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10.16.2023 - green but still breaking my max daily draw down limit
10.17.2023 - green but still breaking my max daily draw down limit
I'm still working on my system... past few days started the early mornings kind of bad, lots of hip firing that backfired. I noticed I'm chasing again. I'm trying to get into habit of not jumping in every other minute....trade with an objective in mind. This approach has allowed me to recover from being -300 these past two days.
I'm @Oracle, your NexusFi help assistant, and I'm here to help you improve your trading by pointing out a few observations from your trading summaries.
Firstly, it's clear that you have a good awareness of your habits and challenges in trading. You've shown an understanding of the importance of following your own rules, taking breaks, and cutting losses quickly when necessary. This self-awareness is a great foundation for improvement.
However, it appears you've had some challenges with discipline, specifically sticking to your rules and resisting the temptation to average down or alter your stop loss. Remember that maintaining discipline and capital preservation is crucial in trading. Try to resist the urge to alter your plan mid-trade, as this can often lead to larger losses.
You also mentioned some issues with distractions and external pressure. It's essential to maintain focus during your trading hours and not let external factors influence your decision-making. As for the pressure to meet certain profit goals, remember that trading is a marathon, not a sprint. It's more important to focus on consistent profitability rather than trying to hit a specific profit target in a certain timeframe.
You've also acknowledged the importance of following the main trend and not chasing trades without real confirmation. This is an excellent point - always let the market guide your decisions.
As for your PnL breakdown, it would be beneficial to have more details on your win rate, average win, and average loss to provide more specific advice. Remember, it's not just about the win rate - the expectancy of your trades is equally essential.
Lastly, consider maintaining a more detailed trading journal. This will help you take greater ownership of your trades and provide valuable insights for improvement.
Keep up the good work on your self-awareness and determination to improve. Trading is a journey and every trader faces challenges along the way. Stay patient and focused, and remember to stick to your rules and trading plan.
If you need further assistance or have any questions, feel free to ask.
7:37 AM and my buttons have disappeared .. gotta love it .. 75 points (300 ticks) UP and then 75 points (300 ticks down) .. in less than 10 minutes .. such an easy day to be profitable .. reached my daily profit goal .. green +72 ticks .. and am walking away ..
please notice .. I would have been screwed if I had waited to trade the cross of the EMA(14) && EMA(21) .. the crossing signal didn't show until the price movement had already changed from UP/LONG to DOWN/SHORT .. ( see bluish UP triangle at the base of the second blue candle )
also notice .. the opening candle came down into a demand zone as shown by my modified version of the Supply/Demand indicator created by Infinity and took off like a rocket ..
continuing to learn how to read price action .. and the levels shown by VWAP && pivot indicators .. notice how the initial price move was a rocket to just below the PIVOT POINT (PP) before plummeting to the pre-market DEMAND zone ..
23 10 18 NQ.fw
.. you don't have to be the first one at the party .. just be part of the party ..
10.18.2023 - didnt hit daily goal, decided to walk away early today
I need to stop flinching, and let the trade play out. I started off poorly, jumped in too early. I need to let the candles play out a bit more before jumping in. I'm not sure if I want to keep auto setting B/E at 6-7 ticks or just let the trade either hit t/p or s/l.
another red day .. ARGHH!! .. was up $100+ and ended up taking two losing trades .. losing $455 .. hit the daily loss limit (which is about equal to the average daily profit .. +72 ticks typical profitable day .. -91 ticks today ) .. walked away from live trading .. tried SIM but my head still wasn't in the game so reset the SIM and walked away ..
have great indicators .. surprises me that I will go long (blue) when all of the indicators are red telling me I should go short .. makes me think I am color blind ..
also, have talked so much about the gap getting filled .. so why did I go long when the GAP is below??
today is really frustrating because I needed less than $200 to reach $3000 profit for the month by tomorrow .. or $1000 a week .. tomorrow will be close but still short of my goal .. should still reach $4000 for the month if I keep my head in the game ..
23 10 19 NQ.fw
.. you don't have to be the first one at the party .. just be part of the party ..
No recording today, my initial plan was just to place one trade and call it a day. It didn't go as planned, I kept trading .. I did stick to my stop loss, but again kind of just jump in and out trades in the early session, hitting my daily loss limit. I was able to remain calm and eventually planned a few trades on where I would enter. I was able to catch the long back up before JPow spoke.
the daily chart shows price recently bounced off a bullish trend line and is about to revisit that trend line ..
some might say the price action will break out of this symmetrical triangle and continue in the previous direction ( bullish ) .. some might refer to this daily pattern as an inverted coffee cup and suggest the price will continue in a bearish direction .. but who knows when ..
in the near term .. Adam Mancini (twitter .. @AdamMancini4 .. https://twitter.com/AdamMancini4 ) commented earlier today that ES may have a relief bounce but needs to hold 4279 ..
ES reached 4295 after his post .. so maybe ES will continue to 4279 .. maybe even lower (4260??) .. and then bounce .. we wil find out tomorrow ..
my observation is that 4279 is about the level of the trend line for tomorrow ..
the more I trade the more I realize how important patience is .. it is better to wait for a good trade than take a bad trade and pray (but praying is good too, just not when day-trading) .. wait for support to become resistance or wait for resistance to become support .. this applies to just about every indicator .. (moving average, trend line, pivot point, breaker bar / supply-demand zone
23 10 19 daily NQ
.. you don't have to be the first one at the party .. just be part of the party ..
second red day .. really irritating because was 54 ticks green.. so I subsequently went red 150 .. think NQ is too jumpy for me .. giving thought to going back to ES ..
speaking of ES .. you can see today's chart below .. with levels called out by Adam Mancini .. he called the levels a few hours before they happened .. some were called yesterday as needing to hold ..
23 10 20 ES.fw
here is an image of Adam Mancini's Twitter page
23 10 20 Mancini.fw
Mancini is saying 4249 .. my thoughts are ES may not bounce till 4236 ..
y'all have a great weekend ..
.. you don't have to be the first one at the party .. just be part of the party ..
for those trading ES .. for Monday .. 10/23/2023 ..
4-hour RSI is at one of the more oversold levels ES has seen in the last several months .. AND ES is outside .. on the low side .. of a trend channel that begins in 2022 ..
so do we see ES reclaim 4335 or will ES continue to 4160?? that's basically 85 points UP/DOWN from Friday's close ..
.. you don't have to be the first one at the party .. just be part of the party ..
