all over. I am not resetting my balance because I didn't have 15 trading days left in the billing cycle so I am starting over paying the original fee.

The market today on ES was similar to yesterday. Nice 20 point run straight up around 3:30am but market opening it was extremely choppy. However I made a fatal mistake...I was so close to my exit (a few ticks away) that I doubled up on my ATM strategy. I was trying to make up for the loss yesterday but that was a bad idea. So today's loss plus yesterday's loss blew up my account.

Then in true trader fashion ES went for a 15 point run 10 minutes later.

Things I did wrong:

1. Noticed the indecision in price action at the open but still entered a trade anyway.
2. Doubled up on my ATM strategy.

Things I did right:

1. Nothing

I will resume trading tomorrow and I live to trade another day!

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  #10 (permalink)
Shakexo
Philadelphia, PA
 
 
Posts: 39 since Aug 2022
Thanks: 1 given, 28 received


Day 1 of the restart and I made $800 today. For the third day in a row ES went up 28 points in 20 minutes at 2am EST! I don't know if those are bots or what but it's frustrating. Today I learned from my mistakes and saw the price indecision AGAIN so I was patient. Once price got below the POC line and below 2 previous candles pivots (Using the strat) I entered. I know that is much too late for some but I was nervous that it would retrace again. I ALMOST doubled my ATM strategy and scaled in once it got close but I decided against it.

Things I did wrong:
1. Nothing

Things I did right:
1. Saw the run up at 2am
2. Took note of the price indecision and was patient on my entry.
3. Did NOT scale in even though I reeeeeeeeally wanted to

I live to trade another day!

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